Morris Monye Profile picture
Dec 6, 2020 11 tweets 2 min read Read on X
1. Let me tell you how Bangladesh tackled poverty in the 80s.

They were a very poor country (still poor anyways but far worse back then)

An economist Prof. Muhammadu Yunus formed the Grameen Bank which was a way of trying to save the poor by giving them $1 loan.

This was 1983
2. The bank gave $1 loans without collateral.

I mean the poor themselves don't have any collateral to even start with

You pay back, you get more and more etc

$1 might seem small but the height of poverty for rural dwellers made it seem alot

Now the people had integrity
3. Repayment rate was between 97-100%. This meant almost everyone paid back their loans and got more and more.

The bank singlehandedly lifted over 7 million Bangladeshi from poverty with that scheme.

The bank is now worth $6Bn
4. The bank's success story got Prof. Muhammadu Yunus the 2006 Nobel Peace prize

Now IBB and President Buhari tried to replicate this with People's Bank of Nigeria and TraderMoni respectively.

I will start with the failures of People's Bank of Nigeria.
5. IBB so inspired by Prof. Yunus created People's Bank October 1989.

He situated the bank in Ajegunle (the poorest of the poor area in Lagos back then) and appointed social critic and the people's man, Tai Solarin as Chairman of the bank.
6. IBB flew down to Ajegunle to personally give beneficiaries cash from N35 to N1,500 (which was a lot of money back then)

I AM COMING LET ME SHOWER, EAT AND GO TO CHURCH.

LATER 🤭
7. I HAVE RETURNED ☺️

Among the beneficiaries were tailors, food sellers and artisans.

Within the first few weeks, the bank opened branches in eight states.

It's M.D, Mrs Maris Sokenu said 250 branches were opened nationwide.

A success story right?

There were problems.
8.

A. Members of the bank's implementation taskforce fought over loans.

B. Massive corruption where loans were given to family members of its management (which were never paid back)

C. Loans given to people outside the targeted audience e.g Transport owners, 1st Lady NGO
9. After N130m+ spent and nothing to show for it, the Abacha govt scrapped the bank.

Why did it fail really apart from the reasons stated.

A. It was a borrowed idea not tailored for the Nigerian people. The value of $1 in Bangladesh is not the same in Nigeria

B. Grameen Bank..
10. Was a totally private initiative.

I believe anything the Nigerian govt touches never ever gets profitable. From Nigerian Airways, to NNPC etc. It never gets profitable.

Also no bureaucratic nonsense held Grameen Bank down.
11. People's Bank of Nigeria had the potential to set the people free from poverty if it had been well-managed independent from govt and if its policies were tailored for Nigerians.

Now TraderMoni...

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More from @Morris_Monye

Dec 7, 2023
Funniest thing that happened this year was the person I was dating just stopped talking to me, I also stopped. (I promise I’m not lying)

She got a new guy, I got a new babe.

This was someone that I got an engagement ring, honestly thought I would marry etc.

No closure whatsoever. Everyone just moved on to the next person.

I won’t lie, it does my head in sometimes…
Sigh… Image
Hmmmm Image
Read 7 tweets
Jun 15, 2023
Digressing from this Happy Boy story, I remember my first scholarship in University.

The Agbami Scholarship. Open to Medicine and Engineering students only.

Medicine got 200k per session, Engineering got 100k per session. This was a huge huge amount. I had never seen such… twitter.com/i/web/status/1…
My family were already paying my fees, allowance etc so I was ok. Not living large but I was ok.

When that first scholarship money came, it was given to us in an ATM card (ATMs were fairly new concepts to me then) so you just went and withdrew your money
Most of my mates in medicine rented huge apartments in town, lived large, ate at “Tositan” everyday (The big food eatery for students) etc.

That money was the money I used to start my business as we know it today.

I didn’t touch the money. Kept it.
Read 7 tweets
Jun 14, 2023
DO NOT DO IT

USE YOUR MONEY ON ANOTHER BUSINESS

I’ve attempted this various times with people even pastors and the stories are always the same. Do not do it.

Lost almost 25m as far back when Uber was hot.
I keep tweeting about my experiences here.
Read 4 tweets
May 23, 2023
It has become increasingly common for Nigerian businesses to declare profits in the billions after tax.

However, the reality is that the level of compensation and benefits that these organizations provide their employees does not reflect the level of earnings that they… twitter.com/i/web/status/1…
Employees should be viewed as assets that drive the success of an organization.

Therefore, prioritizing their well-being and satisfaction should be a priority for every business. This means offering them fair compensation, benefits, and a comfortable working environment.

When… twitter.com/i/web/status/1…
The importance of employee satisfaction is not just limited to the workplace. In fact, it can have a ripple effect on the greater community as well.

A business with happy employees could lead to a more content and engaged workforce, fostering a more productive and successful… twitter.com/i/web/status/1…
Read 4 tweets
May 23, 2023
Court packed full for the GRV vs Sanwo-Olu case.

Location: Ikeja, Lagos.
Will be dropping details here.
Deputy Governorship candidate for Lp has arrived.
Read 4 tweets
May 5, 2023
The gaslighting is on another level.

You take $300 every week out of my account to send to your ex in prison?

Never seen anything like it.
Probably does conjugal visits too for the ex.

Love is blind sha but not like this my good man.
To be honest, I don’t care if a woman cooks or clean (I know other men disagree) but at least respect me and be loyal. That’s it really. Every other throng will follow. Cooking and cleaning are nothing.
Read 4 tweets

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