JR3

You go to a place like Ikoyi, one of the most expensive areas in Lagos, and you find an office in an apartment inside one of those big ass buildings in the district. The yearly rent for these apartments runs into millions of naira. What does this office do? They’re head office for a business that supplies Arabian tea. The office has just 6 employees, and they all pull up to work in GLE, Gwagons and Lexus SUVs. You could spend 12 months in that building and only six people would ever walk into this office for business. Or you go to a mall in VI, where the yearly rent for some shops runs into millions of naira. What’s this particular shop selling? Fancy kitchen utensils. Every single time you visit the mall, you never find a customer in that shop. Yet, year after year, you find the shop still operating, with fancy attendants earning big bucks every month. No customers. Then you start asking yourself: how are these businesses affording the rent when it’s clear they aren’t selling anything? The maths won’t be mathing because you likely don’t know what’s going on. 👇