CareersNG

Billionaires: to owe or not to owe!!! :

i'm currently reading Scot Anderson's book: think like a billionaire .i have carefully gone through a number of chapters. some quite interesting, some not.

But there is a striking info in chapter something (I''m currently at work...and the book at home):billionares owe the banks or with a little courtesy billionaires use bank money!

Scot Anderson quips that the bank uses/trades with the funds of the average man, while the billionaire trades/uses the bank money. hmmmm so much to digest!

if this is true, and intrinsic to the billonaire status, why the angst and outrage at the Dangotes, Otedola, Jimoh Ibrahim, Obat and MRS guys????? with respect to their loan portfolio with nigerian banks recently? forget about the 'non performing' jargon

If you ask me i rather trade with the bank's money than allow the bank trade with mine!

wats ur response to this!

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No limits, No boundaries...a change agent!

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Fowe.
Choices make or mar Chances ... add extra care to your choices today.

_________________
No limits, No boundaries...a change agent!

Firstly, Fowe, that your maths seems hard to grasp.

BUT to answer the question, with all good conscience and purity of intent and accountability, the answer is:

Yes. Yes, billionaires should trade with bank money and should hold loans and actually owe banks at least to reasonable extent. The reason is simply because these billionaires are actually those who know how to manage money better for society through investing it for the good of society and also themselves. So if you dont want billionaires to owe banks get ready to loose your job and that is the truth in all fairness. They got the loans based on unflinching trust (at least as foresee-able at the time of loaning).

The question today is, what is reasonable extent? Has this being taken into consideration in these banks? Have the rules being broken?

My polite answer to the quagmire is that, I guess, this is just a coverup operation of a mafia who wants to wreck these banks for the mistakes of the borrowers or whats the English word?

From the grapevine:
{Mr X threatened and this is the result. The conditions in which the loans were given to him were faulty and he was gullible enough to carry along. To this extent maybe the banks are partly liable but more liable is the independent individual that put himself in a business he is not trained to handle and got burnt.} Do not quote!!!

With all due respect to individuals affected adversely by this post but I perceive that this is the truth.

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Ideabroker(c)- Ideas that fuel positive change come from the Most High God.
Ibroker(c)

The truth is put same money in the hand of some individuals, the money will be squandered. Put it in the hand of a reasonable billionaire, it will yield profit. Thats why I will borrow Dangote or Jimoh Ibrahim some money not all my money if I had the opportunity. Me being both a person and also a bank too in this instance.

Okay, Fowe, when I saw your glossary, I had idea of your equations but you for use ... inbox msg

_________________
Ideabroker(c)- Ideas that fuel positive change come from the Most High God.
Ibroker(c)

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More twisted than dreadlocks

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Fowe.
Choices make or mar Chances ... add extra care to your choices today.

_________________
Ideabroker(c)- Ideas that fuel positive change come from the Most High God.
Ibroker(c)

_________________
No limits, No boundaries...a change agent!

_________________
No limits, No boundaries...a change agent!

_________________
More twisted than dreadlocks

X-2-X,
I read the article but that seem like rumour. I doubt the authenticity of the story. However, can we try to confirm that the details are not sugar coated. That story look sugar coated by a gossip. It does not sound like sound reporting done by a true journalist. It looks like cheap blackmail. N13billion is not a joke my dear so to take it and joke with it. Cecilia would have had a direct flight to heaven when that loan was given out. Even our politicians and billionaires cant steal N13billion without good security(ask our senators and lawmakers).

What do you say?

_________________
Ideabroker(c)- Ideas that fuel positive change come from the Most High God.
Ibroker(c)

_________________
More twisted than dreadlocks

On that same list, one of the banks gave N8 billion to a poultry farm.

An 8 billion naira polutry farm? What sort of chikens are they rearing?

I can get you the official CBN list of debtors if you want. Just say so.

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More twisted than dreadlocks

From the Official Central Bank Of Nigeria website, the list of debtors:

http://www.cenbank.org/Out/publications ... 082009.pdf

See item 13 under Oceanic.

Enjoy.

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More twisted than dreadlocks

Its not the list that is an issue. The list does not justify the move. How many banks are in Nigeria? Why only five of them are of interest? There are other banks that dont even smell clean talk-less of what we will see if we checked them.

_________________
Ideabroker(c)- Ideas that fuel positive change come from the Most High God.
Ibroker(c)

_________________
No limits, No boundaries...a change agent!

_________________
Ideabroker(c)- Ideas that fuel positive change come from the Most High God.
Ibroker(c)

_________________
Fowe.
Choices make or mar Chances ... add extra care to your choices today.

Nice juxtaposition. The banking sector has rules and the rules are not so harsh as the execution they got so its not a balanced chase. Mind you the rules are all supposed to be flat(what goes for the goose goes for the 'ganga') not emergency relieves. CBN has not showed us that they have done due process in this case. The issue is due process is being omitted. If anyone was fainting, then all were put on a flat measure and the fainting ones checked for quick relief but everything must be done with due diligence not this cock and bull non performance non collateral stories. I believe the banking world is more complex than that. How about that the accounts have not been properly audited resulting in misunderstanding of the balances, does that mean we should have rushed them out before doing due process?

_________________
Ideabroker(c)- Ideas that fuel positive change come from the Most High God.
Ibroker(c)