MrMcJay:
Picture 1 is Golden Plaza in Falomo in Ikoyi.
Picture 3 is in Victoria Island off Akin Adesola.
The other 2 pictures aren't MTN headquarters.

FYI, Golden Plaza doesn't belong to MTN, they are tenants there. MTN is such an irresponsible company that 16 years, 5 months and 7 days after it came into Nigeria, the headquarters is still in a rented Plaza.

MTN comes into Nigeria, makes billions of dollars here, moves it out of Nigeria through Stanbic and our National Assembly lawmakers are afraid of clamping down on this economic robbery.

The problem is that when MTN hires sound lawyers to defend them, is it people in the National Assembly like Dino Melaye that would reply MTN? Dino that can't even write a single paragraph without falling into grammatical epilepsy.

My brother, thank you so much, when i saw the post, i was like "MTN doesn't have one single property in Nigeria, everything is either rented or outsourced"

04donjazzy:

ONLY 16 YEARS GUY; WHAT ARE YOU EVEN SAYING

SHELL HAS BEEN IN NIGERIA OVER 50 YEARS CAN YOU NAME ANY ONE SINGLE LAND THAT THEY OWN

You can imagine!

Chmmyluv:
Ok

Chioma. Imara mma

Even if it is a kiosk, as far as we know, MTN has laid most infrastructure pipeline in telecoms in Nigeria today. Even glo that has a gargantuan structure still sucks interms of connectivity.
It is we Nigerians that value frivolities over what is important. Harvard and many other ivy league schools retains olden brick structures that are not as aesthetic as The University of Ibadan. Yet the professors and products of the later are like "ward maid" compared to the former.

InternetGenius:


Guy forget that one oo, How will say such a thing nobody knows 2morrow. You will see what will happen something for MTN shame will catch you.

what are you saying?

I am telling you what is on ground you are talking about tommorow.. Go and sleep abeg

InternetGenius:


Guy forget that one oo, How will say such a thing nobody knows 2morrow. You will see what will happen something for MTN shame will catch you.

Would South Africa allow Glo to do the nonsense MTN is doing in Nigeria?

InternetGenius:
MTN has done so much for Nigeria. The MTN Foundation have been going to different states doing great works and besides they are even helping the Nigerian Government.

That's what is called "image laundering". It doesn't deny the matter on ground, it just seeks to toss a Red herring.

MrMcJay:
Picture 1 is Golden Plaza in Falomo in Ikoyi.
Picture 3 is in Victoria Island off Akin Adesola.
The other 2 pictures aren't MTN headquarters.

FYI, Golden Plaza doesn't belong to MTN, they are tenants there. MTN is such an irresponsible company that 16 years, 5 months and 7 days after it came into Nigeria, the headquarters is still in a rented Plaza.

MTN comes into Nigeria, makes billions of dollars here, moves it out of Nigeria through Stanbic and our National Assembly lawmakers are afraid of clamping down on this economic robbery.

The problem is that when MTN hires sound lawyers to defend them, is it people in the National Assembly like Dino Melaye that would reply MTN? Dino that can't even write a single paragraph without falling into grammatical epilepsy.

when foreign investors come into an economy it is expected that they repatriate their profits to their home countries otherwise there will really not be any need for them to bring in their funds to invest. even our diaspora citizens repatriate funds home even though they don't have tangible investments in their host countries.

MrMcJay:


Would South Africa allow Glo to do the nonsense MTN is doing in Nigeria?




That's what is called "image laundering". It doesn't deny the matter on ground, it just seeks to toss a Red herring.

what has Glo( our indigenous company) done by way of charitable social projects apart from doling out millions to celebrities? whether u people like it or not they are still the best telecom operator in Nigeria.

MrMcJay:
Picture 1 is Golden Plaza in Falomo in Ikoyi.
Picture 3 is in Victoria Island off Akin Adesola.
The other 2 pictures aren't MTN headquarters.

FYI, Golden Plaza doesn't belong to MTN, they are tenants there. MTN is such an irresponsible company that 16 years, 5 months and 7 days after it came into Nigeria, the headquarters is still in a rented Plaza.

MTN comes into Nigeria, makes billions of dollars here, moves it out of Nigeria through Stanbic and our National Assembly lawmakers are afraid of clamping down on this economic robbery.

The problem is that when MTN hires sound lawyers to defend them, is it people in the National Assembly like Dino Melaye that would reply MTN? Dino that can't even write a single paragraph without falling into grammatical epilepsy.

Last picture is a CG model

InternetGenius:
MTN has done so much for Nigeria. The MTN Foundation have been going to different states doing great works and besides they are even helping the Nigerian Government.

It's part of the social responsibility

Jcob:
It's opposite the Falomo bridge....Ikoyi.

After spending 10 years on Nairaland this my first to Comment. Dedicated to all the females on Nairaland.we love you.

that is to tell you there is nothing the lord cannot do, it may be delayed but it must surely come to pass. let somebody shout halleluyah

InternetGenius:


Can you pls tell me wat u understand by what he mean?

first time on FP after 10years of joining nairaland duuuurh!

InternetGenius:


Can you pls tell me wat u understand by what he mean?

first time being FTC after 10years of joining nairaland duuuurh!

InternetGenius:


Pls I want to discuss something important with you pls

Like what?

our own network

Most Nigerian bank buildings are owned by the bank owners and rented out to the bank they own

MrMcJay:
Picture 1 is Golden Plaza in Falomo in Ikoyi.
Picture 3 is in Victoria Island off Akin Adesola.
The other 2 pictures aren't MTN headquarters.

FYI, Golden Plaza doesn't belong to MTN, they are tenants there. MTN is such an irresponsible company that 16 years, 5 months and 7 days after it came into Nigeria, the headquarters is still in a rented Plaza.

MTN comes into Nigeria, makes billions of dollars here, moves it out of Nigeria through Stanbic and our National Assembly lawmakers are afraid of clamping down on this economic robbery.

The problem is that when MTN hires sound lawyers to defend them, is it people in the National Assembly like Dino Melaye that would reply MTN? Dino that can't even write a single paragraph without falling into grammatical epilepsy.

bigtt76:
Most Nigerian bank buildings are owned by the bank owners and rented out to the bank they own

You think the assets reflecting in the Bank books are printers, calculators and cello tapes? Your assertion holds true for tier 3 banks and glorified Microfinance banks like Jaiz Bank.

Major Banks buy real estate to increase their asset base.

They don't buy but rather go into long lease with the owners usually the bank chairmen or owners (eg former Oceanic Bank, Zenith Bank, UBA etc all do it).

MrMcJay:


You think the assets reflecting in the Bank books are printers, calculators and cello tapes? Your assertion holds true for tier 3 banks and glorified Microfinance banks like Jaiz Bank.

Major Banks buy real estate to increase their asset base.

bigtt76:
They don't buy but rather go into long lease with the owners usually the bank chairmen or owners (eg former Oceanic Bank, Zenith Bank, UBA etc all do it).

Are you sure about this?

I actually have been involved in several real estate transactions involving several banks and I've never seen transfer documents bearing the names of the Chairmen or owners.

Also, if you know lawyers involved in legal audit of banks every year, they'll tell you that what you posted is an exception rather than the norm.

You think the Chairmen would use their real name? All na fronting. Zenith Pensions is a tenant in Civic Center Towers Lekki. You mean Oga will just give them space for free? Or you think all their branches on Ajose were bought by Zenith Bank?

Till date ECOBank is unable to annex all branches of former Oceanic Bank because they belong to Madam Naija banking sector stinks and that's why most of them can't co-locate with other businesses to save them the cost of opening new branches

MrMcJay:


Are you sure about this?

I actually have been involved in several real estate transactions involving several banks and I've never seen transfer documents bearing the names of the Chairmen or owners.

Also, if you know lawyers involved in legal audit of banks every year, they'll tell you that what you posted is an exception rather than the norm.

bigtt76:
You think the Chairmen would use their real name? All na fronting. Zenith Pensions is a tenant in Civic Center Towers Lekki. You mean Oga will just give them space for free? Or you think all their branches on Ajose were bought by Zenith Bank?

Till date ECOBank is unable to annex all branches of former Oceanic Bank because they belong to Madam Naija banking sector stinks and that's why most of them can't co-locate with other businesses to save them the cost of opening new branches

Okay.
I think you need to understand something.

In Law, there's something called legal personality. Zenith Bank, Zenith Insurance, Zenith Pensions, Zenith Capital, Civic Properties Ltd are all separate legal entities with legal personalities distinct from each other. Each one has the ability to own assets, liabilities, declare losses and profits independent of each other. In the eyes of the law, they're separate legal personalities different from each other.

Hence, the properties owned by Zenith Insurance would reflect in its asset base and not that of Zenith Bank or Zenith Capital.

What could have happened is that Jim Ovia (as an independent legal entity) took a loan from Zenith Bank to finance he building of Civic Towers. Upon completion, he took in Zenith Bank, Zenith Capital, Zenith Pensions, Deloitte, etc as tenants all paying rent to him while he finances his loan obligations to Zenith Bank. The loan to Jim is an asset to Zenith Bank, Civic Towers is an asset to Jim, while the loan is his liability to the bank.

The Civic Towers you're talking about is an asset which would not reflect in the asset base of Zenith Bank even if they both are owned by the same person.

As for Ecobank, they got incompetent lawyers and auditors who did a shoddy job before buying Oceanic. I strongly suspect they were aware but were either paid or threatened by the powers that be to keep shut. If the information they got leaked out, the deal would collapse and no subsequent investor would touch Ecobank with a long stick.

I don't know if I explained it enough.

I understand all these and you repeated everything I've been saying

MrMcJay:


Okay.
I think you need to understand something.

In Law, there's something called legal personality. Zenith Bank, Zenith Insurance, Zenith Pensions, Zenith Capital, Civic Properties Ltd are all separate legal entities with legal personalities distinct from each other. Each one has the ability to own assets, liabilities, declare losses and profits independent of each other. In the eyes of the law, they're separate legal personalities different from each other.

Hence, the properties owned by Zenith Insurance would reflect in its asset base and not that of Zenith Bank or Zenith Capital.

What could have happened is that Jim Ovia (as an independent legal entity) took a loan from Zenith Bank to finance he building of Civic Towers. Upon completion, he took in Zenith Bank, Zenith Capital, Zenith Pensions, Deloitte, etc as tenants all paying rent to him while he finances his loan obligations to Zenith Bank. The loan to Jim is an asset to Zenith Bank, Civic Towers is an asset to Jim, while the loan is his liability to the bank.

The Civic Towers you're talking about is an asset which would not reflect in the asset base of Zenith Bank even if they both are owned by the same person.

As for Ecobank, they got incompetent lawyers and auditors who did a shoddy job before buying Oceanic. I strongly suspect they were aware but were either paid or threatened by the powers that be to keep shut. If the information they got leaked out, the deal would collapse and no subsequent investor would touch Ecobank with a long stick.

I don't know if I explained it enough.