₦airaland Forum

Joromi12:
Giving pple loans at 18 to 22% is criminal. The business climate is too harsh also. Banks know u wont be able to pay and they charge all manner of late payment charges

Yes, Nigerian banks charge high interest rates but these rates merely reflect (1) cost of funds and (2) operating costs...

Lexusgs430:
Borrow money from Nigerian banks, at your peril......

Nigerian banks also lend money at their own peril.
The case of of Hi-TV’s Toyin Subair, with the reported N5 million champagne parties and yacht soirées, probably has been a cautionary tale.

9jaRealist:
Nigerian banks also lend money at their own peril.
The case of of Hi-TV’s Toyin Subair, with the reported N5 million champagne parties and yacht soirées, probably has been a cautionary tale.

That shark loan interest rate, is the killer for me........

Lexusgs430:
That shark loan interest rate, is the killer for me........

Rates are extremely high, but is reflective of the cost of funds, risky lending environment (no credit history, reliable ID system, etc), and high operating costs...

9jaRealist:
Rates are extremely high, but is reflective of the cost of funds, risky lending (no credit history, reliable ID system, etc), and operating costs...

Make i gentle without loan b dat.......

The average Nigerian does not want to pay their debt. In the US this is called credit fraud. I know this loan very well. I know when the Bank gave Hip TV the loan and the support they provided.

If there were any concerns with interest charges, confront the Bank and discuss. Heritage Bank is a listening Bank. In fact no Bank wants to kill any business, but Nigerians don’t want to pay.

Oga please go and pay your loan and stop the deceit

daddytime:
Banks are always swift to take over properties but usually quick to release statements of denials, rebuttals and confusion as in the case of Innoson V GTBank 2019...

Now I wish innoman deal appropriately with the bank..

/
Beyond rhetorics, only real business people understand the shenanigans pulled by banks unlike most of the tribal wailers on NL who are still being fed by their parents.

//

moyinoluwabun:
Guess another case of GTB Vs Innoson loading.

But the low budget version

This Ayo that doesn't pay his workers Salaries but prefers to live lavish lifestyle, while his staff suffers. He should pay up, he probably wasted the money

Ayo Animashaun has a very good case in his hands, almost like the GTB vs Innoson case. He just needs the financial muscle to fight this thing to its logical conclusion which could take years due to Nigeria’s flawed judiciary process but that Heritage bank seem like a desperate lot.

Reading replies to this article shows sadly that there are too many dumb youths roaming around in our country, they need help and reorientation before wrong influences utilize them for nefarious purposes

Mindful that this suit is in court as stated on this report, is it not prejudicial to comment on a case already being adjudicated upon?

Social media should desist from taking sides before judgements are pronounced on critical matters like this.

Innoson's case comes to mind, he was pronounced guilty by social media before final Supreme Court judgment.

Comment wisely pls.

Employ seasoned accountants rather than OND graduate because you don't want to pay big salary .

A monthly reconciliation of bank statements and asking your account officers all manner of questions will forestall this embarrassment .

We start working late in Nigeria hence our inability to manage funds, businesses,people, resources well.

Okay

Biafrans how far WE are STILL waiting for this Yorubaman to shout up and down that its because " I am a Yorubaman" like OUR ppl dem. Iffy Uba, Innoson, coscharis etc. ANYTIME our ppl owe bank money, we shout the REGULAR CHORUS "its because we are igbos and everyone is jealous of us" .Meanwhile, the bini, idoma, hausa, kalabari businessmen dont talk about tribe...... Useless ppl we are!!!

Two issue here I guessed
Loan & interest
Non remittances of premium deducted to an insurance company.

donvicky2007:
With all the highlighted areas what evidence do you need again, do you think a company will carryout forensic and independent audit on its account without the bank been on the know how.

What do you understand by the bolded stuffs u quoted ?

Since u are forming judge.

As for forensic and independent audit, . Let me keep quiet

Joromi12:
Giving pple loans at 18 to 22% is criminal. The business climate is too harsh also. Banks know u wont be able to pay and they charge all manner of late payment charges

Now, before u sign the contract for the loan, u read the terms n conditions. You see the interest rate, u see the rate for penalties to be charged for any delinquency payments AND you still go ahead to sign.

So y complain about charges you saw, read, understood and signed AFTER collecting the money?

Let's be true to ourselves pls

Lexusgs430:
Borrow money from Nigerian banks, at your peril......

Dnt say so Banks live on Deposit and Advances and the loan that was given to him were other people's money and if he is not paying back the loan the bank goes for the collateral so as to recover the loan Thousands of people Borrow from bank and no one knows so far you pay as at when due and you dnt have issues with them

Nigerian banks are the biggest scammers of Nigerian citizens, second only to the FGN though.

Yahoo boys dey learn work where federal government and banks dey. . .

UNGOBACK:
Dnt say so Banks live on Deposit and Advances and the loan that was given to him were other people's money and if he is not paying back the loan the bank goes for the collateral so as to recover the loan Thousands of people Borrow from bank and no one knows so far you pay as at when due and you dnt have issues with them

The more reason i would not borrow money, with their punitive interests rates.....

How can a legitimate business entrepreneur sustain and generate capital, when over 21% vanishes........

Ayo make you go learn from Innosson on how to beat these crooks called Banks..

AntiWailer:
and when the bank sacks 1000 people, you will still blame Buhari.

Why not pray Justice and Fairness is done instead of taking sides

What's is justice and fairness

Ewedegubbler:
Ayo make you go learn from Innosson on how to beat these crooks called Banks..

Use the regular "tribal angle" like innoson did abi? Yorubas aint that emotional!

Joromi12:
Giving pple loans at 18 to 22% is criminal. The business climate is too harsh also. Banks know u wont be able to pay and they charge all manner of late payment charges

giving loans at that rate is NOT criminal

So many factors are to blame for the high rates....

like the business risk in NIGERIA

risk of default

policy inconsistency

foreign exchange risk (look at etisalat)

And the list goes on.

For the rates to go down, the govt have to be seruous

Kemi Pinheiro will show Heritage pepper, he is a very smart lawyer

daddytime:
Banks are always swift to take over properties but usually quick to release statements of denials, rebuttals and confusion as in the case of Innoson V GTBank 2019...

Now I wish innoman deal appropriately with the bank..

Na so e easy...

9jaRealist:
Do you people even realize that the loans/finance that banks give are OTHER PEOPLE’S MONEY?!

Accordingly, when you don’t pay back your loans, it is my and Mama Bisi’s deposits in the bank that is being put at risk. So banks can “support” and “encourage business growth” all day and night, so long as they are darn sure (or most likely sure) to get the monies repaid - which is difficult enough in Nigeria without a reluable national identification system nor a credit checking and/or credit history verification system, but is compounded by the Nigerian perchance (even culture) of entitlement wrt other people’s money. Try lending your buddy or cousin a little bit of cash and see how difficult is often is to be repaid (especially when they believe you have even just one naira more than they do).

Hahahahahahahahahahahahaha, my Uncle is owing 12k since 3YRS now he has refused to Pay, not that he doesn't want to o

All these "big boys" with heavy debts up and down !!!!!!!!!!!!

Nigerians and their unwillingness to pay back their debts. And he will probably be living large. Bunch of irresponsible characters.

9jaRealist:
Do you people even realize that the loans/finance that banks give are OTHER PEOPLE’S MONEY?!

Accordingly, when you don’t pay back your loans, it is my and Mama Bisi’s deposits in the bank that is being put at risk. So banks can “support” and “encourage business growth” all day and night, so long as they are darn sure (or most likely sure) to get the monies repaid - which is difficult enough in Nigeria without a reluable national identification system nor a credit checking and/or credit history verification system, but is compounded by the Nigerian perchance (even culture) of entitlement wrt other people’s money. Try lending your buddy or cousin a little bit of cash and see how difficult is often is to be repaid (especially when they believe you have even just one naira more than they do).

Good point.

ibietela2:
Hahahahahahahahahahahahaha, my Uncle is owing 12k since 3YRS now he has refused to Pay, not that he doesn't want to o

Always read terms and agreement well before signing that deal...