₦airaland Forum

checkmatez:
Can she prove she didn't worked her posting to Abuja, even worked her posting from camp to get a better PPA. Because they rejected you then Nigeria is bad. The course studied don't really have any business with the intended office.
Nonsense news

Why do you assume only chemical and mechanical engineers work at the oil and gas sector? You speak so confidently like you know the victim personally or the circumstances of her rejection. Unfortunately, you have a poor understanding of organizational structure.

A graduate of psychology is better fit for HR roles than any other discipline. Her discipline is perfectly suited for her PPA posting. Sir, try and educate yourself before jumping on unfamiliar topics.

Is this a joke or what? How can a business have an exit event before it even begin?

Nigeria matter don tire me.

aremuforlife:
Stop believing rubbish, you have just been fooled by your imaginary friend.
Even the pounds we are talking about, what can you use one pound to buy in UK?
We all know what we can buy with #780.
Devaluation of naira should be a blessing to us, but we are too lazy to work on the advantages.
Devaluation of naira is more profitable to diasporians.

I highly doubt you've been to the UK. 1 pound can buy you a whole lot of things. There's something called 'pound store' in the UK. As a matter of fact, most of the gifts UK returnees share to their relatives in Nigeria are from pound store.

You can even buy a pair of shoes for 1 pound.

bukatyne:
You haff taken it personal ke

Is the average woman happy spending on men as men are happy spending on women?

I don't mean on family or bills.....

Just spoiling the man with material stuff or giving him cash gifts?

Just pondering.

No one is happy spending on anybody. It is only a sense of responsibility to help your partner become the best version of herself. That's why men buy their women gifts, upgrade their wardrobe, put them on an allowance and sometimes even help them start a business. Responsibility requires some sort of sacrifice.

I often wonder why it has to be different when the roles are reversed. Suddenly, the rules changes. The woman wants the man to double his hustle, take a new course, be more ambitious, all of which requires some sort of capital infusion the woman still won't help with. She still won't grant her "husband" a small loan to kickstart this ambition.

It's frustrating honestly. A very scary position to be in as a man.

Mumu man with coconut head.

buzorcharles:
"With 600k I could not afford to get the tool, so I diverted the money to another business"

Why take it?

1 u can be jailed. I have 2 ppl jailed for owing microfinance

2. U can be tracked with the help of police and mtn

3. U can end up in jail if u try to hide.

Mind u the interest / accrued fee is been added too. Microfinance banks pays interest for the money they loan to u so that's why they are evil in debt recovery. Look for something to sell and pay back because they will never give u peace.

You're the only person with good legal advice here. Every other person is just playing to the gallery.

The only question the prosecutor will ask the OP is "Why take it?" and the OP's case will fall flat on its face. Someone adviced the OP to go to court and plead guilty then ask the court to grant her privilege to pay in piecemeal. LOL

Does the MFB ask the CBN for restructuring on bad debts? Does the court even have the jurisdiction to grant loan payment extensions? If the OP steps her feet in court, she's going straight to kiri-kiri. Plus the fact that she's being evasive as it is.

SocialJustice:
1. You can not be jailed, this is a civil matter. You should get a lawyer to file an injunction on your behalf to restrain the company from harassing you. Do this urgently so you have a legal document confirming your willingness to pay but under a rescheduled time frame. Better you talk to a lawyer first on the best plan of action. But I assure you, there is no jail for you.

2. Yes, the police can even with your torchlight phone. More reason to talk to a lawyer fast to get legal protection before police harassment starts.

3. The worst is a police or court case where you state your intention to pay but only as your financial power allows you to. So in reality, you can strike a deal in court to pay N10-N50k monthly as you can afford.

4. Ease your mind, this case is very civil, there's nothing you have signed in any document that forces you to make payment you can't afford. But take the documents you signed to a lawyer too.

5. Next time when you're given a loan that can't start your project, learn to reject money and save yourself unnecessary stress.

6. You don't start a new business with loans, loans are only used to amplify returns in a proven business model.

7. I have consulted for several companies including banks like the one you borrowed from. They do not want legal troubles or associated expenses. So get your lawyer to write them, make it clear you've endured enough mental and emotional stress and would like to proceed with payment without further blackmail and threats.

Good luck.

I hope you know that you're giving her wrong legal advice, right? This is clearly not a civil case. It is in fact a straight forward criminal case.

First, every business transaction is a crime in itself, that is, a crime is already instituted upon entering a business agreement. If Mr. A and B enter a business agreement, say Mr. B proposed a business interest to Mr. A, promising to pay Mr. A capital and interest over a set period of time, but fails to fulfill this promise. Legally, a crime have been committed because in the eyes of the law Mr. B is fully aware that he wouldn't fulfill his agreement with Mr. A. The victim, Mr. A trusted Mr. B in naivety and It doesn't matter what circumstances prompted Mr. B's inability to pay Mr. A. The law believes that Mr. B obtained money from Mr. A through false pretense. Mr. B's counsel will have to prove to the court that Mr. B had no prior intent to deceive Mr. A.

When someone applies for a loan to purchase (A) and according to the OP diverted same to purchase (B), in the eyes of the law, the OP was very aware from the beginning that she'll not purchase (A) but (B). That shows criminal intent, an act of obtaining credit by false pretense.

I'm sorry to say this but you're highly irresponsible, you're one of the reasons why small businesses cannot have access to credit.

Let's recap your story. Your business needed equipments worth N1.2M, you applied for a N1.2M loan, the MFB after due deligence declined your request, informing you that you're only credit worthy up to N600,000. You went back home and re-applied for N600,000.

You didn't tell us what you proposed to the MFB as the purpose for the N600,000 loan. Whatever it was, I bet you weren't entirely honest in your application and once that money hit your account, you diverted it to non-business activities. (Sorry I don't buy that meat story)

I put it to you that you just needed money for personal use. Your business didn't need any equipment, and you made up that story just so you can access credit from the MFB. No business person will access credit at 30% IPA only to divert it to unfamiliar ventures.

You'll either repay your debt or go to jail. Don't let anybody deceive you, and being evasive will only worsen your case. You've already tried to negotiate a debt restructuring, unfortunately they've refused, I guess it's time to make a tough business decision - liquidate what's left of your business and repay your debt.

To answer your questions.

1. Is this case truly a criminal case as they constantly remind me or is it a civil case?

Yes, it is a criminal case if you applied to purchase (A) but diverted the money to purchase (B). In the eyes of the law, you were very aware of your intentions before you applied for the loan. It's called obtaining by false pretense.

2. Can the Police actually track my location to arrest me as they threaten? Please note that I use a small Nokia phone and I am in a remote area outside Lagos.

Yes they can, they do it all the time and it doesn't matter if you use a small or big phone. Even if you throw your phones and computer away, they can still track you. No jokes.

3.What is the worse thing that can happen; so I can get ready for it because I am not financially buoyant now to cough out 600k now.

Worse? Jail.
Best approach? Stop running and approach the MFB, assure them that you're willing to repay your debt. Everything is negotiable, negotiate a debt restructuring, even if you have to pay them from your salary every month.

Goodluck

Whoever presents his own head to break a coconut would not be able to partake in the eating of it.

Don't allow these unscrupulous politicians use your life to play 'kalokalo'. They'll assure you of your safety during elections but will they guarantee your safety after the election when all the security personnel have gone back to their bases?

Those who went to welcome Buhari during his visit to Imo state have all ran away from their homes,, their houses set ablaze. IPOB will not disrupt the election, they'll come for those who partook in the election, that's their modus operandi.

Don't let them use your head to break coconut.

Druss:
5 per cent and some people are calling him most influential ... Education.

The topic of shares is much more complex than Nigerians think and 5% is indeed significant, however, is it enough to control strategic and operational decisions of the bank? It depends.

What type of shares?
How many voting rights does it have?
What's in the article of association?

The truth is no one knows until the next general meeting. A 5% stake in a publicly traded company is quite significant and can make you very influencial among the board of directors.

TempUser:
#First we define the variables
book_price = float(input("Enter Book Price: ")
discount_rate = float(input("Enter Discount in %: ")
shipping_rate = float(input("Enter Shipping Cost per book: ")
books_ordered = float(input("Enter the number of books ordered: ")

#Then let's make some calculations of discount price,shipping and the total cost
discount_price = (book_price * discount_rate / 100)
shipping_cost = (shipping_rate * books_ordered)
total_cost = ((book_price - discount_price) * books_ordered) + (shipping_cost * books_ordered)

#Now we print our statements as required:
print("Cost of Book : ", book_price)
print("Less discount price: ", discount_price)
print("Shipping cost : ", shipping_cost)
print("Number of Books ordered : ", books_ordered)
print("Total Wholesale Cost : ", total_cost)

Nice work.

A few observations though. You didn't declare the variables first. Next time declare the variables first before assigning the values, it'll make your work easier.

int main ()
{
float book_price, shipping_cost, etc
int books_ordered
}

Also try not to use 'underscore' when defining variables, instead use BookPrice in place of book_price, it's easier to write, read and debug.

And lastly, books_ordered is an integer, I know it doesn't matter a lot but it does. Good work nonetheless, happy coding!

It's all we've always asked for, that the state takes responsibility for the ungodly crime against the people, apologize, empathize with the family of the victims and make restitutions. Then we can all come together and rebuild what's left of the destruction that preceded the massacre.

Thank you Governor Sanwo-Olu for coming forward with the truth against all odds, you are very brave.

koning:
Your analysis sounds great on face value. But as at today First Bank share closed at $0.02 a share. Less than 1 dollar cent. But that does not remove anything from the fact that FBN is a solid, well capitalized bank for Nigeria and African standards. The daily price of it's share means nothing to the common customers.

I'll be very embarrassed if my company's share is still a penny stock after 129 years of operation. A share trading over the counter at 2 cents a share cannot be categorized as healthy by any standard even in Africa. Same FBNH traded at 20 cents a share 10 years ago.

Speaking of bank capitalization, 10 years ago, under the then CBN Governor Sanusi Lamido, our National banks were capitalized at N25B at N132 per dollar, that is our banks were capped at $189M. Well, today that N25B is now worth only $45M. These banks are now capped lower than they were 10 years ago.

I don't need to be a financial analyst to know that devaluation and cashflow problem necessitated the need for additional capital injection from Otedola.

No sir, FBNH is far from healthy and common customers like myself should be very worried.

Something is inherently wrong with Nigerians. I don't know if it's just me holding Nigerians to an unrealistic high standard or Nigerians are grossly mediocres or perhaps we suffer long term memory loss or we're actually as idiotic as the politicians think we are. This news is saying that First Bank is in a financial mess but Nigerians are too slow to understand. They're celebrating.

How can Nigerians be celebrating a miserly $50M investment in one of the biggest financial institutions in Nigeria? If $50M is enough to snatch the seat of majority shareholder in an institution older than Nigeria itself and perhaps the biggest bank in Nigeria, one begins to question the true financial health of our banks.

For perspective, $50M cannot make you a majority shareholder in Jumia, neither can it make you a majority shareholder in startups such as flutterwave, OPay, WakaNow, Jobberman, Konga, Iroko, SOLO and many more. Sequoia Capital had to invest $400 million in OPay to own majority share in the start-up.

Nigeria is in a financial mess and her billionaires are becoming millionaires while her financial institutions are dying rapidly. This news is not one to celebrate, it's one that fosters a deep sober reflection.

Speaking of Otedola, here is a man who was worth $1.9 Billion in 2016, having lost his billionaire status due largely to incompetence and mismanagement of the economy by the Government, now trying to diversify his portfolio to secure what's left of his dignity and Nigerians are celebrating a miserly $50M investment from a once upon a time billionaire. I'm not even going to talk about Aliko Dangote who was worth $23 billion in 2016 now worth $12 Billion.

Ajibel:
Another misinformation. Aren't you guys tired of peddling falsehood a year later? Which bus of thugs did he send? Where's the evidence? This lie has been debunked already yet a year after, you're still regurgitating the lie that BRT bus was used to bring thugs. The endsars protest was a genuine cause, why smear it with unfounded allegations

Who debunked the information? I reiterate Gov. Babatunde Judas Sanwo-Olu sent a BRT bus load of thugs to disrupt the protest and when that failed, he invited the Army. Attached is my proof and I dare you to show me your debunked proof.

Listen I'm not into the mediocrity you people call politics in Nigeria. You'll never catch me dead discussing the head, shoulder, knee and toe kind of politics of PDP and APC.

This is a human right affair and that's why I'm interested in it, so when I say anything be sure I can provide a receipt for it.

Jostoman:
the guy that you people caught with weapon is an arrange to justify the show of shame those police officer performed at lekki tollgate yesterday.

They carefully edited the footage to hide his face and identity. Watch slowly at x0.2 speed and you'll notice all the cuts. Terrible people!

The worse is how BBC always makes itself available everytime in support of Government oppression against its people.