Jenna Bourgeois in his business venture note about Nigeria has claimed that he and his company were defrauded.
A post coinciding with US/FBI arrests of internet fraudsters. Investors must be aware of the crimes done to Nigeria as well as they should be aware of crimes done by Nigerians.
Why is Jenna announcing the failure of his venture at this time? It’s a perfect loophole to claim Nigeria was simply too fraudulent to work in. Covering up probable mismanagement, exploitation of labor, and horrible recruitment processes.
False & Confusing Claims:
- Jenna Bourgeois, claims that the company operations in Nigeria were funded by an Indian board.
- Jenna claims he was the sole financial backing of the company.
- He claims that their company faced Numerous examples of employees and contractor extortions.
- Jenna claims there has been only one developer that ever worked with them, Endurance.
- He also claims there is a Nigerian CEO, Precious, and Indian Board but gives no clear indication of his role asides being their only customer.
The Web of Fraud
This seems like someone posing to be a Venture Capitalist, asking Indian funders to pay for cheap code development which he will then buy as a guaranteed first customer.
This might even be a plan to buy out the copyrights on such code if successful and market it as his own. Only avoiding the risk of funding such investment by bringing “Indian funders”, looking for cheap Nigerian Management and coders, profiting on their sweat and buying out the final products for retail.
In his words, “I never felt confident in what was being produced to sell it”. None of the codes created were marketable as products.
In another comment, Jenna said Indians funded all their Nigerian operation. Yet he claims to have been the one giving financial backing. It’s evident he is lying about a lot of things.
Jenna Bourgeois said only one developer worked with them but his post claims that Nigeria as a whole defrauded his company. He has avoided every query about his business and the particular developer he is accusing.
If the failure of one developer has made them close down Nigeria operations, then their company was not even a big deal after all. A company that can’t manage relations with a single developer is claiming to have been defrauded by Nigeria, what a sham.
Again he says Indians funded all their operations in Nigeria, yet he is the one making a raucous. He claims there is a Nigerian CEO. So who is Jenna? Is he also on the board with these Indians?
If he is also on the board, then it means he has no financial stake or input, why then is he the spokesperson? Is he just a stooge then? Indians funded all the operations, there’s a Nigerian CEO, then what’s Jenna’s role and in what capacity does he speak?
Investors or Cheap Labour Exploitation?
Note that a trainee who worked with Jenna’s company has commented about the exploitative methods of this venture. Obiora claimed that the company would schedule endless meetings, use their ideas to develop some US. Projects and waste their time and resources after recommending books to read.
Another comment says Jenna may have made this post in order to lure Nigeria investors to his product “consulting about Nigeria”, in other words, talking about how their failed experience and maybe luring investments that would later be bogus ventures he can easily exit from with a LinkedIn post.
My conclusion is that the facts are just too watery and it seems Jenna is taking an opportunity of bad press around Nigeria to get away with a failed venture. He may have been looking for an exit strategy from his Indian funders and this loophole presents itself well. He made sure to add a sweet word about India at the end of his post.
Due Diligence in Venture Capitalism
Investors must be aware of elaborate fraud schemes played out by Foreign “Messiahs” who later pose as victims of Nigeria.
Many of these schemes are designed to siphon funds from speculating investors who themselves have very little understanding of Africa and its countries.
They play on the narrative of fraud as their exit strategy after enriching themselves on shabbily structured ventures with zero due processes. These ventures were bound to fail and they are aware of this. Which better country to execute such a scam than one where her citizens have been labeled and tagged repeatedly by the crimes of a few.
Do your due diligence as a venture capitalist.
Are Nigerians Really the Problem?
My clientele as a content writer and ghostwriter has been 80-90% online. 30% of these clients are from the United States, Canada, Germany, and a few other foreign countries.
The 70% are Nigerians like me living abroad and a few at home.
I have transacted with all these people using transparent processes with a PayPal account that is duly registered and taxed here in South Africa.
There are several Nigerians like me working with foreign businesses and concerns. These stories of ventures by foreigners in Nigeria are smear campaigns especially as they hardly come out with transparent documentation of their processes and contracts with their alleged employees. Investors, beware!
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