₦airaland Forum

YouTube hustlers and their annoying commentary

You have to have talent to waste it.

Juoflife1:
Let them recover their loans before shutting them down. Why will someone take a loan and not pay back? People just like ripping off others. Govt ripping citizens, citizens ripping loan companies and vice versa. To even say some debtors will be happy with this news is disgusting. Can a society develop with this kind of mentality? I think not.

The society does not need loan sharks.

In the UK, the rule of thumb is that borrowers are not required to pay back lenders who break usury laws. You can go to the UK Fair Lending Site for more details.

These lenders are illegal, do not pay tax and operate with criminal money. Consequently, they do not deserve to get paid back.

Besides, they have already made billions.

People claim Nigerians to pay back loans, how come Soko Lending kept expanding till they had 8 apps? How come the total number of Chinese Lending apps in Nigeria got to over 100?

ocelot2006:
But your contact signed up for it. Banks equally give loans with high interest rates.

It is against Nigeria's privacy laws to contact someone without the person's consent on and on.

And no, his contact may not have signed for it. Many people take these loans with fake contacts. A lot of people get these messages and don't even know the people that are being shamed.

ocelot2006:
But your contact signed up for it. Banks equally give loans with high interest rates.

Do you know what usury laws are?

Do you know what unenforceable contracts are?

I will provide some education here.

You are not allowed as a money lender to charge above defined rates. I have forgotten the exact figure for Lagos State but it is around 50% per year. These loan sharks charge that amount per week.

On the issue of contracts and terms and conditions, their terms and conditions are illegal ab initio and as such they cannot argue on the basis of it.

It's like saying because a borrower signs a contract that you can take his kidney if he fails to pay, that you can go ahead to take it. Organ harvesting is illegal and as such, that contract is illegal and unenforceable.

Loan sharks share personal information with third parties, infringe on the privacy of people who didn't take loans (this is an offence under the cybercrime act and under NITDA regulations), and shame and threaten people (also an offence under defamation laws in the criminal code). That they claim they informed customers in their terms and conditions is immaterial as those terms and conditions are illegal.

King125007:
Yes, I may have exaggerated d figure a bit, but I am sure it is close to that sir

About the education part, the minimum qualification needed to work in a loan shark company is ND, I know this because I once work with one of them back in d days

What I am trying to tell you is most youths working with them are university graduates .

For better job, it may interest you that most youths working there are actually working remotely, while doing other jobs. With a salary of up to 100k monthly. I know. A lot of people that were able to use this to gain a better life.. Male and female

What I am trying to say in a nutshell is, these people are employing lots of youths mostly Lagos where good jobs are scarce and some other parts of the country

Govt should regulate their operations and fine those caught wanting instead of killing the business totally.. That's just common sense na

Loan shark apologist spotted.

The industry is already regulated. It's your loan shark overlords who have deliberately refused to comply.

Are you aware that these loan sharks do not pay tax? Are you aware that they trap people in debt slavery and are breaking usury laws? The humongous profits they make is why they can afford to employ every man and his dog for their illegal activities.

So government should allow fly by the night operators to bring in criminal money from Chinese Triads (organised crime) because one unemployed graduate wants to get 75k monthly to be insulting people.

Can any of these so called graduates put this job on their CV? Can any of them proudly say they work for Soko Lending?

That's how dirty the job is and so the entire sector should be tossed into the thrash.

Bullet01:
Bubu blocking only means of survival of employed youths. Making life more difficult for us. I have friends who are affected by ASUU strike that borrowed from some of these loan sharks as a means of survival.

Loans are not income.

These loan sharks are illegal.

OyeofIkoTuN:
trash. .

But tompolo is seeing 4billion monthly

geddifok man

Either Tompolo gets the 4 billion or he will still 10 billion worth of oil or the navy will steal 20 billion worth of oil.

Those are the options.

BlazinGlory40:
You said one doesn’t have to win any state to be declared winner. My argument is how one can score the highest votes without winning a single state. If you like score the minimum 25% votes in all the states, if you don’t win any, you can’t win the election.

In a hypothetical situation with many candidates, it is very possible to not win any state and still have the highest votes.

It's like in secondary school. A student can come 2nd and 3rd in various subjects and come 1st overall. Infact, this happened severally in my secondary school decades ago.

My point is there is no constitutional requirement to win states (unlike the US). The requirement is to have the highest votes and score 25% in 24 states or more. Failing that, the top two candidates then do a rerun where the highest votes win (no 25% requirement this time).

Gbeng30:
I hope this tompolo won't compromise when he sees money he never see before in his life... Because when it comes to money nobody can be trusted

He has had this contract since Yaradua's time. Buhari only cancelled it initially only to renew it now when he has no other option. So, this type of money is not new for him

BlazinGlory40:
Read the last paragraph of your comment and compare it with the first. You’d see how you contradicted yourself.

How did I contradict myself?

Is getting 25% votes in a state same as winning it?

2/3 of 36 is 24.

A candidate only needs to get 25% in 24 states. The North has 19 states.

being:
U were born after 1999 abi... was Rimi candidate of any party?

Don't mind him, he is a toddler.

muykem:
Abubarka Rimi lost north to Obasanjo in 1999. Ahmed Lawan lost northern deligates votes to Tinubu. What transpired in this two scenario can still repeat itself.

Which 1999 election did Rimi lose to Obasanjo?

Obasanjo contested against Falae.

Primaries are party affairs and extremely different from general elections

Goodnigga:
I wonder how many Nigerians reason. So Elections winning in Nigeria depends just on NE & NW alone? If so, why did Buhari "Olule" for 3 times despite cult-like followers in the North that he has to partner with the South to win the fourth time. Every aspirant needs at least 25% in every state.

Buhari was heavily rigged out in 2007 and 2011.

BlazinGlory40:
If atiku doesn’t win any southern state, he won’t be declared winner. Know this and have peace.

He doesn't need to.

You don't even have to win any state to be declared winner.

The requirement is highest number of votes and 25% votes in 2/3rd of the states.

Make una carry una wahala go.

Nobody send you message to marry.

You are always going to experience interpersonal problems with people. Nairaland will not be the one to help you sort them out. I am sure you knew his behaviour before you married him. If you can't stand the heat, why are you in the kitchen?

That's if it's not a fake story sef.

Basher8583:
And where is your evidence that the government has taken their tax.
Asumptions up and down You don't even know what has transpired between both parties and you are making baseless assumptions on behalf of a country that isn't yours.

You well so?

I am not responsible for your ignorance.

Pretty sure you have never flown anywhere before if not you would know the taxes are collected at the same time you pay your air fare.

Ignorant people everywhere

The Discos and Gencos are run by racketeers who want quick profit. They don't want to put in any reasonable equity, they don't want to make any reasonable capital investment to improve services, they just want to extract rent. That's why they loaded up on loans. BEDC was essentially financed with almost 90% loans, meaning the owners barely put in anything but just used their connections to own assets which they milked while doing the bare minimum.

This is an infrastructure business that needs patient capital. By definition, that is equity not debt.

atimadesign:
Congratulations ��, I keep telling people,we have jobs in this country,we only lack qualified candidates for the vacancy..

There is no lack of qualified people.

The problem is that the jobs are few.

Flutterwave had almost 30,000 applicants for 200 jobs this year.

Too many injuries, too old, otherwise she could have actually won the Balon d'or. Quite a good player. Better than Rashford.

aribisala0:
You are empty and brainless. A borderline blockhead

You are not borderline.

Your idiocy is firmly established.

If you were to jump from the height of your stupidity to the depth of your ineptitude, you would die.

Moronic dotard.

aribisala0:
I am ignorant yes so please enlighten me? Share with us some evidence for your claim so I can genuinely say I learnt something today. No need for abuse unless you are not sure of what you are saying
I do not know of any CBN guarantee .You say there is .Please share a source or evidence

Go and do your own research.

This is a long running issue.

When Buhari instituted the first set of capital controls in 2015, there were complaints on this.

Why the hell do you think Emirates are ending flights?

aribisala0:
It is not common knowledge AT ALL. You made it up
Simple question you are telling stories What is the source of your claim . You are just making up stories.

Is there a specific agreement between Emirates and the CBN ? Where is it. Everything you are saying is just assumption not fact
You say the "CBN GUARANTEES" Do you have any evidence for this or is this something you want to believe?

If you are ignorant of something, one would think you would have gone to do a bit of reading about it. You are an economic troglodyte and your opinions on these matters is sautéed in gross ignorance.

And for your information, don't ever mention me again on Nairaland, otherwise you would understand that this is not a faceless forum. You could be in Ojuelegba, Lagos or New Fosse Way, Birmingham and it wouldn't mattter, your face would be revealed.

aribisala0:
It is not common knowledge AT ALL. You made it up
Simple question you are telling stories What is the source of your claim . You are just making up stories.

Is there a specific agreement between Emirates and the CBN ? Where is it. Everything you are saying is just assumption not fact
You say the "CBN GUARANTEES" Do you have any evidence for this or is this something you want to believe?

I am going to ignore your ignorance.

Ewu.

Men have always been the one settling.

Basher8583:
So in your own school of economics repatriation of money out of the country is an investment.

The money being repatriated is post-tax. The government has already taken its tax. Employment opportunities have already been created. If you do not allow repatriation of profits, then don't expect inflow of foreign capital.

aribisala0:
How did you find out about this agreement? Is it a secret?

How's it a secret? It is common knowledge.

It is a normal trade agreement when airlines get air routes and agreed schedules. It is also not limited to airlines. If an investor brings in dollars to Nigeria and agrees to exchange with the CBN at the CBN official rates to get naira, he gets a certificate of capital importation which allows him to get back dollars (at official rate) when it is time to get back their returns. One of the problems of the economy started when the CBN reneged on this agreement. Consequently, FDI and foreign portfolio investment dropped as investors were not sure they would be able to repatriate their profits.

In summary, when investors and foreign businesses do business based on the cbn exchange rate, the CBN guarantees that when it is time to repatriate revenues and profits, it would also be done at the official rate. Fly by the night foreign investors like these Chinese loan sharks, on the other hand, exchange their foreign currency at black market rates. So when they want to send their money back, they don't go through CBN.

aribisala0:
They should buy dollars where everyone else buys from. What is stopping them? Why must government provide them? Guinness, Nigerian Breweries , Nestle and others are still in business

It is an agreement with the CBN. If they had charged in Naira using black market rates then they would have had to repatriate the dollars using black market rates but they charged in naira using the CBN rates.

SIMONEKPA7:
Bad press and journalism.....No explanation of what led to the US$85 million been blocked. abi we be witch to know why

Anyone who has been following news or who knows the bare minimum about the economy knows.

Simply put, the airlines sell tickets in naira (converted from dollars at official rate) but the repatriation of revenue is done in US dollars (after government takes out taxes). Currently, the Nigerian government has not provided the dollars to Emirates and it has accumulated to 85 million dollars

You sure the pregnancy was yours anyway?

Na mumu dey marry.

Imagine wife cheating while pregnant

How will they win war when they are thinking of sex and going home?

Seems Boko Haram is more focused than the Nigerian military.