http://www.sunnewsonline.com/webpages/news/national/2007/july/29/national-29-07-2007-001.htm

U guys must read this article, Beef in the business word - Jimon Ibrahim against Dangote / Otedola. Having read the article, there is one point Jimon kept on emphasising about, that he is well educated and the other two are illiterates. I don't agree with him on this point,just because someone didn't go to University does not mean the person can't be a great entrepreneurs. Another point he made was that they had not contributed anything to the society. I also strongly disagree with him on this point. Everyone that had bought Dangote Suguar public offer will concur with me on this point.
what do u guys think?

Wow, that's some major beef.

I don't agree with the illiteracy comments. Dangote went to college in Egypt and I'm pretty sure Femi went to college as well. You don't have to get a PhD or go to Harvard to be considered educated. Dangote has contributed a lot more than Jimoh with all the factories he has set up. Femi has not contributed much in my opinion; importing crude products does not add much value.

Jimoh Ibrahim is not absolutely wrong saying Dangote and Otedola are illitrates, ofwhat use is a diploma or degree that has refused to help you on what to say and what not say? Jimoh Ibrahim is absolutely right, what has dangote done for the public? sell shares to them? and you say he has given to the economy? How can a man come to boast of billions when he is owing banks billions of Nairas and Dollars and you say its not illitracy? that they have access to bank loans does not give them the enfontery to come on the front page to yarn dirts, how can he say is his richer than opray? right now Oprah is owing no banks, bill gates is owing no banks, how come the likes of dangote is not among the 100 richest in the world according to forbes who has done lots research into thier individual wealths, we have seen oprah contribute and splash millions of dollars on charity and aids because she is debt free and she aint doing charity on over draft. i can tell you that Jk (harry Porters Writter) is even richer than the Dangote who think he is got all.

You didn't use spell check on your post. Does that make you an illiterate? I'd say no. And you clearly don't know how businesses are run; you don't always run business using equity (your own money), a lot of times, you use debt because it's cheaper. Financial analysts; pls correct me if I'm wrong but isn't it correct to use debt when the interest rate is higher than your ROE? Anyway, the point is there are times to borrow money and there are times to sell shares.

Dangote employs 30k+ people and that's a much bigger contribution to our employment % than Jimoh. And how do you know Oprah and Gates don't owe banks money. Almost all business do. That's why banks are there. Jimoh Ibrahim is well known for being a hip-shooter. I'd take anything he says with a pinch of salt.

I'm disappointed when they put myname on the list of illiterates who claim to be billinaires.

The truth is Jimoh Ibrahim be educated and intelligent , am sure he doesn't have the financial education Dangote has.
To the best of my Knowledge the Dangote i know one on one is a humble and humane person , so much money.Your level of education sometimes does not guarantee your financial prowness.

What Jomoh is missing is that People like Dangote have been there all this years, is why he's been favored .

What baffles me is why Barrister Jimoh is crying out loud now.

One thing he must understand is education is no guarantee to success.

The Dangote story is a classical example.I celebrate people like Dangote who despite low educational qualifications still find their way to the top.

For Jimoh, your brilliance is what is sustaining you and you are a sucess story to the educated folks.

But please the languages used are insultive;Illiterates, drunk,debtors, useless

@easimoni and @vikiviko

Both of you have said it all. This barrister needs to think a little more before
opening his mouth. There was so much venom and "hate" coming from him,
but I am yet to read Dangote or Femi openly castigate anyone in this manner.

The Bill Gates that he likes to talk about are intellectuals who made their
fortunes marketing technology and knowledge. To my knowledge, I am not
aware of any innovative idea that Jimoh has introduced into the business
landscape in Nigeria.

@ Easimoni
You didn't use spell check on your post. Does that make you an illiterate?

You seem to have a little problem with one expressing ones mind, would you rather respect my opinion or sit like some old fools checking that i had or didnt spell check on my post?


@ Easimoni,Viki and Iyke

I would say once again that Oprah is not favoured, Forbes magazine has done their research and i think y'all should do yours. i have met dangote atleast twice and i can say he is indeed humble but the fact stands. Oprah is humble too  . Dangote came on the front page saying all sort and glorifying himself, saying he is the richest african man or he is richer than oprah and thats the arguement because he is bidding for kaduna refinery. Wealth is not measured by the no. of cars or house you have got pleaseeeeeee!

FAct: Bill Gates Pay one million dollars per day as Voluntary tax ( employs over one million and creates jobs for over 10million around the globe), divides his profits and riches by two for what? Charity!!!! he is rich!

Fact: Oprah Owes no bank, Oprah has one million and one sponsors and has another one million on the queue waiting to sponsor all over the world. Unless you y'all has refused to read or you just don't know what to read, will you come hia and say "dangote get money pass" who dash am? he is rich yes but richer than oprah. No way!

What Jimoh is sayin is quite reasonable no doubt they might have their differences and no doubt Dangote has been making money before jimoh but jimoh is only trying to educate people like you who don't know that you can also be richer than anyone in the world. Jimoh stated that if 170billion goes to 170 graduates in a year, you would be suprised at the number of billionaire or millionaire we would produce in Nigeria. All he has said is rather than boast of being richer, pay up debt so that young graduates wont have to depend on the likes of dangote and otedola to feed,cloth and shelter, is that too much to say for jimoh ibrahim?

@EASIMONI filter am again hmm and spell check for me bcuz english is your own father and mother tongue?. Nonsense

@ Ashiwaju, no veks my brother! I was not abuzing u. Not using spell chek does not make you an ileterate any moor than not having a PhD make Dangote/Femi ileterates eether. Look up Dangote on Wikipedia. He is arknoldeged as de riches black man in da wurld.

Bottom line is Jimoh is simply spitting out vitriol (my spell check is back on  ). All 3 of them are billionares and no one ( not even Jimoh) has the full financial picture of Dangote. No need to get personal and call peeps "illiterates" because they owe banks money. I have money to pay my current mortgage but I chose to invest it the NSE instead and I'm up >100% since Jan. Am I an illiterate? Pay-off a debt at 6% or invest it at 100+%. It doesn't take a PhD to ansah (this silly spell-check again) that question! There's a time to borrow and time to pay back.

easimoni:

@ Ashiwaju, no veks my brother! I was not abuzing u. Not using spell chek does not make you an ileterate any moor than not having a PhD make Dangote/Femi ileterates eether. Look up Dangote on Wikipedia. He is arknoldeged as de riches black man in da wurld.

Bottom line is Jimoh is simply spitting out vitriol (my spell check is back on ). All 3 of them are billionares and no one ( not even Jimoh) has the full financial picture of Dangote. No need to get personal and call peeps "illiterates" because they owe banks money. I have money to pay my current mortgage but I chose to invest it the NSE instead and I'm up >100% since Jan. Am I an illiterate? Pay-off a debt at 6% or invest it at 100+%. It doesn't take a PhD to ansah (this silly spell-check again) that question! There's a time to borrow and time to pay back.

EASIMONI
[s](crazy T trying to stand up, after laughing so much)[/s]

I am very curious o na NEPA (sorry that was there name before I left Naija) your spell check dey use You no go kill person o.

@ easimoni

Point of correction. From my little knowledge of Financial Mgt, debt capital aint in anyway cheaper than equity capital simply because returns on debt equity carries a fixed rate of interest while equity capital is kinda discretionary and the returns on such equities are based on the performance of the business concern. Decisions regarding the combination of both equity and debt capital are a function of the ability of the business undertaking to earn relatively high earnings that could substantially absorb interest expenses on debt capital and dividends on equity capital. In other words, its a question of prospective performance. One other thing is that debt equity isn't favoured if your perceived Returns on Capital Employed (ROCE) is lower than Interest on debt equity to be employed i.e. cost of capital. It will only amount to a loss should such a situation prevail. U only consider debt equity if from your projections, u re convinced that the Returns on Capital Employed will turn out higher than interest on debt capital i.e. Returns on capital exceeds cost of capital.

easimoni:

@ Ashiwaju, no veks my brother! I was not abuzing u. Not using spell chek does not make you an ileterate any moor than not having a PhD make Dangote/Femi ileterates eether. Look up Dangote on Wikipedia. He is arknoldeged as de riches black man in da wurld.

@ easimoni
The fact that he's acknowledged in Wikipedia means nothing, cos wikipedia is a free encyclopedia that anyone can write and edit. For all we know, that page could have been written by you!

http://en.wikipedia.org/wiki/Main_Page

If Forbes says Dangote is the richest black man I'll believe that because I have checked up the criteria with which they make their measurements. They basically do old school accounting which is Capital = Assets + Liability meaning his worth is equal to his assets minus his debt. Shikena. As for an article on wikipedia I wouldn't take that because anyone can create an un-cited work and put up there.

Dangote claimed to be a billionaire to boost his credit rating amongst the international financial community. He needed cheaper funds and going to Forbes was the best strategy for that. Does that say that he is illiterate? I leave that for you to answer. Oxford's definition of an illiterate is 1. Unable to read and write 2. Having little or no education. Pls tell me If Femi or Dangote falls under these? This reminds me of 2 people fighting and while fighting one of them realises that the other is stronger so he changes tactics in order to be at par or subdue the other. It is no doubt that Jimoh is more literate in the pack but then probably weighs low in the cash category.

This post was made nearly 8years ago. The story of these folks has changed dramatically. Dangote is now the richest black man in the world, Jimoh Ibrahim has gone back to school and Otedola is still in oil business at a bigger level.

Gbam.....Case closed!!!