₦airaland Forum

NaijaNaWaa:
There’s a level of debt that’s manageable. Most of your so called “African billionaires” are wallowing in unsustainable debt. If Otedola didn’t tell you guys that he went bankrupt in 2008, none of you would ever believe.

Baba we are all chronic debtors because of accumulating national debts which must be serviced with Tinubu new taxation bills

JESHAL007:
Baba we are all chronic debtors because of accumulating national debts which must be serviced with Tinubu new taxation bills

You guys don’t even understand anything. What has national debt got to do with people’s personal gbese? Una just dey conflate issues for cruise sake. Abeg go help una onigbese brothers.

He should set up a Gofundme account ASAP

Gotocourt:
Omorr na wa oOoOO😥, How much was the rent and year you were there. Lemme have idea of the value

https://propertypro.ng/property/commercial-property-for-rent-saka-tinubu-street-victoria-island-victoria-island-lagos-C6251

($1200 per square meters plus service charge $180) times minimum space available for rent 231 square meters times dollar rate 1400 equals 446m naira per year


Cc Gerrard59

SeaTrade:
E get business weh no be one man business?
Because a company is public doesn't mean executive ,turning point decisions don't fall on the table of one man!
Them don call NGX before seek their opinion before laying off staff at total downstream before?

The company I work with is more stable than this one under court possession. it's an IOC

NaijaNaWaa:
There’s a level of debt that’s manageable. Most of your so called “African billionaires” are wallowing in unsustainable debt. If Otedola didn’t tell you guys that he went bankrupt in 2008, none of you would ever believe.

Donald Trump is a famous bankruptcy individual. In fact, there are certain industries where debt MUST be utilised in order to move ahead and with speed: real estate and commodity trading. These millionaires and billionaires don't even have their net worth in raw/liquid cash in their bank accounts, but assets which they utilise as collateral when obtaining loans, thereby incurring debt.

fabolouz1:
wealthy people are not wealthy as it seems.
A man can't be wealthy while in debt.

Then such a person does not exist. There is no wealthy person who does not owe. Servicing the debt is where the issue is. Debt is leverage.

emmaodet:
We fear debt like kilode and try to avoid it.
I guess because we are mostly bad managers and very poor in paying back debts to even family and friends we do owe

Yes, which is because of the low trust society, weak policing and law enforcement that we have. High interest rate is another issue. But we cannot advance if debt isn't part of our social fabric. Indians take loans to japa, something we began recently, without which many wouldn't have japa'd. It is why I support these new tax and ID policies by the Tinubu administration. Little by little, we will have a more structured economy, and people will be forced to behave like civilised humans participating in such an economy.

JESHAL007:
Everybody is a debtor
You and I are debtors
Dangote is a debtor
Your father is a debtor
Governments are borrowing on behalf of you and it affects you

You can't really go that far without using other people's money.
How much do you have enough to expand? When you are neither a sport man earning a lot of major drug pusher

JESHAL007:
Baba we are all chronic debtors because of accumulating national debts which must be serviced with Tinubu new taxation bills

The earlier we start getting used to debt/loans use, the better for the continent.
I understand people fear what they don't know or have skills about.
I will suggest they take a course or watch a lot of YouTube videos on how to use a debt to their advantage.
2/3 years ago, I would have called trading stocks a gamble but after enrolling in stock analyzing and valuation course running to 2m, my confidence has increased and I now trade far better and have made a good profit trading it.
People fear what they don't know.
With my little experience on stock trading, I will never call trading crypto or forex a gamble because what you don't know, you tend to dear it and rubbish it as gamble.

emmaodet:

You can't really go that far without using other people's money.
How much do you have enough to expand? When you are neither a sport man earning a lot of major drug pusher

Madness and insanity is the norm, I understand the place of religion and superstitious believe in humans but how can you grow your economy without credit/debt/ liquidity, it's crazy, it can't happen, I remember bishop David Oyedepo was saying that he has never borrowed since he began his ministry, that winners was built loan free, these defies all logic and creates an aura of mystery around money that preys on gullible Nigerians that don't have any awareness at all, fine he might not have sourced money from banks and other lenders which is ok because he's not going to repay back anything, but the fiat money in circulation is issued when IOUs are created backed by nothing tangible but debt, fiat money itself is debt, no money is created out of thin air without borrowing it into existence, he's just leading people astray and solidifying their archaic financial traditional beliefs of work hard, save money, how can you expand fast and increase exponentially without debt, with your hard earned equity ( savings), it's impossible now, we need a cultural and religious narrative to liberate Nigerians from the shackles of these men of God who know nothing about economy but selling miraculous turnaround as strategies to combat poverty, inflation, unemployment and other economic woes, it's just pathetic, coupled with our low IQ, add superstitious beliefs again, many Nigerians are misled about the concept of debt, they don't understand it at all that's why they hate it with passion, they see debt as negative or evil in their life's , I laugh in Spanish, if only they know that they are chronic debtors under every government indirectly who borrow on their behalf, they would sharpen up

JESHAL007:
Madness and insanity is the norm, I understand the place of religion and superstitious believe in humans but how can you grow your economy without credit/debt/ liquidity, it's crazy, it can't happen, I remember bishop David Oyedepo was saying that he has never borrowed since he began his ministry, that winners was built loan free, these defies all logic and creates an aura of mystery around money that preys on gullible Nigerians that don't have any awareness at all, fine he might not have sourced money from banks and other lenders which is ok because he's not going to repay back anything, but the fiat money in circulation is issued when IOUs are created backed by nothing tangible but debt, fiat money itself is debt, no money is created out of thin air without borrowing it into existence, he's just leading people astray and solidifying their archaic financial traditional beliefs of work hard, save money, how can you expand fast and increase exponentially without debt, with your hard earned equity ( savings), it's impossible now, we need a cultural and religious narrative to liberate Nigerians from the shackles of these men of God who know nothing about economy but selling miraculous turnaround as strategies to combat poverty, inflation, unemployment and other economic woes, it's just pathetic, coupled with our low IQ, add superstitious beliefs again, many Nigerians are misled about the concept of debt, they don't understand it at all that's why they hate it with passion, they see debt as negative or evil in their life's , I laugh in Spanish, if only they know that they are chronic debtors under every government indirectly who borrow on their behalf, they would sharpen up

Nice write-up bro.
It is more of awareness and education. I believe the upcoming generation would do far better than our own parents.

emmaodet:
The earlier we start getting used to debt/loans use, the better for the continent.
I understand people fear what they don't know or have skills about.
I will suggest they take a course or watch a lot of YouTube videos on how to use a debt to their advantage.
2/3 years ago, I would have called trading stocks a gamble but after enrolling in stock analyzing and valuation course running to 2m, my confidence has increased and I now trade far better and have made a good profit trading it.
People fear what they don't know.
With my little experience on stock trading, I will never call trading crypto or forex a gamble because what you don't know, you tend to dear it and rubbish it as gamble.

Elon Musk uses loans and subsidies he would soon be a trillioniare in dollars, every Average America and Chinese are accustomed to loans via credit card, student loan, it's already part of their culture, that is how money is created by borrowing it into existence, but Nigerians believe in God to solve their problems instead of holding government accountable to create a debt culture conducive for economic growth, every one should be in debt directly ,the richest and the poorest, debt must become part of our daily routine, our way of life, our culture, it should not be seen as negative or curse

JESHAL007:
Elon Musk uses loans and subsidiaries he would soon be a trillioniare in dollars, every Average America and Chinese are accustomed to loans via credit card, student loan, it's already part of their culture, that is how money is created by borrowing it into existence, but Nigerians believe in God to solve their problems instead of holding government accountable to create a debt culture conducive for economic growth, every one should be in debt directly ,the richest and the poorest, debt must become part of our daily routine, our way of life, our culture, it should not be seen as negative or curse

I think it boils down to 2 factors -
1. Historically and traditionally, we run a cash-based society. You have to do virtually everything by using physical cash made by sweat and hard manual labor. You want to buy a car? you have to save for months, do cooperative or ajo and take numbers to pack your own when e reach your turn.
For buying a land, building etc. virtually everything.
It is one of the reasons our society or cities or buildings are not beautiful unlike abroad because person collect ajo today roof one side of his house and waiting for another 12 months before doing burglary, then use him wife wrapper take cover the window.
You see houses looking shabbily because both the government, private sector and individuals have not cultivated the habit of using debts to run the society.
Build low cost housings that are complete, all look same and beautiful and give it out spread payable in 20 years and you will see a more organized, well planed beautiful cities. That is urban/town planning.

JESHAL007:
Elon Musk uses loans and subsidies he would soon be a trillioniare in dollars, every Average America and Chinese are accustomed to loans via credit card, student loan, it's already part of their culture, that is how money is created by borrowing it into existence, but Nigerians believe in God to solve their problems instead of holding government accountable to create a debt culture conducive for economic growth, every one should be in debt directly ,the richest and the poorest, debt must become part of our daily routine, our way of life, our culture, it should not be seen as negative or curse

2. Is interest rate. A society that wants to flourish on looks as to make it attractive. Should be single digit and not more than 5% per annum.
Inflation rate less than 10 and interest rate around 5 will increase citizens appetite for sweet and cheap loans that are easy to get and easy and convenient to pay back.
You don't want to buy a house for 20m to pay back 75m in 20 years. It will lead to people avoiding the loan and doing the house small small to avoid financial slavery

JESHAL007:
Madness and insanity is the norm, I understand the place of religion and superstitious believe in humans but how can you grow your economy without credit/debt/ liquidity, it's crazy, it can't happen, I remember bishop David Oyedepo was saying that he has never borrowed since he began his ministry, that winners was built loan free, these defies all logic and creates an aura of mystery around money that preys on gullible Nigerians that don't have any awareness at all, fine he might not have sourced money from banks and other lenders which is ok because he's not going to repay back anything, but the fiat money in circulation is issued when IOUs are created backed by nothing tangible but debt, fiat money itself is debt, no money is created out of thin air without borrowing it into existence, he's just leading people astray and solidifying their archaic financial traditional beliefs of work hard, save money, how can you expand fast and increase exponentially without debt, with your hard earned equity ( savings), it's impossible now, we need a cultural and religious narrative to liberate Nigerians from the shackles of these men of God who know nothing about economy but selling miraculous turnaround as strategies to combat poverty, inflation, unemployment and other economic woes, it's just pathetic, coupled with our low IQ, add superstitious beliefs again, many Nigerians are misled about the concept of debt, they don't understand it at all that's why they hate it with passion, they see debt as negative or evil in their life's, I laugh in Spanish, if only they know that they are chronic debtors under every government indirectly who borrow on their behalf, they would sharpen up

The excessive focus on spirituality is a major setback because it cuts across all walks of life. I have conversed with a man and his wife who declined obtaining a loan from a major bank for their business because the said bank uses juju to curtail the growth of the business, so they seize the collateral, which was their house.

People now use loan apps but blame the companies for their inability to pay rather than their ineptitude in understanding the interest rate and duration of the loan. What was the loan used for? What is your current salary? How frequent is your salary, consistent or irregular? Sure, buying and selling provide initial capital, but for businesses to expand, debt is required. Yes, there are unforeseen circumstances, such as the ginger blight, which affected many farmers; that is where insurance comes in. Or farmers who did storage, that is where policy consistency by the government comes in.

Those pastors have NEVER managed a profitable business in their lives. Their monies came from the congregation based on the hope they sold. They got free money. That is it. Interestingly, their assets are owned by their families, not the church members. Our fear of debt has made people to be criminal minded doing all sorts so they leverage whereas using loans to advance themselves while playing by the rules of the loan agreements would take them far.

Annoyingly, we are not prepared to learn better; else rather than outrightly condemning mortgage or paid health insurance, we should begin to see reasons why these policies are in place. Another thing is honesty. We are not honest people. Hopefully, these new tax laws and identification reform will prompt people to act in probity.

All of you conceited people should learn to empty your cups. Jumping from one thread or section of the the forum to another striving to appear enlightened only helps expose your ignorance and emptiness. Knowledge is power, yes, but information isn't power. Anyone, regardless of IQ, can get information.

Firstly, yes, one (an individual or business) can be wealthy without debt - even though there's absolutely nothing wrong with strategic debt. And while there's nothing wrong with a strategic debt, there's everything wrong with a bad debt - bad debt is Nestoil's problem in this regard. And for a fact, its bad debt didn't stem from its oil and gas subsidiary activities. This is for those yapping about the oil and gas sector.

Bootstrapping

Examples abound about individuals and businesses that have achieved a lot without loans - at least, neither from formal lenders nor from the inception of their operations. At the risk of sounding immodest, I've done it for more than two decades in the business world, operating across numerous business lines and sectors of the global economy. The concept is called bootstrapping.

Also, a company like Microsoft, among numerous others, for instance achieved everything in the business world from its inception to pre-2008 without debts. And its post 2008 debts have always been strategic debts.