The Nation Newspaper

Tag: MERCHANT

  • Cement merchant

    Cement merchant

    A businessman, Alhaji Jamiu Azees, has witnessed a reversal of fortune after he was allegedly defrauded of a sum of N700 million by suspected fraudsters who posed as spiritualists. The fraudsters allegedly collected the money from Azees’ eldest son, Kazeem Babatunde Aremu, under the false pretence of assisting him to overcome a spiritual attack, which turned out to be scam. Azees, 68, who is the Chairman and Chief Executive Officer (CEO) of Jummy Azees Nigeria Limited, a major distributor of Dangote Cement in Ota, a suburb of Ogun, said a female member of the syndicate, Kemi Abimbola Rufai had registered with the firm as customer and was given credit facility by his eldest son, Kazeem, who is the Managing Director of his company.

    Their relationship became intimate so much so that Kazeem began to give her advice on how to improve sales and make more profit. Kemi, it was gathered, later told Kazeem that he was suffering from some spiritual attacks orchestrated by his family through which he was allegedly hypnotised and defrauded of the huge sum of money belonging to the company. The syndicate allegedly took the young businessman to shrines where they hypnotised him and collected money. Kazeem, 35, said: “Sometimes in or about July, 2014, one Kemi Abimbola Rufai became a registered customer to the company and was given credit facility in form of two truck-load of Dangote Cement worth N1. 98 million, but she failed to pay as promised.”

    Kazeem noted that sometime in December 2015, the said Kemi invited him for an important discussion at Caaso Bus Stop, Alagbado area of Lagos state, during which she explained that a certain Musilm cleric she met at Oju Ore area of Ogun State, advised him to come for spiritual cleansing to free him free from his father’s ‘diabolical grip’. According to him, following Kemi’s pressure he underwent a ritual cleansing at a river in Meiran area of Lagos State. ‘’After the spiritual cleansing, the Alfa told me to embark on a seclusion journey to an unknown destination before I could completely win the spiritual battle to release me from the firm grip of my father over his wealth and the entire spiritual process with the Alfa has cost me a sum of N45 million. ”

    The Alfa then advised me to stay back so that Kemi could undergo the seclusion for me. On the eight day of the spiritual seclusion, I was in Lagos when I received a call from Alfa and Kemi, that the money I gave to them for rituals cleansing has miraculously and magically turned to Dollars and Euros. Continuing, he said: “So, I was asked to come to Oshogbo, Osun State, to collect the hard currencies; when I realized that Kemi had been in Oshogbo all the while for  the seclusion, I had to embark on a journey to Oshogbo when Alfa warned that it would be spiritually dangerous for me if I failed to collect the hard currencies myself. On getting to Oshogbo, the said Alfa took me to a hotel where Kemi was lodged. She narrated to me how she was traumatized in the spiritual world, in her effort to assist me to fight the curse, but she assured me that all was well thereafter.

    “That night, Kemi and the said Alfa accompanied me to Osun Oshogbo river in Osun State, where I met one short old man and his group fully dressed in white regalia chanting some strange ‘Quran verses’. The short old man pointed at a black box with Quranic inscriptions, claiming that the box contained hard currency, which I can only have access to upon the payment of a sum of $1 m. The black box covered with white cloth was released to me to test the efficacy of the rituals in the hotel room, where I paid a sum of three million naira to the group, through my Zenith Bank account in Oshogbo.” Narrating further, he said, “The following day after I returned to Lagos, I began to source for a forex dealer agent to assist me to get a sum of one million dollars demanded by the syndicate.

    In the process, I took a sum of four hundred and seventy thousand dollars to Kemi’s house at Number 4 Harmony Estate, Aboru, a Lagos suburb, and while I was in her house, a member of the syndicate called ‘Osokoro’ called her to spread the dollars on the floor on the four corners of the room”. It happened that Kazeem paid a total sum of eight hundred and twenty thousand dollars ($820,000.00) to the syndicate to perform some rituals that could multiply the hard currencies in the box. It was when the scale fell off his eyes that the police arrested Kemi and other members of the syndicate. It was learnt that some of the suspects bribed their way out of police dragnet. The Nation gathered that some of the suspects have since been re-arrested by the operatives of the Inspector General of Police (IGP) Monitoring Unit, following a petition by Kazeem’s father.

    The suspects were identified as, Alfa Otukoko; Rasheed Gbadewale Alayande (a.k.a Achebe); Ogbenle Abiola SIna(a.K.a Oluwo Ikire); Olohunwa Alabi; Ibrahim Mojeed Olaifa (a.k.a Apanpa); Alhaji Fatai; Alfa Ikire; Alfa Kamoli; Kemi Abimbola Rufai; Serif Ademola; Osoroko; Omo Sheu; Femi Vincent Femi; Adeniji Daniel and others. Items recovered from the suspects include a Toyota Venza car; a KIA Cerato car; one Toyota Camry; a Lexus 350 car and one house purchased by Sherif Ademola through the proceed of crime. Some of the suspects including Rasheed Gbadewale Alayande (aka Achebe); Olohunwa Alabi and Sheriff Ademola were initially arraigned before an Igbosere Magistrate’s Court for kidnapping, obtaining money by false pretence, robbery, threat to life and stealing in the sum of N656, 140,000.00 from Kazeem. A police source said the leader of the syndicate, Otunba Buasri (a.k.a Akin Osa), and some members of his gang are now at large while effrots are being intensified by the police to arrest other fleeing members of the gang. They have since been arraigned before a state High Court sitting in Igbosere, Lagos and granted bail by the presiding judge, Justice C.N.Nwaka. The case has been adjourned till October 20, for hearing.

  • 16 arrested as Navy raids proscribed merchant camp

    Operatives of the Navy at the weekend arrested four officials of a proscribed Merchant Navy (MN) and 12 trainees at a camp in Ijanikin, Lagos State.

    The suspects, who were handed over to the Nigerian Security and Civil Defence Corps (NSCDC), were apprehended at Oto Awori in Ijanikin on Lagos-Badagry Expressway by naval operatives attached to the Forward Operation Base (FOB) in Badagry.

    The suspects are: Commanding Officer Adewale Seun, Musa Masiru, Olabimi Bisola, Lukman Bello, Sunday Sule, Ilesanmi Quadri, Dauda Dogara and Beshel Godswill.

    Others are: Lieutenant Adeoye Busuyi, Awha Seyon, Monday James, Cecilia Okpa, Manmanse Foiter, Olowokere Babatunde and and Adebayo Blessing.

    They were said to be between 17 and 42 years old.

    The Commander of Nigerian Navy Ship (NNS) Beecroft, Commodore Maurice Eno said Bello was arrested by some soldiers at Irekiti in Badagry while parading himself as a naval officer.

    But when the Navy was contacted to identify him, it was discovered he was an impostor, Eno said.

    After investigation, naval operatives at the FOB, led by Commodore Simon Dogo, stormed the training camp and arrested 15 others, including three women.

    Eno said the trainees were made to pay N30,000 fees, adding that the Navy had warned operators of the illegal agency to desist.

    He said: “The Federal Government has proscribed such agencies by Official Gazette Number 58, Volume 100, dated August 28, 2013. The Navy had severally warned its operators and advised parents to not take their children there. It is illegal for them to parade themselves as naval personnel.”

    Bisola said she paid N55,000 for training, forms and letter.

    She said: “I paid the money to a man called Godwin in Shagamu (Ogun State) and I was told the training would take place in Port Harcourt (Rivers State).

    “I and a few others met Godwin in Shagamu and boarded a bus en route Port Harcourt. But he detoured and told us that the training was in Lagos. He claimed that they found another base. We were supposed to spend six months but had only completed three months’ training before we were arrested by the Navy.

    “They told us to be patient, that the academy would be approved by the government before the completion of training. We have been deceived and are innocent. We fed ourselves but sometimes, our Commanding Officer gave us some money to feed. We had seven women and 29 men on training.”

    Denying that the agency was proscribed, Seun said his outfit was the Nigerian Merchant Navy Coastal Defence Force.

    The suspect said the approval for the outfit was ongoing.

    He debunked the allegation of impersonation, saying they were not using Navy’s uniform or accoutrements.

    Seun said: “We’re not impersonating the Nigerian Navy; we are not using their property. I don’t see any reason why they should arrest us. In respect of the legal backing of our operations, it is only my boss, Commodore Agaba in Abuja, who can explain that.

    “We secure the coastal area and protect lives and property. We are waiting for the Federal Government to pronounce us as a registered body. Merchant Navy has been in existence since 1941. I am a sailor and I have worked in different ships before joining Merchant Navy.

    “I joined Merchant Navy’s Coastal Defence Force in 2002 and we started training people in 2007 under Commodore Edema. Currently, I have no salary except what I get on board of vessel every month. It is not true that the trainees pay N30,000. What they pay is N15,000 for three months’ training and for their feeding.”

    The Navy also handed over two suspected impostors – Ebube Dike and Isaac Utibe-Abasi – to NSCDC.

    They were arrested at Ilesan in Epe on January 2 and 5 for alleged possession of proscribed Navy camouflage in their custody.

    Ebube said: “I was arrested the first day I wore the uniform. I don’t know what went into my head to wear it. I am not a criminal and I don’t extort people. If I knew it was a navy uniform, I wouldn’t have worn it. I only went to buy drugs with it at a chemist shop.”

    Receiving the 18 suspects, NSCDC Commandant Tajudeen Balogun promised that they would be prosecuted at the conclusion of investigation.

  • FBN Merchant Bank aims high as profit hits N3.85b

    FBN Merchant Bank aims high as profit hits N3.85b

    FBN Merchant Bank Limited, the merchant banking subsidiary of FBN Holdings Plc, has assured that it would consolidate and sustain impressive performance in the years ahead as the wholesale banker doubled pre-tax profit to N3.85 billion in 2015.

    At the first annual general meeting of the company in Lagos, directors of the merchant bank said it has been positioned to improve on its performance and make better returns to shareholders. Audited report and accounts of the FBN Merchant Bank for the year ended December 31, 2015 showed that pre-tax profit rose by 113.1 per cent from N1.81 billion to N3.85 billion in 2015.

    FBN Merchant Bank, formerly known as Kakawa Discount House Limited, started operations in November 2015 following Central Bank of Nigeria (CBN)’s approval of its merchant banking licence and completion of operational prerequisites.

    Managing director, FBN Merchant Bank Limited, Mr. Kayode Akinkugbe, assured the shareholders that the merchant bank is appropriately positioned to ensure commendable dividends in the current financial year.

    He said the wholesale bank will remain committed to building its franchise as the leading merchant bank in Africa by creating opportunities for its clients.

    “This will be the first full year of operation and we are excited to launch the merchant bank on the strong platform of the FBN Holdings Group. We are confident that the management team, with the support of the board, will be able to face the challenges of 2016 and we will work tirelessly to make the belief placed in us deserved,” Akinkugbe said.

    He said the merchant bank intends to approach the market with necessary prudence and hunger, being very mindful of all the risks involved, with the aim to improve the quality of its income and increase its balance sheet while ensuring that it has better results this year.

    In his address, chairman, FBN Merchant Bank, Mallam Bello Maccido noted that the immediate past year was a challenging period for the Nigerian economy due to the election year and the transitional period for the company.

    According to him, while the volatility experienced in 2014 continued into year 2015 and led to spikes in rates and general uncertainty in the market, the purposeful leadership of the FBN Merchant Bank took advantage of the volatilities and rode the economic headwinds profitably within the financial year thereby returning commendable returns to shareholders.

    Group managing director, FBN Holdings Plc, Mr. UK Eke expressed confidence in the merchant bank, noting that it has all the necessary advantages to continue to grow.

    According to him, with the strength of the FBN Holdings Group, more than adequate capitalisation of the merchant bank at over 25 per cent capital adequacy ratio which signifies capacity to prudently sweat the balance sheet, a strong visionary board, and a highly professional and experienced management team, FBN Merchant Bank has been primed to soon dominate the wholesale banking subsector.

  • Slain building merchant’s family cries out for justice

    Slain building merchant’s family cries out for justice

    The Elegushi family of Lagos has cried out for justice over the death of its son, Yusuf.

    Yusuf Elegushi, a University of Lagos (UNILAG) Business Administration graduate was shot dead last Thursday by suspected hoodlums.

    He was chairman of Building Materials Suppliers, Alaguntan Village chapter in Ajah, Lagos.

    His father, Chief Muritala Adedoyin Elegushi, is urging Governor Akinwunmi Ambode and Police Commissioner Fatai Owoseni to bring the killers to justice.

    He said his son was hit in the chest by a bullet while trying to rescue a victim that was earlier shot.

    Elegushi said the assailants escaped, adding that his son was rushed to the hospital where he was confirmed dead.

    According to him, there was a disagreement between the hoodlums and a man two days earlier over N3,000 and the leader of the hoodlums was injured in the jaw.

    Elegushi said the gang mobilised to revenge and his son was killed.

    He said the incident was reported at Ogombo Police Station and three of the suspects were arrested, adding that the matter has been transferred to the State Criminal Investigation Department (SCID) at Panti, Yaba.

    Elegushi, who described his son as quiet and easygoing, said the late father of two had planned to mark his 26th birthday next month.

    He said the family had petitioned the governor and Owoseni to arrest and prosecute the suspected hoodlums’ leader.

    Elegushi said that was not the first time the gang would kill innocent people in the area, adding that such killings were swept under the carpet.

    He accused the suspected hoodlums of killing people at Alaguntan Village, Ikota, Olukotun, Gedegede, Moba, Isakaba and Mabro Estate.

    Police spokesperson Dolapo Badmus, a Superintendent (SP), confirmed that the case has been transferred to the SCID for further investigation.

    The arrested persons, she said, are

  • Firm introduces merchant registration

    Firm introduces merchant registration

    In a bid to address series of complaints from entrepreneurs and service providers, Nigeria’s online financing (repayment) website, bigdeals.com.ng, has incorporated a merchant section into its services.

    The financing package helps consumers pay for products or services upfront while the consumer repays in instalments.

    According to the CEO of the company, Mr. Seun Adegoke, “many businesses in Nigeria today fail due to lack of patronage. With this innovative option for business owners, we will pay you (service providers) upfront for services to be performed and the customer pay us back later. It is that simple, with 0% down payment. Even banks cannot offer this package.”

    A merchant, CEO of SGL Trading, Mr. Olamide Olawuni, who expressed confidence in the package, said, “we have been looking forward to this as Big Deals has only always partnered with multinationals, this will certainly help small businesses and will reduce debts as many a time we rely on loan to perform some jobs, but with this upfront payment, it will help many of our customers as they get the same value and pay later.”ac

  • Here comes the charcoal merchant

    Here comes the charcoal merchant

    This is the story of a young entrepreneur, who is making it big because of his courage and determination, Daniel Essiet reports.

    Chief Executive, The Thy Global Investment Limited, Ismail AbdulAzeez, owns  a thriving agro export business in Sango Ota in Ogun State. The business started in 1999.

    About 15 years later, it has become a multi-million naira enterprise, employing no fewer than 50 Nigerians working as pickers, quality controllers and helpers.

    The story of AbdulAzeez is that of a man that rose from rags-to-riches story.

    An accountant by training, life was indeed difficult for him when he  first started. He began by strutting the streets of Lagos in  search of a job.

    When his efforts did not pay off, he, resorted to  picking  snails  on  the roads to eke out a living.

    He never had a dream of starting a   business that would grow in a short time.

    From picking snails, he   started a new business  changed the course of his life. The demand for snails  helped him to tap into a market  capable of generating high profit even with little financial outlay.

    With market insight, AbdulAzeez reared giant African snails, which could grow up to 20 cm (7.9 inches).  At  harvest, he  sold to a number of luxury hotels and high-class restaurants  making  good  money. Gradually, the  business of   snails farming  appeared  to him  a venture  that  could help young entrepreneurs climb their way out of poverty. From snails,  his dream of becoming a successful businessman was realised.

    At the small business grew, he sought and found additional training on different sustainable small and medium enterprises, this time  in grass cutter farming. This  became  his  next  destination. He eventually moved into  beekeeping and then food stuff exports.

    So far, it has been a very long journey, working on different business  ventures.  But  in all,  the   success  of  his  agro exports  business  has helped him  to  address the big hurdle of  securing capital.  His   story of success is unusual. But his struggle is common to many of Nigeria’s entrepreneurs.  Chiefly, agro exports has given him a giant leap.   Thanks to trade liberalisation and  the  spiralling  demand for  agro exports  which  are  sourced  from most  parts  of the country.

    As  his  business empire grew, he  was  attracted to  the  lucrative  business of charcoal export.

    According to him, the huge demand for charcoal is informed by  its used in food grilling and bakery.

    Europeans and Americans, he  explained,  generally look forward to having family picnics and on-site barbeques adding that this trend has contributed to the demand for charcoal.

    As a result, he takes advantage of  this  to export to meet the needs of the coming spring and summer seasons.

    Today, the venture is  his  biggest money spinner  and  he is one of the country’s leading exporters of charcoal.

    Within the last few months,  foreign buyers  have  come  to  trust the quality of his products, convinced that he offers them nothing but the best. He   advises Nigerians   to use the opportunity of increasing charcoal import to make money.  For him, charcoal is not  a business that requires more time to make profit.With an investment of N800, 000, one   could make  a profit of N300,000 within 40 days.

    The initial challenge for  new exporters is how to source charcoal because supplies come from as far as Mokwa in Niger State.

    Using his own resources, AbdulAzeez has  established a central depot at  Sango Otta  where suppliers bring in charcoal in large  quantities. There, the raw charcoal are separated, graded and packaged for export.

    That takes a big burden  for those who don’t have time to travel to as far as Kogi State to source  for the commodity.

    He  has taken his business to the next level by engaging farmers and other Nigerians to produce charcoal at various forests, one initiative to help to increase and enhance economic growth within the forest zones.

    While he has resorted  to training more Nigerians  to become charcoal exporters, AbdulAzeez is happy to see the business blossom.

    He said the project  with a vision of improving the livelihood of Nigerians has come this far, increasing  hope for young  people seeking  empowerment through business opportunities.

     

     

  • Banks scramble for merchants’ accounts

    There is intense lobbying by banks to get merchants to subscribe to their Point of Sale (PoS) terminals, free. The banks are not only scheming to install a PoS at no costs to the merchants, but are promising to reduce the 1.25 per cent transaction charge per customer.

    It was learnt that the shop owners and retailers at strategic business centres were being targeted by banks to ease the implementation of their e-payment policy under the cash-less banking initiative. Lagos State has over 150,000 PoS deployed by banks at merchant shops.

    A senior management staff member of a middle-level bank, who spoke on condition anonymity, said lenders had included merchants as part of their intelligent marketing schemes.

    “You know e-payment is where everybody is going, and banks have to ensure that they are not left behind in the ensuing competition. They are also aware that merchants are critical to the success, or otherwise of their e-payment initiatives,” he said.

    On infrastructure, the Bankers’ Committee said the Central Bank of Nigeria (CBN) was working with the Nigeria Communication Commission (NCC) and telecommunications operators to ensure that there are dedicated communication links for the PoS systems. It said the PoS was key to the successful implementation of the cash-less banking initiative. “If the PoS or mobile phone is stolen, the money for the user is safe as the devices do not hold the money,” it said.

    To make the platforms secured and reliable, the Committee said that all PoS must have a minimum of two SIMs from telecommunication operators, even as there is minimum of 24 hours battery life, and sometimes, car charges are attached.

    The Committee disclosed that the literacy required in operating the PoS is minimal as many Nigerians can use a mobile phone needed to make mobile payments. Besides, biometrics is being installed in some Automated Teller Machines (ATMs) and PoS to further check fraud in the industry.

    It advised merchants to recognise that there are other ways in which the PoS terminal can benefit them, such as selling other services and earning commissions. For instance, mobile credit can be sold through the terminals, or it can used to collect bill payment for firms such as the Power Holding Company of Nigeria (PHCN).

    Also training will be provided by the acquirer’s payment terminal service provider (PTSP). Part of the deployment process is to ensure a practical training of how to use the PoS for the merchant and their staff.