@Plaetton, thanks for shedding more light on the issue.
@Pukka, you have only shown immaturity by hawling insults rather than discussing the issue in a civil manner like Plaetton did. Shame on you.

^^^I challenge you to point out only one insult in what I wrote. If you can, I will tender an apology to you. If you can't, it means you sure have a major comprehension problem in addition to other issues as well.

Waiting.

Your likes are the ones who keep people away from joining Nairaland.
I don't need your apologies.

I also read smtn similar i dnt knw hw true dat is sha

DonChippy:

I read in the national dailies recently that Fidelity bank declared the media tycoon bankrupt. Now i'm wondering how come as i kept asking myself if both T.V and Radio stations are not profitable enough even after a huge inflow a cash derived from DAAR's IPO. An ipo is the dream of any enterpreneur worth his onions. Or is it as a result of a financially unhealthy lifestyle with 4 wives and God knows how many concubines.
I guess i can never come up with a suitable answer.

DonChippy:

You will be declared as such if your Liabilities exceed Assets and you have defaulted on your loans. Remember his media outfits were shut down for the same reason some years back.

Pukkah:

You got some things mixed up here.

Fidelity Bank is in court requesting that Mr Dokpesi be declared bankrupt for his alleged inability to repay some facilities (estimated at about N7.5billion) which it offered to Daar Communications.

If the request of Fidelity is granted, Mr Dokpesi will be declared bankrupt by the court. It is only a court that can declare a company or an individual bankrupt.

DonChippy:

Point still remains the same however you look at it. The fact still remains. He owes a lot of money he's unable to pay back even after a public offering.

Pukkah:

The point is not the same.  Try not to be defensive.  Relax and learn.

The inability to pay back loans has to be proved. It is not something you can just say or write about.  In fact, it is libelous or slanderous if the statement is found to be untrue or baseless.  So far, he may just be unwilling to pay.  Inability is not the only reason that can make a borrower default on loan repayment.

Mind you, it was DAAR Communications that did an IPO and not Mr Dokpesi. You know the case of Salomon vs Salomon?

Declaring someone or a company as bankrupt is not a piece of cake.  Do you know that such an individual can no longer hold elective positions? 

Please help, where is the insult here?

DonChippy:

@Plaetton, thanks for shedding more light on the issue.
@Pukka, you have only shown immaturity by hawling insults rather than discussing the issue in a civil manner like Plaetton did. Shame on you.

Pukkah:

^^^I challenge you to point out only one insult in what I wrote.  If you can, I will tender an apology to you.  If you can't, it means you sure have a major comprehension problem in addition to other issues as well.

Waiting.

DonChippy:

Your likes are the ones who keep people away from joining Nairaland.
I don't need your apologies.

I DID not apologize to you.  Why should I?  You must really have an exaggerated impression of yourself.  What has joining Nairaland got to do with this?  Of course, if my approach will prevent shallow-minded people from joining this forum so be it.  I threw a challenge at you to point out my insult and you failed to do it. You would rather wax emotional and sink further in your childishness and the penchant to obfuscate simple issues.

You provided a piece of false information and you were corrected.  Instead of thanking the contributors and even apologizing to the people you almost misled, you became defensive and insisted it was all the same.  I stepped in to advise you and that further incensed you to the extent of throwing unwarranted insults.

What is your problem?  Is it so hard for you to comprehend easily? Is your ego so fragile? Is this how you carry on with your education and musical interests in real life?

And I am wondering, with the quality of reasoning you have exhibited so far, do you even need this attention? Can your type sustain an argument?

DonChippy:

You will be declared as such if your Liabilities exceed Assets and you have defaulted on your loans. Remember his media outfits were shut down for the same reason some years back.

Where did you go to school?

Please identify the place you were taught that a bank can declare you bankrupt if you default on your loans with the bank.

Fidelity Bank has taken DAAR Plc to court if he is not mistaken but another court case was also started by DAAR Plc to quash this one so let us wait for the resolution needless to say though something is brewing somewhere.

I won't be shocked for a second if he is, I once read a post on this forum, not too long after their IPO, how he has refused to pay staff salary blah blah blah

The problem with most of our "rich men" is they've not learnt to separate business from their private lives/purse. Not that they don't know but they have an attitude that says 'who will dare question me?' They fail to come to terms with the fact that once your company goes public it's no longer 'my company' it becomes 'our company', to them it's still business as usual.

My money dey Daar communications o!

Sagamite:

Where did you go to school?

Please identify the place you were taught that a bank can declare you bankrupt if you default on your loans with the bank.

I don't think he's schooled; may be he's still in school (still being schooled) . He is yet to display sound education or good-breeding on this thread.

He confidently declared that he read about the untrue information in an unnamed newspaper and went further to expose his stark ignorance about a subject he knew NOTHING about. I was surprised when he continued to hug the ignorant position even after being corrected, and when he could no longer sustain the argument, he resorted to insults. These are definitely not the signs of an educated or mature mind.

dustydee:

My money dey Daar communications o!

If your money is there as a shareholder then the signals are not good o. In the event of bankruptcy, ordinary shareholders are at the lowest rung of settlement, if there is anything left.

Pukkah:

I don't think he's schooled; may be he's still in school (still being schooled) . He is yet to display sound education or good-breeding on this thread.

He confidently declared that he read about the untrue information in an unnamed newspaper and went further to expose his stark ignorance about a subject he knew NOTHING about. I was surprised when he continued to hug the ignorant position even after being corrected, and when he could no longer sustain the argument, he resorted to insults. These are definitely not the signs of an educated or mature mind.

The bolded is the cardinal sin.

It is not too much of a big deal not to know. It is a crime to put up the "I no go carry last" defiance when you are caught out and corrected.

Na real BIG FAT LIE!!!!

Of course there are a not many bankable projects in a depressed, centrally governed, monopolised economy but it still doesn't absolve the banks of frequent misadventure, opportunism and ineptitude.

You don't have to fund every sector to get the economy going just the just the critical ones.

How about agric, the largest employer of labour. How about infrastructure for which there's absolutely none and the populace pays an arm and a leg to enjoy.

None. They'd rather chase people than ideas, politics than projects. No wonder they cannot diffrentiate between Dokpesi and DAAR. The high chief was the collateral himself.

I thought when you recieve a few billions you immediately hand over the manual and keys but stary eyes and greed will not let them.

I will continue to say it.The richest men today serve the widest interests whether in sports, entertainment or business. If you think the poor have nothing just look towards China.

I wish our banks the best.

Is DAAR and Dokpesi the same thing?If Dokpesi is bankrupt, does it mean that DAAR is bankrupt? Lets stop mixing things here. Its just a strategy for business men to get rid of some liabilities.

^^^In law, Mr Dokpesi is different from DAAR but his stake in DAAR may be on the line if he stood as a guarantor (very likely in the case at hand) for the loans taken by DAAR.

Both of you guyz can keep kissing my ass for posting what i read in the dailies. Jobless twarts.

^^^I sympathize with you. You're just a rascally, ill-bred little boy. May you grow to become well-behaved and respectful.

DonChippy:

Both of you guyz can keep kissing my Bottom for posting what i read in the dailies. Jobless twarts.

You are a cretin!

So you read it in some useless paper [for dunces like you], that means you should be too daft and ignorant to believe a bank can declare someone bankrupt?

FOOOOOOOOOOOOOOL!

^^^The guy is confused, misguided and trapped in the mire of ignorance.

People like these two are always busy pointing out errors and starting arguements on threads thinking everyone else is like them always willing to waste their time and achieve nothing tangible.
I just can't imagine how stupid some people can be.
You guyz have only displayed how much of a low life you are because only such will pick up fights and arguements on a forum.
I still find it hard to believe such people exist.
Can't you just read a thread and move on? Must you pick errors or correct everything you percieve to be wrong.
I really wonder o!

You call a national daily silly. Will a bank not decide an individual or business to be bankrupt before taking it to court to make it Legitimate? In that case, who has made the individual or business bankrupt? Everyone else but you two understood my post.
Why don't you just go to the nearest park to you if you feel like picking up a fight.

^^^It's people like you that are holding the potentially great Nigeria down in ignorance and backwardness. You became rude and unruly because the diet of lies which you were serving to the people was taken from you and trashed! I've written it before, you lack the capacity for comprehension. No wonder you were spending a great deal of time in Sexuality section.

Is this how you study in school as a student? Take heed else you'll end up with a Pass or 3rd Class.

These are riches gotten from d poor masses. He is fortunate to have his riches traceable to a communication industry. He may bounce back with time.

FYI assumption is the lowest form of knowledge. You just displayed your level of intellectual capacity. Thanks to Seun, you now have a day job. Just keep debunking lies on Nairaland and keep assuming every other Nairaland member needs your schooling.
Olodo!

DonChippy:

People like these two are always busy pointing out errors and starting arguements on threads thinking everyone else is like them always willing to waste their time and achieve nothing tangible.
I just can't imagine how silly some people can be.
You guyz have only displayed how much of a low life you are because only such will pick up fights and arguements on a forum.
I still find it hard to believe such people exist.
Can't you just read a thread and move on? Must you pick errors or correct everything you percieve to be wrong.
I really wonder o!  

You are a cretin!

I am busy pointing out moorons, not just errors.

I laugh when a grown-arse fooool like you that said a bank makes someone bankrupt is talking about achievement?

What can a dumbo like you achieve?  

DonChippy:

You call a national daily silly. Will a bank not decide an individual or business to be bankrupt before taking it to court to make it Legitimate? In that case, who has made the individual or business bankrupt? Everyone else but you two understood my post.
Why don't you just go to the nearest park to you if you feel like picking up a fight.

You are a cretin!

BANKS CAN NOT DECLARE PEOPLE BANKRUPT, you bloody foooooooool!

They can take someone to court for permanent default in repayments.

Foool, where did you go to school?

Even the money on DAAR COMM. Share?

Just reading some of these posts and the arguments that have erupted, I quite agree in theory with the definitions presented particularly by sagamite.

However, Nigeria defies most universally accepted principles a country where supreme court judges super cede the law ( plea bargains), not too long ago a high court judge proposed that he Ibori was sentenced but not convicted and even more recently an election tribunal nullified the elections as invalid in the LGA's of Warri North, Warri South, Warri South-West, Ethiope West, Bomadi and Burutu as invalid but declared the incumbent governor the recipient of this wide scale fraud as still being duly elected.

A bank has no legal authority to declare a person bankrupt and its a nonsense in terms of legal enforcement, however, this is 9Ja and theory and practice have a very very wide gulf. An example of the lawlessness that pervades supposed legally established institutions, one of my guys was on debt to the bank money as he arrived they ceased his car, now to me that's madness.  

Sagamite i agree with you completely but on the other hand stranger things have happened wonders will never cease in 9Ja.  I TIRE  

Unbelievable!

As mentioned above, DAAR communications liability with Fidelity is put at over 7 billion naira, what is the worth of DAAR communication's asset put together? is it up to 1 billion?

Can someone in the house tell us how much raypower radio station is worth, and how much AIT is worth. What are his other holdings, his wives? What are they worth?

Guys give me answers here,

Its simply true its better to be declared bankrupt then for your assets to be seized in his case a public liability company which isn't owned by him any more subsequently that's how all businesses are run in nigeria we run at a loss because of so many reasons infrastructural problems and semi-educated illiterates our universities are churning out, that believe businesses are a charity giving organisation even governmnet establishments should be charity organisations and salaries must be payed for to people whether they like it or not every 30days, thats why employers complain and give employees targets to be able to pay them their salaries and service their loans creditors the unemployment unemployable market. Is saturated now another millions have been added I can continue to talk but it but in all honesty these problems are a vicious circle