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AMCON Releases Names Of 105 Persons Who Owe N906b - Business (4) - Nairaland

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AMCON Takes Over IBEDC / I Owe A Microfinance Bank 600k, They Threaten To Jail Me, I Need Your Advice! / N3.6 Billion Debt: AMCON Takes Over Bao Yao Firms In Abuja & Calabar (2) (3) (4)

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Re: AMCON Releases Names Of 105 Persons Who Owe N906b by Goddyss(m): 11:26am On Oct 22, 2018
So some artificial persons are owing billions and Paylater and Quickcheck have been threatening fire and brimstone for the sum of ten thousand naira.
Re: AMCON Releases Names Of 105 Persons Who Owe N906b by AtikuDeman: 11:26am On Oct 22, 2018
dafeyankee:


Get sense trouble.
Like buhari, like dafeyankee. ....LIFELESS
Re: AMCON Releases Names Of 105 Persons Who Owe N906b by dafeyankee: 11:31am On Oct 22, 2018
AtikuDeman:

Like buhari, like dafeyankee. ....LIFELESS

Like Nnamdi Kanu like you ILLITERATES.
Re: AMCON Releases Names Of 105 Persons Who Owe N906b by AtikuDeman: 11:38am On Oct 22, 2018
dafeyankee:


Like Nnamdi Kanu like you ILLITERATES.
Like sai baba, like sai dafeyankee. ..TERRORISTS
Re: AMCON Releases Names Of 105 Persons Who Owe N906b by Shehunoshewhat: 11:41am On Oct 22, 2018
RockHard:


You don't get it. It's not about being a 'debtor', but rather about having access to critical financing. Not everybody that borrows money from banks ends up defaulting on the loans they borrow, and even the ones that do still someone work with the banks on how to pay it back eventually. The bottom line is that for some kinds of big businesses, you just have to borrow to fund them because you would be stupid to single-handedly decide to put in all the required billions of money needed as capital to fund such business all by yourself (that's even if you have that much money to begin with), therefore you can see borrowing as a form of 'risk sharing'.

If the venture fails, the bank will take over the business till they are able to recoup their money and get it back to profitability and hand it back to you, but if the business succeeds and pays back the loan then it is the quickest route to joining the big leagues of multi-billionaires -- ask the likes of Dangote, Ubah, Adenuga, Elumelu, Ogah, Otedila and the rest. It's just the way the cookie crumbles. undecided


Most of those debts are bad.
The debtors will continue to be tormented every now and then.
Re: AMCON Releases Names Of 105 Persons Who Owe N906b by Nobody: 11:43am On Oct 22, 2018
VIPERVENOM:
I know alabi yellow ben Bruce will be among

I'm sure he's been repaying his debt. AMCON has not raised an issue with him again since dt time they threatened to take over Silverbird abuja. The guy was probably afraid.
If these ones don't pay up they'll end up taking over their company and reselling to the highest bidder. Dts why AMCON was set up. Their own is to recoup money.
Re: AMCON Releases Names Of 105 Persons Who Owe N906b by baby124: 11:49am On Oct 22, 2018
Why don’t they liquidate their assets? Why always coming to the newspaper to advertise names? Or is this stunt purely political?
Re: AMCON Releases Names Of 105 Persons Who Owe N906b by iamalfry(m): 12:06pm On Oct 22, 2018
Shehunoshewhat:



Most of those debts are bad.
The debtors will continue to be tormented every now and then.

Need a quick loan?
Do you have a collateral (automobile or gold jewelry)?
Just call Alfred on 07062208029

Re: AMCON Releases Names Of 105 Persons Who Owe N906b by iamalfry(m): 12:08pm On Oct 22, 2018
dafeyankee:
And yet we blame Buhari for our woes.

All these monies and loans was released to them during the PDP days. Look at the list,all PDP members and some just defected to the APC.

I Trillion Nigeria's money trapped with a few.

Monies that could solve millions of Nigeria's problems. Anybody connected to the PDP is pure evil.

Never will I vote any individual ever connected with the PDP.

Need a quick loan?
Do you have a collateral (automobile or gold jewelry)?
Just call Alfred on 07062208029

Re: AMCON Releases Names Of 105 Persons Who Owe N906b by Sydlake: 12:12pm On Oct 22, 2018
They take over unpaid/unserviced loans from the bank. Buy it cheap and try to recover the loan from the debtor by negotiating with the debtor and in situations where negotiations fail, they take over the collateral.
mrAMG:
How does AMCON operate?

How did they get to be owed these huge sums?
Re: AMCON Releases Names Of 105 Persons Who Owe N906b by Bobbysteps: 12:16pm On Oct 22, 2018
dafeyankee:
And yet we blame Buhari for our woes.

All these monies and loans was released to them during the PDP days. Look at the list,all PDP members and some just defected to the APC.

I Trillion Nigeria's money trapped with a few.

Monies that could solve millions of Nigeria's problems. Anybody connected to the PDP is pure evil.
.
Never will I vote any individual ever connected with the PDP.
True talk my broda.
Re: AMCON Releases Names Of 105 Persons Who Owe N906b by fokusmind: 12:41pm On Oct 22, 2018
That is why the country cannot grow. So called billionaires taking advantages of corrupt system to enrich themselves. In the first place, how can you borrow without adequate security to forfeit in case of default
Re: AMCON Releases Names Of 105 Persons Who Owe N906b by Shehunoshewhat: 12:47pm On Oct 22, 2018
iamalfry:


Need a quick loan?
Do you have a collateral (automobile or gold jewelry)?
Just call Alfred on 07062208029

Get behind me Satan!
I don't do loans!!
Re: AMCON Releases Names Of 105 Persons Who Owe N906b by Sleekjunior(m): 12:48pm On Oct 22, 2018
do u have money pauper
dafeyankee:
And yet we blame Buhari for our woes.

All these monies and loans was released to them during the PDP days. Look at the list,all PDP members and some just defected to the APC.

I Trillion Nigeria's money trapped with a few.

Monies that could solve millions of Nigeria's problems. Anybody connected to the PDP is pure evil.

Never will I vote any individual ever connected with the PDP.
Re: AMCON Releases Names Of 105 Persons Who Owe N906b by Boss13: 12:52pm On Oct 22, 2018
Vested:


This is the reason why our society is where it is at the moment.
What happened to those who managed the Lehmann Brothers in America as well as other companies that were bailed in the last recession? Do you think Government gave them free money to bail themselves without being accountable for pervious mismanagement of loans in the past?

Why do you think the law in the West expects a company going down to file for bankruptcy? Do you think it's just a mere formality?

Unfortunately, my statement still stands true. It’s not your business. You are not the credit lender. That’s the job of the creditor; to ensure that loan utilization is 100%. Where loan utilization is not 100%, the credit risk inherent to a loan begins to crystallize and that’s the reason why credit facilitators/lenders/financial institutions request for Security to imitigate their credit risk exposure.

Business decisions may go wrong. External indicators may go against a business or proper forecasting and planning was not done. Possibly, the business maybe run by rogues who do not want to pay. These risks are what credit lenders must consider before lending. Now, if you review the names listed, you will observe a common trait amongst the lenders - They are credit rogues. The question you should be asking is why do credit facilitators disburse credit to these people?
Re: AMCON Releases Names Of 105 Persons Who Owe N906b by onegig(m): 1:01pm On Oct 22, 2018
Vested:


Both you and Ugosample are right.

However, in your case, you must understand that inasmuch as the government bails the bank in cases of bad loans, it is in a bid to stabilize the economy and not because they handed money to the banks before then to give to businesses.
Where I could agree more with you is if those loans were misappropriated and government has to bail the bank or company out, then managers of those businesses ought to face the wrath of the law for such misappropriation of funds.

Unfortunately, the rule of law is weak over here. People can use commercial loans for burial ceremonies and get away with it, and even go ahead to brag on it. On the other hand, the small tax payer will get a loan on same high interest and end up prosecuted unfailingly if he doesn't meet up payment of his small loans.

The Nigerian case is so peculiar because of corruption and failed leadership.


World over banks are LIKE public assets. Yes they may be owned by private individuals but their importance to the economy of any country makes the risks they pose a lot higher than your normal run of the mill Enterprise. They deal with more of perceived TRUST and once that is removed you have nothing left.

More reason they are treated specially. A single failed bank in a country can bring the whole financial system of that country to it's knees. Same way you would see government policing critical assets like Power grids and pipelines even if they are owned by the private sector.

Are these costs being incurred to service these facilities not part of our Commonwealth? The 900billion tied up and being held by AMCON as bad debts is being funded by who exactly?

Where does AMCON gets its running costs from ? Isn't it the National Purse? So how does the actions of these few people not affect the Commonwealth of the others?

That's the question the guy should answer.
Re: AMCON Releases Names Of 105 Persons Who Owe N906b by Vested(m): 1:07pm On Oct 22, 2018
Boss13:


Unfortunately, my statement still stands true. It’s not your business. You are not the credit lender. That’s the job of the creditor; to ensure that loan utilization is 100%. Where loan utilization is not 100%, the credit risk inherent to a loan begins to crystallize and that’s the reason why credit facilitators/lenders/financial institutions request for Security to imitigate their credit risk exposure.

Business decisions may go wrong. External indicators may go against a business or proper forecasting and planning was not done. Possibly, the business maybe run by rogues who do not want to pay. These risks are what credit lenders must consider before lending. Now, if you review the names listed, you will observe a common trait amongst the lenders - They are credit rogues. The question you should be asking is why do credit facilitators disburse credit to these people?

I never said it was my business or any one's. It always behoves the creditor to do due diligence before giving out a loan.
However, I still insist that, where the Government gives a bail out, which is usually from tax payers' money, investigations would be carried out in order to ensure that due diligence was carried out in the disbursement and utilisation of that bad loan in the first place. Where discrepancies are discovered, managers and/or directors of the said troubled firm are made to pay via the law. The introduction of tax payers' funds are no longer the bank's business alone.

That is why AMCON, as an arm of the Government, can make public, information as this published by the OP. The Government in this case, has become a creditor by way of the bail out funds. Bail out funds made it the public's business; Simple and Short.
Re: AMCON Releases Names Of 105 Persons Who Owe N906b by Vested(m): 1:14pm On Oct 22, 2018
onegig:



World over banks are LIKE public assets. Yes they may be owned by private individuals but their importance to the economy of any country makes the risks they pose a lot higher than your normal run of the mill Enterprise. They deal with more of perceived TRUST and once that is removed you have nothing left.

More reason they are treated specially. A single failed bank in a country can bring the whole financial system of that country to it's knees. Same way you would see government policing critical assets like Power grids and pipelines even if they are owned by the private sector.

Are these costs being incurred to service these facilities not part of our Commonwealth? The 900billion tied up and being held by AMCON as bad debts is being funded by who exactly?

Where does AMCON gets its running costs from ? Isn't it the National Purse? So how does the actions of these few people not affect the Commonwealth of the others?

That's the question the guy should answer.




We are on the same path but I wanted to stress that it's a little bit of here and there.

You're both not wrong. However, none of the extremes you and Ugosample stated are independent of each other. They become one and the same since Government funds are used to bail out the troubled bank.

That is the reason why when a troubled bank is bailed, the managers/directors of the bank as well as the managers/directors of the defaulting companies are usually investigated and prosecuted where necessary.
Re: AMCON Releases Names Of 105 Persons Who Owe N906b by Mysselff2: 1:18pm On Oct 22, 2018
RockHard:
Smh. They have so much debt hanging over their heads, yet they still living large and spending like no man's business.

Reminds me of something I read sometime ago.

*THE BANK*

A bank is a broker between the poor and the rich. The only place where the two meet is in a bank. The poor brings the money, through saving, and the rich takes it, through borrowing.

A poor person saves the money because they have more money than their thinking capacity. So they keep the money in the bank so they can go and think what to do with the money they saved. On the other side, the rich people come to pick that money, through borrowing, because they have more ideas than the money they have.

On a practical side, please show me one billionaire who got rich through saving and I will show you a million Nigerians who have money saved in the banks and are still renting the houses that the Millionaires and billionaires build through the poor people savings which the rich borrowed from a bank.

*#ThinkInvestment



Where is the meme for better clap, this post is the best and most intelligent I have seen on nairaland since this year ( that excludes mine though )

1 Like

Re: AMCON Releases Names Of 105 Persons Who Owe N906b by Nobody: 1:38pm On Oct 22, 2018
Sydlake:
They take over unpaid/unserviced loans from the bank. Buy it cheap and try to recover the loan from the debtor by negotiating with the debtor and in situations where negotiations fail, they take over the collateral.

Ohh they even buy it cheap?

Very interesting
Re: AMCON Releases Names Of 105 Persons Who Owe N906b by aremz(m): 2:40pm On Oct 22, 2018
RockHard:
Smh. They have so much debt hanging over their heads, yet they still living large and spending like no man's business.

Reminds me of something I read sometime ago.

*THE BANK*

A bank is a broker between the poor and the rich. The only place where the two meet is in a bank. The poor brings the money, through saving, and the rich takes it, through borrowing.

A poor person saves the money because they have more money than their thinking capacity. So they keep the money in the bank so they can go and think what to do with the money they saved. On the other side, the rich people come to pick that money, through borrowing, because they have more ideas than the money they have.

On a practical side, please show me one billionaire who got rich through saving and I will show you a million Nigerians who have money saved in the banks and are still renting the houses that the Millionaires and billionaires build through the poor people savings which the rich borrowed from a bank.

*#ThinkInvestment




Unwise post go and read the book titled "the richest man in Babylon" it'll change your reasoning
Re: AMCON Releases Names Of 105 Persons Who Owe N906b by naijajobx: 2:50pm On Oct 22, 2018
smiley
Re: AMCON Releases Names Of 105 Persons Who Owe N906b by GetCofOProperty: 3:25pm On Oct 22, 2018
mrAMG:


Ohh they even buy it cheap?

Very interesting
You see ho Nigeria don spoil reach? A country not organized, not with a standard, effective and workable/implemented system. Fee for all, and corruption strives since there's no enforceable system in places where they should be.
Re: AMCON Releases Names Of 105 Persons Who Owe N906b by precious1967(m): 3:26pm On Oct 22, 2018
Why are we waiting, execute them by firing square?
Re: AMCON Releases Names Of 105 Persons Who Owe N906b by Austema(m): 3:34pm On Oct 22, 2018
RockHard:
Smh. They have so much debt hanging over their heads, yet they still living large and spending like no man's business.

Reminds me of something I read sometime ago.

*THE BANK*

A bank is a broker between the poor and the rich. The only place where the two meet is in a bank. The poor brings the money, through saving, and the rich takes it, through borrowing.

A poor person saves the money because they have more money than their thinking capacity. So they keep the money in the bank so they can go and think what to do with the money they saved. On the other side, the rich people come to pick that money, through borrowing, because they have more ideas than the money they have.

On a practical side, please show me one billionaire who got rich through saving and I will show you a million Nigerians who have money saved in the banks and are still renting the houses that the Millionaires and billionaires build through the poor people savings which the rich borrowed from a bank.

*#ThinkInvestment


You have made my day! This is a ''secret of ages'' but today you have opened it to us here. God bless you and your generation. And as for the *THE BANK* I want to know if it is a name of a book. Thanks

1 Like

Re: AMCON Releases Names Of 105 Persons Who Owe N906b by sacajawea: 4:19pm On Oct 22, 2018
hisexcellency34:
This Buruji Kashamu is a confirmed criminal. Still owing FG despite drug case hanging on his neck
Hahahahaha
Re: AMCON Releases Names Of 105 Persons Who Owe N906b by seuner: 4:37pm On Oct 22, 2018
RockHard:
Smh. They have so much debt hanging over their heads, yet they still living large and spending like no man's business.

Reminds me of something I read sometime ago.

*THE BANK*

A bank is a broker between the poor and the rich. The only place where the two meet is in a bank. The poor brings the money, through saving, and the rich takes it, through borrowing.

A poor person saves the money because they have more money than their thinking capacity. So they keep the money in the bank so they can go and think what to do with the money they saved. On the other side, the rich people come to pick that money, through borrowing, because they have more ideas than the money they have.

On a practical side, please show me one billionaire who got rich through saving and I will show you a million Nigerians who have money saved in the banks and are still renting the houses that the Millionaires and billionaires build through the poor people savings which the rich borrowed from a bank.

*#ThinkInvestment


very informative... thanks

1 Like

Re: AMCON Releases Names Of 105 Persons Who Owe N906b by artunbi(m): 4:38pm On Oct 22, 2018
God nah only your hand we dey for naija,why we no go enter recession with all this ?
Re: AMCON Releases Names Of 105 Persons Who Owe N906b by spearszed: 5:23pm On Oct 22, 2018
We all have seen where people, usually poor people, are being hassled for debt they owe. They run from their house, hide from it. Get scared whenever they hear someone coming. They turn-off their phones and live like ghosts all in an attempt to hide from their creditors. Such scenes make owing debts seem like a very unfortunate predicament that brings shame and humiliation, stripping the individual of all dignity. It’s hard which is more indignifying between begging and owing.

Like I noted earlier, this is usually common among poor debtors. Not that rich people do not owe debt, actually, they owe even more, staggering amounts. You know what they say, big man big trouble. I don’t know how well this applies in debt. A person who commands a minimal level of wealth or affluence may be hassled by banks or Police or have their properties foreclosed. But at a higher level up the ladder of fame and affluence, you see that people on that pedestrian are “pampered” for their debits. They go on and accumulate so much debt and when things become dire, government even comes to their rescue by bailing them out with supply of funds. No drama, no shame. It’s almost as if the wealthier a person is, the more indifferent they are to owing debt. Apparently, the shame and embarrassment that comes upon the poor debtor is not (also) accorded to the rich one.

People used to say that there is a curse that follows people who borrow money from Banks. They say no matter how hard the individual tries, they are usually unable to pay up the loan and its interests, thereby losing their property which was used as collateral to foreclosure. Not to undermine the potency of curses, but different factors undermine the viability of a business(idea), more especially in our Nigerian environment. And when these factors come into play, they undermine the take-off or success of the business(idea), thereby leading to its struggle or eventual collapse. Hence the owner’s inability to pay up the loan borrowed for its set-up.

A report by AMCON(Asset Management Corporation of Nigeria) says that just 350 Nigerians owe the company 4.3 trillion of its 5.4 trillion debt. Some time ago, the Central bank of Nigeria released the names of the country’s highest debtors and the list was shocking as it featured the names and companies of very reputable people in our society. People may have thought that the wealth of these affluent people comes from profits and success, not knowing, they are living off borrowed money.

Not just individuals owe, companies, governments (LGs, States, Federal) all incur debts too. Regardless, a debit is a debt and is an embarrassment to the debtor, or should be whether the debtor is an individual, a company, a state or a country.

Most states in Nigerian owe staggering debts, if not all and as the country, our debt profile is monumental. And as a continent, it’s even more so. Like I already said, it seems the higher the debt, the more indifferent the debtors are, or seem to it.

Practically, debt means cutting into funds from your future. With the reckless abandon our Nigerian states and federal govt accumulate debt, one would wonder what would be left to spend and enjoy in the future if we mortgage all of its funds today. Currently, 24% our national budget goes into debt servicing. And ironically, the budget is running on deficit already, ie, we are going to borrow to run our costs and borrow to pay our debts too. In 2017, 2.014 trillion was voted for debt servicing. This year, 2.01 trillion of the 9.12 trillion in the national budget is to go to debt servicing.

One would then wonder when the vicious cycle of indebtedness would end, both for our country and our continent. In the event we become a progressive nation, a portion of our progress would be sunk into paying up the debts amassed over the years. This one fact has kept Nigeria and most African countries in an unprogressive rut.

A pop-star Bono of the U2 fame in the 90s was moved by the poverty,hunger and famine that plagued and still plagues some African countries. In the benevolence of his heart, he rallied his rich friends round and they organized concerts to raise funds to aid the impoverished and dying Africans. Is effort was a great success as at some point he was able to raise $200 million. A staggering amount in today’s world, more so in the 90s. Yet, even after the money was expended(judiciously), the poverty, hunger and feminine remained. A little research revealed that these African countries cough out amount that same amount in debt repayment in one week only. This led Bono to begin his debt cancellation campaign which has achieved great success since it began. But with African countries(and debt), it seems “great success” is hardly enough.
Re: AMCON Releases Names Of 105 Persons Who Owe N906b by spearszed: 5:23pm On Oct 22, 2018
One of the highlights of Fmr. President Obansanjo’s presidency was his debt cancellation crusade and its success. Twenty years down the line, Nigeria has (easily) rebuilt the high debt profile and more debt keeps mounting. The same reality is seen across different states.

Just as the “curse of bank loans” make the debtors to unable to pay up their debts, so also with Nations. Keep in mind that Nigeria as a Nation has been unable to harness its resources and manage its finances. How then do they propose to earn enough money to pay back all the debits they amass?

In defence of Nigerians burdening debt profile, protagonists maintain that Nigeria has a relatively low debt profile, both in African and among other countries of the word. As leading nations such as the United States, United Kingdom and France taking the lead in high debt profile. We must not be too confident in this, these highly indebted economies have (relatively) thriving economies with considerable GDP. Economies that have turned many of their endeavours to billion-dollar industries; entertainment,mining,manufacturing,import and export,food,fashion,etc.But what do we have; poor electricity supply that cripples production and manufacturing, multiple taxation that discourage business, high eve of insecurity that scare investors, bad roads that hinders smooth transportation and corruption that amplifies them all.

Nonetheless, an over $15 billion dollar external debt status is worthy of (great) concern. The irony of it all is that most of the monies borrowed gets looted, smuggled out of the country were at best, they are saved(to the benefit of the host country) but typically they are plunged away in lavish expenses(still at the benefit of the host countries.

One would wonder, if the debt-shame that comes on poor debtors exists for poor indebted Nations, Nigerians would have more reasons to bury their heads in shame at the international front. Our reputation has already been tainted by fraud, human right abuse, insurgence, terror, corruption, and a further weigh down by debt. There is this joke about someone owing another person some money and whenever the creditor spots the debtor making luxurious expenses, he confronts him, mocking him for indulging in luxuries when he(or she) has unsettled debts. The fear of such embarrassment makes the debtor to either stop purchasing expensive, luxurious items, or to work hard and clear up the debts.

One would wonder if our international creditors look at us that way. With our embarrassing debt profile, we still have (one of) the highest paid legislators in the world. Our elected officials still accord themselves the good life on the account of the government. They still fly first class and lodge in most expensive hotels, ride in long motorcades, use latest models of cars and enjoy many other luxuries even the creditor-nations do not indulge themselves. All off the account of a nation, state that is overburdened in debt at the full glare of our creditors.

Among other things, our rising debt profile calls for the need to elect visionary leaders who are concerned about solving the problems of today and more importantly, leaders who invested in building a better tomorrow and not pillaging it today by mortgaging it in debt, leaders who know how best to manage what we have; natural resources and human resources alike.

2 Likes

Re: AMCON Releases Names Of 105 Persons Who Owe N906b by Ugosample(m): 6:55pm On Oct 22, 2018
Vested:


We are on the same path but I wanted to stress that it's a little bit of here and there.

You're both not wrong. However, none of the extremes you and Ugosample stated are independent of each other. They become one and the same since Government funds are used to bail out the troubled bank.

That is the reason why when a troubled bank is bailed, the managers/directors of the bank as well as the managers/directors of the defaulting companies are usually investigated and prosecuted where necessary.

yea


Banks are NOT public assets

Well until the govt takes over the bank in its entirety, not "bailing" the banks alone

That is what I want the other guy to know
Re: AMCON Releases Names Of 105 Persons Who Owe N906b by Ugosample(m): 6:58pm On Oct 22, 2018
spearszed:
One of the highlights of Fmr. President Obansanjo’s presidency was his debt cancellation crusade and its success. Twenty years down the line, Nigeria has (easily) rebuilt the high debt profile and more debt keeps mounting. The same reality is seen across different states.

Just as the “curse of bank loans” make the debtors to unable to pay up their debts, so also with Nations. Keep in mind that Nigeria as a Nation has been unable to harness its resources and manage its finances. How then do they propose to earn enough money to pay back all the debits they amass?

In defence of Nigerians burdening debt profile, protagonists maintain that Nigeria has a relatively low debt profile, both in African and among other countries of the word. As leading nations such as the United States, United Kingdom and France taking the lead in high debt profile. We must not be too confident in this, these highly indebted economies have (relatively) thriving economies with considerable GDP. Economies that have turned many of their endeavours to billion-dollar industries; entertainment,mining,manufacturing,import and export,food,fashion,etc.But what do we have; poor electricity supply that cripples production and manufacturing, multiple taxation that discourage business, high eve of insecurity that scare investors, bad roads that hinders smooth transportation and corruption that amplifies them all.

Nonetheless, an over $15 billion dollar external debt status is worthy of (great) concern. The irony of it all is that most of the monies borrowed gets looted, smuggled out of the country were at best, they are saved(to the benefit of the host country) but typically they are plunged away in lavish expenses(still at the benefit of the host countries.

One would wonder, if the debt-shame that comes on poor debtors exists for poor indebted Nations, Nigerians would have more reasons to bury their heads in shame at the international front. Our reputation has already been tainted by fraud, human right abuse, insurgence, terror, corruption, and a further weigh down by debt. There is this joke about someone owing another person some money and whenever the creditor spots the debtor making luxurious expenses, he confronts him, mocking him for indulging in luxuries when he(or she) has unsettled debts. The fear of such embarrassment makes the debtor to either stop purchasing expensive, luxurious items, or to work hard and clear up the debts.

One would wonder if our international creditors look at us that way. With our embarrassing debt profile, we still have (one of) the highest paid legislators in the world. Our elected officials still accord themselves the good life on the account of the government. They still fly first class and lodge in most expensive hotels, ride in long motorcades, use latest models of cars and enjoy many other luxuries even the creditor-nations do not indulge themselves. All off the account of a nation, state that is overburdened in debt at the full glare of our creditors.

Among other things, our rising debt profile calls for the need to elect visionary leaders who are concerned about solving the problems of today and more importantly, leaders who invested in building a better tomorrow and not pillaging it today by mortgaging it in debt, leaders who know how best to manage what we have; natural resources and human resources alike.

it's a big shame really


African countries in general taking loans that will impact little on the people, while at the same time increasing the debt burden

1 Like

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