Before you invest in Dubai

TUNDE OYEDOYIN  

Tunde Oyedoyin is a London-based personal finance coach and founder of Money Intelligence Coaching Academy, a specialist academy of personal finance. He can be reached as follows: +447846089587 (WhatsApp only); E-mail: tu5oyed@gmail.com

While on an early morning walk on the streets of Kigali, Rwanda last week, one of the boys and I got talking about money matters. It was then he mentioned what happens in Dubai once your feet hit the soil of the most populous city in the United Arab Emirates.

“Before you leave the airport, they’ll be asking you, are you a Nigerian? If you say ‘no,’ they’ll pass you on. But if you say yes, the people marketing real estate investments will give you an invitation to attend a presentation. They’ll ask you if you’re married and if you say yes, they’ll tell you to bring your wife when you’re coming to the event.” However, if you still don’t want to bring your wife or husband, that doesn’t actually mean you don’t get the invitation. The only requirement that pre-qualifies anyone for the investment seminar is that you’re a Nigerian.

My guy said during his first visit there over five years ago, he honoured the invite for the event. “I saw many Nigerian families in the cubicles,” where the investment opportunities were being presented.

“One of the people – facilitators – showed me a brochure and told me about the property they were about to develop. He said it would last about eighteen or twenty months.” It’s supposed to be in the class of one of the topmost hotel brands in the world and with good rates of returns on the investment. “They showed me pictures of Kanu (Nwakwo, former Super Eagles player) and some famous Nigerians who had previously invested in the property market and had good returns on their money.”

Lest I forget, the investment package was about $250, 000. When asked if he was to put everything down at once, he said no. “They said the initial deposit is $150,000 and that I can spread the rest over three years.” My friend didn’t invest, thankfully. But he knows someone who did. Without jumping the gun, as a frequent travelling executive, my guy has been back in Dubai on a few other trips.

As we made our way uphill on the way back to our hotel, he told me when he was in Dubai about two years later, “that hotel had not even started,” much less nearing completion.

More importantly, he said the next time he went to Dubai, the usual suspects cornered him at the airport and asked: “Are you a Nigerian?” He said, “I’m from Uganda. They just left me alone.” So, think twice before you invest in Dubai.

WH Smith (1792): While on the way to Rwanda, yours truly had over an hour to play with at Heathrow Terminal 4. So, I popped over to Wetherspoon to grab something to eat.

As the chips and Pepsi made their way down the stomach, the imposing sign of the WH Smith store that was directly opposite when I sat made an impression. Here was a business of over two centuries old and still standing.

Wonder why family businesses disappeared in Nigeria. Folks, as your business thrives, think about bringing in the kids so they carry on. Alternatively, even if you sell, just ensure they keep the name. Think of building something to last.

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