Obafunke Otudeko no be king oooo

akp202:

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?

someone stole ur money n u caught him, and he keeps deny he stole ur money. you got him arrested - from ur own angle, is he a thief or not? now you even approached the court to declare him a thief ..... now- go to dictionary a check the meaning of bankrupt. no no even check dico, try n do some simple thinking- from the word "bank" came bankruptcy . he cant pay his debt,so he is bankrupt. until he gets someone to pay him... no bank will borrow him money to pay his debt again. he is not credit worthy. he has used all his shares in honywell n co as security so the bank only need to acquire these shares n he is dead meat. until he can prove otherwise,he is bankrupt

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?

u're a dunce bro...

think fast...who is an idiot that throws all eggs in a basket? Your type!

the guy is worth billions of dollars and you think he used all his properties and companies for a collateral of less than 5billion?

Be great assured, Honeywell is no more making him proud, that is why...or better yet, this was his plan all along:

collect loan. set up Honeywell...now. sell shares (imagine the cash), then stop paying loan...rack up profit...let the banks have it.

he can't sell without the paying a loan he doesn't want to pay...why worry if u can keep the loan and let the bank worry abt a new buyer?

wake up, it 2015 baby!

playboy19:


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)

don't mind them: this is what Donald Trump does best.

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!

OLOODOOOOOOOOOOOO!!!!!!!!!!! Where did you studied your own Accounting? For your info. even the other Car would be seized from you and you would be left with nothing. Or dont u know that in Bankruptcy Act, Car is Luxury? For your info, everything you owned will be seized from you. You would only be left with "necessities" i.e cloths, shelter and perhaps little money to sustain you and your family. E.g if you have up to N10m in your personal account everything would be seized and all your properties (including shares in Companies,etc), you could only be given just a little money say N500,000 at most to survive upon. (that is even at the discretion of the Court)

Eco bank no well... Weytin be my own business wen he dey pay ur money b4 u tell us ... End time bank

SLIDEwaxie:
u're a dunce bro...

think fast...who is an idiot that throws all eggs in a basket? Your type!

the guy is worth billions of dollars and you think he used all his properties and companies for a collateral of less than 5billion?

Be great assured, Honeywell is no more making him proud, that is why...or better yet, this was his plan all along:

collect loan. set up Honeywell...now. sell shares (imagine the cash), then stop paying loan...rack up profit...let the banks have it.

he can't sell without the paying a loan he doesn't want to pay...why worry if u can keep the loan and let the bank worry abt a new buyer?

wake up, it 2015 baby!

He is not worth billions of dollars so stop exaggerating. Big men know how to package and this packaging has been copied by artists in the entertainment industry to deceive you they are actually worth something which they are not

SLIDEwaxie:
u're a dunce bro...

think fast...who is an idiot that throws all eggs in a basket? Your type!

the guy is worth billions of dollars and you think he used all his properties and companies for a collateral of less than 5billion?

Be great assured, Honeywell is no more making him proud, that is why...or better yet, this was his plan all along:

collect loan. set up Honeywell...now. sell shares (imagine the cash), then stop paying loan...rack up profit...let the banks have it.

he can't sell without the paying a loan he doesn't want to pay...why worry if u can keep the loan and let the bank worry abt a new buyer?

wake up, it 2015 baby!

This your comment shows you know "next to nothing" in Accounting. You just want to see people comments to your trash. You think you are smart than the Court and your Creditors when it comes to the issue of Bankrutcy? You DECEIVED yourself. Everything you owned home and abroad would be seized from you except "necessities" (Cloths, shelter, Beddings,etc). Anyway, the Court is yet to declare Oba Otudeko 'BANKRUPT', and untill that is done you cannot say he is Bankrupt cos he could have other means to pay back the loan. But the delay means all is not well with him as regards the DEBTS.

Banks prefer to give loans to known names thinking they cant fail but unfortunately they are at their peaks. SMEs who are fresh with innovation deserve more banks' attention but cant wait for long so they better dont complain

i now see reasons why Dangote pull out his shares at flour mill. un-calculated politriking risk don kill this man.

koladebrainiac:
someone stole ur money n u caught him, and he keeps deny he stole ur money. you got him arrested - from ur own angle, is he a thief or not? now you even approached the court to declare him a thief ..... now- go to dictionary a check the meaning of bankrupt. no no even check dico, try n do some simple thinking- from the word "bank" came bankruptcy . he cant pay his debt,so he is bankrupt. until he gets someone to pay him... no bank will borrow him money to pay his debt again. he is not credit worthy. he has used all his shares in honywell n co as security so the bank only need to acquire these shares n he is dead meat. until he can prove otherwise,he is bankrupt

....when u want to argue cite an example that would land u to a logical conclusion.....the fact that u caught someone stealing has not made the law recognize the person as a criminal....i believe u re aware of the phrase not guilty until proven...u have not answer my question, if truly he is already bankrupt why is eco bank taking him to court to be declared bankrupt. The reason because eco bank does not have d capacity to declare him bankrupt even when he owes ecobank....Now one thing is this the fact that u owe someone and refuse to pay does not mean u re bankrupt.pls take note of that

SLIDEwaxie:
u're a dunce bro...

think fast...who is an idiot that throws all eggs in a basket? Your type!

the guy is worth billions of dollars and you think he used all his properties and companies for a collateral of less than 5billion?

Be great assured, Honeywell is no more making him proud, that is why...or better yet, this was his plan all along:

collect loan. set up Honeywell...now. sell shares (imagine the cash), then stop paying loan...rack up profit...let the banks have it.

he can't sell without the paying a loan he doesn't want to pay...why worry if u can keep the loan and let the bank worry abt a new buyer?

wake up, it 2015 baby!

But how can he sell the shares if the bank has a secured interest against the shares?

Personally, I think this is the banks fault, a loan of such amount should be managed by a group of persons in their portfolio. Anyway, good luck collecting on it.

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

u cant derail the thread bro, lets discuss the bankruptcy and not what the oba in his name stands for

If a young vibrant and honest entrepreneur goes to ask for #1million naira loan for genuine business intentions all these banks will demand for his ancestors,grandfather,grandmother,father,mother,bros,sisters,wife and future generations as collateral before they will give him loan. Some of these banks deserve what they get.

bobby56:
This your comment shows you know "next to nothing" in Accounting. You just want to see people comments to your trash. You think you are smart than the Court and your Creditors when it comes to the issue of Bankrutcy? You DECEIVED yourself. Everything you owned home and abroad would be seized from you except "necessities" (Cloths, shelter, Beddings,etc). Anyway, the Court is yet to declare Oba Otudeko 'BANKRUPT', and untill that is done you cannot say he is Bankrupt cos he could have other means to pay back the loan. But the delay means all is not well with him as regards the DEBTS.

Guy Otudeko is Worth more than 10billions naira.

You probably don't know how big business men operate in Nigeria.

Remember Uba(capital oil ) vs Access bank with all the noise Uba is still standing.

Dangote too just sold for his flower mill .

Lots of Nigerian richmen that liquidated their business are still growing richer.

Ecobank can only bankrupt Otudeko bussiness, not Otudeko.

SLIDEwaxie:
u're a dunce bro...

think fast...who is an idiot that throws all eggs in a basket? Your type!

the guy is worth billions of dollars and you think he used all his properties and companies for a collateral of less than 5billion?

Be great assured, Honeywell is no more making him proud, that is why...or better yet, this was his plan all along:

collect loan. set up Honeywell...now. sell shares (imagine the cash), then stop paying loan...rack up profit...let the banks have it.

he can't sell without the paying a loan he doesn't want to pay...why worry if u can keep the loan and let the bank worry abt a new buyer?

wake up, it 2015 baby!

Have you tried reading the OP? Slowly, this time.

Ecobank is asking that he be declared bankrupt, and ALL his companies, assets etc be confiscated and dissolved to pay back the loan. So , no, it's not just Honeywell. But you'd know this if you could read simple English.

frisky2good:
They cannot collect any business that he did not use as collateral.

Erm...isn't that why Ecobank is in court? to secure legal permission to declare him bankrupt and wind down ALL his assets and companies?

They can only takeover those companies which they granted the loans to but I'm sure they are presently worthless and that is why Otudeko is refusing to pay.

texazzpete:


Erm...isn't that why Ecobank is in court? to secure legal permission to declare him bankrupt and wind down ALL his assets and companies?

kolexy:


Retard, the Man's name is Obafunke Otudeko.

You get time to answer them o.

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

please can u give more practical details about using shares as collateral. What are the implications to the customer and the bank. I need a lecture on this issue. Your kind response will be appreciated.

SLIDEwaxie
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



I need a lecture notes on this topic. Your response will be appreciated. regards

obaotudeko bankkrupt

bobby56:
This your comment shows you know "next to nothing" in Accounting. You just want to see people comments to your trash. You think you are smart than the Court and your Creditors when it comes to the issue of Bankrutcy? You DECEIVED yourself. Everything you owned home and abroad would be seized from you except "necessities" (Cloths, shelter, Beddings,etc). Anyway, the Court is yet to declare Oba Otudeko 'BANKRUPT', and untill that is done you cannot say he is Bankrupt cos he could have other means to pay back the loan. But the delay means all is not well with him as regards the DEBTS.

Thank you for educating him...It's really amazing that some people just post with authority when they are not very knowledgeable on subject matter. Na wao. Simple inquiry suppose suffice Na. Haba people.

Pls oba otudeko mak u mak dat yeye bank surviv,d way dat bank dey deduct my allowee is too much.kindly go change ur name lik KASHAMU did. Uselss bank

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!

I agree with you to a extent.

check bellow...lol

Amalision:
SLIDEwaxie
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



I need a lecture notes on this topic. Your response will be appreciated. regards

u will never see any book that tells u to do illegal stuffs, but u will need your brain as I will recommend some for u.

if you are a physics student, u will recollect the "gong bell"...this is all you are tot, but a mor critical application is the electric clippers.

what I meant is: you will read these books, but u will have to sit down and think about how and where to apply some things. the books will not go direct, so, dnt be disappointed.

1. the art of war by sun tzu
2. 48 laws of power by Robert Greene
3. think and grow Rich by Napoleon
4. the prince by Niccolò Machiavelli

when u file for bankruptcy, u will list your liabilities in the same exact figure as your asset..this, by law, allows you to continue doing business without getting touched.

when 50 cent was sued and asked to pay $5million to a woman over a sex tape, the next day, his lawyers files for bankruptcy- meaning he cannot pay any debt and by law...lobatan!

Honeywell Does Not Owe Ecobank, Says Bankers’ Committee

Lagos (Nigeria), December 10, 2015 – The Bankers’ Committee, an umbrella body comprising the Central Bank of Nigeria (CBN), Deposit Money Banks (DMBs) and Discount Houses in Nigeria waded into the dispute between Ecobank and Honeywell Group over repayment of a N3.5 billion facility granted the latter by Ecobank.

From the records before the court, the Bankers’ Committee has ruled that Honeywell Group has fully discharged its obligation with regard to settling the facility granted it by Ecobank. The Committee’s position was contained in a ruling by its Sub-Committee on Ethics and Professionalism which was mandated to investigate the issue.

Continue reading at: https://www.nairaland.com/2793404/honeywell-does-not-owe-ecobank

Click to read this article on Thisday - http://www.thisdaylive.com/articles/honeywell-does-not-owe-ecobank-says-bankers-committee/227644 and on

Stella Dimoko Korkus Blog here http://www.stelladimokokorkus.com/2015/12/honeywell-does-not-owe-ecobanksays.html

Honeywell Does Not Owe Ecobank, Says Bankers’ Committee

Lagos (Nigeria), December 10, 2015 – The Bankers’ Committee, an umbrella body comprising the Central Bank of Nigeria (CBN), Deposit Money Banks (DMBs) and Discount Houses in Nigeria waded into the dispute between Ecobank and Honeywell Group over repayment of a N3.5 billion facility granted the latter by Ecobank.

From the records before the court, the Bankers’ Committee has ruled that Honeywell Group has fully discharged its obligation with regard to settling the facility granted it by Ecobank. The Committee’s position was contained in a ruling by its Sub-Committee on Ethics and Professionalism which was mandated to investigate the issue.

Continue reading at: https://www.nairaland.com/2793404/honeywell-does-not-owe-ecobank

Click to read this article on Thisday - http://www.thisdaylive.com/articles/honeywell-does-not-owe-ecobank-says-bankers-committee/227644 and on

Stella Dimoko Korkus Blog here http://www.stelladimokokorkus.com/2015/12/honeywell-does-not-owe-ecobanksays.html

texazzpete:


Have you tried reading the OP? Slowly, this time.

Ecobank is asking that he be declared bankrupt, and ALL his companies, assets etc be confiscated and dissolved to pay back the loan. So , no, it's not just Honeywell. But you'd know this if you could read simple English.

Honeywell Does Not Owe Ecobank, Says Bankers’ Committee

Lagos (Nigeria), December 10, 2015 – The Bankers’ Committee, an umbrella body comprising the Central Bank of Nigeria (CBN), Deposit Money Banks (DMBs) and Discount Houses in Nigeria waded into the dispute between Ecobank and Honeywell Group over repayment of a N3.5 billion facility granted the latter by Ecobank.

From the records before the court, the Bankers’ Committee has ruled that Honeywell Group has fully discharged its obligation with regard to settling the facility granted it by Ecobank. The Committee’s position was contained in a ruling by its Sub-Committee on Ethics and Professionalism which was mandated to investigate the issue.

Continue reading at: https://www.nairaland.com/2793404/honeywell-does-not-owe-ecobank

Click to read this article on Thisday - http://www.thisdaylive.com/articles/honeywell-does-not-owe-ecobank-says-bankers-committee/227644 and on

Stella Dimoko Korkus Blog here http://www.stelladimokokorkus.com/2015/12/honeywell-does-not-owe-ecobanksays.html

akp202:
....when u want to argue cite an example that would land u to a logical conclusion.....the fact that u caught someone stealing has not made the law recognize the person as a criminal....i believe u re aware of the phrase not guilty until proven...u have not answer my question, if truly he is already bankrupt why is eco bank taking him to court to be declared bankrupt. The reason because eco bank does not have d capacity to declare him bankrupt even when he owes ecobank....Now one thing is this the fact that u owe someone and refuse to pay does not mean u re bankrupt.pls take note of that