Nigerian Business And Entrepreneurship Ideas Center

Welcome to Naija Business And Entrepreneurship Ideas Headquarters! We have what you need to start a business of your own to make your life more abundant and fulfilling. We have business ideas covering several fields from education through agriculture to manufacturing with a specialty in Small and Medium Enterprises (SME) . Here, you won’t find anything about oil rigs because it is not our specialization. But if you have a few hundreds of thousands of Naira or a couple of millions to invest we will be useful. There are even zero capital ideas.

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How To Make Tons Of Money Auditing Banks Without Being An Accountant Or A Tax Consultant

You cannot believe how banks are ripping off people, especially the rich Illiterates. They overcharge them on COT, OD, VAT, interests, and so on.

Do not believe that the big companies are spared.

They also rip big organization, even behemoth like NNPC. If your account is buoyant and you do not reconcile regularly they will be tempted. So Accounting graduates get your pencil and paper and reconcile accounts for rich market men, women, and organizations using bank facilities.

I must add that non-business related graduates can do this job if such persons are interested enough. All it takes is a bit of tutelage or you collaborate with an experienced person and learn as you progress.

There are tons of money in this business, as you charge on commission on fund recovered, usually 10%. If you recover Ten Million naira, your take will be One Million Naira, which is not small money.

The thing is that you can actually recover much more depending on the size of the account. I know guys who have recovered in excess of M50m on an account. This is very easy because you are going to check the past ten years at least.

Now if the bank had been overcharging COT by N10,000 naira every month for the past 10 years that is N1.2M.and some accounts are much bigger than that.

Besides, you have not seen the OD and the VAT. There are many charges these days, which will be reversed, if protested. However, how many do care to look at their accounts, let alone protest.

The banks wake up one day and just splash N100 debit on accounts and call it one banking jargon. Imagine that in thousands of accounts, no wonder they grow fat necks.

More than 90% of Bank customers do not know how COT is calculated. If you doubt me, ask 10 people. You will discover only one knows, that is if anyone of them knows.

By the way, if you do not know, as of today, it is N5 on every N1000 withdrawal while the VAT is 5% of COT. Overdraft and loan charges depend on agreement between the bank and your client. We have put too much trust on the bankers. These days, their words are no more their bonds, so check their postings.

The joy in this business is that, for now, you do not need any license or membership of any professional organization to practise. Know the rules and make sure the banks follow the rules. That is all.

The rules are contained in the annual CBN regulations, which you can get free. Get into this business quickly before the Accountants cartel it.

Now who are your potential customers?

I will say anybody just about anybody but I advise you go after high net individuals and organizations because the energy you will expend to recover N10,000 for an average man may be more than what you will use to recover one million naira for a big account.

Having convinced your client, the first thing he does is to give you a letter of authority to look at his accounts. He should send a copy of this letter to the bank. In fact, he should write a separate letter to the bank saying he has authorized you to look at his books.

You will now write officially to the bank saying you are representing so and so, attaching a copy of your client’s letter. The best is for you and your client or his recognized representative, usually the Accountant to visit the bank.

From that moment, the bank reveres you. Now, do not ask me why the need for reconciliation when the organizations have accountants. Me I no know o, but money de there.

MARKETING; Your office and letterhead must be exquisite and you must dress well, probably better than the bank manager himself. You cannot afford to be Slovene.

Use your letterhead to introduce your outfit to prospects and follow up. One good account is all you need to be on the gravy road. You do not believe me. Ok, talk to organizations, local government, parastatals; you will be surprised the amount of money to be made.

Please, this is not a handbill business. If you approach me with a handbill for a business of this importance, two things will come to my mind. The guy is either a nut or is doing a wrong job.

CAVEAT. Do not connive with the bank to rob your client because they

will approach you to compromise. Do not do it, your loyalty is to your client.

Check here for more Business Ideas.

Otunba

Otunba Jide Omiyale(MBA,FCIM)

 

 

 

4 Responses to How To Make Tons Of Money Auditing Banks Without Being An Accountant Or A Tax Consultant

  1. Egbochie Charles says:

    Hello, i am interested in doing any profitable business, but i don’t know which one to go into. Also, I am a graduate of Economics and I serious would like to explore an area in the field by doing a business related to the field. please can you suggest to me any business I can do successfully or perhaps as an economist. i will be grateful if you can help me out. I look forward to your response. Thank you.

    • Jide says:

      Charles,

      I am ready to assist you, but there are many questions I would have loved to ask you. I can assure you that you have the education but |I would like to know about your interest, your passion, your financial muscle, where you live and others like whether you are married or not and if yes what does your wife do and her interests too. Unfortunately. we cannot do that here. So get me on 08034241050 or jidolconsul005@yahoo.com. There a million and one businesses one can do but do well to go round this site, you may find one that fascinates and suits you. Best of luck.

  2. Dolapo Akintunde says:

    Help Please!

    i am a young married woman, i recently abandoned my ican exams for lack of zeal and ability to read endless hours due to homekeeping and work demands. but i am so against staying idle in life and mediocre status. i want to do business or learn a trade that in sum five or three years, it will be a money spinner and i will be relevant in the society.

    • Jide says:

      Dolapo, your spirit is commendable. It is good to contribute to life as against being a consumer which many of us are. My book, Profitable Small and Medium Businesses In Emerging Economy was designed for people like you. You may want to get it here http://naijabizideas.com/206-2. Alternatively, you may want to go through our site and see if any idea there fascinates you. You may also browse the net for sites on Businesses in Nigeria for info. When you decide on a biz idea, you may contact me for any assistance and I will be too glad to help. Cheers.

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