₦airaland Forum

being:
Oga nigeria is a poor country (per population) and upon our poor cash flow, politicians still steal a lot.

Ok

michlins:
I don't even understand how you folks think about Nigeria fortunes. This is a very poor country by all standards. A state that doesn't generate a billion yet you hear citizens claiming that the governor stole billions of dollars. Even if he stole everything the state made in a year,it wouldn't be up to $2bn. How many states have a budget of $2bn except Lagos, Abuja and maybe Kano. So let's say the government steals 100% of everything all to himself,he won't accumulate billions of dollars.

If you want to understand what corruption looks like, check the grant America gave Ukraine for war. Over $300bn is not accounted for

God bless you.
Internet made me realize that I have always been overrating Nigerians intelligence.
Nigerians use emotions to think not brain!


I have always maintained that Nigeria is a very poor country by all standard!

motymop:
they are if they make their record public

Atiku is also weathy and should be worth millions of dollars , he is a part owner of Intels Intels Nigeria, one of the largest oil servicing business in Nigeria, revenue for last year was $295.5 million and they founded this business in 1982

I have no clue about tinubu but he should be worth millions of dollars

But when you guys want to be mischievous you will claim he co-owns intel with Atiku,owns TVC,Owns the nation newspaper,owns oriental hotel etc

Biodun556:
WHY THESE TWO AND OTHERS AREN'T ON FORBES BILLIONAIRE LIST.

OK, let me help some people who don't understand how the billionaire list is compiled.

People like Tony Elumelu, Adeleke etc that you didn't see their names on the forbes billionaire list in dollars even if their companies are worth billions of dollars like Adeleke whose company is worth 2.5bn dollars is because he is just the MAJORITY SHARE HOLDERS OF THE COMPANY AND THAT DOESN'T MEAN THE 2.5BN BILLION BELONG TO HIM . Other investors are among the owners, so his share is not up to a billion in that 2.5bn. But they will mention him as the owner because he has the largest share even if it isn't up to a billion dollars. Same with Tony, whose shares in Transcorp and UBA aren't up to a billion dollars, even if he is the largest share holder.

SO THE COMPANIES WORTH IS NOT THEIR PERSONAL WORTH . IT IS CALLED PLC ( PUBLIC LIMITED COMPANIES) OWN BY MANY.

Tino ✍️
#Tinosbullet


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Go and concentrate on your life

michlins:
how do you think the rich get by? You think they have a billion naira somewhere that they can easily access?


First, they tie up all their investments in stocks to enable them avoid paying personal income taxes

Secondly, the company takes care of all their personal needs (travel, feeding, clothing etc). The company will write these things off as cost of running the CEO office. They keep a very little liquid cash for impromptu emergencies only.

That's why that your rich uncle will always give you a date before he helps you because he gets by monthly on a budget and you interpret it as juju timeline

So yes, their finances are easily traceable

Stocks are financial assets and not real assets and can go to zero.

So all their assets aren't tie to stocks.

Many rich people assets are very diversified, a part in stock, cash in hand, real estate, gold and all sort of real assets.

In Nigeria, stocks are chargeable assets and you pay capital gain tax on them.

The only stuff you don't pay tax on are dividends ( returns on your stocks)

Get your facts rights before typing stuff and stop watching too much movies.

Many rich people in Nigeria have lot of cash in hand and they use Debit cards just like every other people tied to their name

Both Tony Elumelu and Adeleke are already rich and made a name for themselves.

motymop:
Stocks are financial assets and not real assets and can go to zero.

So all their assets aren't tie to stocks.

Many rich people assets are very diversified, a part in stock, cash in hand, real estate, gold and all sort of real assets.

In Nigeria, stocks are chargeable assets and you pay capital gain tax on them.

The only stuff you don't pay tax on are dividends ( returns on your stocks)

Get your facts rights before typing stuff and stop watching too much movies.

Many rich people in Nigeria have lot of cash in hand and they use Debit cards just like every other people tied to their name

and this is why they leave their stock portfolio intact and borrow against it whenever they want to make big purchases.

Talking about real estate, I personally don't see it as investment option. Say you bought a land for 5ml today and sell for 30ml in five years, you just buried the 5ml and left it dormant. If you have invested 5ml in business, the ROI will be more.

Elumelu for one has real estate portfolio but it's also in form of stock options (I have forgotten the name of the hotel chain)

being:
Oga nigeria is a poor country (per population) and upon our poor cash flow, politicians still steal a lot.

That is why I laugh when people parrot that Lagos is a megcity nonsense.........Even in West Africa....Nigeria is trailing in per capita income....and its really beginning to show. Check out the famished and emaciated looks of Nigeria in 2025 as opposed to what nigerians looked like even in the 1990s....i watched an old video clip of Lagos in 1993....I was shocked to my marrows....see how robust nigerians looked! The administration of buhari and tinubu have been a disaster for nigerians!

michlins:
I'm saying that the amount embezzled is exaggerated by the masses. If a state governor decides to steal #2bn monthly, that's less than $2ml monthly and in eight years, it's less than $200ml

But ask an average person,he will tell you that the governors are richer than Dangote.

This country is extremely poor and the masses have a whole different idea and expectations

rivers state governors cant steal $2b monthly. Minimum will be around N10billion monthly. Definitely it will be hard for any of the governors to steal about $2bn in his 4 years tenure. But thats some amount of money N10bn monthly, you are automatically a millionaire in U.S.D

Engrgabi:
rivers state governors canr steal $2b monthly. Minimum will be around N10billion monthly. Definitely it will be hard for any of the governors to still about $2bn in his 4 years tenure. But thats some amount of money N10bn monthly, you are automatically a millionaire in U.S.D

if Lagos can't do it,no state can do it

Xannadu:
Plus the fact that stolen wealth is usually not recognised by forbes. Otherwise there'd be over 5000 Nigerians on Forbes billionaires list

You guys just like propagating rubbish without facts

The total numbers of billionaire in the world on Forbes is 2781 and even USA have just around just over 200 or something, even if stolen wealth was accounted how would Nigeria have 5000 billionaires lol ? Because we are the richest country In the world or something? Tone Down outlandish exaggeration.

MoneyMan5:
You guys just like propagating rubbish without facts

The total numbers of billionaire in the world on Forbes is 2781 and even USA have just around just over 200 or something, even if stolen wealth was accounted how would Nigeria have 5000 billionaires lol ? Because we are the richest country In the world or something? Tone Down outlandish exaggeration.

Most times I just read you peoples comments and reactions and say to myself, "not worth it." Because it's obvious that even the facts you're throwing around and 'screenshoting' you don't really understand them.

Xannadu:
Most times I just read you peoples comments and reactions and say to myself, "not worth it." Because it's obvious that even the facts you're throwing around and 'screenshoting' you don't really understand them.

Ok help me understand them professor in numbers of billionaires

We are talking about billionaires in dollars not naira if you are confuse

The entire budget of Nigeria is around 36 billion dollars if you think there 5000 billionaires in Nigeria then you need to go and have a mental check up.

I won't blame you when there are still some people that still argue and believe that the earth is flat even after several scientific evidence to suggest otherwise.

michlins:
and this is why they leave their stock portfolio intact and borrow against it whenever they want to make big purchases.

Talking about real estate, I personally don't see it as investment option. Say you bought a land for 5ml today and sell for 30ml in five years, you just buried the 5ml and left it dormant. If you have invested 5ml in business, the ROI will be more.

Elumelu for one has real estate portfolio but it's also in form of stock options (I have forgotten the name of the hotel chain)

I am yet to see a Nigerian bank that allows HNI to borrow against their stock options, the only stuff I have seen is HNI using bonds, fixed deposit, Treasury bills or mutual funds as collaterals.

2. real estate does not mean landvalone, there are many options, commercial buildings, farm lands, industrial complexes, office spaces, luxury properties home and abroad and the obvious ones lands, yeah these are real assets.

3. Starting a business does not mean it will be successful, there are hundreds of ways for HNI to make money without starting up any business. ( There are bonds, MF, Hedge funds,etc)

4. elumelu real estate portfolio isn't transcorp, I am talking about personal real estate portfolio which will consist of luxury properties, commercial office spaces acres of lands( farm land inclusive) etc.

Xannadu:
So what's your reasoning here, the state resources are too small for politicians to embezzle so it doesn't matter? The fact that you even think Nigeria is a poor country shows just how little you know about the economy. Not to even consider the fact that you think all that goes into a politician's pocket comes only from the IGR, completely ignoring the billions of dollars they borrow yearly for "infrastructural developments" we never get to see after their tenure ends.

Most times , Nigerians exaggerate the corruption issue. For example Elrufai is accused of corruption to the tune of hundreds of billions and it's this amount that some people will be arguing he stole, but it's impossible for a governor to steal that much even if he steals the whole state budget (which is another impossibility)

But I have no pity for thieves of commonwealth, even if it's a Kobo stolen..... This doesn't mean we should over exaggerate their theft

motymop:
I am yet to see a Nigerian bank that allows HNI to borrow against their stock options, the only stuff I have seen is HNI using bonds, fixed deposit, Treasury bills or mutual funds as collaterals.

2. real estate does not mean landvalone, there are many options, commercial buildings, farm lands, industrial complexes, office spaces, luxury properties home and abroad and the obvious ones lands, yeah these are real assets.

3. Starting a business does not mean it will be successful, there are hundreds of ways for HNI to make money without starting up any business. ( There are bonds, MF, Hedge funds,etc)

4. elumelu real estate portfolio isn't transcorp, I am talking about personal real estate portfolio which will consist of luxury properties, commercial office spaces acres of lands( farm land inclusive) etc.

his real estate portfolio is included in his worth. Most of them are tied to his UBA bank

Biodun556:
WHY THESE TWO AND OTHERS AREN'T ON FORBES BILLIONAIRE LIST.

OK, let me help some people who don't understand how the billionaire list is compiled.

People like Tony Elumelu, Adeleke etc that you didn't see their names on the forbes billionaire list in dollars even if their companies are worth billions of dollars like Adeleke whose company is worth 2.5bn dollars is because he is just the MAJORITY SHARE HOLDERS OF THE COMPANY AND THAT DOESN'T MEAN THE 2.5BN BILLION BELONG TO HIM . Other investors are among the owners, so his share is not up to a billion in that 2.5bn. But they will mention him as the owner because he has the largest share even if it isn't up to a billion dollars. Same with Tony, whose shares in Transcorp and UBA aren't up to a billion dollars, even if he is the largest share holder.

SO THE COMPANIES WORTH IS NOT THEIR PERSONAL WORTH . IT IS CALLED PLC ( PUBLIC LIMITED COMPANIES) OWN BY MANY.

Tino ✍️
#Tinosbullet


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😶 😶