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“Up till about 25 years ago, Singer Nigeria Limited had factories in Nigeria where they produced Television set, Radio, refrigerator, standing fan, etc. Singer had a unique corporate marketing strategy. They didn't sell on cash-and-carry but on credit to their wholesalers. I don't know the reason for this strategy though. Sooner, Nigerians began to apply as whole sellers using fake business names and addresses. Many would pack the products and never pay up as at when due. By 1996, Singer went down and closed all her factories in Nigeria.

At the Nigeria Cocoa Industries, Ikeja, as the company was at the verge of closing down completely, I met the last MD of the company. As at that time, himself, his driver and four security men were the remnant members of staff of the company. I asked what led to the terrible state of the company at the time when there was increase in the consumption of cocoa products. He narrated his experiences in all the Oodua Groups, how the various MD, GM and Managers would collude with the drivers and security men to load products out without proper entries. How those goods were delivered to oga concubines in different towns and cities who would never remit the proceeds to the company.

Of all the over 150 companies wholly owned by Oodua Group, none is functioning again as at today. Only those companies where Oodua jointly owned with others are working.

When next you are worried about the parlous state of affairs in Nigeria, first ask your parents to sincerely tell you the source of the money they used to build their various houses. Ask them the source of their wealth. Ask them is their wealth part of the over invoicing or non invoicing of products and services. Ask them was if it is part of the shared "annual unspent budget".

The ruination of Nigeria didn't begin in one day, it was through minute indiscipline, impunity, arrogant exercise of power, ineptitude and greed.”
Source: Facebook

posted from Bloggeroid

Why we are here Why we are here Reviewed by IFEDAYO AKINWALERE on 8:19:00 pm Rating: 5