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Nairaland Forum / Nairaland / General / Religion / Oyedepo: Wealthy People With ₦1bn Worth, But Owing Banks ₦10bn Are Stupid (39303 Views)
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Oyedepo: Wealthy People With ₦1bn Worth, But Owing Banks ₦10bn Are Stupid by 2mercy: 1:17pm On Mar 13, 2022 |
By: Kazeem Ugbodaga https://pmnewsnigeria.com/2022/03/11/wealthy-people-with-n1bn-worth-but-owing-banks-n10bn-are-stupid-oyedepo/ 88 Likes 5 Shares
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Re: Oyedepo: Wealthy People With ₦1bn Worth, But Owing Banks ₦10bn Are Stupid by darocha1: 1:27pm On Mar 13, 2022 |
Alright. Thanks 17 Likes 3 Shares |
Re: Oyedepo: Wealthy People With ₦1bn Worth, But Owing Banks ₦10bn Are Stupid by dawnomike(m): 1:30pm On Mar 13, 2022 |
I think i really need to read this over again to understand better... 88 Likes 8 Shares |
Re: Oyedepo: Wealthy People With ₦1bn Worth, But Owing Banks ₦10bn Are Stupid by Amotolongbo(f): 2:58pm On Mar 13, 2022 |
Hmmm Now I understand the difference between a man who borrowed loans from bank to finance his project and another one who depends on other people’s gift and offering to finance his project. one is a risk taker while the other is an opportunist Dangote’s worth is $14billion while the cost of Dangote’s refinery is about $19billion. 252 Likes 21 Shares |
Re: Oyedepo: Wealthy People With ₦1bn Worth, But Owing Banks ₦10bn Are Stupid by Snitch24(m): 3:09pm On Mar 13, 2022 |
ABigWin:Do you mean nose? Asin imu nose � 5 Likes 2 Shares |
Re: Oyedepo: Wealthy People With ₦1bn Worth, But Owing Banks ₦10bn Are Stupid by FalseProphet1(m): 7:15pm On Mar 13, 2022 |
Daddy Oyedepo is absolutely right. If you subtract all the loans dangote is owing various banks both locally and international from his networth, dangote won't even make it to 1st 100 richest people in Africa. This I have seen. 122 Likes 6 Shares |
Re: Oyedepo: Wealthy People With ₦1bn Worth, But Owing Banks ₦10bn Are Stupid by Elvixbeatz(m): 7:16pm On Mar 13, 2022 |
I don tell myself say anything way concern religion no b my business 40 Likes 9 Shares |
Re: Oyedepo: Wealthy People With ₦1bn Worth, But Owing Banks ₦10bn Are Stupid by DamnnNiggarr: 7:16pm On Mar 13, 2022 |
Just like USA with a GDP worth of $24 trillion(2021 estimate) but has a gross external debt of over $21 trillion. Imagine a country that has annual expenditure of $7 trillion but with annual revenue of $3.4 trillion. If not that Nigeria's government is not transparent, Nigeria would've been one of the richest country in the world with an annual expenditure of $30 billion and annual revenue of over $50 billion. huptin:I'm not too good in economics but with the knowledge I got in eco101, 102, I can unequivocally tell you that Printing more money doesn’t increase economic output – it only increases the amount of cash circulating in the economy. If more money is printed, consumers are able to demand more goods, but if firms have still the same amount of goods, they will respond by putting up prices. In a simplified model, printing money will just cause inflation. *Suppose an economy produces $10 million worth of goods; e.g. 1 million books at $10 each. At this time the money supply will be $10 million. *If the government doubled the money supply, we would still have 1 million books, but people have more money. Demand for books would rise, and in response to higher demand, firms would push up prices. *The most likely scenario is that if the money supply were doubled, we would have 1 million books sold at $20. The economy is now worth $20 million rather than $10 million. But, the number of goods is exactly the same. *We can say that the increase in GDP is a money illusion. – True you have more money, but if everything is more expensive, you are not any better off. *In this simple model, printing more money has made goods more expensive, but hasn’t changed the quantity of goods. So Mr huptin, why can't Nigeria just print ₦aira to tackle Nigeria's economic mess? Nah! It doesn't work that way. If only 20 bags of rice is produced in your location, assuming only only 5 people are able to purchase a bag at say 20k out of 100 person's due to lack of money and the government decides to print more money to be in circulation in the economy, and about 50 person's now have cash, now what will happen is that, more people now have cash and it's still 20 bags of rice that is being produced which will lead to high demand for a bag of rice. Do you know what the producers will do? They will respond by doubling the price of a bag of rice. I hope it's clear now. 197 Likes 23 Shares |
Re: Oyedepo: Wealthy People With ₦1bn Worth, But Owing Banks ₦10bn Are Stupid by tempest01(m): 7:16pm On Mar 13, 2022 |
This isn't a completely wise take from Pst Oyedepo. In order to create wealth, you need capital. In his area of operation there is a multitude who directly and indirectly contribute to their capital. Ordinary business people don't have that. They need to source for capital with debt. As long as their debt to equity ratio is kept healthy, you can take that risk, take that debt and invest wisely . Those that are not wise are those with no investments and living on stolen money still taking on Loans. Ideally you should take loans to expand on an already working enterprise that can service the loan. 138 Likes 9 Shares |
Re: Oyedepo: Wealthy People With ₦1bn Worth, But Owing Banks ₦10bn Are Stupid by illicit(m): 7:16pm On Mar 13, 2022 |
The banks in heaven or earth 5 Likes 2 Shares |
Re: Oyedepo: Wealthy People With ₦1bn Worth, But Owing Banks ₦10bn Are Stupid by janedonez(m): 7:16pm On Mar 13, 2022 |
Opor |
Re: Oyedepo: Wealthy People With ₦1bn Worth, But Owing Banks ₦10bn Are Stupid by Omooba77: 7:16pm On Mar 13, 2022 |
2mercy: Wisdom.. 6 Likes 2 Shares |
Re: Oyedepo: Wealthy People With ₦1bn Worth, But Owing Banks ₦10bn Are Stupid by SmartPolician: 7:16pm On Mar 13, 2022 |
Most of us don't know that we are better than many people we consider wealthy because they live on loans from banks. The funny thing is that the money is ours. 50 Likes 3 Shares |
Re: Oyedepo: Wealthy People With ₦1bn Worth, But Owing Banks ₦10bn Are Stupid by almsofgold: 7:17pm On Mar 13, 2022 |
Re: Oyedepo: Wealthy People With ₦1bn Worth, But Owing Banks ₦10bn Are Stupid by kareemkamil(m): 7:17pm On Mar 13, 2022 |
Lousy man 7 Likes 4 Shares |
Re: Oyedepo: Wealthy People With ₦1bn Worth, But Owing Banks ₦10bn Are Stupid by Realists(m): 7:17pm On Mar 13, 2022 |
Hmmm |
Re: Oyedepo: Wealthy People With ₦1bn Worth, But Owing Banks ₦10bn Are Stupid by Ayemileto(m): 7:18pm On Mar 13, 2022 |
Amotolongbo: Based on the full article, I don't think it applies to business men (like Dangote) because they aren't doing big boy around town, and they are not using the loans to purchase liabilities. Instead, they are investing with it. As for the cost of Dangote refinery, I don't know of banks that borrow people more money than their collateral sha. Maybe they exist and I just don't know. But, as at when Dangote started his refinery, the cost was supposed to be $8billion (I saw it in newspapers then). I don't know if they changed the initial plan for the cost to have jumped so high, or maybe it's because of inflation. But, I think the $19billion tag placed on the refinery might be to avoid questioning on the $3.2billion NNPC paid for 20% stake. Let's not also forget FG sells forex to Dangote at a cheaper rate because of the refinery. So, it might as well be to get much more forex out at a cheaper rate. What I'm saying is that, it might not cost up to the $19billion price tag. The price could have been inflated for several reasons. 43 Likes 4 Shares |
Re: Oyedepo: Wealthy People With ₦1bn Worth, But Owing Banks ₦10bn Are Stupid by BigYash: 7:18pm On Mar 13, 2022 |
No be Bakare him dey use style talk to so?Lol..Him no lie sha.. Borrow money dey form big boy.. Nigga you are a small boy.. 17 Likes 3 Shares |
Re: Oyedepo: Wealthy People With ₦1bn Worth, But Owing Banks ₦10bn Are Stupid by TalkTalkTwins(m): 7:18pm On Mar 13, 2022 |
Lol 1 Like |
Re: Oyedepo: Wealthy People With ₦1bn Worth, But Owing Banks ₦10bn Are Stupid by obembet(f): 7:18pm On Mar 13, 2022 |
Na so one Andy uba I'll heritage bank... They protest, nothing come out since judiciary is dead https://www.youtube.com/watch?v=Y_I-z9FJCdU |
Re: Oyedepo: Wealthy People With ₦1bn Worth, But Owing Banks ₦10bn Are Stupid by Eriokanmi: 7:18pm On Mar 13, 2022 |
Simple truth. The late Billionaire, Chief Sonny Odogwu's case is a good example. After access bank sold almost all he had, including his ikoyi property, it still didn't cover his billions of naira loans. 40 Likes 3 Shares |
Re: Oyedepo: Wealthy People With ₦1bn Worth, But Owing Banks ₦10bn Are Stupid by Ochelyko1: 7:18pm On Mar 13, 2022 |
Amotolongbo: I like ur analogy, who borrowed is far far better than someone who milk others to become Rich. 51 Likes 3 Shares |
Re: Oyedepo: Wealthy People With ₦1bn Worth, But Owing Banks ₦10bn Are Stupid by Khaysee: 7:18pm On Mar 13, 2022 |
You are wise and very good with investment from your days in kaduna if you not a pastor you will definitely be a successful business man Affordable men clothing clothing payment on delivery within lagos and nationwide delivery daily 9 Likes |
Re: Oyedepo: Wealthy People With ₦1bn Worth, But Owing Banks ₦10bn Are Stupid by dododawa1: 7:18pm On Mar 13, 2022 |
Amotolongbo:owing -$5billion. 1 Like 1 Share |
Re: Oyedepo: Wealthy People With ₦1bn Worth, But Owing Banks ₦10bn Are Stupid by Kobicove(m): 7:19pm On Mar 13, 2022 |
There are many people like that all over the place, they will be doing borrow-pose...showing off with things they can't really afford based on their income 1 Like 1 Share |
Re: Oyedepo: Wealthy People With ₦1bn Worth, But Owing Banks ₦10bn Are Stupid by AngelicBeing: 7:19pm On Mar 13, 2022 |
Gbamsulotely 5 Likes 1 Share |
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