kulutempa:

That, sir, is the Nigerian problem in a nutshell: Individual ability, collective stupidity.

ADint:

Perhaps you want to go over what I wrote again. - The bank will own the license, but get an operator to run it. "The licenses cost $285m which they could have easily raised, it would then simply be a case of bringing in a competent operator/investor to run the business. ".

Banks in most of developed world own a good chunk of the businesses/industries in those economies, albeit indirectly. Which is why they are such behemoths and are able to declare such huge turnovers and profits, because they are directly partaking in the success of virtually all the businesses within and even outside their domain! 

Reference:


No Volvo, no one is Mr. Babalakin of issues here. Yes, he is one rotten con man, seeking to reap where he did not sow. Bad, bad man but we have not created alternatives for ourselves. We remain a nation where people seek individual advantage. We have no corporate structure. We are unable to do basic things for ourselves. If those who claim to rule over us seek only of themselves must everyone follow this model. I repeat a single defaulter does not make a business un-viable. None of those distressed banks was brought down by a single individual or a single investment. Even CBN won't permit that level of risk but why is it so hard to move forward.

If like a poster rightly affirmed banks have tried to take over MM2 and have bee prevented because of government corruption the that's where the problem lies, government. So we should be moving away from them rather and seeking alternatives rather than cozing up and depending on them. Dunno you but as we speak these same government and its corrupt operatives are raising their wages and paying for it with our taxes and collective wealth. Will everyone enjoy this raise, no but everyone will feel its negative impact - that is less and less money to provide infrastructure.

Why is it that Nigerians only excel in things that only personally benefit them. Zenith bank has done up the street in V.I. around its corporate hq. for which there's no benefit. Why can't it provide funds for the even much more along the expressway for which tolls can be paid and revenues generated. I don't get it. We Nigerians sometimes behave like the battered housewife that returns time and time again to her abuser. When are we going to get it that since government has seen we can provide ourselves with electricity, water, security and the lot they expect a natural progression to roads as well. Or when will we get it that it is better for a hundred people to gather together and buy themselves a 100 kva generator than purchase one unit 'I pass my neighbour' each.

gbengaijot:

reading some individuals comment on Nairaland makes me cringe. Shows how uninformed some are.

Before you post or insult please always use google to search for information or better still try things out yourself.

1. Before he won the bid, he would have a proof of agreement with banks to lend money

2. It was after the contract came that they stalled investing the funds (they did lot of meetings and the bank reneged on their promise; contract; agreeement)

3. No millionaire sponsors project with their money. They use banks. Thats the essence of banks

4. Nigerian banks are myopic in their lending structure. In the UK, you can get a £25,000 loan spread over 5 years. In Nigeria, no bank will lend you 1 million over a 2 year period.

If you doubt me, take your small business proposal (an already existing biz o) to the bank where you have some money. Ask them for a 1 million Naira loan and see if they'll give it to you.

The bank should have just asked the Government to GUARANTEE the loan, if they are scared that babalakin will not pay back.

That is what the UK govt did recently, (i understand that we are two different nations, but i mean, banking is same everywhere, isnt it?)


Now, can anyone tell me how we can have more jobs, when we are allowing foreign institutions to invest in our country because local banks cannot get their "sogundogoji" (turn 20 to 40 instantly) returns within 1 year.

gbengaijot:

reading some individuals comment on Nairaland makes me cringe. Shows how uninformed some are.

Before you post or insult please always use google to search for information or better still try things out yourself.

1. Before he won the bid, he would have a proof of agreement with banks to lend money

2. It was after the contract came that they stalled investing the funds (they did lot of meetings and the bank reneged on their promise; contract; agreeement)

3. No millionaire sponsors project with their money. They use banks. Thats the essence of banks

4. Nigerian banks are myopic in their lending structure. In the UK, you can get a £25,000 loan spread over 5 years. In Nigeria, no bank will lend you 1 million over a 2 year period.

If you doubt me, take your small business proposal (an already existing biz o) to the bank where you have some money. Ask them for a 1 million Naira loan and see if they'll give it to you.

The bank should have just asked the Government to GUARANTEE the loan, if they are scared that babalakin will not pay back.

That is what the UK govt did recently, (i understand that we are two different nations, but i mean, banking is same everywhere, isnt it?)


Now, can anyone tell me how we can have more jobs, when we are allowing foreign institutions to invest in our country because local banks cannot get their "sogundogoji" (turn 20 to 40 instantly) returns within 1 year.

kurus:

This Babalakin guy is a MORONIC imbe-cile!!!   The highway already has 3 lanes and he is saying they will make it three lanes?

Na who him dey call mugun?

He wants to do the Tinubu Lekki-Epe expressway 419 on this road abi?

God will punish not just babalakin but ALL the religious political opportunists, aka billionaires pastors.

When they steal money, we never hear anything but when they are failing in their duties, they will run to one church or the other.

Nigeria awaits its own Nebuchadnezzar!!!

hispy99:

If they own the license and get an operator to run it, the bank still effectively owns the telecom business.  The bank has to consolidate the telecom's financials with its own, all the bank is doing is paying someone to manage it.  It's a different thing if the bank finances the license for someone else.  Once the name on the telecom license says Bank A, then Bank A own the telecom business. 

Banks in most developed countries lend to businesses/industries, they don't own them (except of course the borrower defaults), which is what  would happen if a bank directly owns the operating telecom license. I am yet to find a bank in developed country that operates this model.

kurus:

Se omo yoruba ni e?

Eyah, pele o. Ma binu.

O ti bu mi ni ibikan tele lo je ki emi na ko fun e pada.

Mama yaju si eyan mo, so ti gbo mi?

kurus:

tpia,

you must be so miserable that you pick up a guy on NL and so starved of attention that he takes you home. You must be so sex starved that he asks you to sleep with him and all your to-to brain can think of is that you're finally getting laid.

he didn't give it to you once though. Again and again, and then you pay a RANSOM to resuce yourself.

Karma is sweet, aint it?


You dey curse yourself abi?

Dem say you wan marry? Who is the unlucky guy? Did you check this time around to make sure he has not posted any sex video online as well?

If you like yourself, just keep quite, otherwise I will say more oooo.

kurus:

tpia@

didn't you sleep with some guy on NL who ended up blackmailing you for money? Keep shut in this matter!

kurus:

Y U DEY CURSE YOURSELF? Be careful this ugly fat gurl. Your Bottom is so starved you pick guys up on NL abi? that you picked up a blackmailer, who recorded your sorry Bottom on video shows how bad you wanted to get laid and didnt think to be wary of a one night stand!

ADint:

They do - through SPVs. These show up on their books as Investments and investment income or similar.