For me, I think chains of businesses ain't too ideal. Follow one business line, one industry I would say , one sector to deliver value. Most world's billionaire run just one line of business I think. It makes for easy management.

The court shd just prevail on the man to ensure that he pays back d loan. All these our elders shd pls leave a good legacy for us the youth. It is not that the man is broke, he just refuse to pay. He has many properties that he can sell in order to raise the money.
Also does the bank gives loan running into billions without a collateral. Haba, let the Bank MD come out & say that a man get a loan running into billions of naira without a collateral. No wonder d man has refused to pay.
These shd serve a lesson to d bank, if a young approach for a loan just 5M, they would ask for a collateral worth x3 of the loan. He is a man collecting loan worth billions without a collateral. Nigeria factor!
However, d man shd just safe his name that he had used all his life to build by paying d loan back. Bible says 'a good name is better than silver and gold'.

How about the business entity concept?
A business is assumed to be an entity on its own separate from the owner(s). Except he collected the loan personally in his nameand used the companies as a collateral, you can't declare him bankrupt. Else, he should sue their ass for defamation of character.

so many ignorant people have fasted, prayed and swore to God to make their lives an exact carbon copy of dis man's life..... you can see for yourself what ENDTIME really means.......

honeywell !!!!!! Noodles.... BamBam LaLa....BamBam LaLa........

The management of Honeywell Flour mills must be responsible for this katakata..........
Their approach to a very challenging and competitive Nigerian market is outdated.

damton:
g

g for gorilla..

Is it possible to owe 4.1 billion with all this big companies?

What has tribe got to do with this? Discuss the topic at hand.

chuose:
These South West people sef.
Dem royal father's are living a fake life.

[quote author=SLIDEwaxie post=40803968]going bankruptcy is a business on its own. many people don't knw ds...

I bet the guy shld be investigated...he wanted to keep the assets and allow the public (shareholders) to share the loss.

that's the deal behind it.

just imagine i collected a loan of 500k and using a car's papers as a collateral...I invested the 500k in another car and continued using the other one too- I have two cars. eventually, I wld av made more money with both cars by the time the ba you seem enlightened in this issue please do you mind lecturing me more?

akinloluwao:


very funny, just because his name is oba and to them oba is king.... may be oba of biafra sha.. no insult intended biko

Abi o, Obafemi Martins self na king abi. Even if we live in a brown roof, na sign of earlier development.

akp202:
i wonder what d commenters above me are wailing on....he is not yet bankrupt, eco bank is only asking d court to declare him bankrupt due to his inability to pay the loan he sort for.Eco bank is simply looking for means to get back their money. According to the law when someone is declare bankrupt his asset would be sold to settle his debtors.

NOOO
HE CANT PAY HIS DEBT. SO HE IS BANKRUPT . U KNOW WHY? HE USED HIS SHARES AS SECURITY FOR THE LOAN I WORK IN A BANK SO THATS HOW ITS BEEN DONE

Aren't you aware that money is the tool in making more money?

Therefore borrowing is not a bad thing so far you can use it to make more money.

Ask Dangote and co. almost all of them are in one way indebted to several banks and people.

akinloluwao:
Oluwa oooo.. Ikunle oooo. Are my eyes deceiving me? Am I dreaming? Someone should wake me up please! A whole Otudeko bankrupt? This life can be funny. I give up abeg. Vanity upon vanity. Jesus Christ of Nazareth, have mercy on us. Give us the grace to do your will. Life is like a vapour indeed

A former chief of FBN, I think this suit is politically motivated.

Alameiseigha has share in d co too,otudeko and alams has share in raddison blu,an hotel in vi

[quote author=jmichlins post=40804505][/quote]dude, there's no much than what you're seeing there. Businessmen are smart arsses. this is it: if u have a land, go for a loan...they will only collect the originals of your papers. the fact it, the land itself is not that okay..u have been looking for buyers for yrs just to sell off. collect the loan and dnt bother to pay back...they will keep the land even if they go to international Court....the land which is the collateral is their payment.


now, back to bankruptcy:

when citi bank declared to go bankrupt, all the shareholders and the customers will get nothing. the lawyer who declared them gets a percentage of the cash and the business closes down.

the truth is: they have weighed the option, and paying back the loan or continuing to be in business will not even make them break even...but declaring them bankruptcy will allow the bank take control of the premises (not cash because they said they have none), but the shareholders will not be able to use anymore since the declaration makes them immune to this.

think abt this: u buy a car and insured it...after maturity, arrange for a nice clean theft and make it disappear. You will definitely get a clean new one from the insurance company for sure.

it's called illegal but that how the rich ones make more money.

*I really dnt have the nerve to practice this and I don't advice people to*

thank u

Adesiji77:

Lol. He be like magic to you

davide470:


Source: http://www.newsbreak.ng/2015/12/ecobank-wants-court-to-declare-oba-otudeko-bankrupt-over-indebtedness/

You want to serve through Nairaland abi?

Alphaoscar:
see the illiterate chest beaters calling Otudeko a royal father .







These guys are bush people

Don't mind them. Dem bush pass Biafra burning bush

SLIDEwaxie:
going bankruptcy is a business on its own. many people don't knw ds...

I bet the guy shld be investigated...he wanted to keep the assets and allow the public (shareholders) to share the loss.

that's the deal behind it.

just imagine i collected a loan of 500k and using a car's papers as a collateral...I invested the 500k in another car and continued using the other one too- I have two cars. eventually, I wld av made more money with both cars by the time the banks come knocking. I will declare bankruptcy but I will keep my cash and the second car!

Oba Otudeko invested the loan in his business making profits but refusing to pay the loan....he had weighed his options well
...


ask Abramnovich of Chelsea how he made his billions!

Add 50 cent to the list of people with experience in this sorta thingss. This is what i always tell people about wealth. Wealthy people know what you dont know about money. You don't become wealthy just by buying and selling. You have to know a whole lot about money. What Otudeko is doing may not be fair but it happens all over the world. Donald Trump is a master of this. This is simply a case of a former FBN chief teaching a younger chief the act of doing high level business. LOL (not funny tho)

All dese big men that do not like to payback loans.... Its on ordinary citizens banks have loan recovery expertise.... Serves ecobank rite only dat in d end it trickles down to junior staff who work deir ass off gettin sacked

I could ve borrowed him the money to pay off if he had allowed me marry his daughter..

majekdom2:
For me, I think chains of businesses ain't too ideal. Follow one business line, one industry I would say , one sector to deliver value. Most world's billionaire run just one line of business I think. It makes for easy management.

You need to educate yourself on diversification.

akp202:
i wonder what d commenters above me are wailing on....he is not yet bankrupt, eco bank is only asking d court to declare him bankrupt due to his inability to pay the loan he sort for.Eco bank is simply looking for means to get back their money. According to the law when someone is declare bankrupt his asset would be sold to settle his debtors.

FACT

koladebrainiac:
NOOO
HE CANT PAY HIS DEBT. SO HE IS BANKRUPT . U KNOW WHY? HE USED HIS SHARES AS SECURITY FOR THE LOAN I WORK IN A BANK SO THATS HOW ITS BEEN DONE

the fact that he can not pay his dept does not make him bankrupt...it is a court with competent jurisdiction that can declare someone bankrupt.now tell me if he was already bankrupt according to ur view why then is eco bank asking d court to declare him bankrupt?

Alphaoscar:
see the illiterate chest beaters calling Otudeko a royal father .







These guys are bush people

Na the Oba wey dey the man name they confuse them

[quote author=SLIDEwaxie post=40805160]dude, there's no much than what you're seeing there. Businessmen are smart arsses. this is it: if u have a land, go for a loan...they will only collect the originals of your papers. the fact it, the land itself is not that okay..u have been looking for buyers for yrs just to sell off. collect the loan and dnt bother to pay back...they will keep the land even if they go to international Court....the land which is the collateral is their payment.


now, back to bankr


I see. my dad will always tell me that making money isn't too hard but the nerve to do it. Thanks

SLIDEwaxie:
going bankruptcy is a business on its own. many people don't knw ds...

I bet the guy shld be investigated...he wanted to keep the assets and allow the public (shareholders) to share the loss.

that's the deal behind it.

just imagine i collected a loan of 500k and using a car's papers as a collateral...I invested the 500k in another car and continued using the other one too- I have two cars. eventually, I wld av made more money with both cars by the time the banks come knocking. I will declare bankruptcy but I will keep my cash and the second car!

Oba Otudeko invested the loan in his business making profits but refusing to pay the loan....he had weighed his options well
...


ask Abramnovich of Chelsea how he made his billions!

You see where the bank is demanding all his businesses be wound down and repossessed and you're here thinking your weak analogy makes sense in this context.

What business is the man growing when a eco bank is gearing up to sell the lot?

davide470:


Source: http://www.newsbreak.ng/2015/12/ecobank-wants-court-to-declare-oba-otudeko-bankrupt-over-indebtedness/

And this is the richest Oba in the SW. Nawaaooh.

24th richest man in Africa cannot pay 4.1 billion naira debt? Maybe he got the loan using Honeywell Flour mills and he wants to forfeit the company since it's not worth 4.1 billion naira presently. Just thinking. Some bank managers are so stupid that they will grant loan of 500 Million Naira to a company that is not worth 50 Million naira but when you approach them for 200 thousand Naira to stock a supermarket they will tell you to go and bring a surety that has that amount in their bank and he / she will not withdraw it till you pay back.

They cannot collect any business that he did not use as collateral.

texazzpete:


You see where the bank is demanding all his businesses be wound down and repossessed and you're here thinking your weak analogy makes sense in this context.

What business is the man growing when a eco bank is gearing up to sell the lot?

Kx:
Is the refusal to repay a facility the same thing as being bankrupt?

Serves the bank right, what happened to collate-rising loans? Oh I forgot the request for security was only for the poor man.

Oba is worth more than this. All I see is lack of will to repay, not the inability to pay back.

Lack of will to repay is worse than inability to repay. Do you really think he will allow his reputation and image as a respected leader to be smeared because of 4 billion? Otudeko is broke. EOD

princeofpeace22:
After you spent ur money on politriks.

E-diot. Ewu

Which politricks? He no sabi Dokepsi road. At least, he'd have got N2.1b to pay half of the loan.