A South Africa returnee, Itoro Richard, has revealed that he came back to Nigeria with nothing despite owning assets in South Africa worth over 1.2 million rand.
Speaking on Arise TV, Richard said, “My house is currently valued at 1.2 million rand, which at the current exchange rate would be approximately 120 million naira if I were to convert it. The mortgage repayment was about 12,000 rand per month, depending on the arrangement with the agents and how the commission was structured. As I speak to you now, I came back with nothing — I just needed to get to the airport and arrive alive,” he said.
He also spoke about the car business he had built from the ground up in South Africa, starting with smaller vehicles before moving into higher-value ones.
He said one of his cars was vandalised, while another a 2011 Mercedes C200 had to be sold at a significant loss before he fled.
When combining all his assets and business holdings, he estimated his total losses at approximately 3.76 million rand, a figure that underscores the devastating financial toll the crisis took on Nigerian entrepreneurs who had built their livelihoods in South Africa…Discover More
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