The Truth About Sending Money Home for “Business”

For many Nigerians living abroad, sending money home is a routine part of life. Some do it to support family, invest in real estate, or fund personal projects. But there’s one category that raises eyebrows more often than not: sending money home for “business.”

At first glance, it sounds legitimate, after all, entrepreneurship is booming in Nigeria. But a closer look reveals that this term is sometimes used loosely, masking risks and realities that aren’t always obvious to the sender.

1. Not Every “Business” Is What It Seems

A common trap is trusting relatives, friends, or acquaintances who promise lucrative business ventures but deliver little beyond good intentions. From importing goods to starting a shop, many projects never get off the ground, leaving the money sent stranded.

2. The Pressure Factor

Cultural and familial expectations play a big role. Many diaspora Nigerians feel obligated to help family members financially, especially when the request is framed as a business opportunity. The fear of disappointing loved ones can push people to send money without thorough vetting.

3. Scams Are Real

Unfortunately, some “business” proposals are outright scams. Fraudsters exploit the trust diaspora Nigerians have in relatives or community networks, offering convincing business stories to extract funds. Awareness and verification are essential.

4. Lack of Oversight

Unlike formal investments abroad, money sent home often comes with little legal protection. If the business fails or funds are mismanaged, recovery options are limited. Unlike registered businesses overseas, many local ventures lack accountability structures.

5. Smart Alternatives

Before sending money, research the business thoroughly. Ask for detailed plans, budgets, and legal documentation. Consider smaller, incremental investments instead of lump sums. Sometimes, direct support for established businesses or verified enterprises is safer than untested ventures.

Sending money home for “business” can work, but only with caution, clarity, and due diligence. The truth is, not every opportunity is as it seems, and protecting your finances abroad should be just as important as helping loved ones at home.