Stella Dimoko Korkus.com: Emir Of Kano Says ''Some Rich Nigerians Live On Bank Loans

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Tuesday, September 13, 2016

Emir Of Kano Says ''Some Rich Nigerians Live On Bank Loans

  •  The Emir of Kano, Muhammed Sanusi II, has condemn some Nigerians who showcase wealth , saying some of them live on loans from banks.


Sanusi, who took to his twitter handle, said, “There are supposedly rich Nigerians who have everything about them financed by bank debts.”

The tweet reads, “Look at sovereign debt fueling growth. If you take the example of an individual. You happen to know bank MDs and you can make a few phone calls and get loans. You borrow N1 billion here today and build a very nice mansion in Abuja. You borrow another N1 billion and let your family go out on first class ticket as you are travelling all over the world. You borrow another N5 to N6 billion and buy a private jet. We have very many people in Nigeria who you think are very rich. But, who are really bankrupt, because everything about them are being financed by bank debts.

“When one debt matures they have enough connections to call another bank, borrow and refinance that debt. They are not earning anything.

“They have private jets. They have yachts. Their families travel first class. They go abroad and stay in the most expensive hotels. It happens. And it is happening today.


“What do you think of those people? When you think about such people, do you think they are foolish people? Or do you think they are wise people? So, what would you say of a country that does this? So, you feel growth by borrowing money, pay salaries, people spend money on pure consumption spending, nothing is produced. It’s fine. 

It’s short term. But, it is not sustainable. How much can you continue to borrow and consume without producing?”

Dailypost cullage.




57 comments:

  1. Replies
    1. Ifeanyi Ubah of capital oil wont be able to offset his igbese in this life, if he try to pay half of it, Don jazzy will be richer than him. Poor people forming rich guys with poor masses bank deposit. Mtcheeew

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    2. Thank God is coming from a good source who knows better bring a former. Governor of the Apex bank. I said it many times about Nigerians idolizing all these fake bank loan billionaires. I have said it many times being a former banker myself as some of these people being praised as billionaires were as broke as a church rat. Take bank money from them and they have zero. A case in point is about a particular man being called billionaire with private jet not one but two and is owing one of these good bank a ridiculous amount. He had fleet of cars and houses all over the world but none of his business makes him money to buy a fuel in his private jet and paid the pilot his monthly salary. I have no regard for this do called fake billionaires. The most pathetic is the way and manner their wives acts in the society. They used the most expensive jewelry, bags and wears straight from runway designer clothes. SMH

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    3. Thank God is coming from a good source who knows better bring a former. Governor of the Apex bank. I said it many times about Nigerians idolizing all these fake bank loan billionaires. I have said it many times being a former banker myself as some of these people being praised as billionaires were as broke as a church rat. Take bank money from them and they have zero. A case in point is about a particular man being called billionaire with private jet not one but two and is owing one of these good bank a ridiculous amount. He had fleet of cars and houses all over the world but none of his business makes him money to buy a fuel in his private jet and paid the pilot his monthly salary. I have no regard for this do called fake billionaires. The most pathetic is the way and manner their wives acts in the society. They used the most expensive jewelry, bags and wears straight from runway designer clothes. SMH

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    4. Just like the so called oil and gas billionaire going around acting like a true billionaire but is owing all the banks and people idolize him like he is Bill Gate

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    5. This is so true. 80 percent of the wealthy men in Nigeria are indebted .Be using bank loans to live large and oppress the average man, yet the average man with good ideas will never be able to access bank loans.

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    6. Sanusi is spot on. This I have known for so long. Wait till some of these so called billionaires pass away, then you'll see how broke most of them are. They flourish on bank loans.

      And sadly, some of these loans given them are unsecured loans. Little wonder some banks collapsed due to their inability to meet up. It's a fact

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  2. True Talk... every BigMan Is a debtor

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    Replies
    1. Nah not every. My Dad has never borrowed.

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    2. Not all. My husband has never and will borrow. Life is in stage men are in sizes

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  3. Wow. Emir dropping it like its hot. Food for thought. Dont envy these people
    Emeka offor is now running around, bankruptcy is real. He cant even afford to rent private jet anymore neither is he able to fly commercial cos he is ashamed that people will see him in the plane. All the ufondu siblings that leeched onto him through their sister adaora his last wife are now all bundled in abuja and laying low cos money haff finish. Soon adaora will dump his ass cos that one head hasnt been correct. Like mum like daughter.

    ReplyDelete
    Replies
    1. Emeka Offor can never be broke!...
      He is laying low because of EFCC and Vuharia!,..
      Do you want them to come after him?,..
      This is what most sane people are doing in this Vuharia regime!...
      He is smart!...

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    2. You want him to showcase himself so that EFCC will come after him abi?
      Ignorance is a disease. Please speak what you know.

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    3. He might be llying low But his billions are bank loans. Same applies to that stupid fraud aide anti Ubah. Bank loans were meant to be borrow but the unfortunate in this situation is that they took the loan to finance their superficial vain lifestyle AMF tvat of their shallow wives

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  4. He should name and shame them.

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    Replies
    1. @James. Said same. However, I'm sure we all know them by now. They were in our faces on a daily basis acting like the best thing since slice bread

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    2. U used ur melecine Dis morning, don't forget afternoon & night doses, if u do ur comments will give u away.

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    3. U used ur melecine Dis morning, don't forget afternoon & night doses, if u do ur comments will give u away.

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    4. One of them is the wasteful so called billionaire with dead and abandoned properties that he took bank loans to build and no one is renting most of them. Most of the properties were like a Deserted island and his young wife young enough to be his grand daughter is going around flaunting her loud lifestyle in the society. She better invest on something big as the shocker is coming for her if and when the man dies. Most of these so called properties belongs to the bank and will get them when he dies

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    5. Oya decoders pls decode Anon 14.09 biko.

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    6. @ 17.05. Otedola, Ifeanyi Ubah,Emeka Offor, Dangote, Adenuga (Glo is doing not too bad) Iwuajoku,, Okoya,. Hope Stella will not be afraid to post

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    7. @ 17.05. Otedola, Ifeanyi Ubah,Emeka Offor, Dangote, Adenuga (Glo is doing not too bad) Iwuajoku,, Okoya,. Hope Stella will not be afraid to post

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    8. Easy. Jimoh Ibrahim.

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  5. Hahahaha kindly give us names if you are bold. I don't have time to rack my brain.

    Etisalat you guys should take time. Finding it difficult to connect

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    Replies
    1. @ 17.05. Otedola, Ifeanyi Ubah,Emeka Offor, Dangote, Adenuga (Glo is doing not too bad) Iwuajoku,, Okoya,. Hope Stella will not be afraid to post

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    2. The 3 evil musketeers (1) Dangote (2) Otedola (3). Iwuajoku and Kashamu, Ifeanyi Ubah, Emeka Offor,

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    3. The 3 evil musketeers (1) Dangote (2) Otedola (3). Iwuajoku and Kashamu, Ifeanyi Ubah, Emeka Offor,

      Delete
    4. The drug barons Bola Shagays and Buruji Kashhamu

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    5. The 3 evil musketeers (1) Dangote (2) Otedola (3). Iwuajoku and Kashamu, Ifeanyi Ubah, Emeka Offor,

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    6. Bola Shagays and Frog looking Kashamu

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    7. How can Adenuga be on the list? Then you don't know the man's history. Bank loan? 'Impossicant'

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  6. He is right but is it his business??...
    He should face his life and stop thinking about how others live his life!...
    I'm sure he borrowed to marry that his underaged wife and buy that his Rolls Royce...

    ReplyDelete
    Replies
    1. Idle and jobless response,how does his choice of marriage becomes your concern.Na your privates?Get a seat.

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    2. Queen are u from Anambra cos u reason and talk like them?

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    3. @Queen. You are as stupid as your bank debtors billionaires. It is his business because he knows them like the palm of his fingers and there is no better person to say it than him being a former CBN Governor. I remembered how the so called bank debtor billionaires were terrified if him during his term as the governor. One of them was spraying money at a wedding one time at Sunny Ade and the moment Sanusi got to the party, they all scrambled away from the stage. Just because it was known them of how he despises their fake and wasteful lifestyles. It wouldn't be his business if they were using their own hard earned money to financed their vain lifestyle

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    4. @Kusopa. Please don't dignify the stupid @Queen with a response. She is clueless and as dummy as they come. So called fake billionaire my foot

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    5. Sanusi cleaned up nicely. He has enough stashed away to last him a lifetime. Even before royalty. Other looters should seek his advice on how not to leave a trace.. and yet be able to condemn others in public. It's not an easy feat. Eheheh

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    6. Sisi don't be naive; now I know this man has serious complex issues.
      The Enir talks a tad much
      He needs to look himself in the mirror while speaking. He is broke ; take this info to the bank.
      He has a lifestyle he cannot sustain.
      Inside information

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  7. #Comparing yourself to others is the root cause for feelings of unhappiness and depression*

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  8. I am rich and I never live on Loan!
    Robocop

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    Replies
    1. @ anon 10.26. Is that you Linda? Aka Omo ojuorolari? Good for you and congrats. However, how many poor people have you helped? Stop talking Mr or Mrs foolish

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    2. @ anon 10.26. Is that you Linda? Aka Omo ojuorolari? Good for you and congrats. However, how many poor people have you helped? Stop talking Mr or Mrs foolish

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  9. I think this is a wake up call to those that compares their lives with that of others. There is no perfect life.some people look at others lives and get depressed, while the one they are comparing their lives with is also envying theirs

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  10. That's how some fly first class and now they cant pay their child's school fees. Pikin is sitting at home. All in the name of belonging. Nonsense.

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  11. We know, but all you rich and influential people in and outside government are not stopping them but rather fan them as they go on

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  12. @Youngman. You are absolutely right. The society fan them for wasting bank money. Their wives were the worst. They put their nose up to little people whereas the little people have and spend their own money compared to their fake lifestyle

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  13. Yes they borrow loans from Bank but u can't call them poor, they are rich bcos a bank will never give you loan without a collateral, and the property used as collateral are usually worth more than money being borrowed. Banks get sense na, Abi una think say na fulani cattle readers dey run banks??? So if someone has properties worth more than money they are borrowing from banks how dare you call them poor? If u think say to borrow money for bank na moi moi or no collateral is involve make una sef go borrow na! Shikenah. Una dey open mouth call person wey get moni pass una whole extended family including una livestock and landed properties, POOR?

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    Replies
    1. In the past, some Banks gave majority of these socialites unsecured loans. I mean a lot of them. Based on self recognition and big family names, many have walked out of a bank loaded with borrowed funds that they've refused to service it can't afford to service. Hence the reason for so many defunct banks.

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    2. Thank God u said based on self recognition and big family name. A poor family can't get such recognition or big name. I grab your point though, they might not be as rich as they flaunt it but they are not poor like Sanusi put it.

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  14. How come no one else saw the bigger picture that the Emir painted? NIGERIA! !!! Same principle applies to the macro economy.

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  15. Sanusi is using it as a metaphor for Nigeria. We cannot borrow money to spend and not produce anything. By the time we have to pay back, there will be nowhere the money can come from.

    ReplyDelete

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