Economy

By Uzair Adam Imam

Amidst the devaluation of the Nigerian currency, the Economic and Financial Crimes Commission (EFCC) has issued a stern warning to embassies, instructing them not to demand foreign currency for goods and services within the country.

In a memo addressed to the Minister of Foreign Affairs, EFCC Chairman Ola Olukoyede emphasized the illegality of collecting any currency other than the Naira in Nigeria.

The memo, dated May 5, 2024, highlighted the violation of Nigerian laws and financial regulations by embassies invoicing consular services in United States Dollars.

Olukoyede underscored the significance of adhering to Section 20(1) of the Central Bank of Nigeria Act, 2007, which designates currencies issued by the apex bank as the sole legal tender in the country.

The EFCC boss condemned the refusal of some embassies to accept the Naira for consular services, describing it as an affront to Nigeria’s sovereignty and undermining its monetary policy and economic development objectives.

Expressing zero tolerance for this trend, Olukoyede urged the Minister to convey the Commission’s displeasure to all embassies in Nigeria, reiterating Nigeria’s expectation for their operations to comply with existing laws and regulations.

This move by the EFCC comes as embassies in Nigeria persist in demanding and collecting Dollars for goods and services, a practice detrimental to the local currency.

By Mutalib Jibril

 The Consumers’ Dilemma 

A visit to some popular markets in Sokoto State shows that many consumers still prefer rotten tomatoes.

Zainab, a retired school teacher and grandmother, carefully selects the least spoiled tomatoes she can find. “What choice do we have?” she asks, a note of defiance in her voice. “These are half the price of the fresh ones. With my pension cut, I have to make do.”

Like Zainab, another buyer, a mother of three, picks carefully through a pile of tomatoes, trying to find the least spoiled among them. “Look, we all know it’s not the best,” she admits, her voice tinged with resignation. “But when you have to feed a family and every penny counts, sometimes you compromise where you shouldn’t.”

Many consumers are aware of the health risks, including potential liver damage, associated with consuming deteriorated tomatoes but have no option due to the economic hardship ravaging the country.

The Sellers’ Side

He shares his perspective at the shop of a middle-aged vendor in Sokoto State with a genial smile that belies his struggle. “It’s not like I don’t know the risks,” he says, gesturing to the less-than-perfect tomatoes. “But these come cheaper from the farmers, and if I don’t sell them, I don’t earn anything. People still buy them because they’re cheaper, and every sale helps me keep my own family afloat.”

Questions about accountability and choice arise. Why sell a product known to be harmful? He sighs, “It’s a vicious cycle. Honestly, we need better support from our leaders and better economic policies that can help both the sellers and the buyers choose health over cost.”

Also, Yakub, a wholesaler, provides insight into the logistics issues plaguing the supply chain. “Transportation delays and poor infrastructure mean that a lot of the produce spoils before it even reaches the market,” he explains. The economic downturn has exacerbated these issues, with fuel prices soaring and maintenance costs skyrocketing, making it difficult to deliver fresh produce efficiently.

Yakub admits to facing a moral dilemma. “I hate selling these, but it’s this or let my business die. We need government support to upgrade our transport and storage facilities.”

Voices from the farm

The tomatoes start fine,” Alhaji Buba explains. “But with the cost of proper storage and transport being so high, some spoil before reaching the market.”

Alhaji Buba’s plight highlights a crucial gap in infrastructure that affects both the quality of produce and consumers’ health. He emphasizes government intervention: “We need access to better facilities and services to keep our produce fresh until it reaches the consumer. This would benefit everyone.”

For Yusuf, each day begins with the promise of a new harvest and the weight of responsibility. “We take pride in growing quality tomatoes,” he explains, his hands weathered from years of tending the land. “But without proper infrastructure and market access, our efforts often go unrewarded.”

His story mirrors the struggles of farmers across Nigeria, whose tireless labour sustains the nation even amidst adversity.

Farmers like Yusuf face many challenges, from unpredictable weather patterns to fluctuating market prices. “We need support to improve irrigation systems and market access,” he asserts firmly. “With the right investments, Nigerian agriculture can thrive.”

Experts Opinions

A Clinical Nutritionist at the Nigerian Institute of Medical Research, Yaba, Lagos, Susan Holbrooke, said rotten tomatoes are unsafe for consumption and may damage the liver, impair child development, and also cause miscarriage.

She said rotten tomatoes contain aflatoxin and would have been contaminated by fungi diseases.

Experts say tomatoes are the major dietary source of antioxidants that protect against cell damage. They add that they are also high in Lycopene, a plant compound linked to good heart health, cancer prevention, and protection against sunburns.

Speaking in an exclusive interview with PUNCH Healthwise, the nutritionist said rotten tomatoes contain mycotoxin, which can damage the liver of those who consume them.

According to her, what we consume is expected to serve as nutrients and medicine for the body, not as a disease.

She explained, “Rotten tomatoes are unsafe for consumption. They can cause liver damage. For a pregnant woman with too much mycotoxin in her system, it can cause the child to be stunted. That’s why aflatoxins are poisonous to the liver. Our liver is like a powerhouse that promotes both the good and the bad things.

In a 2016 study published by PMC journal, the researchers said dietary exposure to aflatoxins is considered a major public health concern, especially for subsistence farming communities in sub-Saharan Africa and South Asia. Due to hot and humid climates and poor storage, dietary staple food crops such as groundnuts and maize are often highly contaminated with aflatoxin.

“Aflatoxin exposure can occur at any stage of life and is a major risk factor for hepatocellular carcinoma, especially when hepatitis B infection is present.

Over the years, there have been warnings that rotten tomatoes can be dangerous to health when consumed.

In 2018, the National Agency for Food and Drug Administration and Control (NAFDAC) warned Nigerians against consuming rotten tomatoes to prevent cancer.

Christiana Essenwa, a Deputy Director at the Agency who issued the warning, said rotten tomatoes contain microorganisms that induce cancer.

In her words: “Some people think that rotten tomatoes, which are cheap, can be consumed after washing and heating, stressing that the toxins could not be washed or killed by heating since they are heat resistant.”

By Sabiu Abdullahi 

The Federal Government has directed all Point-of-Sales (PoS) operators to register with the Corporate Affairs Commission (CAC) by July 7, 2024, to reduce kidnapping and fraudulent activities.

According to the Registrar-General of CAC, Hussaini Magaji, the registration will help security agencies track and arrest recipients of ransom payments from kidnap victims. 

Magaji stated that the registration process aligns with legal requirements and Central Bank of Nigeria (CBN) directives, and defaulters will face punishment after the deadline.

He stated that the registration is not intended to target specific groups or individuals but aims to safeguard businesses and strengthen the economy. 

The CAC boss explained that the registration will provide data to security agencies to track fraudulent activities and enable them to provide details of persons behind companies involved in fraud.

He added that registration goes beyond taxation to encompass access to loans, legality, and compliance with regulatory requirements. 

PoS agents have reacted to the directive, with some agreeing with the CBN while others believe it will place a burden on operators, especially those in rural communities.

The National President of the Association of Mobile Money and Bank Agents in Nigeria, Sarafa Fasasi, questioned the directive, stating that it may reverse the 74% financial inclusion rate. 

However, the immediate past president of the association, Victor Olojo, backed the move, stating that it is necessary for standardisation and enhanced security. 

The government has launched a 24-hour service centre to facilitate registration and has warned that the deadline will not be extended.

With the rise of fraudulent activities involving PoS terminals, the government is taking measures to ensure the safety and security of businesses and individuals.

By Jamilu M. Magaji 

Nigerians from all walks of life have been urged to embrace local productions with a view to tackling exchange rate volatility and promoting sustainable economic growth in the country. A professor of Financial Economics from Usmanu Danfodiyo University, Sokoto (UDUS), Prof. AU Sanda, made the call at Federal University Birnin Kebbi (FUBK) during the 21st Seminar titled “Exchange Rate Volatility in Nigeria: Lessons and Policy Implications,” on Tuesday.

The Seminar, chaired by Professor AS Mikailu, tripartite former Vice Chancellor of UDUS, Kaduna, and Nasarawa States Universities, was attended by members of academia, Ministries, Departments, and Agencies, as well as other public and private organizations.

Prof. Sanda, a first-class economist of high repute, highlighted a number of variables that appear to correlate well with exchange rate volatility, which include interest rate, money supply, inflation (foreign reserves and for an oil exporting country) and crude oil prices. He described the exchange rate as the price of local currency in exchange for a foreign currency, noting that it is also an important economic variable with huge potential to affect lives and livelihoods, as Nigeria’s recent experience has simply demonstrated.

“Interest rate hikes to tame inflation have been accompanied by a surge in money supply, rendering the initial policy to stymie inflation difficult to achieve, He said.”

He lamented that when inflation rises, a country’s currency will depreciate, as experienced in Nigeria when petrol prices rose in response to President Tinubu’s announcement on May 29, 2023, of his government’s plans to remove fuel subsidies. He stressed that foreign reserves, when they are buoyant, could strengthen a country’s currency, while for oil exporting countries, an increase in the crude oil price should help strengthen the currency as long as the foreign exchange management system allows some flexibility.

“If you are engaged in purchasing whatever goods from outside the shores of this country, be it furniture or whatever, then you are a party to this”. He said

“So, taming this menace is a collective responsibility from fiscal and monitory authorities down to the citizenry. We all have a role to play by at least embracing local productions, a key to sustainability and economic growth,” he added

Prof. Sanda advised fiscal authorities to undertake policies that assist the monetary authorities in maintaining stability in the foreign exchange market, noting that growth in money supply should be accompanied by economic growth. He cautioned that where the former grows faster than the latter, inflation (and foreign exchange volatility) will be the inevitable consequence, and there is a need to adopt the proposed methodology for the measurement of the exchange rate of the naira.

In his remarks, Vice Chancellor of FUBK, Prof. MZ Umar, noted that the recurring exchange rate volatility in Nigeria is also associated with reckless hoarding and exchange of goods and services with foreign currencies. He called on government and other regulatory agencies to intensify efforts towards promoting economic growth and development in the country.

“The efforts of the CBN to calm nerves and reduce naira volatility in Nigeria is commendable, although more need to be done by the appex bank and other regulatory agencies in this is regard,” said the VC.

He thanked the presenter and participants, while pleading for sustained frequency of the seminar series in the institution.

By Sabiu Abdullahi 

The Federal Government has approved a significant salary increase for civil servants, with a raise of between 25% and 35% for those on the remaining six Consolidated Salary Structures. 

This was announced in a statement signed by the Head of Press, National Salaries, Incomes and Wages Commission (NSIWC), Emmanuel Njoku. 

The affected salary structures include the Consolidated Public Service Salary Structure (CONPSS), Consolidated Research and Allied Institutions Salary Structure (CONRAISS), Consolidated Police Salary Structure (CONPOSS), Consolidated Para-military Salary Structure (CONPASS), Consolidated Intelligence Community Salary Structure (CONICCS), and Consolidated Armed Forces Salary Structure (CONAFSS). 

This development comes after earlier increases for those in the Tertiary Education and Health Sectors, which included the Consolidated University Academic Salary Structure (CONUASS) and Consolidated Tertiary Institutions Salary Structure (CONTISS) for universities, as well as the Consolidated Polytechnics and Colleges of Education Academic Staff Salary Structure (CONPCASS) and Consolidated Tertiary Educational Institutions Salary Structure (CONTEDISS) for polytechnics and colleges of education. 

The Health Sector also benefited from increases through the Consolidated Medical Salary Structure (CONMESS) and Consolidated Health Sector Salary Structure (CONHESS). 

According to the statement, the increases will take effect on January 1, 2024. Additionally, the Federal Government has approved increases in pension of between 20% and 28% for pensioners on the Defined Benefits Scheme in respect of the six consolidated salary structures, also effective from January 1, 2024. 

This move is expected to bring relief to civil servants and pensioners, who have been seeking improved remuneration for their services to the nation.

By Zayyad I. Muhammad

The principle “you only sell what you have” is a cornerstone of all businesses, resonating throughout different industries and emphasizing the importance of aligning offerings with available resources and expertise.

It’s crucial to provide goods or services that are accessible and within one’s capabilities. However, Nigerian power distribution companies (DISCOs) are selling services they cannot deliver to their customers. For example, the promised 20–24-hour electricity supply under the new tariffs, such as Band A, appears to be unsuccessful.

The DISCOs are simply selling 20–24 hours of darkness, causing disappointment, eroding trust, and damaging the reputation of both the DISCOs and the Minister of Power.

Among economics and political observers, there is a widely held belief that credibility is paramount in retail, manufacturing, or service-oriented businesses. Customers expect transparency and reliability, and any deviation from this expectation can have detrimental effects on long-term success.

The DISCOs want to emulate other countries, but in those with privatized electricity, tariffs are usually categorized into residential, commercial, and industrial sectors. However, in Nigeria, consumers are simply grouped into ‘BANDs.’ For instance, in countries with reliable electricity, like the EU, consumers have the freedom to choose an electricity supplier from the full range available in their area, as well as the type of tariffs they prefer. In Nigeria, DISCOs hold a monopoly. If your service provider is Ibadan Electric, Kaduna Electric, Yola Electric, etc., you have no alternative; you must remain with that specific DISCO and the tariff band they have assigned to you.

We must acknowledge that every business, including DISCOs, operates within constraints, whether financial, logistical, or technical. While acknowledging these constraints is logical, the new tariff appears to be nothing more than an attempt to expedite Nigeria’s electricity sector development without addressing underlying challenges. How can Nigeria implement tariffs similar to those in countries with well-developed electricity sectors, characterised by massive infrastructure, reliable electricity, flexible tariff structures, and numerous options for consumers in choosing service providers?

The Band A tariff is nothing but overpromising and underdelivering. Businesses that embrace this principle prioritise maximising profits at the expense of their customers’ needs and freedom of choice.

In fact, the majority of Nigerian electricity consumers, regardless of whether they are in Bands A, B, C, D, or E, are angered by two entities: DISCOs and the Minister of Power. DISCOs are perceived as collecting money for services not rendered, while the minister is seen as defending the indefensible.

In serious countries, electricity supplies and tariffs are considered a security and economic imperative. Thus, electricity tariffs can vary widely depending on factors such as economic conditions, infrastructure, government policies, and production methods.

Presently, Nigeria’s economic conditions cannot support or sustain these new tariffs; we lack the infrastructure and economic strength for businesses to bear such high tariffs. Consequently, this would lead to high commodity prices as production costs increase, ultimately resulting in higher prices for goods and services.

In countries with efficient electricity systems, tariffs often reflect the costs of generation, distribution, and maintenance, resulting in lower rates for consumers. For instance, countries like Norway, Sweden, and Switzerland utilise a mix of hydroelectric, nuclear, and renewable energy sources, which helps keep tariffs relatively low compared to gas-powered alternatives.

The Minister of Power and DISCOs must revisit the drawing board as the new tariff has failed upon arrival. For instance, according to an investigative report by the Daily Trust on April 12, 2024, DISCOs issued 37 apologies to Band A customers within one week. They are struggling to sustain a 20–24-hour power supply to Band A customers.

It’s crucial to remind DISCOs of the provision by the Nigeria Electricity Regulatory Commission (NERC): ‘When the Disco fails to meet the committed service level to a Band A feeder for seven consecutive days, the feeder shall be automatically downgraded to the recorded level of supply in accordance with the applicable framework.

Zayyad I. Muhammad writes from Abuja, 08036070980, zaymohd@yahoo.com

By Muhammad Umar Shehu

The recent budget allocation by Governor Inuwa Yahaya of Gombe State has sparked concerns among citizens, particularly regarding the disproportionate allocation of funds. While a significant portion of ₦43.130 billion is earmarked for constructing a new governor’s residence, high court, and house of assembly complex, only ₦10 billion is allocated for road construction. This disparity raises questions about the state’s priorities and resource allocation strategy.

It is disheartening to witness such a large sum allocated to luxurious infrastructure projects while essential infrastructure like roads receives comparatively meagre funding. This allocation pattern reflects a misplaced sense of priorities and neglect of critical needs in the state.

As responsible citizens, it is imperative that we hold our leaders accountable and challenge decisions that do not align with the people’s best interests. We cannot afford to stand by idly while our state resources are mismanaged and squandered on unnecessary projects.

The people of Gombe deserve transparency and accountability in governance. We must demand greater scrutiny of budgetary allocations and ensure that public funds are effectively used to better our communities.

There is an urgent need to reallocate priorities to address pressing needs such as infrastructure development, healthcare, education, and poverty alleviation. Our leaders must be reminded of their duty to serve the people and prioritise projects that have a tangible impact on the lives of ordinary citizens.

As concerned citizens, we must unite and advocate for a more equitable distribution of resources to meet the needs of all residents of Gombe State. Together, we can hold our leaders accountable and work towards a brighter future for our state.

May Gombe State and Nigeria as a whole prosper and thrive. Amin.

Muhammad Umar Shehu wrote from Gombe via umarmuhammadshehu2@gmail.com

By Uzair Adam Imam

Central Bank of Nigeria (CBN) employees have expressed profound apprehension as the specter of job loss looms large following the appointment of Dr. Olayemi Cardoso as Governor.

In interviews with journalists, CBN workers voiced concerns that no department within the apex bank seems immune to the ongoing wave of terminations.

This unease intensified with the recent dismissal of another 50 colleagues, bringing the tally to approximately 117 employees shown the door in just 20 days, spanning 29 different departments.

Among those affected are directors, deputy directors, assistant directors, principal managers, senior managers, and lower-ranking staff.

One employee lamented, “We’ve witnessed indiscriminate layoffs in procurement, development finance, and medical services.

“This trend suggests that other departments might face the same fate soon.

“I fear they’ll target those who worked closely with the sacked directors. Such apprehension doesn’t bode well for productivity or the system.”

Another senior staff member revealed, “Many sacked individuals received their letters quietly and left their offices feeling helpless due to the systemic structure.”

Under Cardoso’s leadership, the CBN has undergone numerous changes in policies and personnel, deviating significantly from the tenure of his predecessor, Godwin Emefiele.

Even CBN vendors have voiced grievances, as some who completed contracts since last June await payment indefinitely under the new management, amidst suspicions that they might have benefited from Emefiele’s administration.

By Sani Bello Hamza

Mr. President, before I delve into my concerns, it is indeed important to lay a proper foundation. As an aspiring lawyer and an opinion leader in my own capacity, I am not unaware of the challenges and intricacies of leadership. The stress, strain, and challenges are sometimes daunting and discouraging.

However, Mr. President, even your enemies and those from the opposition party can not doubt your capacity to lead and your unique style of leadership. Your ability to lead and manage successful politicians, industry men and academics leaves us in awe and surprise.

Your ability to understand and provide lasting solutions to national issues ought to be given careful consideration and serve as an exercise for students at various levels. Your unique style of leadership is indeed worthy of emulation and study. The Asiwaju school of thought!

Dear President Bola Ahmed Tinubu, It has been a year since Nigerians qued in mass to support you and the renewed hope agenda. They voted for you and supported your candidacy. Nigerians, from every nook and cranny of the country, shun the nay-sayers and triumph to support you and the APC to make sure you make it to the Villa. It has now become history and forms a special part of the Asiwaju school of thought! 

Mr. President, sir, Before you declared your intention to run for president in early 2022, Nigerians were lost in search of a trusted and reliable leader, a qualified politician capable of steering them to the promised land. The APC seems to be falling after eight years of sheer disappointing tenure, and the PDP was not an option to be considered, given its 16-year tenure.

The resurgence and emergence of the renewed hope agenda and the “emilokan” slogan gave Nigerians a sigh of relief and hope that the table would turn around. That is, it’s time to reap what they sow and enjoy the fruit of their labour and hard work. 

Mr. President, I wish I could write this letter and deliver it directly to your mail or doorstep. Sadly, it’s not possible. I still wish I could be featured on national television to address you and beg you for one thing, yes, just one thing, Mr. President. 

If I were given the opportunity to meet you, the president, in a one-on-one conversation, I wouldn’t talk much. I promise to make the conversation short, brief, and succinct. Who will give me this golden opportunity? 

Anyway, the popular Hausa adage; “guntun gatarin ka ya fi sari ka bani” meaning your short axe is better than cut and give me” is what kept resounding in my skull. I will use the little I have to achieve what I don’t have. I will send this letter out, hoping that one day it’ll reach you, Mr. President. In a one-on-one meeting with the president, I will tell him to put aside anything that has to do with salary increases for the working class and concentrate on bringing back to life the already dead Naira. A stronger Naira is the only option.

Okay, back to the subject matter: Nigeria is indeed a blessed country with abundant natural resources (Minerals and Humans). Yet, our economy keeps dilapidating day in and day out. It always seems that yesterday was better than today, last month was better than the current month, and we wish to be taken back to the previous administrations. 

Why is this happening? What is the problem with Nigeria?

I was tempted to share a post on my Facebook timeline from March 2015 (nine years ago) in which the writer lamented how the prices of commodities skyrocketed during the fasting period. The only price that caught my attention was the price of spaghetti, which rose from 60 – 70 naira. Man! How much are you buying spaghetti now? They’ll say the dollar has risen.

Mr. President, back then, in 2014, the exchange rate of dollar to naira was 60-70 per dollar. The minimum wage then was 18,000 naira, which is enough for an average Nigerian to buy a bag of rice and other commodities to sustain himself throughout the month.

Fast forward to 2024, 10 years later, the Naira hit an all-time record of 1900 to a dollar, and the minimum wage has graciously increased from 18,000 to 30,000. The 30k will not be enough for the average Nigerian to buy half a bag of rice, not to talk of other daily life struggles.

Mr. President, I strongly believe a salary increase will only increase the amount of money in circulation, thereby making inflation the front seat of our economic discourse. They say more money, more problems. 

Mr President, sir, a good road network connecting rural to urban areas spiced up with increased exports will benefit the country more than an increased salary for less than five per cent of the country’s population. 

Dear President Bola Ahmed Tinubu, I equally believe the renowned economists in your midst understand the intricacies of our economy and where it’s heading to. With your continuous support, dedication and unwavering commitment to the progress of our nation, Nigerians will one day smile and say Alhamdulillah!

Sani Bello Hamza is a Law Student at Ahmadu Bello University Zaria. He writes from Zaria and can be reached via sanibellohamza@gmail.com.

By Ibrahim El-Caleel

I have noticed one thing with artisans. A good number of them hate it when you ask them about their charges before commencing work on your item, be it electrical faults, plumbing issues or any other tasks. The prefer completing the job before telling you the price.

The underlying psychology here is for them to gain leverage in negotiation. By completing the task first, they position themselves in a stronger bargaining position. They will always argue that they have already done the job and they have really suffered to do so. This leaves you at their mercy, with some even framing their service to you as a massive favour.

However it goes, they will win. If you don’t pay as much as they want to charge you, then they will leave you with a guilt feeling about shortchanging them. An empathetic person will be prompted to add more money “just to clear his or her conscience”.

This is their psychology.

However, it is all your fault. No work should begin without a clear, mutually-agreed labour cost. It is akin to an employee signing an offer letter without a specified salary. Imagine starting a job as a Medical Doctor and your offer letter simply says, “we will pay you a monthly salary by 30th of every month.” No specified figure. What if at the end of the month the hospital pays you a salary of ₦17,500 while you were expecting ₦250,000? It’s absurd.

This is why both parties should agree on very clear terms before any work begins. If you meet your mechanic in his workshop, ask him how much he will fix your car’s Stabilizer & Ball Joints. Don’t agree with his vague assurances that, “No na Oga.. we are together”. Insist on knowing his charges upfront before the work begins.

Interestingly, this reminds me of an incident with Dr Sakynah some years back. After completing her shopping at the market, she hired a wheelbarrow boy to transport her goods and he brought them. When she asked him about his charging fee? He declined mentioning a figure, but told her “ko nawa ne ki bada; Allah Ya sa musu albarka”. Meaning, “just pay any amount of money; may God bless it”. She obliged and paid him ₦20, and that’s when he began murmuring.

“What happened again?”, she asked him.

“Haba. Ai ke ma kin san ya fi haka!” (Haba. You also know that this work deserves more than what you just paid), he replied.

She asked, ‘were you not the who said I could pay anything and may God bless it?’ So she asked him again, “how much is your money?”

Without any hesitation, he replied, “₦50!” And she now gave him his money. She could have paid him N200, and the guy would be happy that the strategy is working.

This is also another strategy artisans use to charge you more than what is their actual pay. They will tell you to simply pay any amount, no problem. I don’t know why any merchant would do this. Is it possible for me to go to a kiosk and pick a large loaf of bread, and then the kiosk owner will tell me to pay any amount? It’s impossible. So why do artisans issue labour with a blank price tag?

But then it is a strategy for price discrimination. You sell the same goods or service at different prices to different consumers. A seller is happy to do this, but a buyer feels uncomfortable. Some buyers even feel like they were swindled. This is the same strategy the e-CEOs of “DM for pricing” are using. They lure you to inbox, and sell a ₦2,000 kitchen utensil to you at ₦5,000; then lure your friend to inbox and sell the same product at ₦2,400.

As a buyer, you must be smart. Most sellers are already very smart. If you are not smart as a customer, they will maximize their profit out of your meager earnings. This is why they get richer annually while you either stay flat or decline. Sapa wan finish you.

Commercial Lawyers would say, “Caveat Emptor“, or “Let the Buyer Beware.”