ogatboy:


First he did not make the claim that $20 million was now $100 million, the statement was attributed to Soludo which he debunked. It could have been one of his supporters or even an opposition. When campaign starts, we will scrutinize everyone. I hope Atiku and Tinubu would be able to defend their wealth and time in government.

I just read this clarification for it.

That interview was from 2018 and INTBREW shares were trading at N58.69 per share, 11X what it is worth today and Anambra's stake was valued at over $98M at N300/$ exchange rate.

It's not Obi's fault that Buharinomics destroyed the economy.

Bonesbreaker:
you don win oh! witch done chop breakfast taaaah!!! Three posah 4 u oya! Posah! Posah!!posah!!! Confirm correct bobo drinks on my bill jor

Yes ooo
Seun did it. He is fairer than all the modes

shigishege:
oga who ask him to dey keep money anyhow without utilising them on tangible things. Na so him mate they do?? Lagos governors for they keep development money without using them for development una for dey run come Lagos in batches today?

This is why Nigeria is neck deep in debt today. Same people that were clamoring for Ngozi Okonjo Iweala to share Excess crude funds have all ran to APC to criticise the wasteful years of PDP. Same people will jump to the next ruling party to continue the loot and blame APC for borrowing away our future.

Dem dey borrow to pay salary now. Tomorrow nobody will give us loan, then e go clear everybody for eye.

IamFINESSE:


I have always known you and your mods to be very biased, it's not a great investment because it's Peter Obi and not Tinubu, they don bash you commot from Twitter where you were twitting rubbish thinking it's your nairaland, what investment did tinubu made while incharge of Lagos state, rather than signing bills that will continue to put Lagos money into his personal pocket, stealing Lagos money with alpha beta, tribalistic and religious bigots

Na him put this for front page. He has his own mind. Seun fit change tomorrow for Peter. it is about business bruh. Leave him alone

Freethinker87:


The claim is true. That claim was based on an interview Peter Obi had with Arise TV in 2018. It is not a recent interview. Here is the link to the interview. Please note the date.


https://www.youtube.com/watch?v=tfxiZBzfoyU

At the time, INTBREW was trading at N58.69 and the Naira was trading at N300 against the dollar. If you put the numbers in, Anambra's 4.7% stake in INTBREW was worth a little over $98M. Do your own research.

Even in 2018 and yearly, the company was drawing in losses and debt.

Painting rosy pictures and deceptions can not hide obvious sad economic realities, very soon, that company will pack up because they can not sustain continued yearly loses.

shigishege:
the asnwer is because of the clear economic plan and aggressive follow up that has been made right from when democracy started couple with an enabling and peaceful environment for business to be established and grow.

For example,
1. During obasanjo regime, when. Tinubu was the governor, Lagos State government funds were withheld. But hwile your own governor Jeep on hidding money, Tinubu kept on developing Lagos, without federal government input and also lay down a clear economic and development plans for future Lagos.

2. You can testify to Yoruba peaceful coexistence with outsiders in thier own (Yoruba) land. Even in the face of provocation from desident jews calling Lagos a no man's land, we Yoruba still love you guys and take you as our sons and daughters.

This is why you can never live in you war turn relegated region today, that all your life is relied and dependent on Lagos State.

All your explanation centered on tinubu but u forot that lagos long existed before tinubu became the governor also u for got about the Portuguese and the British who came through that channel and later developed lagos. Most of the structures built far back was done by the colonial masters. Take for instance eko atlantic and the rest of them. Lagos grow fast cos its been the economic hub for nigeria as a whole.

Also murtala mohammed made lagos federal capital territory before sani abacha transferred it to abuja. So lagos was already doing well before tinubu came in. As of today even if lagos receives no allocation they will still do well.

Do you know the amount money for blue line project?.. about 1.5billion dollars but did you know the contract the chinese company had with lagos state was 286million dollars. So where's the remaining 1.2billion. the rail line cant even carry heavy load and the sad part is nobody is talking about it.

Seun:
Peter Obi's supporters had claimed that his investment grew in dollar value, so that justifies debunking the claim based on the dollar value. However, there is value in continuing the debate so there's no reason why we shouldn't feature this thread also. It still doesn't look like a great investment to me though.

I joined this forum in 2007, but these Obi supporters are becoming menace to this forum, there is need for proper censoring of their vulgar languages

omohayek:

I think you've actually bent too far backwards here in your attempt to be "fair" to the Obi worshippers, by letting this empty shell of a "debunking" reach the first page. The OP's write-up in no way "debunks" the original claim by Obi, which is that a USD $5 million investment of public money he made was now worth USD $100 million - a claim in which the exchange value of the Naira plays absolutely no role whatsoever.

It would be one thing if Obi hadn't said anything in the first place, and people just started attacking him out of the blue, but that isn't what happened: he chose to make the claim about turning USD $5 million into USD $100 million, a claim he must have known to be a lie. Obi made the claim anyway, safe in the knowledge that his uncritical followers would magnify it ad nauseum on social media, without once stopping to ask themselves what the evidence behind it was. Peter Obi is a liar and (at best) a tax-dodging law-breaker who was exposed by the Pandora Papers investigation, and no amount of noise-making or threats by those pushing lies on his behalf online will succeed in repacking this politician without core principles or even a policy platform close to smelling Aso Rock.

Let me quote my friend freethinkers

That interview was from 2018 and INTBREW shares were trading at N58.69 per share, 11X what it is worth today and Anambra's stake was valued at over $98M at N300/$ exchange rate.

It's not Obi's fault that Buharinomics destroyed the economy.

and see his diagram. be calming down. Obi does not lie.

Bonesbreaker:
If this ever hit front page make witch chop breakfast

Na 3 course meal witch chop o!

Uniportadmision:


That was from a quote in an interview by Peter Obi in 2018. The market price was around 20 - 30 naira per share I think, dollar rate was low too then. The claim was actually correct as at that moment. Some people are just trying to be clever and manipulative with this by trending an old quote, then debunk the claims and make his campaign look stupid.

You are correct. This is what freethinkers said which I believe

Freethinker87:


No, it's true. That interview was from 2018 and INTBREW shares were trading at N58.69 per share, 11X what it is worth today and Anambra's stake was valued at over $98M at N300/$ exchange rate.

It's not Obi's fault that Buharinomics destroyed the economy.

ogatboy:


You're holding claim to this debt. I agree it was there but what was he supposed to do?? Besides if the present governor felt he couldn't pay up, he could have cancelled because the projects were not delivered. You also forget he was left huge amount of debts and he did not complain. He made a true and verifiable statement. He was not owing any debt for any contract that had delivered certificate.

For me he's the most trustworthy POLITICIANS

Clealry I am wasting my time with you. why did he include FG refund that he hasnt received but failed to include contracts he hasnt paid for. At least be consistent, if you are going to include cash refunds that havebnt materialised, then include contractor liabilities that havent materialised. If you are going to include bond investments that you have no access to because they havent matured, then include liabilities that havent matured. You cannot pick and choose, that is accounting fraud.

There is no doubt He inherited debt and will pas on debt to his successor, he also inherited assets and will pass on assets. Government is a continium. My contention is that he deliberately did not include the 185B debt because saying I left 75B sounds better than the truth which is he left N105 billion in net debt and liabilities as confirmed by Obiano a trained career accountant and professional banker, who knows how to prepare accounts.

There is nothing wrong with admitting your man was wrong, this is why Obi supporters have developed a reputation, it is as if admitting fault means you cant support your man. What you instead do is present yourselves a a bumch of people who dont use their brains and cant be reasoned with. I support Tinubu, he has many flaws, I wont defend it when people accuse him of this or that that I know is true. I will even admit he has plenty K-leg but upon all his K-leg, I still feel he is the better of the poor choices we have. The problem with the vast majority of you people is that you defend the indefensible.

PHIPEX:
It is you who was too lazy to research an information before w[b]riting an epistle in support of your demigod[/b] and to damage his reputation, ypu rushed to call him a liar even when you are the liar. Obi owes you no apology for granting an interview in 2018 but Nigeria poor education quality makes every one regurgitate infor without proper fact checks.

Imagine a whole news media Cable fact checking a 2018 interview with 2022 share prices and dollar price, isn't that dunce?

Which "demigod" am I supposed to have written "an epistle in support of" again? Maybe you should go back to school to learn some basic English comprehension before spewing more of your meaningless gibberish - though I suppose in doing so, you perfectly exemplify Peter Obi's fanbase of intellectually impaired, poorly educated, tribalistic hatemongers.

Seun:
Peter Obi's supporters had claimed that his investment grew in dollar value, so that justifies debunking the claim based on the dollar value. However, there is value in continuing the debate so there's no reason why we shouldn't feature this thread also. It still doesn't look like a great investment to me though.

Which of the supporters? I expected you to have quoted Peter Obi, not his supporters. Even the article in question can be refuted tomorrow by Anambra state Government as it is not an audit report.

IamFINESSE:


He is a ribalistic mf, Yorubaland disguiseing as nairaland

Not acceptable here please. Abeg, lets be civil because that vawulene will not win him over. We need all of them.

plaindealer:


Even in 2018 and yearly, the company was drawing in losses and debt.

Painting rosy pictures and deceptions can not hide obvious sad economic realities, very soon, that company will pack up because they can not sustain continued yearly loses.

Seriously? What's the correlation between a business incurring ARR loss with the value of the company.

Sir, if you cannot read a simple trading chart, don't quote me next time with your limited frontal lobe arguments. I don't do your unproductive Nairaland arguments.

casualobserver:


Clealry I am wasting my time with you. why did he include FG refund that he hasnt received but failed to include contracts he hasnt paid for. At least be consistent, if you are going to include cash refunds that havebnt materialised, then include contractor liabilities that havent materialised. If you are going to include bond investments that you have no access to because they havent matured, then include liabilities that havent matured. You cannot pick and choose, that is accounting fraud.

There is no doubt He inherited debt and will pas on debt to his successor, he also inherited assets and will pass on assets. Government is a continium. My contention is that he deliberately did not include the 185B debt because saying I left 75B sounds better than the truth which is he left N105 billion in net debt and liabilities as confirmed by Obiano a trained career accountant and professional banker, who knows how to prepare accounts.

There is nothing wrong with admitting your man was wrong, this is why Obi supporters have developed a reputation, it is as if admitting fault means you cant support your man. What you instead do is present yourselves a a bumch of people who dont use their brains and cant be reasoned with. I support Tinubu, he has many flaws, I wont defend it when people accuse him of this or that that I know is true. I will even admit he has plenty K-leg but upon all his K-leg, I still feel he is the better of the poor choices we have. The problem with the vast majority of you people is that you defend the indefensible.

I think you are trying to look for a fault. As at the time he left, the debt was not existing.

ofiko123:
Wishing all the contestants sucess in the forthcoming presidential election..

Abeg vote for Peter Obi

Funkyswagzz:


All your explanation centered on tinubu but u forot that lagos long existed before tinubu became the governor also u for got about the Portuguese and the British who came through that channel and later developed lagos. Most of the structures built far back was done by the colonial masters. Take for instance eko atlantic and the rest of them. Lagos grow fast cos its been the economic hub for nigeria as a whole.

Also murtala mohammed made lagos federal capital territory before sani abacha transferred it to abuja. So lagos was already doing well before tinubu came in. As of today even if lagos receives no allocation they will still do well.

Do you know the amount money for blue line project?.. about 1.5billion dollars but did you know the contract the chinese company had with lagos state was 286million dollars. So where's the remaining 1.2billion. the rail line cant even carry heavy load and the sad part is nobody is talking about it.

That amount no even fit cover the rail cars and trains.

I don't know why some of you lie or no dey apply common sense..

Freethinker87:


Seriously? What's the correlation between a business incurring ARR loss with the value of the company.

Sir, if you cannot read a simple trading chart, don't quote me next time with your limited frontal lobe arguments. I don't do your unproductive Nairaland arguments.

Of what relevancy is your pointless chart when you are bleeding year after year on the ground, when the same company is a few feet from the grave, even in the same 2018 that you referenced.

agabaI23:
Not acceptable here please. beg. lets be civil because that vawulene will not win him over. We need all of them.

Need who, that c.lown, no we don't need a bigot, we need well meaningful Nigerians and it's time we stop giving attention to those that doesn't deserve it

michlins:
you are not a business owner if not you should have known how important it is to have an investment. Until we have an administrator who understands the need to make money for the government without depending on crude oil and taxes,we will keep searching for revenue source.

Let me tell you something about that brewery,no matter how bad Nigeria becomes, that investment will keep spinning money because we don't stop drinking alcohol. Just imagine if any state government was able to invest in MTN when they were new in this country.

Even this present government bought 20% stake in Dangote refinery even though it is yet to be completed and we don't have our own refinary as a country. So what are you talking about?

the Jagaban of Borgu

Theman18:
But you have to remember Obi invested Anambra's money in the companies he has interests or share in,
He invested in Fidelity where he was the chairman, invested in NEXT where he has interest.
All the investments is because he has share in them, another fraudulent way to milk you lots �

At least we can account for the money invested. none is going into Peter's account.

From EkelediriBuhari

Read the article below, Tinubu as Governor facilitated the purchase in 2008 bu Lagos state government. However, in 2009 LASG sold all its shares via an unknown broker - African Development Fund Inc. (ADFI) and to an undisclosed buyer. Till today no trace or update on it. Your guess is as good as mine.

https://www.vanguardngr.com/2009/09/my-position-on-econet-shares/

Where is your 15 billion? This is a distraction though

ManirBK:

only Biafra region will vote for stingy man. South West and the Northern parts candidates are by far superior to him.
the only chance for him is to accept Kwankwaso VP slot that will suit him better.
pls ask every one why Ojukwu the father of Peter Obi never never make it pass Biafra region with your votes and support

How are you bruh? Hope you are doing great?

plaindealer:


Of what relevancy is your pointless chart when you are bleeding year after year on the ground, when the same company is a few feet from the grave, even in the same 2018 that you referenced.

UBER has never made a profit, oh they did last year, yet their stock value keeps going up
Twitter never made a profit until they sold to Elon, but it doesn't stop them from taking home $44 billion.
WeWork is a complete basket case but check where their stock is at.
Amazon, as big as they are has never made a profit yet Jeff Bezos's shares made him the 2nd richest man in the world.

I could go on and on. There is no correlation between ARR loss/gain and the value of a company's stock.

ogatboy:


I think you are trying to look for a fault. As at the time he left, the debt was not existing.

Go and tell the contractors handling the jobs.

The debt or liability exists the minute the contract is signed and provision must be made by all in the accounts. That it is not due for payment does not mean it doesn’t exist. Like I said the state was either run by quacks or the handover notes are fraudulent…pick one. This is my profession you are not in a position to argue with me.

You are clearly ignorant. Please go and speak to an accountant who can school you properly.

Ikem11:


LoL you still don't get the point do you? Who caused the inflation? The man's investment is doing so well.

Apc/ buhari government killed the local currency causing "inflation". If only you can bend down and read what @op pointed out maybe you might have little understanding how economics works .

But no you people only jump to figures and read headlines.

Us dollar is steady ....naira should be if not the bad mismanagement of the government. Reverse the naira to dollar as at 2014 then redo your math again....obi's should worth $100m he said

look at this

Freethinker87:


No, it's true. That interview was from 2018 and INTBREW shares were trading at N58.69 per share, 11X what it is worth today and Anambra's stake was valued at over $98M at N300/$ exchange rate.

It's not Obi's fault that Buharinomics destroyed the economy.

Soso990240:
We all know that they are looking for a way to blackmail him... Atiku, Sowore, Tinubu, Reno Omokri, why are they after this man? so they dont want us to have a good person as president? corruption is indeed fighting back. I pity people that will come and vote for Tinubu or Atiku.. una suffering still de do warm up. u want to vote somebody that will spend next 4 years complaining about Buhari Government. They should tell us what Tinubu invested the Billions of Naira and Millions of dollars he borrowed on.. where is the money?

He will block their free cash

agabaI23:
This implies that the finance commissioner lied or does not understand his onion? I did not do due diligence though because I took it that the government knows exactly what is current.

Firstly, I will advise you to learn how to quote someone on Nairaland. You quoted me twice and adjoined my comment to yours.

Secondly, I do not represent Obi or his appointees but from a professional POV, investment profits are not decided by research or one's level of education. Like I rightly called it a "volatile market" (that is a term that you must get accustomed to), you need to understand how it works. The market can be determined by many factors. Traders of face masks, hand sanitizers, denatured alcohol and oxygen tanks didn't see the massive profit ahead of them back in the early 2000s. Traders of stationaries and educational tools didn't imagine that two years could elapse on a free fall scale. The fashion world didn't foresee 2 years without fashion events and international shows. Event center investors didn't believe that corrosion and closure were associated with their business? It is called busi"ness" for a reason. When the market isn't busy, profit is either stalled or lost.
Let me provide a more realistic example away from business. The value of properties on Banana Island soars above the financial roof, right? Imagine that a volcanic eruption began right in the middle of the Island. Wouldn't that crash the value? Would you blame the estate valuers or call them incompetent?

Thirdly, there is no formula for success. The only suggestion is endeavor. That is what the man did. There is still a potential for growth in that business.

Lastly, in comparison to looted funds (money approved to better the lives of all Nigerians stolen by a thief for his own selfish and greedy use) , invested fund is extensively more noble, legal and credible.

Now, who has a more credible character, the man who looted or the man who invested?

If Nigeria were your company, who would you throw in jail, (the embezzler) the thief or the manager man who made less profit?

Tell yourself the truth and let sentiment hide in shame

casualobserver:


Go and tell the contractors handling the jobs.

The debt or liability exists the minute the contract is signed and provision must be made by all in the accounts. That it is not due for payment does not mean it doesn’t exist. Like I said the state was either run by quacks or the handover notes are fraudulent…pick one. This is my profession you are not in a position to argue with me.

You are clearly ignorant. Please go and speak to an accountant who can school you properly.

Sorry professional, there are conditions for every contract to receive payment. The fact you sign a contract does not guarantee you are paid for it except you fufil the conditions. As at the time the guy left office, all concluded contracts was paid for. YOu have find fault tire, you no see. Let the contractor sue him first. All of una when me nairaland professionals.

PurestBoy:


I'm 2008 set, then nairaland was filled with brilliant minds before tribalists and zazuu boys take over.
Where are these guys clemencykul, dayokanu, olawalebabs, jakumo, babyosisi, mukina2, billionaire, yuzedo, etc?

Bruh, you could hold a nice argument then. It was more fun. Mukina2 is still around sometimes.

agabaI23:
You want this deceptive narrative to go on and it has been demolished

Bad investment. How I wished Obi Pandora was given the opportunity to become governor in Anambra state, maybe Onitsha, Awka and Nnewi would have been like Singapore, Tokyo and Dubai today

agabaI23:
Peter Obi Invested N1.96 billion and the value now is N2.24 billion (Picture)

Response to “Peter Obi's $12.24 m Investment In Breweries Now Worth $5.38 m
https://www.nairaland.com/7189779/peter-obis-12.24m-investment-breweries#114025775

I read through the article titled “Peter Obi's $12.24m Investment In Breweries Now Worth $5.38m” and I saw a desperate attempt to find something negative on Peter Obi’s past. The writer obviously did not think through the implication of his deceptive title. Because there is no tangible thing to use again Peter, he had to exploit the outcome of fiscal policy and economic failure of Buhari’s administration to craft a title that the BMC crew will feast on. Obviously the BMC crew do not have the mind of their own and cannot think for themselves. Otherwise they would have understood the implication of the intellectual yahoo-yahoo displayed by the author of that article.

To put the record straight, N1.96 billion was invested and N2.24B (CBN) or (N3.28B) black market is the value today. There was no loss whichever way you want to look at it. it is disingenuous to report the values in dollars while you talk about Tinubu’s forced investment in Naira. ( https://technext.ng/2022/06/02/did-bola-tinubu-bring-econet-nigeria-2001/)
In fact, you have to praise Peter for investing a company that did not go bankrupt under Buhari’s administration.

Dangote, the richest man in Africa had a net worth of $7bn as at April, 2016 as against $25bn he was worth in 2014. (https://nairametrics.com/2020/04/16/aliko-dangote-and-his-slide-from-25-billion-to-7-billion/). That was an $18bn or 72% loss incurred under Buhari’s body language induced recession. Tinubu told us he single-handedly made Buhari Nigeria’s president. Even now, with Federal governments push such as selective opening of the land bother to allow him export his products, Dangote is yet recover. His current Net is still $14.2 billion.

Going by Dangote’s experience, we now know that the company lost at least 72% of its equity value. Because we do not know the profit made as at 2014, we shall work with the investment capital which was $12.24 million. Assuming there was no growth, losing 72% means $8.81 million was lost. So as at April, 2016, the value of the investment was $3.43 million. This company has without any government’s incentive grown the $3.43 million by $1.95 million to get $5.38 million. That is 36% growth in 6 years under Buhari’s hash economy. That tells you that Peter is an investor and wealth creator.

The writer of the article actually shot Buhari and Tinubu(Buhari’s Godfather) on the back because he just highlighted the damage Buhari has done to our economy.

Stop being clever by half. The black market rate shouldn't be used to calculate the value of investment when you used official rate initially, black market isn't used for official calculations

2) Even at that the ROI is less than 8% per annum, that is daylight robbery because fixing the money would have done 2.5times that value.

Obi robbed the state blind with this Yahoo investment

3) If the investment was in rice mills or local agricultural sector, apart from the employment that would have been generated, the ROI would have been more same for tax and revenue for the state.
Same result if it was even done in construction of houses for sale in GRA or even in the educational sector.

This investment was a result of crooked thinking and lack of foresight

Lagos had a similar investment of #4bn in econet but few years after it appreciated to $19bn, it was removed to fund the Lagos State Teaching Hospital, which today gets referrals from even FG teaching hospitals, part was used as counterpart funding for LAMATA which gave rise to BRT buses still being enjoyed till today.


The difference in the 2 scenario is the quality if thinking if Asiwaju and Peter Obi