₦airaland Forum

blackmantis:
I borrowed money on palmpay, I have not yet spent it oh. But they have started calling to remind me to pay back my debt.

I think I can relate.

Since you haven’t spent it, you’d simply give it back to them

blackmantis:
I borrowed money on palmpay, I have not yet spent it oh. But they have started calling to remind me to pay back my debt.

I think I can relate.

if you never spend am, why not send it back to them

blackmantis:
What about the interest they charged? 🤔

Let me clear you.....let's assume you borrowed money from palmpay and gave it to your business partner to use after you have left, who is supposed to pay back the debt? Is the debt supposed to be counted as a debt you left after 13 years?

anonimi:
Obi is very correct in this instance- you don't owe money on a loan that you have not drawn down.

The question for Soludo is to confirm how much Obi drew down from the approved loans and whether it corresponds to the debt amount allegedly left behind in 2014,

yeah.. because the interest is going to be paid by ghosts. 🤡

fnep2smooth:
Then let the palmpay take back their money or is there anything wrong with that

Arghhh sorry to ask but are you smart at all?

If palmpay will take back their loan, won't you pay them interest? If yes, where will the interest come from?

Lmao. This is crazy! No comments.

Chai.
You are so unintelligible

PHIPEX:
You are naive, if you request for a loan and you did not take the money, are you indebted to the bank? Loan application is different from signing off the loan and drawing it down.

The question is. If Obi did not draw or spend the money, who spent it?

Well, that's government accounting. Governor A went to the bank and applied for a loan of #123, from bank ABC. Bank ABC approved the loan, such loan is not a debt. Points to know (Google out) before you start typing nonsense

approved but undrawn loan is not an active financial debt because no money has been disbursed, received, or spent.
• No cash enters the state account.
• No principal repayment obligations exist yet.
• No interest accrues on undrawn amounts.
• It remains a credit line, not a liability.
📊 Accounting Views
• Strict Accounting: Only drawn-down funds count as debt.
So, you are free to sue obi and pay for damages. The truth is, IF YOU SUE OBI TO COURT , HE WILL WIN YOU, AND IF HE SUES YOU , HE WILL STILL WIN YOU. Am talking of a sane court where there are sane judges

AndroBlaze:
Everybody should please remember that this statement came from a man who was a chairman of a top bank in Nigeria.....when I say Nigeria is let down and is in this position because of the kind of "elite" we produce, people will say I am not patriotic, chai.....coming from a banker....... chaiiiiiiiiiiiiiii

The point of contention here is if that debt is supposed to be accounted as a debt he left unpaid during his tenure since the money was released after he had left and used the the man that continued after him..

Iyobaba:
Obi can't say this, he knows better to say something like this as a former chairman of a bank

This as to be AI, if not

How did he become the chairman of a bank !

It definitely wasn't on merit 😂😂😂😂

Chukwudi Your ignorance is Legendry 😄😄😄. A Chairman of a Bank mean is the highest shareholder and does not see to the day to day running of the Bank. for your information you can be a Chairman of any company if you are able to o mop up more Shares than other investors.

The sitting government was suppose to pay the debt if the former's tenure expired before the loan expiring date.
That's why continuity matters and it's working in USA.and UK. Obi is not liable

greatiyk4u:
Let me clear you.....let's assume you borrowed money from palmpay and gave it to your business partner to use after you have left, who is supposed to pay back the debt? Is the debt supposed to be counted as a debt you left after 13 years?

ogolemati:
you would have been happy he shared the money to touts

The Agulu packaged fraudster doesn't share it l, he puts it into foreign account in Pandora papers, or invest it into a company where his family have financial interest.
The religious fanatical yes Daddy clown is a greedy shallow unintelligent fuuull.

omenka:
Ladies and gentlemen, behold the depths of the mental strength of the NDC Presidential Candidate, Gringori Obi.

Can we get a round of applause please! 👏👏

.
That AdaObi is so senseless. No wonder he couldn’t get any job after he graduated with a 3rd Class in Philosophy. He had to start selling and buying

Obi is technically correct if he is talking about a line of credit. He needs to clarify this.

If so-called 'debts' were indeed lines of credit, then until they are drawn, you can't call it a loan. Even after you start drawing, only the amounts drawn convert to a loan. The rest simply stay on as credit lines.

But this concept should be easy to explain. Obi's explanations were a tad confusing.

NinjaMetahuman:
yeah.. because the interest is going to be paid by ghosts. 🤡

Interest on what debt that has not been drawn down?

Only brainless ghosts would have this balablu bulaba town hall clueless reasoning.

Obi does not even surprise me anymore.

Iyobaba:
Obi can't say this, he knows better to say something like this as a former chairman of a bank

This as to be AI, if not

How did he become the chairman of a bank !

It definitely wasn't on merit 😂😂😂😂

.
A bank Chairman can be someone who has money to buy majority shares in a bank. Peter AdaObi was never a banker. No bank, not even a Microfinance or Community bank will employ such a dullard.

I hope that you remember that Femi Oregon’s just bought the highest single shares in First Bank and he became the Chairman. That doesn’t make him a banker

This is not as corrupt as the rest of them. But he talk too much.

PHIPEX:
You are naive, if you request for a loan and you did not take the money, are you indebted to the bank? Loan application is different from signing off the loan and drawing it down.

The question is. If Obi did not draw or spend the money, who spent it?

There is difference between loan approval and disbursement, he collected the loan already, either he put it to use or not, interest will still be on it.
Why collect a loan you don't plan to use

blackmantis:
I borrowed money on palmpay, I have not yet spent it oh. But they have started calling to remind me to pay back my debt.

I think I can relate.

are u oweing palmpay or not?

What's their business what u decide to do with the money?

The fact is that u took money from them.


So I borrowed money from u n I haven't spent it n the money is still with me, does that mean I don't owe u?

So far I haven't returned the money to u it's a debt

Hope u get it?

dogo568:
Dear Mr obi. If you borrow money and don't use it, it's still a debt because you must pay it back with interest as you have already borrowed it.

Do you understand why he didn't use it?
Isn't that next Governor who used the money the one to pay it back? Why report that as a debt Obi left behind which is the main topic here not wether money was borrowed or not

This is not as corrupt as the rest of them. But he talk too much.



His handlers should do something about it.

PHIPEX:
You are naive, if you request for a loan and you did not take the money, are you indebted to the bank? Loan application is different from signing off the loan and drawing it down.

The question is. If Obi did not draw or spend the money, who spent it?

.
Someone should borrow this one a little sense

BATified2023:
are u oweing palmpay or not?

What's their business what u decide to do with the money?

The fact is that u took money from them.


So I borrowed money from u n I haven't spent it n the money is still with me, does that mean I don't owe u?

So far I haven't returned the money to u it's a debt

Hope u get it?

The answer to your question is in the post if you can read it slowly......You borrowed money for a business and left the money and the business for someone to manage and pay back, will that debt be still referred to a debt after over 13 years you left while the money was withdrawal and used?

omenka:
https://www.instagram.com/p/Ddr2csYjCIW/?stkn=d29rZWw4cGExaG1n

Of course, Nairaland mods will milk every single line of the latest lies from the Agulu packaged fraud from now till December.
The commissioner who issued that statement on behalf of the Anambra State Government last week is a PhD holder and the Governor is a Professor of Economics and former CBN Governor. They are both equal to the challenge.
Obi needs verification, he will get it wotorwotor.

greatiyk4u:
The point of contention here is if that debt is supposed to be accounted as a debt he left unpaid during his tenure since the money was released after he had left and used the the man that continued after him..

That is not the point of contention, the man said and still says he "did not borrow".

Also after finally admitting that he did contract "loans", he now says he did not fully draw down and left enough money in the bank to pay those loans back.

Don't add more pepper by claiming the money was only released to his successors, which is not true and to be fair, he has not claimed that (at least yet).

Go and read the full statement of your Saint and the only man who knows what the meaning of "loans" and "debts" are.

https://www.nairaland.com/8754521/never-borrowed-money-issued-bonds

Parachoko:
According to the Fraud, Just because you have not spent from the loan in your account, then it's not a loan and Palmpay dont have the right to ask for it when it's time for you to start paying

It takes a fraud to know a fraud.

in case you are not intellectual inept, that your bank approves a loan of N1.5m for you and you only take N500k, does not amount that you are owing N1.5m

omenka:
Ladies and gentlemen, behold the depths of the mental strength of the NDC Presidential Candidate, Gringori Obi.

Can we get a round of applause please! 👏👏

Oga, with due respect you are completely not smart.

I am sure you have never been any close to working in a financial institution before if not as a POS operator or vendor.

I can tell you as finance professional with over 20 years experience that a loan only becomes binding after drawdown.

No bank avails a loan till the borrower meets the RAAC of the bank in question.

There is almost no bank offer letter without a section called "Conditions Precedent To Drawdown" just to emphasize that drawdown makes a loan.

If you negotiate a loan with a bank but fail to drawdown, the maximum the bank can do is to exact charges on you maybe as processing fees for the time and resources expended processing the loan.

In universal banking practice including relevant international conventions, no bank can compel a customer to drawdown on a loan even after loan applications were made because there is possibilities of contingency in liabilities.

You cannot be arguing with a man who has chaired one of Nigeria's biggest commercial banks: a man some of whose proteges have served as GMDs of banks .

A person can rise to a position of an academic professor in accounting or economic or any finance-related discipline and yet get embarrassed by a knowledgeable mid-level practicing banking professional...

I think some of APC supporters should try and get some education before rushing online to expose how shallow you are.

Obi, there’s nothing wrong with borrowing to run a state or country, provided the borrowing is responsible and put to productive use. Stop being childish about it, bro.

omenka:
https://www.instagram.com/p/Ddr2csYjCIW/?stkn=d29rZWw4cGExaG1n

Read his official statement on his Twitter/x handle what he stated there is different from the op, link below please
https://x.com/peterobi/status/2103343453891354708?s=46