₦airaland Forum

gobuchinny:
You are an ignorant man

Amortization is for intangible assets and can never be used for fixed assets like land while depreciation cannot be used for land in the company balance sheet bush man and fake economist thats y Papa is always knocking your head on the wall because you are not smart ...

Depreciable properties include vehicles, real estate (except land), machinery.......

Be smart and stop forming wisdom when you lack it

Read and understand...intangible assets are not fixed assets like land atleast na my quote be dat...you clearly have comprehension problems

CodeTemplar:
you implied it . . . .never said you post it directly. English language, Mr School Owner.

did I imply it or say it..confused dude

CodeTemplar:
And you wen talk say land and building follow for intangible asset shey na you sabi something?
Dey dere make you dey speculate like say church dey born pikin?

see how you contradict yourself..thought you said I didn't say it but implied it..now in this post you r saying I said..please show us where I said land and building are intangible assets..

Ive been schooling you in economics since so how can your lecturer say such rubbish

CodeTemplar:
Do they also have schools? mumu boy

You are daft but I m guessing you already know..

so having a foundation means you must own a school

Btw the masons have schools and hospitals (that are subsidised)

CodeTemplar:
it is depreciated in the books . yes or no?

so from my explanation are you telling me you don't still understand my position

You ask alotta silly questions I wonder how your lecturers coped

CodeTemplar:
land is depreciating asset for schools.

so from these my quotes you quoted are you saying I implied that intangible assets are linked to land??

Mehn your case na sorry

CodeTemplar:
land is depreciating asset for schools.

Land is not depreciated because land is assumed to have an unlimited useful life. Other long-lived assets such as land improvements, buildings, furnishings, equipment, etc. have limited useful lives. Therefore, the costs of those assets must be allocated to those limited accounting periods

But I know you can never understand the above statement but let me leave you in that state of confusion..you will come and say that I implied that the limited accounting period is the cost of fixed assets

CodeTemplar:
The heavy duty mumu could have googled davidoyedepofoundation for a start but hatred has darkened his brand new/unused brain.

You are not smart my man..even yahoo boys have foundations..atheist have foundations

So whats special in your man of gold having a foundation? the free masons have foundations even ogboni has foundations

jesmond3945:
just look at your logic, do you know a software called comsol for multiphysics is 140,000 pounds just for license alone. Only one software. Imagine having licences for several of them how much it would cost. Do you know much he pays staff, even a russian trained professor is the vc of convenant. So you want him to pay the young man 600k naira. Someone that has seen millions of dollars as grant alone. See the way you think and the way oyedepo think is like the distance between heaven and earth. Almost all the apps that are making wave in Nigeria are done by his students. That man is a great man, he is not like your politicians. Infact in 10 years time convenant university would dwarf all the public university in Nigeria combined. His vision is bigger than yours. Just look at ordinary primary school the lab alone is better than most schools in Nigeria. Let Him charge 1billion for school fees if you cant afford it go to imsu. Do you know how much govt subsidizes education thats why ASUU strike would never end because the money for education is going into subsidy remove subsidy increase fees and watch univeristies compete globally. Finally oyedepo doesnt care about your money, people beg him with cheque. People kneel down just to give him money. When you serve God from the heart he would change your thinking you would see that money is not everything.

Bros your point fruther emphasises my points that its a business..simple so no one should come here and expect us to thank him...his spending money to make more money sir..

Im a business man and i know this..anyone saying his doing this because he loves education is greatly deceived..the man is a business man..its called diversification of income...i give it to him..his smart and intelligent..and a business man in to make profit

You say money is not everything but yet the fees are over the roof..

Also remember that the monies gotten from the services on sunday alone can cater for operational expenses for his schools so he can actually afford to make it free or atleast subsidize it..but greed wont allow him

HigherEd:
Idiot why didn't you make your father's school free for the poorest in society. What CSR has ur school done for Nigeria. You reap profit from the so called poor and probably offer substandard education therefore thinking everyone is like you... The oyedepo you talk about has offered free education to over 1000 people which person hv u schooled for free.

we actually do CSR and offer subsided scholarships for staff children..they pay about 25% of tution..we have some students that have been given scholarship from the community but on merit..

But remember we are a real business and got the seed capital from our family balance sheet so we must break even..Oyedepo on the other hand stole the commonwealth to set up a school that will generate proceeds for him and his generations for ever

A school that the poor and wretched members and trust me there are many in that church cannot attend

What a scam..you tax the people and the same people cannot attend the school..people that give their all..some drop all their monies in the basket and walk home and remain poor.....atleast make it free for the members forget the non members.

Slave mentality and you expect us to thank him...taaaaaaaaaa…

WAKE UP

CodeTemplar:
you implied it . . . .never said you post it directly. English language, Mr School Owner.

HAA ..how did I imply it ..everything you draw conclusions from must be what I posted naaw.

Show me the implying post

All talk no substance...

If I implied such like how you linked amortization to land then I must go back to my economics teacher and collect my tuition fees for that course

HigherEd:
I have been looking at your funny posts with amazement of how wrong you could be.

First and foremost, Living faith schools belong to World Mission Agency, an arm of LFC worldwide. It doesn't belong to any individual but the church so all ya analysis is a waste.
There are tons of high revenue generating endeavours oyedepo can do to make money, buy oil well, real estate(housing, hotel), telecoms, banking and aviation but he only ventured into school because he loves education. School business is for averagely rich people not the super rich. Reason why dangote, otedola, adenuga and co don't own schools.

Your post is beret of wisdom...World Mission has majority shareholding as who? LFC has majority shareholding as who? don't be deceived by all the bureaucracy jargons...its owned by Him and His family..there incorporate it to go corporate for greater reach and accountability but that does not mean its not owned by him...World Mission cannot sneeze without Papa approving the sneeze

Who told you Oyedepo only ventured into only school business..the funny thing is how ignorant even the members are...Oyedepo has business venture you and every lower cadre member will never know

Dont be silly about the education business ...its easier for a church to venture into the educational arm than any other business because of the already existing human capital but i wonder if you understand what you just read..

Thats y churches and schools have always been 5 and 6..

School business can be done by averagely rich and the super rich...which is evident in the fees paid sir..

Oyedepo has no flare for education if it wont profit him..people that have flare will subsidise it or make it free..the UK government have flare for education

CodeTemplar:
Mr accounting professional, is land and building part of intangible assets as you implied? back up your claims and stop running.

Quote me any where I said land and building are intangible assets

I know I said too many things for your brain to comprehend so u mixed things up..please go back and read ALL my mentions and quote anywhere I implied land and buildings are intangible ..if you find send me you akkant number I will send you 20k and you have my word..

Ekealterego:
Oga stop chatting about something you don't know shit about. And for your information, this my friend of profession.

So, for your information, those schools are publicly owned property, but even if the government choses to privatise them, if it had cost the govt, 30k Naira to acquire the plots in 1970, (although today the Land Use Act, 1978 would have been used to get the plots) a private company will acquire same for 30k in 2019?

Please make una dey apply small common sense.

My brother infact d thing tire me..the guy is not bright at all...just to dull to comprehend simple issues..if we come dey talk the proper accounting jargons I wonder if he will think person dey speak local dialect

Amortization and depreciation kooo...immortality and segregation niii...

CodeTemplar:
You talk nonsense shamelessly. It show delusion and hatred.

I gave you a concrete example of the newly built FA in Delta State and showed your speculating @ss why they cant recover cost of construction alone in two decades but you conveniently ignored that and continued with your speculation.

You are talking more rubbish. Sample you school if it exist let's compare it to one of the FA by fees paid, services rendered, stafff salary, population, and capital. You wouldn't because you know I will expose you conclusively with that.

You are irredeemable..an educated illiterate who has refused to gain knowledge...expose me how??first you dare talk of amortization and depression with land and you expect to understand the business of real estate?

Your ignorance is bliss..please educate yourself and if you are in Lagos, Ogba to be precise, you can hit me up..i will take you on a tour of our school..built on sweat and real money not fraudulent monies from the commonwealth privatized to personal gains..its not a big school but very decent and caters to the needs of the community which we are paid for..now should the community thank me for providing a service im being paid for

The bolded is very funny...you are constantly exposing your ignorance and illetracy to any well informed reader on this thread by thinking of how to recover cost of construction or real estate from a long term investment

Clowns everywhere

CodeTemplar:
See your brain also . . . . dont govt collect tax? why cant all Nigerians afford govt schools? Can all citizens afford your non-existent school in virtual Lagos?

@bold, tax how?

Bros you see ehen..if I break down you stupidity from this post alone..even you sef no go believe how stupid you r..

Nigeria's case is simply hinged on kwaruption..infact forget the taxes..the revenue from crude oil is enough to provide free basic educations for the citizen so lets not even talk about Nigeria and if you want to use Nigeria's inadequacy to compare y ur papa wont do free schools for members then be my guest..it will invariable mean your papa is kwarupt like Nigeria ..where you find selfish politicans cornering the commonwealth of a nation...now those that sound fimilar to you..Oyedepo cornering the commonwealth of the church for his personal gains

BTW Nigeria with all its flaws has subsidized education at the primary secondary and even tertiary levels and can be afforded by a braoder spectrum of the citizenry unlike you papa`s business..so whats your point again?

RALPHOW:
If you find any FA with less than 80% winner's members children I will give you 10k.

Truelly faith academy is more affordable I beleive as i dont have much details on their fees..my issue is with CU as i am privy to the cost and the population spread of the students...you find alotta muslims, children of politicians, the rich and also their members but that school was not built with the members in mind.

Youngzedd:
Seems they are some of our book professors that doesn't know jack other than blow big grammars.

Many have eyes but only few can truly see, so ignore them because their brain capacity have a limit.

I commend Bishop to an extent because this schools offer quality education, instead of sending kids abroad, let them be within the country where I can easily have access to them, the other way round lifting so much burden on our Forex. The number of kids studying abroad by Nigerian parents is much.

Anyone who thinks straight knows that it's a business venture which will generate returns for the owner or organisation, as for now I don't know who the properties are for, if it's in the name of the church or his, whichever one, I don't care.

Don't forget, when there's competition, the price will crash.


I am a Winner

First reasonable post from a Winner..i commend you sir..the bolded is very true and I agree..the education is top notch and the forex analysis is true but like every other business model so no one should come and expect me to clap for him

His a business man simple

Naughtysite:
Young people don't understand assets.

They prefer to be looking at large account balance in the bank.

One comment by Elumelu changed my mindset about business. He said, " Any business You do, have a long term goal ". Then you will never lack in the short term.

Many people believe that business entails running around 8am-4pm everyday and looking busy.

Money is silent.

Very powerful quote from Elumelu..does are the people Nigeria is indebted too..not all these fraudsters using the free gospel to privatize business that their dumb and lazy members cant even afford...free gospel ooo..gospel somebody else died for them don commercialise to set up their generations for ever..

Money is indeed silent

Naughtysite:
Leave the guy. School business is more profitable than real estate. They operate same income model though.

Thank you my brother then imagine combining school business and real estate business

HigherEd:
He should tell us which church school he has seen that has ever been sold.

You guys really baffle me with your ignorance

I have told you that the aim is not to recover the principal spent on land but to ensure current asset in form of liquidity while the land appreciates..

The point Is never to sell the land except God forbid for unforeseen circumstances but to know that the original prinicipal is secured and will infact appreciate in the future..so if the land was acquired for 1b naira today in the next 20 years it will be 20b which will read in the school balance sheet as profitability while all the period of that same 20years have generated current assets and intangible assets which ofcourse can be derived from the educational sector.

Do you know the value of the intangible assets of the school in the next 20 years ..no you don't..its a win win for Oyedepo...uses principal to acquire land..gains current assets and intangible assets while the fixed assets appreciate thereby multiplying the principal which he does not need as cash but is better off to him as a fixed asset

You guys will never understand the business angle of real estate and I believe I have tried to explain

HigherEd:
Not paying taxes in the UK would land you in Jail. So connect it oga, your taxes forcefully collected by govt pays for ur free services. Oyedepo's case is free donation and is never consistent so he can't guarantee his income like the UK govt enough to predicate the funding of hundreds of subset org on an inconsistent income source.

So all the tithe is what? is that not taxing the church so why doesn't he atleast make it free for the members first like the Uk government?

Shebi the tithes and offering are constant like the tax..

You don't have a point sir

kenx1:
Poor man pikin fit go?

for where..if poor man pikin near the gate..na security go bundle am wella

and someone is telling me hes doing us a favour ..d guy na better business man I give it to him..but don't expect me to clap for him or give him an award

His making his money and our young ones are being educated in return..when you go buy food and chop finish you go thank the person wey sell u d food? even if you thank am na out of courtesy no be by force oo..haba..you wanna sell food and I paid cash for it you come dey say make I great you say the food sweat....if em no sweat I for come chop?so kini big deal?

If the food is free ehhen..na den we fit twale..

glambo:
You are a learner about properties.
I kno of a property that was sold for N17.5million 3 years ago, today if you want to buy same property in the estate it's N37.5million.

Leave the jew man..em no sabi anything..economics sef em no know..dey talk amortization and depreciation for where land dey ..such boldness in ignorance

CodeTemplar:
Tax, NHIS, Donations. Your know what they are right?

See your life...are the members not being taxed in the church? y isn't it free for the members atleast..lets forget non members...even the so called subsidy sef the members cannot afford...besides they have quota for scholarships for members which is a very small lot and is highly politicised as a typical Nigerian enterprise..

And how do I know all these..i was a die hard member before I was liberated

Frenchkiss564:
You are really well grounded in finance..... #respect

Thank you sir...respeck

samyyoung1:
Love ur reasoning....I need u as my friend

Thank you my brother for the compliments..respeck

CodeTemplar:
You are only speculating about the profitability of faith academy schools.
The one in Delta newly built cost well over a billion Naira and there is no way they can recover the cost of building it talk less of maintenance and other recurrent expenses like staff member salaries.
[/b]You speculated that the land on which it built appreciates and can be sold but [b]is land and building intangible assets?

Im not speculating but im certain of the profitablity of all Oyedepos schools

I have told you this over and over again the aim is not to recover the cost of purchase of land or real estate..d aim is to have current assets in form of receivables ..and allow the land appreciate over the years..

Y cant you google if land and building is intangible assets or not ...must I spoon feed you that's how you guys don't study your bibles but allow these thieves to keep feeding you nonsense every sunday to fleece you and buy businesses in their names while you guys remain poor

Infact its easy for Oyedepo because he didn't dip his hands into his family treasury to buy the land..its free money that never left his balance sheets but left the sheeples balance sheet..its just like yahoo yahoo..free money las las dey remove cost of internet and other miscellenous but by and by its free money

CodeTemplar:
Free like awolowo and early missionaries schools... make your family school free then and teach Oyedepo a lesson.

Why do you think the early missionary schools aren't free again ? You are delusional man.

I cant make my family school free because it was built on the blood and sweat of my late Fathers gratuity ..

Oyedepo school is built on the sweat and blood of gullible sheeples like yourself free cash...its like someone stealing from you and you are thanking them ..sad part is that 70% of the members cant afford to send their own kids to the school...and we are here condemning yahoo boys

Atleast even if we dont agree im glad i have educated you on economics today..so now you will aprreciate real estate and dont think when people are buying land they dont know what they r doing

Blind follower of the blind

jesmond3945:
what if he pocketed the money but he is using that money to provide education and besides you don't know his motivation. Your own might be money but his might be different.

How else do you wanna know a mans motivation if not to follow the money? do you know how much CU charges? do you think going to CU comes cheap?..

Don't know how much FA charges but I know it will be above the average

If the schools were free like what Awolowo did or what the early missionaries did..then I wont even be on this thread my brother

But telling me to celebrate or appreciate someone who is running a business and providing a service that people are paying for at a premium is an insult to my intelligence.

I really don't blame Oyedepo but our useless and selfish government..the man saw a need and filled it..demand and supply..simple economics..

its a way of diversifying the much cash that is generated every sunday..too much cash needs to be plunged into fixed assets that generates current assets..real business men know this principle..

Like I said..its similar to money laundering or washing your money in the laundry so it becomes clean...fraudster buy hotels do you think dey buy it to recover their principal amount?? no rather its to hide the cash in the assets while generating whatever liability that comes with it..

Its a win win for them and if they ever become broke again they sell the real estate at above the FSV for which it was purchased in the first place

CodeTemplar:
Is the fee being paid covering the running cost of the school? That's the important question. It isn't.

Hmmm..another uninformed quote

Just negodu wetin son of man dey spew out..

Chaiiiiiii..indeed Nigerians cannot think for themselves hence the level of brainwashing..

I wont even begin to discuss this one with you bro...your ignorance is affecting me and I have to be careful else I will just be as ignorant as you


Im happy i speak from an informed position...i run my family school and understand business..weather the school was made with bamboo ..na you sabi but im happy im not ignorant

CodeTemplar:
So if building appreciate why are govt schools looking like poultry?

You are daft

All property can be divided between real property and personal property. Real property includes real estate, land and anything permanently affixed to it, and the bundle of legal rights related to the real estate. Any new development of land, such as constructing buildings, is known as an improvement

i wont discuss this issue of appreciation of fixed assets again with you..lets face the original discuss.

You lack the wisdom to comprehend economics and thats not my fault because you skipped the class in school..