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How to Send and Receive Money in Nigeria

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How to Send and Receive Money in Nigeria

A lot of people have been wondering how to receive funds from their business partners, colleagues, friend, and family member from outside the shores of Nigeria.  If you have a friend or family members, or business partners from outside Nigeria from whom you intend to receive monies. Or you are an exporter, looking for ways to get your payments from the United States, Canada, Jamaica, UK, Germany, Australia, China, UAE, Turkey,  Malaysia, Indonesia, Philippines, Pakistan, India, Cameroun, Kenya, South Africa, etc to Nigeria, read on for we are to give you a step-step guide on how to get your funds across to Nigeria.

From the recently released Central Bank of Nigeria guideline on international money transfer, it is a lot easier now to receive money from outside Nigeria into your bank account or mobile money wallet in Nigeria, than it is to send money out of Nigeria. From the guideline just released by the CBN, there is no limit to the amount of cash one can receive from out Nigeria, but you cannot send more than $2000 or its equivalent per transaction.

We will be discussing; how to receive funds from outside Nigeria into your bank account or mobile money wallet in Nigeria.  Continue reading as we discuss several ways to send money to Nigeria and how to receive the sent funds. We hope the following means discussed on How to Send and Receive Money in Nigeria would be beneficial to you.

 

Ways of receiving money in Nigeria from abroad

There are several ways of sending and receiving money from outside Nigeria, we will be looking at the following which are the most convenient ones for now.

  1. Domiciliary account – International Bank wire transfer
  2. Western Union via Quickteller to your bank account
  3. MoneyGram
  4. Western Union money transfer
  5. Online money transfer
  6. Payoneer

 

Domiciliary Account – International Bank Wire Transfer

International Bank wire transfer direct into a Domiciliary account is one of the best ways to receive foreign currency in Nigeria for those who have a domiciliary account in Nigeria. Most of the banks in Nigeria have domiciliary account types for the United dollar (USD), Euro (EUR), and Great Britain Pound (GBP).  Zenith Bank, UBA, First Bank, FCMB, and GTBank all have various forms of domiciliary accounts.

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To receive money into your domiciliary account in Nigeria through international wire transfer, you have to have a domiciliary account in any of the local banks in Nigeria.

The person sending funds to your domiciliary account in Nigeria will require the following details from your domiciliary account to be able to send funds directly into your domiciliary account. Primary details required are:

  • Your account name
  • Account number
  • Name of your bank
  • The Address of your bank
  • SWIFT CODE of your bank
  • The Routing Number of your bank.

An alert of a successful transfer enters within 72 hours.

 

Withdrawing money from a domiciliary account

You can withdraw cash in the same currency it was sent from your domiciliary account. The process is the same as the withdrawal from your regular naira account. If you wish not to collect your cash in the currency it was sent, you can request its equivalent from your local bank.

  • Go to the nearest branch of your bank once you receive an alert about the international wire transfer.
  • Meet the person in charge of foreign currency transactions.
  • Get the withdrawal slip, complete the withdrawal slip and hand it over for processing.
  • Voila!!!

 

To receive western union money transfer via Quickteller to your bank account

QUICKTELLER Platform is a financial service application that allows you to purchase airtime, pay bills, send and receive money via the web (www.quickteller.com).

Follow the following steps to receive funds from Western Union using Quickteller

  • Visit www.quickteller.com and signup for a Quickteller account
  • Click on the Send and Receive Money tile
  • Then click on the Western Union tile
  • Select your bank, either Zenith, GTBank, or FCMB
  • Also, select “Naira” under “Choose currency”
  • Click “Receive money now” and the Western Union – Receive Money data page opens
  • Now carefully enter the following details:
  • Enter as provided by the sender the MTCN (Money Transfer Control Number)
  • Also, enter the name of the sender’s Country
  • Enter the receiving account number (i.e. your bank account number where you wish to receive the funds)
  • Also, enter the receiving account type i.e. either current or savings
  • Enter the expected amount in Naira as provided by the sender
  • Under Receiving Currency leave the name of the bank and Naira as default.
  • First Name – which is your account’s first name as it appears at your bank. (Receiving Account)
  • Surname – which is your account surname as it appears at your bank. (Receiving Account)
  • Your mobile number
  • as provided by the sender, answer to test question
  • Then click “Continue”
  • Confirm the details provided”

Note: Money from Western Union can only be received from the location indicated by the sender and in the local currency. In this case, the Naira.

 

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Receive money in Nigeria through Western union

I will use Access bank Western Union transfer as a typical example to explain to you how to receive money in Nigeria via western union.

 

Receive Western union Nigeria through Access Bank

Access bank has proven to be reliable when it comes to receiving money from outside Nigeria. With a robust infrastructure, technology, and several years of partnering with Western Union, they have the needed competitive edge.

To receive money from Western Union through Access bank, Access bank will request the following from you before they can process your payment;

  • A valid means of identification, preferably, Passport, Driver’s License, Permanent Voters Card, or National Identity Card (NIMC).
  • Money Transfer Control Number (MTCN)
  • Expected Amount in Naira
  • The receiver’s name, address, and phone numbers
  • Sender’s name and country (for transfers coming from the US and Mexico, city to be included)
  • Test Question and Answer where applicable.

The maximum send amount as stipulated by the Central Bank of Nigeria is 5000 USD or its equivalent per sender.

The steps are the same as other banks such as First Bank of Nigeria.

 

How to receive money in Nigeria through MoneyGram

MoneyGram International, Inc., an American money transfer company with headquarters in Dallas, Texas United States. It has local offices around the world.

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First Bank of Nigeria is one of Nigeria’s banks that offers the best MoneyGram service. We will use First Bank MoneyGram service to explain to you how to receive money in Nigeria through MoneyGram

How to receive money in Nigeria through First MoneyGram

To receive money in Nigeria through UBA MoneyGram;

Beneficiaries of MoneyGram can receive transferred money at any of First Bank outlets by providing the following:

Transfer Reference Number

Expected Amount

Acceptable means of identification (Bank Verification Number)

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Sender’s name and country (for transfers coming from the US, city to be included)

Test Question and Answer (optional)

Fully completed form

Then request that the money be sent to your bank account.

 

How to send money to Nigeria online

There are several companies, most of them in the US that offer online money transfer services to countries all over the world, including Nigeria. A lot of businesses especially in the United States don’t send funds outside the United States. They prefer dealing with people who have an account in the United States. Most of these companies that offer online money transfers took advantage of these.

All you need to do is open a free account with them with the detail we will give you shortly and they open a virtual account for you from where you will be able to initiate international transactions from the comfort of your room.

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The upside of these online money transfer services is that they are quite simple and they pay directly into your domiciliary bank account.

Online money transfers will enable you to take advantage of competitive exchange rates.

However, ensure you signup with an online money transfer service that offers fast transfer speeds.

A lot of companies that offer online money transfer to countries all over the world including Nigeria. Some of them are; Payoneer Smallwordfs, Worldremit, Transfast, Remittanceprices, skrill, etc.

 

To start sending money to Nigeria online

  • visit any money transfer company above (Payoneer our preferred online money transfer services provider ) and Create a free account
  • follow the steps for registration carefully. Provide your contact details, name, proof of identity, and bank account information (if you are not sending cash).
  • Provide contact information for your transfer recipient
  • Select a payment option and enter the full details of your transfer
  • Keep track of the reference number or receipt you receive to monitor the progress of your transfer
  • Select a cash pickup location. Companies like Western Union and MoneyGram offer the option of cash pickups from thousands of agent locations across Nigeria. From Payoneer, you can transfer directly into your local bank account or your domiciliary account.

 

How to Send and Receive Money in Nigeria – Payoneer  (www.payoneer.com)

This is a financial services company that provides online money transfer, digital payment services, and provides customers with working capital.

Payoneer enables millions of businesses and professionals from more than 200 countries and territories to connect and grow globally through our cross-border payments platform. With Payoneer’s fast, flexible, secure, and low-cost solutions, marketplaces, networks, businesses, and professionals throughout the world can pay and get paid globally, as easily as they do locally.

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Payoneer’s cross-border payments platform empowers businesses, online sellers, and freelancers to pay and get paid globally as easily as they do locally.

Also, Payoneer offers to receive accounts via the Global Payment Service, which enables you to receive local bank transfers from companies and marketplaces in the US, UK, EU, Japan, Canada, Australia, and Mexico directly to your Payoneer account.

Quick, easy, and low-cost access to your earnings is critical when growing your business. With Payoneer’s Withdraw to Bank Service, you can transfer funds from your Payoneer account, directly to your local bank account in over 150 countries and currencies. Our comprehensive global banking network enables us to transfer funds from a local bank in your country, so you significantly reduce the cost of getting paid and avoid delays.

 

HOW DO YOU BENEFIT?

  1. Reduce your payment fees

Increase your earnings by reducing your payment fees by up to 71%.

  1. Accept payment in more currencies

Accept payments in USD, EUR, GBP, JPY, AUD, CAD & MXN – as if you had a local bank account!

  1. Offer customers a simple way to pay

Also, offer a simple, quick, and cost-effective solution for both you and your customers!

  1. Get the help you need

Enjoy multilingual customer care 24 hours a day, 7 days a week!

Grow your business globally with a Payoneer account today

Visit www.payoneer.com to open an account for Free

 

 

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How to Send and Receive Money in Nigeria – Wise (www.wise.com)

Wise

Wise (formally TransferWise)– is a London-based online money transfer service founded in January 2011. Wise supports more than 750 currency routes across the world including GBP, USD, EUR, AUD, and CAD, and provides multi-currency accounts.

With Wise, you pay a low, upfront fee between 0.5% and 2%, depending on the route. Wise transfers money directly to your local bank account. This makes them much cheaper compared to other providers and banks.

Wise transfer fees are very low when compared with other companies. For withdrawals of 500.00 USD and under, Wise charges a minimum fee of 10.00 USD.

It is very important to note here that the most convenient channel to receive money using Wise in Nigeria is through a Domiciliary account. We have also written how to open a domiciliary account in several banks in Nigeria.

 

Wise is officially enrolling to be a member of the Amazon payment service provider program, which means that any business selling on Amazon can now officially use Wise to receive their sales earnings in multiple currencies.

 

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Why businesses selling on Amazon should use Wise?

  • No subscription or monthly fees, only pay when you convert money

  • Pay invoices in over 50 different currencies

  • Connect your Wise account to marketplaces to receive money without converting it. Receive USD, CAD, GBP, EUR, SGD, AUD, NZD, and TRY, for free!

  • Integrations with accounting tools, including Xero, Quickbooks, and Freeagent

  • Direct Debit functionality to pay sales tax abroad (available for the US, UK, Europe, Canadian, and Australian account details)

  • Wise debit card (available in select countries) to use for online payments and expenses
  • Discounted fees for high-amount transactions and much more!

    Visit www.wise.com to get started

WorldRemit

This is a financial service institution based in Uk. WorldRemit offers low-cost money transfer services to several countries, including Nigeria. With WorldRemit, you can only receive money in Nigeria, but you cannot send money out of Nigeria.

 

How to Send Money to Nigeria using WorldRemit

  • Visit the WorldRemit website at worldremit.com signup to create an account.
  • Click on my account, then, click on my details to enter all your personal information.
  • Select the country and amount you want to send
  • Enter your recipient’s details (name, address, phone number) and bank details (bank name, IBAN number, and SWIFT code)
  • Pay for your transaction using any of these options; Card (debit, credit, and prepaid), Bank Account Transfer, Poli, Interac, iDEAL, Klarna (Sofort), Apple Pay, Trustly, and Mobile Money.

Note: WorldRemit will verify you before you can send money. So, keep a government-issued ID such as a National ID, Passport, or Driving License handy. Also for the verification of your address, keep handy Utility Bill, or a Bank / Credit card statement that is not older than 3 months.

 

How to Receive Money in Nigeria Using WorldRemit

WorldRemit has two functional methods through which you can receive money in Nigeria; Cash pickup, and Bank transfer.

 

Cash pickup

Your recipient can collect physical cash from the following banks in Nigeria; Union Bank, Access Bank, Zenith Bank, Polaris Bank, First Bank, and Fidelity Bank. Cash is usually ready for pickup at these locations within hours of transfer.

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What does your recipient need to collect cash?

  • Your recipient needs a Valid photo ID that shows their full name. The name on the photo ID must match the details supplied on the transaction. Ensure that you check this very well before sending funds.
  • The thing you recipient need is the transaction reference. This will be sent to your recipient by SMS once the payment is available for collection. Ensure that the phone number of your recipient is accurate before creating your transaction. You can also share the transaction reference with your recipient when the pick-up is ready for collection.

 

Bank transfer

This allows you to send money from your bank account to your family or friends’ bank accounts all over the world. In the case of Nigeria, Money can only be wired to a domiciliary account.  It usually takes up to 2 business days before funds will arrive in your recipient DOM account.

 

The under-listed are some of the online money transfer cash pickup locations across Nigeria;

 

Worldremit transfer to Nigeria

ACCESS BANK – SABO BRANCH

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Address: 290 Herbert Macaulay Way, Yaba100246, Lagos, Nigeria. Hours: 8:00 AM – 4:00 PM. Phone: +234-01-277 0069

ECOBANK

Address: Mushin, 118 Agege Motor Rd, Lagos, Nigeria. Hours: 8:00 AM – 4:00 PM. Phone: +234 704 145 0672

 

Western Union money transfer to Nigeria

ALABA MAIN

Address: 1 Agudosi Street Alaba International Market Alaba, Lagos. Hours: 8:00 AM – 5:00 PM. Phone: +234-01-7613794

KEYSTONE BANK AKOKA

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Address: 23 St Finbarrs College Rd Yaba Yaba Lagos Yaba, Lagos 234. Hours: 8:00 AM – 4:00 PM. Phone: +234-1-7432454

SKYE BANK SHOMOLU BRANCH

Address: 6 Bajulaiye Street Shomolu Lagos, Lagos. Hours: 8:00 AM – 4:00 PM. Phone: +234-1-2703090

 

Moneygram transfer to Nigeria

UNITED BANK FOR AFRICA

Address: RD NNS Quorra Harbour Lagos. Hours: 8:00 AM – 5:00 PM. Phone: +234-01-5872143

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UNITED BANK FOR AFRICA SEME BORDER – #04

Address: Abuja Badagry Express Way Seme Border FCT Lagos. Hours: 8:00 AM – 6:00 PM. Phone: +234-01-2311061

UNITED BANK FOR AFRICA

Address: Luth Road 1 Idi Araba Lagos. Hours: 8:00 AM – 5:00 PM. Phone: +234-01-8114353

 

How to send and receive money in Nigeria- Things to know before sending money to Nigeria

There are a good number of things to know before you send money to Nigeria. Below, we try to point out some of these things that you need to know before initiating a cash remit to Nigeria.

  1. Exchange rates

Most all the online money transfer service providers skew exchange rates to make more profits. You can always compare the exchange rate you are offered with the rate in the international foreign exchange market. Always go for companies that offer the most reliable and cheapest transfer service.

 

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1. Transfer fees

Most of the online money transfer companies charges varying transfer fees. Some of them charge a flat fee while some others charge a percentage of the total transfer sum. Also, some can even offer a fee-free transfer, while others even pay a certain percentage when you make a certain amount of transfer.

 

2. Payment and delivery options

Some online money transfer companies allow you to pay with a credit card, by phone, or through an app. Also, some others receive money on your behalf from your clients or business partners who are unable to remit funds to you directly to Nigeria.  Others offer agent locations for cash payments and pickups.

Before you engage any of the service providers, try to confirm how the beneficiary will receive the transferred funds, whether it is through a bank account, mobile money wallet, or cash pickup.

 

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3. Transfer speed

It is also very important to know how fast funds move. Some companies like MoneyGram and Western Union allow for speedy cash pickup, most time with hours. However, the fast the requested time of delivery, the higher the cost of funds transfer. Independent providers offer cheaper rates but slower terms of delivery speed.

4. Transfer limits:

Some online money transfer companies have a certain limit on cash transfers. Always ask to know this transfer limit. The large transfer also attracts a relatively moderate rate. Compare the rate among these companies.

 

5. “Hedging” options:

Ask your transfer providers if you can schedule payments ahead of time or protect your transfer funds against fluctuations in market prices with a limit order or forward contract.

6. Customer support

This is extremely important. Try to know how responsive their customer support is. In the event of delay or errors, You can contact them through phone, internet chat, or email. Know how readily available you can get assistance when you need one.

Follow the steps listed above from the service providers above and you are sure to receive your funds in Nigeria. Most of them are very simple and easy to use.

In case you have difficulty using any of the services listed, please let us know by dropping your comments, suggestion, or questions in the comment box below.

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AFRICA

Nigeria: Federal Govt Sets Up 14-Man Committee to Manage Petroleum Products Supply, Distribution

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In a move to find lasting solution to the disruptions in the supply and distribution of petroleum products in the country, President Muhammadu Buhari has approved the constitution of a 14-man Steering Committee on Petroleum Products Supply and Distribution management, which he will personally chair, the ministry of petroleum resources announced yesterday.

The Steering Committee, which has minister of state for Petroleum Resource, Chief Timipre Sylva as alternate chairman is expected to among other things to ensure transparent and efficient supply and distribution of petroleum products across the country.

Other terms of reference are to ensure national strategic stock management, visibility on the NNPC Limited refineries rehabilitation programme and ensure end-end tracking of petroleum products, especial PMS to ascertain daily national consumption and eliminate smuggling.

To further ensure sanity in the supply and distribution across the value chain, Sylva has directed the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to ensure strict compliance with the government approved ex-depot and retail prices for PMS.

The minister has further directed the NMDPRA to ensure that NNPC Limited, which is the supplier of last resort meets the domestic supply obligation of PMS and other petroleum products in the country.

He further directed that the interests of the ordinary Nigerian is protected from price exploitation on other deregulated products such as AGO and DPK and LPG.

The federal government will not allow misguided elements to bring untold hardship upon the citizenry and attempt to discredit government’s efforts in consolidating the gains made thus far in the oil and gas sector of the economy.

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Other members of the committee are minister of Finance, permanent secretary, Ministry of Petroleum Resources, National Economic Adviser to the President, director-general, Department of State Services (DSS), comptroller-general, Nigerian Customs Service (NCS), chairman, Economic and Financial Crimes Commission Member (EFCC), and commandant-general, Nigerian Security and Civil Defence Corps (NSCDC)

Others who made up the Steering Committee are Authority chief executive, Nigerian Midstream and Member Downstream Petroleum Regulatory Authority (NMDPRA), governor, Central Bank of Nigeria (CBN), group chief executive officer, NNPC Limited, Special Advisor (Special Duties) to the HMSPR while the Technical Advisor (Midstream) to the HMSPR will serve as Secretary.

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AFRICA

Nigeria: Inside the Multi-Million-Dollar Business Dispute Between Emefiele and ‘Brother-in-Law’

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John Omoile, who is demanding $36 million in damages, accuses Mr Emefiele of breach of contract, fraudulent inducement, negligent representation and fraud.

The governor of Nigeria’s central bank, Godwin Emefiele, is embroiled in a multi-million-dollar legal battle that has torn apart a once close family relationship. The legal tussle is separate from the troubles he faces over the handling of his job.

Mr Emefiele recently sneaked out and back to the country to avert the possibility of arrest by the State Security Service (SSS) who accuse him of financing terrorism.

He faces growing criticisms over the policies of the Central Bank of Nigeria (CBN) often blamed for some of the nation’s economic woes and the scarcity of newly introduced currency notes just days before the deadline it set for phasing out the old notes.

As all of these happen, Mr Emefiele quietly grapples with a long-running feud which climaxed in a $36 million suit filed against him by a brother-in-law, John Omoile, in faraway Texas, the United States of America, in 2021.

The legal duel between Mr Emefiele and Mr Omoile is still on at the US District Court in the Northern Texas District.

Mr Omoile is demanding $36 million in damages for the losses he allegedly suffered as a result of the CBN governor’s alleged breach of contract, fraudulent inducement, negligent representation and fraud in course of their business partnerships.

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Apart from tearing apart a familial relationship, the feud has defied the larger family’s interventions, recorded a violation of a settlement agreement, and pitted lawyers engaged by both sides in the US against themselves.

The case has passed through at least five Texas law firms apart from the Nigerian lawyers keeping watch over the Nigerian end of the battle on behalf of the warring parties.

With the case just starting in court for the third time, Mr Omoile has indicated it will cost him $200,000 in attorney’s fees.

Mr Emefiele, too, has complained to the court that it will be extraordinarily burdensome for him to defend himself in the US, where he does not reside.

He has urged the court to dismiss the suit and hold that Nigeria is the appropriate jurisdiction to pursue the case, for reasons including the fact that the settlement agreement which covered all the issues between him and Mr Omoile was signed in Nigeria in 2014.

Background: Emefiele Vs Omoile

Mr Emefiele’s wife, Margaret, and John Omoile, a dual citizen of Nigeria and the US, are cousins raised in their teenage years by an aunt in Agbor, Delta State, South-south Nigeria, according to documents filed in court.

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The bond between them was so strong that they regarded each other as siblings. When Margaret got married to Mr Emefiele, the CBN governor had no difficulty regarding Mr Omoile as his brother-in-law.

Court documents described in compelling detail the rosy past of their family relationship.

Mr Emefiele visited and stayed with Mr Omoile’s family in Texas, US, during some of his vacations. He described how he lavished Mr Omoile with gifts, money, and business opportunities over the years.

Also remembering their once affectionate family relationship, Mr Omoile said of how they “shared homes, spent holidays and family gatherings together, have been close family friends, and as detailed below, became business partners/joint venturers.”

Mr Omoile, on different occasions, helped the Emefieles to buy houses in his neighbourhood in Coppell, Texas.

Drawing from the familial bond, mutual trust and goodwill they had built in each other for decades, their rapport flourished and grew into a business partnership in 2004.

They sent funds to each other for personal investments and joint ventures in Nigeria and in the US.

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But in the unsavoury turn of events, the previously trusted relatives now accuse each other of fraud, greed, deception, and extortion. The CBN governor, who vehemently denied wrongdoing, said the suit currently “is simply another attempt to extort $36 million” from him.

Zenith Bank stock investments

In 2004, Mr Omoile said he paid Mr Emefiele $50,000 for the purchase of an Initial Public Offering (IPO) investment in Zenith Bank in Nigeria, where Mr Emefiele was then an official.

In 2007, Mr Omoile received 200,000 additional shares from Mr Emefiele as a gift.

Mr Emefiele became the managing director of Zenith Bank in 2010 and the governor of the CBN in 2014.

Mr Omoile said he often raised questions but has yet to get an answer about the wide range of issues, including dividends issued, but not paid, the prices at which certain stock shares were supposedly acquired for him, “and the prices at which Defendant Emefiele actually acquired the shares.”

He accused Mr Emefile of continuing to “use his position as former Managing Director and current Governor of the Bank of Nigeria to actively prevent Plaintiff Omoile from getting a full and accurate accounting for his shares.”

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Mr Emefiele and a contentious oil and gas partnership

In a related development, Mr Omoile recalled that in 2007, he, Mr Emefiele and one Pius Oyibo signed a tripartite agreement in Coppell, Texas, to form an oil and gas company on 7 December 2007. The proposed firm, called Noka Energy Nigeria Limited, was to buy, sell and transport petroleum products in Nigeria.

Mr Omoile recalled that he made several trips and several contacts on behalf of the partnership to Houston, the Caribbean, and Nigeria to meet with oil and gas executives.

He recalled Mr Emefiele’s investment into the venture to include $200,000 sent to him for the purchase of 10 truck heads from LKQ in Houston for the partnership.

He said he bought the truck heads, the number not specified, and shipped them to Nigeria, for the business.

He said he would later discover that Mr Emefiele did not incorporate Noka Energy Nigeria Limited as agreed, but instead formed Dummies Oil and Gas for himself.

Real estate business

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In 2006, while the other business discussions between them were going on, they formed a partnership called Rosewood Malcom LLC which would buy, sell and develop real estate properties in the US.

The business plan, according to Mr Omoile, included him taking mortgages in his name for the benefit of the joint venture.

He said profit and loss were to be shared equally between the partners, but that that was not the case eventually.

He said once the joint venture started, profits were shared, however, losses were left for him to bear.

According to him, the venture acquired a property at 7026 W. 43rd Street, Houston Texas, for $141,000.

He also said he took a personal mortgage in his name for $167,000 from Wachovia Bank.

He recalled that as the properties’ market value crashed during the US economic meltdown between 2008 and 2009, he continued to be responsible for the substantial financial burden of mortgage servicing without any help or assistance from Mr Emefiele.

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He added that he purchased a property in 2008 in Coppell with $360,000 sent by Mr Emefiele.

But he said he was bearing the tax liabilities on the properties from his personal business accounts. According to him, the total personal loss he incurred for the real estate partnership and out-of-pocket expenses meant to be paid by Mr Emefiele was at least $500,000.

Mr Emefiele offers defence

Mr Emefiele has yet to formally file a defence to the suit, but his side of the story can be gleaned from the troves of documents he attached as exhibits to his preliminary court filings.

In a letter dated 17 January 2022, Mr Emefiele’s lawyer, Nitor Egbarin, denied the allegations raised in previous ‘legal demand’ letters which Mr Omoile’s lawyer, Donald Kaiser Jr, sent directly to the CBN governor.

In the strongly-worded letter, Mr Egbarin said his client was not involved in the management of Mr Omoile’s Zenith Bank’s shares and could not have blocked access to the records of the investments.

He said the fact that Mr Omoile used the CBN governor’s business address as his contact address for receiving his brokerage account statement “is not a proof that my client had legal responsibility for managing John’s money in the brokerage account.”

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He said his client is no longer the Managing director of Zenith Bank and is not Mr Omoile’s stockbroker.

“Your legal demand must be directed at John to provide you with his Zenith Bank accounts which he opened in Agbor and in Lagos. Proceeds from John’s brokerage account are deposited into John’s bank accounts in Lagos and in Agbor,” the letter read in part.

Also denying his client’s alleged breach of financial obligation to their real estate venture, Mr Egbarin went down memory lane, highlighting Mr Emefiele’s investments in the venture and financial assistance he had rendered to Mr Omoile.

He recalled that in 2006, Mr Omoile took out $200,000, using a pre-signed cheque, from Mr Emefiele’s bank account, and never accounted for the money meant to be used for estate development in Houston.

He said instead of using the money to develop the Houston property, Mr Omoile and his wife, on 17 January 2007, took out a $167,650 construction mortgage with Wachovia Mortgage.

He also recalled Mr Emefiele sent another $40,000 to Mr Omoile in 2009 for the purchase of a second real estate property on the plot next to the first property in Houston.

Tired of the frustrations from the investments, Mr Emefiele, according to his lawyer, decided to stop providing financial support to Mr Omoile in 2012.

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But, the lawyer said, with a settlement agreement the brothers-in-law singed on 26 April 2014, Mr Emefiele agreed to relinquish all his rights in the two properties in Houston to Mr Omoile valued at over $207,650.

He said Mr Emefiele also paid off the Wachovia Mortgage balance of about $155,000.

He said the CBN governor also sent $250,000 requested by Mr Omoile to clear unpaid income tax in 2020.

He said, from 2006 to 2020, Mr Omoile had received at least $645,000 in cash in financial support from Mr Emefiele.

But he did not address the issue of the failed oil and gas business plan.

‘No more free food’

Mr Egbarin’s letter went beyond defending his client. It was an unsparing frenzied personal attack on Mr Omoile and his lawyer.

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The letter describes Mr Emefiele as “a wealthy banker” and former chief executive officer of “the largest bank in Nigeria and West Africa” who has been “a generous donor, benefactor and breadwinner” to Mr Omoile over the years.

The CBN governor, according to the letter, “took care of John (Mr Omoile) as one would do of a brother-in-law,” providing “financial support to John and his wife and his children over the years.”

In a rather demeaning manner highlighting how much the relationship between the in-laws has soured, Mr Egbarin said his client was no longer prepared to continue to feed Mr Omoile. “You should advise John that my client does not wish to continue to feed him. John should pursue other means to make a living rather than continue to shakedown my client for more financial support.”

Turning on Mr Kaiser, Mr Egbarin accused him of incompetence and of having little understanding of the area of law he was handling for Mr Omoile.

He also accused the lawyer of making false claims about Mr Emefiele and of unethical practice by bypassing him to write directly to the CBN governor.

He said Mr Emefiele, on becoming the CBN governor, became a target for a lawsuit in Nigeria engaged by Mr Omoile for “harassment demanding monies for matters that had been settled in the 2014 Settlement Agreement.”

He said the letters of demand sent severally to Mr Emefiele to account for Mr Omoile’s shares is “an attempt to shakedown/extort my client for money.”

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He ended the letter with a devastating salvo to Mr Omoile. “Finally, there is still nothing more my client will do for John. The gravy train has come to a stop.”

Members of the larger family called a series of peace meetings attended by the brothers-in-law to settle their disputes.

The meetings were held in Nigeria. Some of the meetings were also held via Zoom.

They finally reached an agreement in 2014.

With the hope of getting “relief from the mounting debts” resulting from the real estate losses since 2007, Mr Omile said, he signed the agreement with Mr Emefiele on 26 April 2014.

But both sides have accused each other of violating the agreements.

The family also again called a series of Zoom meetings to resolve the disputes in April 2020.

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But in what would be the last straw, according to Mr Omoile, Mr Emefiele declared through his wife, Margaret, who represented him at one of the Zoom meetings, that there was never an intention to form and operate a joint oil and gas firm.

Mr Omoile said he realised then that he had been “induced with false statements and promises” to enter into a partnership with Mr Emefiele. He also said he realised that Mr Emefiele “never intended to follow through with his past promises”.

Unending Legal battle: Emefiele Vs Omoile

With settlement talks over, Mr Omoile took the decision to sue Mr Emefiele after the Zoom meetings in 2020.

In July 2021, he hired a Texas attorney, Kenneth Onyenah, who filed the suit claiming economic and actual damages against Mr Emefiele for the losses he allegedly incurred as a result of the CBN governor’s alleged failure to fulfil his financial obligations to him and their joint ventures.

He filed the suit at the US District Court of the Northern District of Texas.

But shortly after the filing, the lawyer withdrew the suit.

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Mr Omoile said the lawyer withdrew the suit without prior communication or his authority in August 2021.

He added that the lawyer took the step after he was threatened by Mr Emefiele’s lawyer, Mr Egbarin. But Mr Egbarin said the lawyer withdrew the case after realising it had no merit.

Later in 2021, Mr Omoile hired Donald Kaiser Jr. to reopen the case.

On 12 May 2022, Mr Kaiser refiled the suit at the 68th Judicial District Court in Dallas County, Texas.

But following Mr Emefiele’s objection, the suit was removed from the state court “on the basis of diversity jurisdiction” to a federal court, the US District Court of the Northern District of Texas.

A new lawyer named Ewomazino Magbegor is now representing Mr Emefiele following the refiling of the case.

Mr Magbebor is the second lawyer known on record to have defended the CBN governor in the matter in the US. From Mr Egbarin’s letter, the plaintiff, Mr Omoile, has engaged at least three lawyers in respect of the case.

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Mr Emefiele’s new lawyer, in November 2022, filed an application to challenge the service of the suit on the CBN governor through substituted means. He also sought the dismissal of the suit on the grounds that the court lacked jurisdiction on the matter.

The court’s decision on the application will determine the future of the case.

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BUSINESS

Advertising Market Leaders Give 5 Marketing Musts for 2023

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1. Recognize the increasingly important role of video Raja Rajamannar, chief marketing & communications officer at Mastercard talked about how video is a critical component of his business’s marketing mix. “It’s where you’re able to evoke the right emotions,” he said. “You’re able to connect with consumers to tell the story the right way, and to impress upon them the message you’re trying to convey. Video is front and center in whatever we do.” Twitter’s director, client services – retail & travel, Alex Kennedy, agreed: “Video is core to any good strategic marketing plan. Whether your objective is awareness, consideration, or even priming consumers for lower-funnel objectives like conversion, there is a role for video. And the reason is because consumers are consistently watching more video, specifically online digital video.” Kennedy also stressed the importance of understanding both the customer and their viewing context to get the most out of video. “You have to reach your consumer where they are and how they’re watching,” she explained. “That means you have to create bespoke content for the environment. That’s what’s going to be key.” 2. Make the most of the data mix, utilizing both first- and third-party data The level of understanding Kennedy described requires a data strategy that recognizes the role all the different types of data have to play. This point was picked up by Sean Popen, executive vice-president, outcome navigator at Interpublic’s activation intelligence company Matterkind. “A tactic that we’re seeing working is using a combination of first, second- and third-party data, which allows brands to tap in and get that additional reach,” he said. This view was echoed by Dawn Williamson, senior vice-president, head of sales development at Comcast’s advertising sales division, Effectv, who stressed the importance of using data to target audiences: “It’s going to be less about ‘I want to be in this show’ and more about ‘Where’s my audience, and where are they consuming content?’ because, as an advertiser, that’s where I want to be.”

3. Overcome the challenges of a fragmented viewing audience According to Dave Pajeau, executive director of programmatic/advanced TV for Effectv, video advertising will only continue to get more fragmented as more providers come in. For him, the key will be to integrate the traditional and streaming experiences, enabling measurement and targeting against the two together. “There’s a tremendous amount of viewership that still exists through traditional linear channels, and that now co-exists with new viewership through streaming platforms,” he said. “They work best together, but you have to know the right allocation for your brand and audience. So in 2023 we’ll start moving towards true cross-screen delivery, audience delivery and measurement.” 4. Understand how the consumption of advertising has evolved Brian Wallach is head of revenue for programmatic TV sales platform AudienceXpress. In his view, successful advertisers are those who understand there’s no longer one single consumer journey, no matter what the brand or sector. “Successful advertisers are consumers themselves, and oftentimes they admit they watch content in different ways,” he explained. “So now their planning and execution of media is adapting so that, if their desired audience isn’t all coming from traditional linear TV, they’re able to optimize and adapt and run media against other channels. We call these fluidity deals in the industry, where it’s less about whether it’s linear TV or digital, and more about reaching the right audience in quality programming.” For Effectv’s Williamson, it once again comes back to understanding your customers. “Clients and advertisers are really focusing on consumer behavior, and they’re studying where ad consumption is happening. So it’s less about connected TV or video-on-demand (VOD), and more about looking at the entire TV ecosystem to ensure they’re targeting the right audiences as they’re looking to get their message out there.” 5. Value a ‘one viewer’ solution Being able to track and measure viewing behavior across multiple platforms is the crucial piece of the puzzle. It will improve brands’ understanding of their customers, solve ad frequency problems and allow sequential messaging. It will also allow more accurate attribution, improving media planning and increasing efficiency. That’s why Elizabeth Luciano, senior vice-president, marketing & brand strategy at broadcaster A+E Networks, is keen to encourage everyone in the video advertising space to work together to make the ‘one viewer’ solution happen. “It’s going to be so important,” she said. “We want to deliver content when and where people want to watch it. In order to do that, we need to see how they travel across platforms.”

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Learn from your experiences

Perhaps the final word goes to Soyoung Kang, chief marketing officer at beauty brand eos. As marketers start to think about the trends that will define their 2023, she urged them to also remember the lessons of the last few years. “As we try to understand how to navigate this macroeconomic climate, it’s really important for us as marketers to continue to push forward,” she said. “We have to stay agile. We’ve built all of these muscles during the pandemic where we needed to be able to shift investments as circumstances changed. It’s time to exercise those muscles again.”
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AGRICULTURE

How to Start a Cocoa Business in Nigeria and Make Money From It

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People born between the ’60s and ’80s would definitely know the value of cocoa production in Nigeria. Cocoa is a crop Nigeria once banked on as its major exported cash crops before the oil boom. Nigeria was the biggest exporter of cocoa in Africa and one of the biggest in the world. Then Crude Oil came and poor agricultural management set in, costing the Nigerian economy badly and allowing Nigerian to lose the prestigious spot to a fellow African country, Cote d’Ivoire, who is now the largest cocoa producer in the world, followed by Indonesia.

When cocoa production and export are concerned, Nigeria only lives in past glory and if care is not taken, Nigeria might end up losing all it has gained from the export of what is touted as some farmers as the ‘Wealth Seed.’ The demand for Cocoa now is significantly higher than what the demand was, back then. When the agricultural spotlight is focused on Nigeria, foreign countries can vividly see the potentials in Nigeria and would quickly act fast in taking advantage of it, while Nigerians sit on a goldmine and yet they can’t see it but only look forward to foreign aid and investments.

Anyone looking to delve into Cocoa production business in Nigeria is in for a bit of a fortune if he really knows his onions. For a long time, Cocoa has been and would for a really long time still be one of the fastest-selling agricultural products in both the international market and the local market. As stated earlier, there is a high prospect for cocoa business to thrive in the country. This is because it is in high demand all over the world as it is used in the manufacture of different things such as candy bars, chocolate, cocoa powder as well as drinks and several others. Cocoa farming and beans extraction are labour intensive and the beans are fragile. This pushes many people from the business, especially in a country like Nigeria where there are deficiencies of preservative facilities.

Although Cocoa is not the easiest of crops to manage, once a potential merchant can sacrifice the time and the effort to have it planted, groomed and nurtured to its full maturity, he can keep getting attractive returns on it for a time as long as decades. Truth be told, cocoa production in Nigeria is one very under-exploited and under-utilised sector and Nigeria still needs as many farmers in the cocoa production section as possible, since demand continues to outweigh supply. There are still thousands of acres of fertile lands that can still be used for the planting and cultivation of cocoa. Just like any other business, a potential Cocoa merchant must have a well-designed business plan that will guide the cocoa business. This means that he must first sit down and work out things involved in the cocoa business and have a road map on how to go about it.

Delving into Cocoa Farming and Production

Starting the cocoa farming and production business in Nigeria isn’t as hard as it seems, especially if one can endeavour to gather the right information and knowledge about the business. Armed with the right knowledge on cocoa farming, botany, industrial value and demand chain, a potential cocoa merchant can be able to utilise and exploit the huge profits associated with the business, and with time he might soon become a big player in the cocoa production business.

It is also worthy to note that the returns on cocoa business start small but grows on bigger and bigger with time and the right amount of effort.

 

The first major step in delving into Cocoa Farming and production is Financial Planning

Anyone who has an interests in cocoa cultivation must first work out the different costs. Different costs are involved and fundraising for the business is also important.  Furthermore, research has shown that cocoa can grow together with other cash crops like Coconut and Cashew so combining the production strategies is a good way to maximise profits.

Capital also plays a large role in the kick-off of this business. A potential merchant has to decide if he would be going into Cocoa cultivation large scale or small scale. This decision would influence the amount of capital he would be investing in the business. This is why a good Business plan goes a long way in determining the success rate of the cocoa cultivation business.

Other things needed are:

  • Piece of Land: If the merchant wants to see through his business from start to finish, he would unavoidably need an area of land to start his cocoa business, but it all depends on what he can afford. For a small scale business, he doesn’t necessarily have to get farmland, as he can simply buy fresh cocoa seeds from farmers who’ll sell it at a much lesser price.
  • Storage and Drying Space: The merchant would inevitably need to have a store or warehouse, secure enough to give his business (the cocoa seeds) the required safekeeping it needs. His business is his cocoa seeds, as he has no business with the pods. Also, the store needs to have enough space outdoors for him to spread his seeds. Cocoa seeds need to be dried in the sun for it to be usable. The drying period normally takes a period of two weeks.
  • Relevant Equipment: The merchant would need equipment like the scale for weighing the bags, normal sacks and heavy-duty sacks, for conveying the seeds from one place to another, and a wide water-proof material that can be used in drying the seeds in open air.
  • Cocoa Seeds: There goes the tiny but most integral part of the business. The cocoa seeds can either be bought from cocoa farmers or harvested if the merchant already has access to a cocoa farm, an option which is advisable later in his business when you have the money.

 

Land Preparation

Cocoa is a crop that cannot do well in all kinds of soil. This means that before a potential merchant commences the business, he must test the soil to determine the type of yield he would be able to attain during harvest season.

Crop protection and nutrient management are also important in this kind of business. Cocoa is known to grow well in some parts of Nigeria, especially the western part of Nigeria. One can consider acquiring land in any of these places to grow cocoa.

 

The Type of Cocoa Variety to Invest in

Another aspect a prospective merchant will pay attention to is the best variety to plant. This is that the reason soil test will help him discover the types of cocoa species that are compatible with a particular soil or environment.

There are at least three varieties on the market and they include the Trinitario, Forastero, as well as the Criollo. Apart from that, there are also some improved varieties, which can be gotten from other parts of the world, and these can do well in Nigeria.

 

Planting Process

Method of Propagation

When it comes to Cocoa cultivation, there are two options available to the merchant, which include the Vegetative and Seed propagation. A lot of people prefer Seed propagation because it seems to grow faster than the Vegetative propagation. Germinations starts within a week of propagation and moreover, a greater percentage of it can germinate (at least ninety per cent or more of the seed). The survival rate is higher in seed than in vegetative propagation.

Also, this stage is where the main business starts. A Cocoa merchant can also engage in mass production of cocoa after the seeds have germinated, he can transplant them using a perforated polythene bag. He can also sell some of the seedlings. Other merchants who deal in Cocoa seedlings will like to buy it.

On the other hand, many large-scale producers prefer the Vegetative option than the seedling option. Vegetation is grown through such methods like grafting, root cuttings, as well as stem budding and so on. In Nigeria, many cocoa farmers prefer the budding option.

Planting
When it comes to planting, the merchant has to be careful the way he plants it to ensure that it survives. If after testing the soil and he discovers that it is not that fertile, there are still other alternatives.  He would have to dig a pit of about 50 by 50 by 50 centimetres. This advice is very important if he resides in the lateritic zones where the soil is known to be low fertile.

After digging the holes, he must make a soil combination of organic manure and topsoil and fill the pit with it. This is to enhance the survival rate. Those in fertile areas have nothing to worry about.

It is always recommended to plant it on a soil surface. The cocoa root grows well in surfaces irrespective of the depth.

After-cultivation Care
There are a few must-dos that attract a bumper cocoa harvest, time and resources are of the essence when taking care of the cocoa. Once the planting is finished, the next thing to do is to mulch the basins using organic manure.

Shoots emerging from the lower portions must be removed.  This is to ensure healthy development and growth of the shoot. The planting can last three to four years, but the process always has to be weed-free.

Fertilisation and Manure
The essence of the soil test is to determine soil fertility. This can equally assist in determining the right type of manure to apply. In Nigeria, NPK fertilizers are popular and this can be applied in two equal splits.

The dose to apply depends on the yield wanted. For species that yield up to sixty pods yearly, the dose must be doubled.

In addition to that, the merchant can administer dolomite to each plant yearly. This can start from the third year of the cocoa plantation. The best method to administer fertilizer to the cocoa crops is to mix fertilizer with soil in a basin and administer it to the plant.

Pruning
The cocoa plant requires pruning and it grows in tiers. If properly managed, the plant can produce five fan branches. It is better if the growth is restricted just to one-tier. Because of that, there is the need for constant pruning.

Irrigation
Irrigation is necessary if there is no adequate rainfall distribution. Naturally, it grows well under well water. Supplemental irrigation is a necessity if the merchant stay in areas where there is no adequate water supply. Water is necessary because it helps cocoa plants to grow very well and makes the yield better.

Protection
Cocoa like other cash crops needs to be protected from diseases, pests, and vagaries of nature. The most important thing is to protect them from those harmful insects and pests around. There must be an adequate arrangement for chemical spraying and other ways of protecting it.

 

Harvesting
This is the time to yield the benefits of labour. It takes about one hundred and seventy days for the cocoa to be ready for harvesting. After harvesting the pods, the merchant can store it for four days. This facilitates fermentation. Furthermore, it makes superior quality cocoa beans possible.  The pods should not be overripe before harvesting.

There are two harvesting seasons in a year; light and heavy harvest.

After harvesting, it is time for fermentation. With a good cocoa processing unit, the merchant is sure of producing different varieties of cocoa beans.

 

Marketing and Export

The target markets are food and beverage companies, soap making industries, chocolate producing companies etc. A ton of cocoa seeds is sold between $2195 – $3130 in the International market. Locally cocoa has a standard price of 50kg selling for ₦55,000.

There are a variety of ways that cocoa is exported from Nigeria. In some cases, one or even two middlemen are involved between the Nigerian farmers and cocoa exporters. The Nigerian trade begins with farmers working to harvest cocoa beans from the local crop. The following are ways in which cocoa beans are exported from Nigeria:

  • Farmers to Small Buyers – Small buyers visit individual clients (farms) to purchase a share of the cocoa crop. In this method, small buyers may sell the crop directly to exporters, but more commonly the small buyers sell the cocoa to wholesale buyers who make the final sell to exporters.
  • Farmers to Co-operatives – Farmer co-ops combine cocoa from several farms to sell to different agencies. The co-op purchases cocoa directly from farmers, and in some cases, sells it to exporters directly. In other cases, the co-op may also export the product directly.

Nearly half of all Cocoa in Nigeria is exported to the Netherlands (45%). Germany and Malaysia are ranked second and third in cocoa imports from Nigeria, importing 22% and 6.2% of Nigeria’s cocoa output, respectively. Other top importers of Nigerian cocoa include Spain, Italy, Belgium-Luxembourg, and China.

Nigerian cocoa and cocoa beans are usually exported in the raw or unprocessed form to chocolate processing plants in these countries. The cocoa is typically exported to confectionary companies to make chocolate bars and other chocolate products, such as candy, cakes, and chocolate beverages.

 

List of Cocoa Exporters in Nigeria

The International Cocoa Organization (ICCO) based in Ivory Coast maintains a directory of farmers, exporters, and other professionals related to the cocoa industry. Although Nigeria was a member in 2010, the country is not listed among the organisation’s members in 2018.

Cocoa Exporters in Nigeria

The list of cocoa exporters in Nigeria include:

  • FTN Cocoa Processors Plc
  • Ideal Risku Global Limited
  • Saro Agro-Allied
  • Tosmega Cocoa Nigeria Limited
  • Akeen and Kamoru Nigeria Ltd
  • Berveek Limited
  • Cocoa Products (Ile Oluji) Ltd
  • Remedy Crown Investment
  • Shinwillcrown Cocoa Producing Company

The list of cocoa bean exporters of bulk and wholesale cocoa beans from Nigeria include:

  • Agro traders Ltd
  • Crystal Green Ltd
  • Gbemtan Investment Ltd
  • Olatunde International Ltd
  • Agebelere Cocoa Farm
  • Okon & Sons Integrated Services Ltd
  • Ose Global Bizness Links Nig. Ltd.
  • Terry Cocoa Merchant
  • Yinka Akintilo Enterprises Ltd

 

Cocoa Production in Nigeria: Feasibility Study
The feasibility study included in this guide is for a medium cocoa production business, from the start to the sale of 500 bags of cocoa. The Capital covers from store set-up, land acquisition, seed purchase, production, and marketing.
The selling price of cocoa is the same almost everywhere. Each bag (A standard of 50 Kg) is being sold for about ₦55,000.

For a start, all the materials needed (Renting a store depends on location, purchase of needed equipment, planting and tendering, and so on, is approximately ₦3,500,000)

If the merchant starts harvesting after 18 months, (he can start harvesting as soon as that if he had planted the early-maturing, high-yielding and disease-resistant cocoa beans seed to boost his farm’s production in a short period of time).
₦55,000 X 500 = ₦27,500,000

(Return on Investment) ROI = ₦27,500,000 – ₦3,500,000 After 18 months of cultivation, the gain is a staggering ₦24,000,000; which isn’t bad at all especially since selling cocoa beans seed doesn’t take much marketing.

 

Issues Affecting Cocoa Export in Nigeria

Before you engage in the cocoa trade in Nigeria, it’s important to consider how to overcome common challenges affecting the cocoa trade and cocoa exporters in Africa. These concerns include everything from adequate production to transportation. Educating yourself on these issues may not eliminate the concern, but can help you determine a plan of action before engaging in trade.

  • Roads and Transport – More than 30,000 tons of cocoa were found delayed in transit in the capital city of Lagos while en route to ports for export.  Specifically, traffic, craters, and floods are to blame for the delay. This delay put strain on local businesses and some even sought loans to cover expenses while waiting for exports to be shipped and paid by buyers.
  • Delays in cocoa production – For many years, Nigeria ranked fourth behind Ivory Coast, Ghana, and Indonesia in cocoa production, but a recent drop in production has lowered Nigeria’s position in the cocoa production chain to fifth, tied with Cameroon. Lack of support for farmers, including access to cocoa seedlings, price risk management, and pest control training are just a few factors that have led to a decrease in cocoa production. Many small farms harvest most cocoa in Nigeria throughout the southern region.
  • Lack of farmers – Several news reports outline both the lack of younger farmers and the lack of interest of younger farmers in cocoa farming. This lack of interest has led to a decrease in the number of cocoa farmers. While there have been calls to stimulate the cocoa economy, the Nigerian cocoa production efforts faces significant challenges to its growth if enough young farmers don’t participate in the cocoa trade.

 

COCOA PRODUCTION: RISKS INVOLVED

  • Managing a cocoa farm takes time, effort, patience and energy.
  • Constant guard and protective measure against rodents and infectious parasites.
  • Setting up a cocoa production plant is very capital intensive.

COCOA PRODUCTION: ADVANTAGES

  • Cocoa sells faster than almost every other agricultural produce.
  • The merchant would inadvertently be contributing to the nations GDP.
  • A lot of beverage companies rely on cocoa for production, making it very profitable.
  • As a young person, you can leave the circle of the unemployed.
  • The ROI from cocoa and production is very attractive and is enough compensation for the merchant’s time, energy and money.
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