Amid financial challenges dealing with the Nation, a Financial knowledgeable has suggested Nigerians in diaspora to not make investments their cash through the wrong channels.
Olufemi Odebode, Legwork’s Chief Executive Officer and CEO made this name in an interview with Media Talk Africa on Wednesday.
He identified that authorities insurance policies cowl solely those that use the correct channels to speculate their assets.
Odebode’s name is approaching the heels of complaints by Nigerians overseas who ship cash to family members and pals to execute investments for them at dwelling however find yourself dissatisfied.
He added that each investor ought to get the requisite insurance coverage bundle for his or her companies.
“No matter what policies the government puts in place, if you send your investments through the wrong channel, there’s protection government can give you. The only reasonable thing is insurance.
“Let’s assume that if you send the money through commercial banks, it would still end up in an individual’s hand to execute projects.
“And at this point, there’s no guarantee that someone might not have an accident on the road. That’s why we have insurance.
“That’s why there should be an insurance company to protect your investments. Everyone should have insurance coverage.
“Whatever business you are doing, Insurance is key. How else can we guarantee safety?
“We’re in a volatile country. We don’t have enough policies, and even the so-called Bank Verification Number created to detect fraud is not working.
“They’ll defraud you, and you go the police, and they can’t do anything other than collecting your money. The system and politics are not there yet.
“The only way out is insurance. I know that insurance companies pay in Nigeria.
“Nigerians sending money home for investments should first know the kind of investment they want to venture into.
“You don’t invest by hearsay. It would help if you researched and analysed any investment you’re about to make.
“Don’t just give your money to friends and family who may not be knowledgeable enough to know where or how to invest.
“Sometimes, not that they want to defraud you but because they’re ill-informed. Through the right channels, let professionals help you invest properly.”
One key supply of non-oil influx into Nigeria is diaspora remittance.
According to World Bank’s information, the private diaspora remittances obtained in Nigeria amounted to $20.94 billion in 2022.
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