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N3.6 Billion Debt: AMCON Takes Over Bao Yao Firms In Abuja & Calabar - Business (2) - Nairaland

Nairaland Forum / Nairaland / General / Business / N3.6 Billion Debt: AMCON Takes Over Bao Yao Firms In Abuja & Calabar (19577 Views)

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Re: N3.6 Billion Debt: AMCON Takes Over Bao Yao Firms In Abuja & Calabar by Oritsewhandey(m): 6:55pm On Aug 04, 2019
Remimadrid:
What about Ifeanyi Ubah of Capital Oil, when are they going after him, or are they saving him for last.
........
Wow. You didn't understand the story??
AMCON deals with PUBLIC ASSETS.
Ifeanyi Ubah's own is PRIVATE.
Oh my God!
No wonder many strayed comments, abound on NL.

2 Likes

Re: N3.6 Billion Debt: AMCON Takes Over Bao Yao Firms In Abuja & Calabar by Reference(m): 6:55pm On Aug 04, 2019
kenny714433:
Does this kind of firm even exist in Nigeria? And we still import steel? shocked

They produce mainly steel rebar from recycled steel products in limited quantities. Folks have complained about quality issues in the past. Dunno if they've been resolved. The use of recycled steel products is very dangerous if you donot know what you are doing.

1 Like

Re: N3.6 Billion Debt: AMCON Takes Over Bao Yao Firms In Abuja & Calabar by banio: 6:56pm On Aug 04, 2019
AgreatMan:
How can I borrow 2Billion too from AMCON? I wan take am do something

Anybody with useful info should PM. We share 50/50 and don't worry, the debt will be in my name.


The only way is to know somebody that knows someone that knows somebody that knows someone that knows somebody that knows someone that knows somebody that knows someone that knows somebody that knows someone that knows somebody that knows someone that knows somebody

2 Likes

Re: N3.6 Billion Debt: AMCON Takes Over Bao Yao Firms In Abuja & Calabar by Reference(m): 6:59pm On Aug 04, 2019
AgreatMan:
How can I borrow 2Billion too from AMCON? I wan take am do something

Anybody with useful info should PM. We share 50/50 and don't worry, the debt will be in my name.

I don't understand how you can borrow from AMCON. AMCON is not a financial services provider.
Re: N3.6 Billion Debt: AMCON Takes Over Bao Yao Firms In Abuja & Calabar by Cherrybae(f): 7:02pm On Aug 04, 2019
Because the company is owned by a Northerner. What about Ifeanyi Ubah and capital oil.

What about Barth Nnaji and his company. What about Innoson. I totally condemn this order , I condemn it, I condemn it.

If it were to be an igbo company, they will flood nairaland shouting witch hunting.

Rubbish
Re: N3.6 Billion Debt: AMCON Takes Over Bao Yao Firms In Abuja & Calabar by Lugianostar(m): 7:02pm On Aug 04, 2019
On a serious not i must say business has been very unprofitable ever since the current administration came on board as we should be frank to ourselves without politicizing the write up as am not a member of any political party but i fan good governance that is people oriented in terms of policies and their safety.

Many establishment are closed down with excessive skyrocketed debt that most of them layoff their staffs anytime to see how they can balance the equation but still the problem is still there.

I travel last year on a business trip to Lagos and to my greatest surprise the guy who we are suppose to partner together to get some contract ask me for cash for the family upkeep and the guy was doing well before and nothing was working there and after some weeks he can't even afford the cash to give me so as to journey down to Calabar until be place his car on sell to sort me out and to pay his children school fees.

We ought to make accurate business policies to avoid unneccessary backlogs of debts that might look slim to salvage the business from collapsing completely.

God will help us

4 Likes

Re: N3.6 Billion Debt: AMCON Takes Over Bao Yao Firms In Abuja & Calabar by saajus: 7:04pm On Aug 04, 2019
AMCON is not bank.
Let me teach you what our Billionaires do;
Step 1: Become a Billionaire first and start doing some fake charities so that you can be popular
Step 2: Borrow Billions from banks through your business.
Step 3: Divert the loan to your personal account by contracts inflation. Nobody is checking in Nigeria
Step 4: Refuse to pay your loan back. AMCON will drag you and the worst they can do is to sell you business properties which is far less than what you've diverted to your personal account. Under law, your personal account will not be touched if the loan was gotten through registered business. Some even use the diverted cash to start another business using their Children's name.

The rich are getting richer, the poor are getting poorer. This is not only happening in Nigeria, it's happening everywhere around the world. Even, the richest man in the world is not paying taxes. That's why we need to get educated on how money works.

AgreatMan:
How can I borrow 2Billion too from AMCON? I wan take am do something

Anybody with useful info should PM. We share 50/50 and don't worry, the debt will be in my name.

4 Likes

Re: N3.6 Billion Debt: AMCON Takes Over Bao Yao Firms In Abuja & Calabar by azikiweironsi(m): 7:09pm On Aug 04, 2019
Deejah123:
hmmmm
Meaning ? Won't you contribute to the issue on ground? Please say something joor.
Re: N3.6 Billion Debt: AMCON Takes Over Bao Yao Firms In Abuja & Calabar by Paulo3ree(m): 7:10pm On Aug 04, 2019
Remimadrid:
What about Ifeanyi Ubah of Capital Oil, when are they going after him, or are they saving him for last.
Foolishly unreviewable pattern of governance is even the reason y most youths you know have not gotten job, y not look into what have made them not to meet up then sensitize/train them and also alleviate their financial burden so they could keep on creating jobs for the masses @the same time satisfy IGR

1 Like

Re: N3.6 Billion Debt: AMCON Takes Over Bao Yao Firms In Abuja & Calabar by kayusely70(m): 7:34pm On Aug 04, 2019
All debtors must be forced to pay without sparing anybody.
Re: N3.6 Billion Debt: AMCON Takes Over Bao Yao Firms In Abuja & Calabar by Nobody: 7:40pm On Aug 04, 2019
simonlee:

If they touch him now, Igbos will consider it Fulani witch-hunt on eastern business men!
they're still cooking his soup in Aso rock! grin

Shatap, Ifeanyi Uba should face the music. They should descend heavily on him first, seize his assets and kick him out of the senate.

We don’t support fraudsters, 419ers and yahoo businessmen and politicians like Ifeanyi Uba and Rochas Okorocha.

Coscharis warned everyone, that man like Rochas would swallow all the money meant for his constituency.

1 Like

Re: N3.6 Billion Debt: AMCON Takes Over Bao Yao Firms In Abuja & Calabar by chloride6: 8:03pm On Aug 04, 2019
Oritsewhandey:

........
Wow. You didn't understand the story??
AMCON deals with PUBLIC ASSETS.
Ifeanyi Ubah's own is PRIVATE.
Oh my God!
No wonder many strayed comments, abound on NL.

Lol, it's you who got it wrong.

When you go to a bank to borrow money say 100m and you can't pay, the bank will impair it and sell it at a discount say N35m to AMCON. Then you owe AMCON money. And they will seize your assets if you dont pay up.

2 Likes

Re: N3.6 Billion Debt: AMCON Takes Over Bao Yao Firms In Abuja & Calabar by isaacsegun(m): 9:12pm On Aug 04, 2019
AgreatMan:
How can I borrow 2Billion too from AMCON? I wan take am do something

Anybody with useful info should PM. We share 50/50 and don't worry, the debt will be in my name.
abeg you go fit share 10%with me?
Re: N3.6 Billion Debt: AMCON Takes Over Bao Yao Firms In Abuja & Calabar by bendike: 11:55pm On Aug 04, 2019
simonlee:

If they touch him now, Igbos will consider it Fulani witch-hunt on eastern business men!
they're still cooking his soup in Aso rock! grin
I heard ifeanyi ubas company, capital oil is of strategic national importance. I understand it has the largest ship berthing facility along with tank farms. It also has the capacity to load the most fuel tankers at once. If the company is tampered with, we will have fuel shortages in the country hence it must be handled with care.

1 Like

Re: N3.6 Billion Debt: AMCON Takes Over Bao Yao Firms In Abuja & Calabar by bendike: 12:03am On Aug 05, 2019
Lugianostar:
On a serious not i must say business has been very unprofitable ever since the current administration came on board as we should be frank to ourselves without politicizing the write up as am not a member of any political party but i fan good governance that is people oriented in terms of policies and their safety.

Many establishment are closed down with excessive skyrocketed debt that most of them layoff their staffs anytime to see how they can balance the equation but still the problem is still there.

I travel last year on a business trip to Lagos and to my greatest surprise the guy who we are suppose to partner together to get some contract ask me for cash for the family upkeep and the guy was doing well before and nothing was working there and after some weeks he can't even afford the cash to give me so as to journey down to Calabar until be place his car on sell to sort me out and to pay his children school fees.

We ought to make accurate business policies to avoid unneccessary backlogs of debts that might look slim to salvage the business from collapsing completely.

God will help us
I feel you. Even with the interest rates the banks offer along with unfavorable government policies lots of businesses that take loans default. Besides a lot of big businesses that took loans from our banks domiciled in usd etc might not be able to pay back because of the devaluation of the naira over the past 4 years.
What about companies that took loans to service government contracts and it took years for them to get paid if paid at all? Meanwhile interest continues to count? At the end of the day the same government through amcon comes to seize their assets.

1 Like

Re: N3.6 Billion Debt: AMCON Takes Over Bao Yao Firms In Abuja & Calabar by corperdonga: 5:07am On Aug 05, 2019
Cherrybae:
Because the company is owned by a Northerner. What about Ifeanyi Ubah and capital oil.

What about Barth Nnaji and his company. What about Innoson. I totally condemn this order , I condemn it, I condemn it.

If it were to be an igbo company, they will flood nairaland shouting witch hunting.

Rubbish

Too much bitterness about Igbos. Your main reason of joining nairaland to preach hate speech on Igbos. Nigeria will not divide. Stop beating war drums.

1 Like

Re: N3.6 Billion Debt: AMCON Takes Over Bao Yao Firms In Abuja & Calabar by sayisayi(m): 11:32pm On Aug 05, 2019
corperdonga:


Too much bitterness about Igbos. Your main reason of joining nairaland to preach hate speech on Igbos. Nigeria will not divide. Stop beating war drums.

No mind am. Her brain has been highjacked by illiteracy. Only things that make her happy is writing trash or deep throaaating Usman.

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