“Money Lessons From…” is a monthly PiggyVest series that aims to review Nigerian media through a financial lens and glean relevant money lessons from them.
For this month’s “Money Lessons From…”, we will be delving (pardon my AI) into Kayode Kasum’s ‘Áfàméfùnà: An Nwa Boi Story’. Stellar performances from Stan Nze, Alex Ekubo and Kanayo .O. Kanayo, ‘Áfàméfùnà’ breathe life into a reverent depiction of the Igbo apprenticeship system. The film opens with a note from Havard Business Review: “The Igbo apprenticeship system (IAS) has been recognised as the largest business incubator in the world as thousands of ventures are developed and established yearly through it.” Now, that’s a sick fun fact.
Áfàméfùnà gives us an aperture to peer into the entrepreneurship and wealth-building traditions of Igbos in Nigeria and learn from the realistic and valuable insights for Nigerian business owners. In case you missed them at the time, we have handpicked some vital money lessons you should know as a Nigerian entrepreneur.
Enjoy!
Customer is king
Merely minutes after Afam’s mother placed him in Chief Odogwu’s care and boarded the next bus back home to Onitsha, Afam’s apprenticeship education began with three crucial lessons from Odogwu, the first of which was “Customer is king.”
Of course, you know that customer is king; it’s been said many times and in many ways. But do you really understand the power of making your customers feel like the world revolves around them? Are you aware of the ways you can utilise great customer service to ensure the longevity of your business and increase your profit?
No?
Here’s how excellent customer service can help you maximise profit
Lousy customer service can cast a shadow over other excellent parts of your business and negatively impact your revenue. Your customers are a major asset and the lifeblood of your business, so keeping them happy and satisfied is the only way to thrive.
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A great product will sell itself, but intuitive customer service is a great way to supercharge your business. Here are some smart practices that can help bolster customer satisfaction and directly grow your revenue.
- Have quick and responsive customer service.
- To build brand familiarity, leverage channels like social media, newsletters, and courtesy calls to provide personalised customer engagement.
- Listen to customer feedback and improve your offerings.
- Encourage referrals with incentives like discounts or bonuses.
- Cross-sell and upsell based on your customers’ needs.
‘Apiriko’ is okay… until it isn’t
It’s another day in the life of an Nwa Boi, and Afamefuna runs into a customer trying to buy tiles. She inquires about the cost of tiles, and a guileless Afam informs the woman that it would cost her ₦3000 per square metre. She is taken aback, as she’d been buying the same quantity of tiles for ₦7000 from Obum, another of Odogwu’s boys. Her surprise soon turns into confusion, then shock, before she charges in anger.
The situation escalates, and Odogwu meets the boys in a heated argument. Afam, being the model — and, in my opinion, oversabi — employee, goes to Odogwu to ask him how he intends to deal with Obum. But Odogwu surprises us all by basically saying that Obum’s actions are normal in their line of work. In fact, it had a name: Apiriko.
We’re not given further explanation as to why apiriko is not frowned upon in the Igbo apprenticeship system, but we still get the gist.
Now, what is apiriko and why are we normalising it?
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For starters, apiriko happens when apprentices inflate the prices of goods in a bid to make extra cash. Technically, in this world, it’s not stealing as long as your oga is still realising his full profit at the end of the day. But as Odogwu also informs Afam, Obum’s actions would have been fine if the price hike had stayed within a reasonable margin. But a ₦4000 hike is just outright greed, and that could cost him his sales and customers.
The point? It’s fine to profit from your business — it’s not a charity, after all. But you must be careful not to overinflate your prices or rip off your customers in the process. Your customers will sniff out a cash grab sooner or later, and take their business elsewhere. Focus instead on providing great value for money, and your customers will stick with you and bring their friends too.
Wads of counterfeit notes
Two men walk into Odogwu’s shop to buy goods. Negotiations with one of Odogwu’s boys seem to be going well at first, until Paulo, a more experienced Nwa Boi walks in and, on closer inspection of the notes, realises that they are fake. Chaos ensues and the men scamper in different directions, just before the apprentices can grab a hold and make examples out of them. Odogwu is highly pleased with Paulo when he returns and blesses him for being a keen and diligent employee.
Many Nigerian business owners have fallen victim to this age-old payment scam, where buyers receive products or services in exchange for counterfeit notes or fake bank alerts, causing major losses for business owners.
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So, how can you avoid fraudulent transactions?
- Always ask for a transaction receipt, as SMS or email debit alerts can be easily forged.
- Check for grammatical or spelling errors in bank alerts.
- Verify and confirm the sender’s identity.
- Confirm your bank balance using your banking app or email.
- For cash transactions, inspect naira notes closely.
Report any fraudulent transactions to your bank immediately so that swift action can be taken. Protect yourself and your business, and keep your eyes peeled for suspicious characters or activities that may be indicators of fraud. Stay vigilant.
Paulo’s misadventures with the Danladi brothers
Sharp-witted playboy and senior Nwa Boi, Paulo, is aggrieved after Odogwu makes a decision to “settle” Afamefuna before him. Filled with indignation, Paulo makes the curious choice to go into business with a group of known money launderers called the Danladi Brothers, whose offer for a business partnership Odogwu had turned down many times in the past.
“When you marry a monkey for its money, the money will finish but the monkey will remain”. – Odogwu, 2024.
Paulo would come to understand the meaning of Odogwu’s words later on when he is unable to pay off his 300 million debt to the Danladi Brothers, and suffers threats to his life. Whether or not Paulo learned any lessons from this situation is not the bone of contention (spoiler: he didn’t). However, it is important to identify partnerships that are detrimental to your business to avoid traumatic outcomes like Paulo’s.
How to identify harmful business partnerships
Here are a few telltale signs of a shady or toxic business partner(ship):
- It sounds too good to be true. Because it probably is.
- They are either too rigid or too inconsistent.
- They dodge questions and accountability.
- You have different values and goals.
- You can’t vouch for the legitimacy of their income or personal means.
- They communicate poorly.
The first step in dealing with seemingly fraudulent or toxic partners is trusting your gut. If your heart says something is wrong, don’t hesitate to walk away from that partnership. If you have a signed agreement, seek the advice of a lawyer to determine the best legal steps to take. It’s better to walk away with your dignity and reputation intact than end up behind bars. Or worse. Just ask Paulo.
