On BU$I₦£$$ DIG£$T this morning, November 8, 2021
Olajide Abiola wrote:
The Federal and State Governments are the biggest Venture Capitalists in Nigeria.
The huge margins and financial windfalls from public sector contracts finds its way into many hands that fritter everything away.
Many use their working or business capital to buy cars or houses.
I tell people that they shouldn’t buy houses just because they don’t want to pay rent.
People have made ₦20m, ₦70m, ₦150m, ₦200m, ₦300m, ₦450m from government contracts and gotten back to being broke in a short while.
If they’re unable to get the next contract, they curse government.
In my mind, I am like, this project gave you good capital to keep you in business for a long time.
I have had a few tell me. “See, when I execute this project, I will make so and so”, “you will help me plan and guide on how to appropriate the funds”. The moment the money comes, they go on a spending binge. I won’t sight their brake lights until they’re broke.
I tell people that it take discipline to grow money.
Many people make resolutions like “if only I can get this ₦1m, I will just put like ₦800k on this business”. Lori iro. Let ₦2m get into their hands, shishi won’t go into that business.
THIS IS THE REALITY!
If you learnt anything from this, kindly share with someone out there.
Dr. Emmanuel Idenyi Shaibu
animn, ace, f.hcd, f.dss, m.frcn, fimc, cmc, cms, FAiPA, DPA, ACCrFE
The Millennium Entrepreneur!