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Oyedepo: Wealthy People With ₦1bn Worth, But Owing Banks ₦10bn Are Stupid - Religion - Nairaland

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Oyedepo: Wealthy People With ₦1bn Worth, But Owing Banks ₦10bn Are Stupid by 2mercy: 1:17pm On Mar 13
By: Kazeem Ugbodaga

Bishop David Oyedepo, founder, Living Faith Church Worldwide has said there are many stupid wealthy people whose net worth is N1bn but owing banks N10 billion.

Oyedepo, speaking at a mid-week communion service at Canaanland, Ogun State said there is a kind of wisdom that made one looked like they are not of this world.

“It is not found in the land of the living, there is no point going around looking for it, it can not be found in the land of the living. It is not in the philosophers, it is not with the rich, no matter how much money you amass, it is not equal to wealth.

“There are many stupid wealthy people who are owing more than they own. Your net worth is 1 billion and you are owing 10 billion. That is – 9 billion, is that wisdom? And you will be doing big boy around town but the banks know you are a small boy.

“The day they die, they may sell their wives.

Wisdom gives peace so when you say you are at peace they don’t believe you because of the pressure they are under from living above their means, buying a big car on loan. Is that life? People just do some funny things in the name of trying to be big. Such people are not in this Church,” Oyedepo said.

He added that when he is going to heaven at his old age, if Jesus tarries, there would be a curse on anyone who borrowed on behalf of this Church until Jesus returns.

“You don’t have to if we got to where we are without borrowing. How dare you, where did you get it from? I am not owing any man living or dead, I am going to heaven smiling. I have not cheated anyone. Wisdom is not available in the knowledge market.

“It is like going to Ile-Epo Market looking for aircraft to buy. It’s not available. You will walk around till day break; it’s not found there, stop wasting energy. Anything you can get in this world is not in the class of divine wisdom,” he stated.

https://pmnewsnigeria.com/2022/03/11/wealthy-people-with-n1bn-worth-but-owing-banks-n10bn-are-stupid-oyedepo/

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Re: Oyedepo: Wealthy People With ₦1bn Worth, But Owing Banks ₦10bn Are Stupid by darocha1(m): 1:27pm On Mar 13
Alright. Thanks

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Re: Oyedepo: Wealthy People With ₦1bn Worth, But Owing Banks ₦10bn Are Stupid by dawnomike(m): 1:30pm On Mar 13
I think i really need to read this over again to understand better...

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Re: Oyedepo: Wealthy People With ₦1bn Worth, But Owing Banks ₦10bn Are Stupid by Amotolongbo(f): 2:58pm On Mar 13
Hmmm

Now I understand the difference between a man who borrowed loans from bank to finance his project and another one who depends on other people’s gift and offering to finance his project.
one is a risk taker while the other is an opportunist

Dangote’s worth is $14billion while the cost of Dangote’s refinery is about $19billion.

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Re: Oyedepo: Wealthy People With ₦1bn Worth, But Owing Banks ₦10bn Are Stupid by Snitch24(m): 3:09pm On Mar 13
ABigWin:
Noise
Do you mean nose?
Asin imu nose �

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Re: Oyedepo: Wealthy People With ₦1bn Worth, But Owing Banks ₦10bn Are Stupid by FalseProphet1(m): 7:15pm On Mar 13
Daddy Oyedepo is absolutely right.

If you subtract all the loans dangote is owing various banks both locally and international from his networth, dangote won't even make it to 1st 100 richest people in Africa.

This I have seen.

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Re: Oyedepo: Wealthy People With ₦1bn Worth, But Owing Banks ₦10bn Are Stupid by Elvixbeatz(m): 7:16pm On Mar 13
grin grin grin grin I don tell myself say anything way concern religion no b my business

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Re: Oyedepo: Wealthy People With ₦1bn Worth, But Owing Banks ₦10bn Are Stupid by DamnnNiggarr: 7:16pm On Mar 13
shocked

Just like USA with a GDP worth of $24 trillion(2021 estimate) but has a gross external debt of over $21 trillion.

Imagine a country that has annual expenditure of $7 trillion but with annual revenue of $3.4 trillion.

If not that Nigeria's government is not transparent, Nigeria would've been one of the richest country in the world with an annual expenditure of $30 billion and annual revenue of over $50 billion.

huptin:


Let me ask you a few questions:

1. Who is borrowing the US the money they are owing, remember it's their own dollars and they can print it?

2. If the US is the biggest shareholder in the world bank and IMF, and even in the African development bank who then is its own lender?

The US is owing mantra is a myth, it is meant to hoodwink the developing world to take their loans (dollars) which they can print anytime they so wish, and yes they do print it almost all the time.

Please read up about this scam that the US has been perpetrating all along and your perception of this life will change.
I'm not too good in economics but with the knowledge I got in eco101, 102, I can unequivocally tell you that Printing more money doesn’t increase economic output – it only increases the amount of cash circulating in the economy. If more money is printed, consumers are able to demand more goods, but if firms have still the same amount of goods, they will respond by putting up prices. In a simplified model, printing money will just cause inflation.

*Suppose an economy produces $10 million worth of goods; e.g. 1 million books at $10 each. At this time the money supply will be $10 million.

*If the government doubled the money supply, we would still have 1 million books, but people have more money. Demand for books would rise, and in response to higher demand, firms would push up prices.

*The most likely scenario is that if the money supply were doubled, we would have 1 million books sold at $20. The economy is now worth $20 million rather than $10 million. But, the number of goods is exactly the same.

*We can say that the increase in GDP is a money illusion. – True you have more money, but if everything is more expensive, you are not any better off.

*In this simple model, printing more money has made goods more expensive, but hasn’t changed the quantity of goods.

So Mr huptin, why can't Nigeria just print ₦aira to tackle Nigeria's economic mess? Nah! It doesn't work that way.
If only 20 bags of rice is produced in your location, assuming only only 5 people are able to purchase a bag at say 20k out of 100 person's due to lack of money and the government decides to print more money to be in circulation in the economy, and about 50 person's now have cash, now what will happen is that, more people now have cash and it's still 20 bags of rice that is being produced which will lead to high demand for a bag of rice.
Do you know what the producers will do? They will respond by doubling the price of a bag of rice.
I hope it's clear now.

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Re: Oyedepo: Wealthy People With ₦1bn Worth, But Owing Banks ₦10bn Are Stupid by tempest01(m): 7:16pm On Mar 13
This isn't a completely wise take from Pst Oyedepo.

In order to create wealth, you need capital.

In his area of operation there is a multitude who directly and indirectly contribute to their capital. Ordinary business people don't have that.

They need to source for capital with debt. As long as their debt to equity ratio is kept healthy, you can take that risk, take that debt and invest wisely .

Those that are not wise are those with no investments and living on stolen money still taking on Loans.

Ideally you should take loans to expand on an already working enterprise that can service the loan.

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Re: Oyedepo: Wealthy People With ₦1bn Worth, But Owing Banks ₦10bn Are Stupid by illicit(m): 7:16pm On Mar 13
The banks in heaven or earth

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Re: Oyedepo: Wealthy People With ₦1bn Worth, But Owing Banks ₦10bn Are Stupid by janedonez(m): 7:16pm On Mar 13
Opor
Re: Oyedepo: Wealthy People With ₦1bn Worth, But Owing Banks ₦10bn Are Stupid by Omooba77: 7:16pm On Mar 13

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Re: Oyedepo: Wealthy People With ₦1bn Worth, But Owing Banks ₦10bn Are Stupid by SmartPolician: 7:16pm On Mar 13
Most of us don't know that we are better than many people we consider wealthy because they live on loans from banks.

The funny thing is that the money is ours.
cheesy

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Re: Oyedepo: Wealthy People With ₦1bn Worth, But Owing Banks ₦10bn Are Stupid by almsofgold: 7:17pm On Mar 13
grin
Re: Oyedepo: Wealthy People With ₦1bn Worth, But Owing Banks ₦10bn Are Stupid by kareemkamil(m): 7:17pm On Mar 13
Lousy man

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Re: Oyedepo: Wealthy People With ₦1bn Worth, But Owing Banks ₦10bn Are Stupid by Realists(m): 7:17pm On Mar 13
Hmmm
Re: Oyedepo: Wealthy People With ₦1bn Worth, But Owing Banks ₦10bn Are Stupid by Ayemileto(m): 7:18pm On Mar 13
Amotolongbo:
Hmmm

Now I understand the difference between a man who borrowed from bank to finance his project and another one who depends on other people’s gift and offering to finance his project.

Dangote’s worth is $14billion while the cost of Dangote’s refinery is about $19billion

Based on the full article, I don't think it applies to business men (like Dangote) because they aren't doing big boy around town, and they are not using the loans to purchase liabilities. Instead, they are investing with it.




As for the cost of Dangote refinery, I don't know of banks that borrow people more money than their collateral sha. Maybe they exist and I just don't know.

But, as at when Dangote started his refinery, the cost was supposed to be $8billion (I saw it in newspapers then). I don't know if they changed the initial plan for the cost to have jumped so high, or maybe it's because of inflation.

But, I think the $19billion tag placed on the refinery might be to avoid questioning on the $3.2billion NNPC paid for 20% stake.

Let's not also forget FG sells forex to Dangote at a cheaper rate because of the refinery. So, it might as well be to get much more forex out at a cheaper rate.

What I'm saying is that, it might not cost up to the $19billion price tag. The price could have been inflated for several reasons. shocked

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Re: Oyedepo: Wealthy People With ₦1bn Worth, But Owing Banks ₦10bn Are Stupid by BigYash: 7:18pm On Mar 13
No be Bakare him dey use style talk to so?Lol..Him no lie sha.. Borrow money dey form big boy.. Nigga you are a small boy..

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Re: Oyedepo: Wealthy People With ₦1bn Worth, But Owing Banks ₦10bn Are Stupid by TalkTalkTwins(m): 7:18pm On Mar 13
Lol

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Re: Oyedepo: Wealthy People With ₦1bn Worth, But Owing Banks ₦10bn Are Stupid by obembet(f): 7:18pm On Mar 13
Na so one Andy uba I'll heritage bank... They protest, nothing come out since judiciary is dead


https://www.youtube.com/watch?v=Y_I-z9FJCdU
Re: Oyedepo: Wealthy People With ₦1bn Worth, But Owing Banks ₦10bn Are Stupid by Eriokanmi: 7:18pm On Mar 13
Simple truth. The late Billionaire, Chief Sonny Odogwu's case is a good example. After access bank sold almost all he had, including his ikoyi property, it still didn't cover his billions of naira loans.

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Re: Oyedepo: Wealthy People With ₦1bn Worth, But Owing Banks ₦10bn Are Stupid by Ochelyko1: 7:18pm On Mar 13
Amotolongbo:
Hmmm

Now I understand the difference between a man who borrowed from bank to finance his project and another one who depends on other people’s gift and offering to finance his project.

Dangote’s worth is $14billion while the cost of Dangote’s refinery is about $19billion

I like ur analogy, who borrowed is far far better than someone who milk others to become Rich.

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Re: Oyedepo: Wealthy People With ₦1bn Worth, But Owing Banks ₦10bn Are Stupid by Khaysee: 7:18pm On Mar 13
You are wise and very good with investment from your days in kaduna if you not a pastor you will definitely be a successful business man

Affordable men clothing clothing payment on delivery within lagos and nationwide delivery daily

9 Likes

Re: Oyedepo: Wealthy People With ₦1bn Worth, But Owing Banks ₦10bn Are Stupid by dododawa1: 7:18pm On Mar 13
Amotolongbo:
Hmmm

Now I understand the difference between a man who borrowed from bank to finance his project and another one who depends on other people’s gift and offering to finance his project.

Dangote’s worth is $14billion while the cost of Dangote’s refinery is about $19billion
owing -$5billion.

1 Like 1 Share

Re: Oyedepo: Wealthy People With ₦1bn Worth, But Owing Banks ₦10bn Are Stupid by Kobicove(m): 7:19pm On Mar 13
There are many people like that all over the place, they will be doing borrow-pose...showing off with things they can't really afford based on their income undecided

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Re: Oyedepo: Wealthy People With ₦1bn Worth, But Owing Banks ₦10bn Are Stupid by AngelicBeing: 7:19pm On Mar 13
Gbamsulotely cool

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