Richard Nnadi, the owner of popular Lagos club, Escape Lagos, has threatened to release a list of celebrities and politicians owing the club on April 1.
In a statement on his Instagram page, Nnadi said the club had gone bankrupt and eventually had to close down because it could no longer afford to pay its staff.
“Save the relationship. Don’t expose your customers. So we kept quiet till finally, we couldn’t sustain the club anymore so we had to close the business!” a post on the club’s Instagram page read.
“These people that owed us didn’t want us to survive …these people didn’t want us to be able to pay staff salaries … these people put over 80 families without a source of income cos we had to shut down!”
“Yesterday after listening to Tiwa’s cover for Kiss Daniels ‘Fvck You, it put me on a thinking spree. Escape had to close because we were in debt of over an N120 million, and these debtors include a range of artistes, your biggest stars, people that you wouldn’t believe owe, Big Brother housemates,” he said.
“Tonto, I am sorry, you said I shouldn’t do this. But nobody is going to knock on my door, now that my business is closed and my staff can’t feed their family, and say—yo! Richard, I owe you N10 million, N5 million, here is your money. It is time people know how you guys are fvcking people’s business.”
Reacting to the post, Tonto Dikeh advised the owner to seek redress in court rather than openly subject its debtors to public shame.
OUR THOUGHTS: While i sympathise with Richard Nnadi on this unfortunate turn of events for his business, truth be told he should take responsibility for this situation. Every Entrepreneur owes themselves, their employees and the people they serve a responsibility to ensure that their business stays strong and viable.
You are always your own last line of defence. How did customers get to where they’re owing to the point of the company going bankrupt? What sort of control mechanism were put in place by management to ensure goods and services are paid for as at when due? The onus is on a business owner to ensure your exposure is minimised to the bearest minimum.
While business should be done with a human face, a N120 million naira exposure is a catastrophic, managerial disaster. Most of this money would never be recovered, going the legal route is expensive, time consuming and a downright waste of positive energy.
BOTTOM LINE: Wakeup and smell the coffee entrepreneur. Don’t do credit, it always back fires. Particularly, watchout for those so-called RICH Clients, they’re professional debtors, they owe with impunity. Your average joe is your best bet.
Sorry Richard, these your debtors are going to ESCAPE. You can publish their names for the fun of it, but that’s all it’s going to be. FUN! You made it easy for them. Count your loses and move on. Plan better next time.