Businessman and younger brother to ex-Ekiti State governor, Isaac Fayose, has opened up on the harsh realities of doing business in Nigeria, blaming both government policies and human gr++d for his series of failed investments.
In a recent interview on Honest Bunch Podcast, Fayose recounted how his N105 million Amala restaurant in Abuja was ruined within five months, despite being created with the goal of empowering 50 people.
“I opened the Amala place to take people out of poverty. I spent N105 million and gave 50 people jobs. But in five months, they destroyed everything. They stole two generators, then the POS stopped working. They turned me into national cake,” he said b+tterly.
Frustrated by the losses, Fayose said he eventually sold the entire setup for N58 million, barely half of his initial investment. “So investment gone. Business gone. And the people I hired? They’re out of jobs too,” he added.
He also spoke about another business venture , a cattle farm in Ibadan previously managed by his white wife. After she left Nigeria, the farm fell into disrepair. The cows lost weight and buyers stopped coming. “The business collapsed. The meat sellers don’t even want to buy from us anymore,” he explained.
When asked whether his experiences were due to human failure or bad governance, Fayose didn’t mince words: “Government first. How does someone survive on N70,000 a month? I spend N500,000 daily. A policeman earning N150,000 with no pension — what do you expect? He’ll collect bribes. We are designed to fail.”
About The Author
More Stories
🤯Budget na water: FG Spends N38.1bn Pampering Obasanjo, Jonathan, other Ex-leaders in more than two decades
Nestlé Begins Global Recall for Baby Formula Amid Contamination Concerns
KPMG flags five major ‘errors’ in Nigerian tax laws