PayPorte: Salaries, Debt, Bankruptcy While Big Brother Nigeria Airs in Travails of Taxes, Ecommerce Challenges and Recession In Nigeria 2018

Want to know what it takes to run a legitimate or non-legitimate business in Nigeria? Questions ranging from Human Resources Salaries/Benefits to FIRS Taxes to Commercial Bank Debts to EFCC Interrogations to Bad Decision Analytics to Succeeding Beyond All Odds. Ask Payporte’s CEO who currently seems to be on the thin line of succeeding ethically vs. non-ethically in business in Nigeria. Chief Executive Officers are constantly tasked with making tough decisions. Bad financial decisions may have landed companies like Payporte down the wrong path.

A former staff or group of employees of Bassey Eyo Francis, the founder and CEO of Payporte Nigeria, lamented the following ordeal:

“For months we have been working without pay! Requests for salary advance from salaries owed are being ignored!

“Employees who are unable to come to work due to lack of funds are fired and still denied payment! Salaries have not been paid since November last year. For our Pension, 8% employee contribution is being deducted monthly but not remitted, same for the employer’s statutory 10% pension contribution.

“Making it a total of 18% pension contribution as stated in the Pension Act, which has not been remitted for more than 2 years, same with tax. Requests have been made, emails have been sent but the company has refused to respond and pay us our dues.”

The following images, from a recent ex employee at Payporte, tell a part of the story of the current situation with Payporte and Bassey Eyo:

In addition to lamentations from employees, Payporte’s offline store at the popular Lagoon Shopping Mall in Oniru Royal Estate, Opposite the long-standing Palm’s Shopping Mall, was recently locked and sealed by the owners, Oniru Royal Family, against Payporte, due to non payment of full rent and non-payment of service charges. Is Payporte heading towards bankruptcy? Excessive debt, minimal income, store closures, former employees blackmail and the list goes on.