Rhea:


I can understand when Floyd the Money Mayweather flaunts his wealth.
But Mompha
Who is he again?

You get bad mouth lol.

Ur head like Mompha head

On nairaland is u snap a picture sitting on top of a car it automatically becomes yours, even of u dont say so, notice how most celebs must sit on the bonnet. Lol just my observations

Fraiser:
dont be deceived, all these guys hire cars in dubai and take pictures with them, am there I know what am saying

You are on to something. He may be one of the people this write up is all about or not.
Dubai’s Economy Is Melting Like A Glacier In The Desert. #MirMak #Dubai

Exactly on December 12, 2016, I wrote an article predicting that Dubai is going to see its economic fall. I even gave the dates that it may happen by 2018. Here we are in 2018 and Dubai’s economy has started to melt like an ice cone in a hot summer day near Jumeirah beach.

Let’s examine how ?

Dubai, is a city where I have lived for several years. Established and ran businesses in. I understand the economic environment and it’s financial structure. The financial structure is connected to its economic structure in the most strangest manner, a phenomenon not found in many cities of the world. The phenomenon of

“I OWE YOU and will pay you later”.

And this comes in the form of a “Post Dated Cheque”. Nobody asks you before gladly receiving that cheque from you, what would happen 8 months from today if your business has collapsed or sees a cash crunch. How will you honour your cheque. You are not dealing with a bank that you have given the cheques to, with huge ability of financial sustenance.

Your cheques are mostly to other businessmen who write cheques to their creditors based on your post dated cheques. I owe you on top of I owe you multiplied by the umpteenth factor. No economy can develop and sustain on this principle. Simple as that. One business man in the chain defaults, the entire chains is broken. The biggest of the companies can face a downturn and their cheques can bounce. And the strangest thing is that if your cheque bounces you are not given a chance to even negotiate the payment with a little more time. A complaint is lodged and the businessman arrested. Or to avoid the arrest, the businessman flees Dubai leaving the entire business to collapse and not a single chance of recovery for the receivers of the cheques.

Abraaj Capital had a $48 million dollar cheque bounce two weeks ago.

You think that’s was a big cheque. Wait till you read this. From January 2018 to the end of May 2018, 26 billion dirhams worth of cheques have been bounced. 1.2 million cheques in total. Or 39.3% of the total number of cheques issued in 2017 which were to come due in 2018. They came due and they bounced. 39.3% is not an amount to be taken lightly, neither is the number of checks that is 1.2 million nor the amount of 26 billion dirhams, that’s $7 billion dollars in just 6 months of 2018. This will cause the coming 6 months of 2018 from June to December to cause a disaster in the making to be dealt by the authorities with no recourse. And the reason I said no recourse is because you need to see by researching other related clues in order to establish if the people who have written the cheques are still in Dubai or most of fled the city.

You need to look at two things if you want to do related research to establish the above point if the people have fled Dubai or not. First, if their phones connections are cancelled. And Second, if they have fled with their families. Best thing to look at to see the second part is to see as to how many children have been withdrawn from their schools. Let’s look at the biggest phone carrier of Dubai, Etisalat and it’s data. 32,000 phone connections were cancelled between March and April of 2018. Just in 38 days in total. Mobile phone connections that is. 28,000 children were withdrawn from schools without registering themselves for the end of summer sessions. Meaning those families do not plan to come back.

I wish it ended here. I wish the signs were not as obvious. But they are. Dubai property that used to be sold at 2300 dirhams per square foot is selling at less than 600 dirhams per square foot. Or in simple words, it’s selling at 25% of its value.

Gold Souk has empty stores for the first time in 35 years. You could not find a single empty store to rent or buy earlier. Arabian Center, Sunset Mall and Al Ghurair have stores shutting down every week. Emirates Towers with the most chic restaurants is witnessing a closure upon closure of restaurants. Hotels have cut their average price to 30% of what they used to charge and last month alone 18 hotels shut down including Savoy, Ramada, Richmond, Crest, Jarmond and the list goes on. Lamcy plaza, one of the most busiest malls had a fire and was supposed to be opened in August 2017 and it’s still closed down. Bur Juman and Wafi Mall have the highest vacancy rates of shops. The list can go on and on and I can pen down more signs of an economic meltdown than you can read.

Abraaj Capitals’ collapse is a nail in the financial system coffin of Dubai. The biggest confidence eroding incident ever to have taken place in the history of Dubai’s financial system.

The point is not to sit and laugh at what has happened. That is cruel and arrogant. Livelihoods have been lost and families have been ruined. The point is for other counties in the GCC to stop this post dated cheque based economic model immediately before they face the same fate. And for the businessmen the lesson is to develop a sustainable business model where your freedom is not hinges upon one bounced cheque. Because anybody’s cheques can bounce unintentionally and based on unforeseen circumstances.

With the OECD restrictions, Anti-Money Laundering initiatives around the world. FATF watching. Counter Terrorism financing watchdogs sifting through every transaction. The biggest appeal of Dubai will be dead as well. The appeal of having unquestioned transactions for the world’s corruptly earned funds.

This is a bad cycle that Dubai is going through where in my opinion the bottom of which we have not seen yet. Nowhere even close to it. With media censorship and controlled release of any and all news, you will not even hear these stories in Dubai. Unless you want to be a journalist who loves jail food. And speaking of the journalists, and only the ones who complain about freedom of the press, kiss the ground that you live on, the ground encompassing every inch of a great country called,Pakistan.

chijokz:

He's wealthy..he has been laundering $ for Naija politicians for a while and invested the proceeds into legitimate businesses.

He can't be worth more than $20m and that is being liberal on my part.

It's rritating dashing the billionaire tags to everyone.

blazer2018:
I have come to notice something; most times, it's those who amassed their wealth illegally that flaunts it the most...Hardly will u see a successful entrepreneur and legit hard-worker flaunt his riches like this...except maybe artistes and Sportsmen and women.


Modified*

haters,go get yours mumu,
poor idiot

So many poor people on this thread just hating on an innocent picture.

What is wrong in sitting on a Royce ?

You all just lock yourselves up in your homes and money seems impossible, just like a village palmwine tapper does not believe it is possible to make a million naira in a day without it being rituals, you all hate on rich people because in your world it is impossible to be that rich ? Or source of income must be known by you ? Who are you to question how people make their money ? Is your money missing ?

OP clap for him. Some of these displays are responsible for the rise in ritual killing today. This boy should be properly guided.

Hw is dis news

If I hear money man.

What impact has he made in life of the poor living around him? Even though his source of wealth is stillquestionable

DeWisedon:

haters,go get yours mumu,
poor idiot

Madman...It's people like u who engages in illicit businesses (making others cry so that u can make money) to cater for your families that will come and call me names 4 stating d obvious...I might not be a billionaire or multimillionaire, but I am not a pauper...and I thank God that I can defend every kobo I have earned in my life. Can u

Keep doing what u do, karma is at d next corner.

five5star:
...
Savage

Savage...As in Tiwa Savage? Yes we know her...She's a Nigerian A-artiste...she makes her money by making use of her God-given talent to make legit money...You, yes i mean u...what do u do 4 a living?

blazer2018:




Intimidation kwa...

To start with, i may not have traveled far and wide but i've bn to South Africa and Ireland...I may not be a billionaire but i can defend every kobo i av earned all my life.


Anyway sha, i still stand by what i typed...u will hardly see a genuine successful African businessman or woman flaunt their riches anyhow...sportsmen and women and those showbiz flaunts their riches allover the world; it's their thing and i have no qualms with that...but when those with questionable characters begin to flaunt their ill-gotten wealth in the faces of the already desperate and unemployed youths in this country, it saddens my heart and spells doom for d country.


When an Artiste or footballer flaunts his or her wealth, a jobless youth knows how he got it (using their talent and handwork)...hence he knows what to do to get there.

When a genuine successful businessman does same, he knows he sweated to get it all.

But when u beginning to celebrate someone who can't defend his wealth

defender of the universe, you don go vibe am make e defend e wealth wen e no come fit defend amany young man DAT looks flashy,d first thing una de ask na source of income,for fuuk sake who are u to judge him?how can u prove he's got an ill wealth?

tragergeorge:
defender of the universe, you don go vibe am make e defend e wealth wen e no come fit defend amany young man DAT looks flashy,d first thing una de ask na source of income,for fuuk sake who are u to judge him?how can u prove he's got an ill wealth?

How can we prove he's go a healthy wealth? I am not a judge, hence d freedom that most scammers enjoy...if he makes his money in a legit way, may God continue to increase him, otherwise, Karma dey next corner for am.


You will never see me castigate those we know how they made their money but live flashy lives...never!!!!

How does that one reduce jamb cutoff mark

blazer2018:
I have come to notice something; most times, it's those who amassed their wealth illegally that flaunts it the most...Hardly will u see a successful entrepreneur and legit hard-worker flaunt his riches like this...except maybe artistes and Sportsmen and women.


Modified*

On that, you are absolutely correct.

.

blazer2018:


How can we prove he's go a healthy wealth? I am not a judge, hence d freedom that most scammers enjoy...if he makes his money in a legit way, may God continue to increase him, otherwise, Karma dey next corner for am.


You will never see me castigate those we know how they made their money but live flashy lives...never!!!!

there are over 180million people in this country,you nor kW reach 500 persons, na who u kW u kW so stop this your mentality,live your life,make people leave theirs ,snapping a pix on top of a car nor mean say person de flaunt wealth,that guy still got he's challenges if you must know, everyone has,na only happy times de enter social media,don't judge people with what u see on social media,

Olalan:
Nairaland and mediocrity seems like 5 & 6. You hardly see threads on innovation or academic excellence on FP , pushing news about material acquisition of peeps with no verifiable source of income is not too good for the society

Mompha has a verified source of income while Hushpuppi doesn't have a verified source.

hardywaltz:
SARS fall on u

Na wa for u ohh
Wch kind SARS!?
Dem go fear sef..with dat kind money!?

tragergeorge:
there are over 180million people in this country,you nor kW reach 500 persons, na who u kW u kW so stop this your mentality,live your life,make people leave theirs ,snapping a pix on top of a car nor mean say person de flaunt wealth,that guy still got he's challenges if you must know, everyone has,na only happy times de enter social media,don't judge people with what u see on social media,

Okay i don hear u bro...have a nice day

blazer2018:
I have come to notice something; most times, it's those who amassed their wealth illegally that flaunts it the most...Hardly will u see a successful entrepreneur and legit hard-worker flaunt his riches like this...except maybe artistes and Sportsmen and women.


Modified*

Stop Hating on a Nigga.

#momfa buy did my fawoh for 5,ooo each I get 50 and Na 2kg each aspa big man u b #momfa buy did my fawoh for 5,ooo each I get 50 and Na 2kg each aspa big man u b

My dream car

[/url]http://www.wishhub.pk/car-sunshade-automatic-stretching-sunscreen-curtains-ats-0331-beige.html
[/url]
Product Name: Car curtain (with hook)

Product material: Environmental protection cloth

Product color: Beige

Product Size: Tensile Height 60cm * Width 46cm * Thickness 1.3cm

Fixed point: 3 points fixed

Usage: Attached to the window below, the hook in the glass,

With the window rose and decreased and decreased.

Package Contents: 2 x Car curtain

blazer2018:
I have come to notice something; most times, it's those who amassed their wealth illegally that flaunts it the most...Hardly will u see a successful entrepreneur and legit hard-worker flaunt his riches like this...except maybe artistes and Sportsmen and women.


Modified*

You are very correct.

Cumtroller:
Stop Hating on a Nigga.

Hating ke...just stating d obvious...

blazer2018:



Madman...It's people like u who engages in illicit businesses (making others cry so that u can make money) to cater for your families that will come and call me names 4 stating d obvious...I might not be a billionaire or multimillionaire, but I am not a pauper...and I thank God that I can defend every kobo I have earned in my life. Can u

Keep doing what u do, karma is at d next corner.

karma gbuokwa GI there,

ezi

RSVP:



You get bad mouth lol.

Ur head like Mompha head

My head like Mompha must be a compliment then.
Gucci head

blazer2018:
I have come to notice something; most times, it's those who amassed their wealth illegally that flaunts it the most. http://www.generalnews.com.ng ..Hardly will u see a successful entrepreneur and legit hard-worker flaunt his riches like this...except maybe artistes and Sportsmen and women.


Modified*

Billionaire Dubai based Nigerian big boy Mompha sits on top of his expensive Rolls-Royce platinum car.

cherriton12:



Billionaire Dubai based Nigerian big boy Mompha sits on top of his expensive Rolls-Royce platinum car.

I don't understand what u are trying to say here, so bn based in Dubai makes his money clean or what...because i am not understanding...

I know of a Nigerian big boy who's based in Dubai...his own means of wealth is that he cleans money for shady guys and moves money for corrupt politicians in Nigeria...and that one too will be claiming "Billionaire Dubai based Nigerian big boy" who does legitimate biz.

cherriton12:



Billionaire Dubai based Nigerian big boy Mompha sits on top of his expensive Rolls-Royce platinum car.

I don't understand what u are trying to say here, so bn based in Dubai makes his money clean or what...because i am not understanding...

I know of a Nigerian big boy who's based in Dubai...his own means of wealth is that he cleans money for shady guys and moves money for corrupt politicians in Nigeria...and that one too will be claiming "Billionaire Dubai based Nigerian big boy" who does legitimate biz.

chijokz:

He's wealthy..he has been laundering $ for Naija politicians for a while and invested the proceeds into legitimate businesses.

U see...I knew he made his money thru illegal means...