Theft—how staff members steal from and defraud companies in figures

[Olatunde Akanbi]

I have been to a few inner-circle billionaire and millionaire networks where we share notes, and I can tell you that 30–40% of the discussions towards the end of the meetings are about theft—how staff members steal from and defraud companies in figures running into eight and nine digits.

I know some of you will talk about systems and structures. Listen, Nigerians will systematically and structurally steal through your systems and structures.

Before you assume that these billionaires and millionaires do not have systems and structures in place, understand that employee theft and attempts to defraud businesses have become a epidemic in Nigeria. Some employees will steal even when the business is running on loans.

Even if you pay salaries on time, it does not change anything. Even if you have helped them before, that goodwill has an expiry date.

In my 12 years of being back in Nigeria, not a single staff member has been able to say that I owe them salaries. Before you bring up salaries, understand that I have never delayed salary payments by up to a month.

Theft is one of the reasons many CEOs cannot leave their businesses alone for even one day.

Those within my inner circle or on my platform know how I advise them to handle these situations.

That is why, when you work with our companies, we take the hit, protect you, and ensure that your money is put to good use for your development. This is especially important for diaspora clients, who do not want to hear stories. It is one of the reasons some of your family members and friends fail to complete your projects.

If you want greater protection and assurance for your money and projects, Aridan Homes, Aridan Construction, and Tayo Oyerokun Consulting are your best plugs.

Engr Omotayo Oyerokun

 

[Yekini Grace]

I have run a food business for 16 years and retail bakery for 14 years , yesterday the driver that picked me from the Airport lives in my business neighborhood and asked if I could run my business on 6 months home and 6 months away as some people do. I told him that there are some crazy businesses that you are either in or out . Even while in, you pray daily for grace. The day I decide to step aside , it will be because I know that my primary source of living is not coming from the bakery. And I will detach myself emotionally from it 50% -70%in a way that my mental and physical health won't be affected. It would be that I have decided that whatever they make of it , we will both see with time. These businesses are crazy and sometimes life threatening if you are emotional.
My friend that lives in America called me last week to ask for advice about their dad's hotel business and if I know anyone who could run it. she and her sister are not in Nigeria . Only a brother who is not so firm and it's getting chaotic. I told them to sell it and put the money in treasury bills for their peace .