So it is AMCON's turn to make public common sense now... Oga o.

StOla:
The Murray Bruce family is one I will never gloat over their present financial debacle. Their history in business starting from their father, devoid of government loot, is one that is worthy of emulation.

I might not agree with Senator Ben Bruce politically, but he has my respect for his business acumen and lofty ideals. How this investment went bad is what puzzles me.

I suspect the high interest rates. 20% per year no easy. It is killing businesses here

Larwin:
You are taking d company from dem and dats understandable enuf, but y sealing it up? What's d fate is d thousands of employees having Dere daily bread from this sealed building.
Can't you just give the management to another group dat will manage it well
When will Nigeria wakeup

can change of management be done in a day?

won't u take possession of a property before you install a new management if need be or even sell it outrightly.

reason well abeg..

. ..

rasco2000me:
Common sense man no get sense again,he wil come out and be yanny nonsense, d man is among d people who kill d nigeria economy

How?

Keneking:
Whao so many jobs to be lost due to this...


What about Shoprite in Silverbird Abuja, did they forget that asset too?

Its only a change in mgt. No body will loose their job.

dodobytes:


can change of management be done in a day?

won't u take possession of a property before you install a new management if need be or even sell it outrightly.

reason well abeg..

True

dridowu:
Ben Bruce be like [img]http://gif.co/wiBE.gif[/img]



#BenBrucePayYourDebtToGrow9ja

This your hash tag is one in town.

grandstar:
Though there is impunity in this country by the rich, the high lending rates is killing businesses. I am sure this enterprise would not have this problem if interest rates were in single digits.

Nigerians have no business borrowing in double digits in s country where an expansionary budget is not more than a budget deficit of 3% of GDP.
Until the naira substituition policy ends, double digit lending rates will continue to kill promising busonesses

Yes I agree with you. Our lending rate or cost of borrowing funds is very high in view of the recession we are experiencing and like you said it is killing businesses.

Banks in this country are not designed to assist business, their main trade is the sale of FX and bonds. A main reason banks declare huge profits but you cannot see it in the expansion of businesses or economy.

Despite that, I would expect Ben Murray Bruce to have carried out proper cash flow analysis for the funds he intends to borrow. If they funds were borrowed for expansion, was adequate knowledge obtained?

Though we do not have adequate knowledge on how and what the loan was borrowed for, one visible sign I observed what the fast decline of customers visiting the silverbird galleria in Victoria Island immediately The Palms was built.

At 30% interest per annum, Senator Bruce is expected to be paying over 3 billion annually. That in itself is killing. If you dont enjoy monopoly like Dangote or if you are not into big time contract runs, it is very difficult to meet up with repayment obligations .

Seeing this, AMCON should have administered justice with mercy to encourage this iconic entrepreneur. Instead of this big disgrace of his brand, they could have taken over behind the scene. The businesses should still have been allowed to run for the sake of the brand equity and for the sake of the employees.

Mr. Bruce's business (entertainment) is a very viable business. If its management are changed and the group privatized, AMCON can still realize a lot of money from this while still retaining 51% of Silverbird group stocks. With what they have done, they have made this going concern un - attractive . No investment holding entity would want to buy SILVERBIRD ventures (bad publicity) and as things stands, thousands will once again loose their jobs. How much can AMCON realise if they are to sell just the building instead of the business?

AMCON money is Nigeria's money, they should act by helping and not by destroying. AMCON has destroyed the SILVERBIRD brand, they have really bruised the Bruces.

As we can all see, the Bruce brothers aren't making any noise about this. They accept it because they know they owe AMCON. Doing business is not child's play and like Ben himself said, the biz is going through its tough time and will overcome and I pray they care able to pay their debt and continue biz.

I am very sure if Jonathan were still in power, Na underground phone call for don happen and there will be nothing like seizing of property. Jungle don mature. Business no easy. Na make God bless all man hustle.

Meanwhile uncle Ben know as e dey go that's why him dive enter politics sharply... at all at all Na im bad.

wowmenow:
Signing there property to tinubu boy muiz banire

All hail the tyrant in Abuja

u r very daft wit silly comment. Must u comment at all.

2BB4CB3E:
[b]am really worried about this country
everything is just irritating
from governors to senators to state house of rep to local government chairmen
judiciary is rubbish fake lawyers up and down and they all carry(SAN) i wonder which cases they have been winning
cause there isnt a single person since tafa balogun that has gone to jail for years now
its really sad honestly
you will be held for an offense and you will be saying "how abt peter"what abt him (stupid sentiments)
everything is just somehow
prayer wont work
what we need is some serious action

buhari cant do much cause the thieves around him wont allow much happen
then even if he ignores them, senate wont allow his plan work
stealing and financial mismanagement will never stop lets just accept that and face life like that
if ure lucky to enter a position steal, if not stay poor

i have on good authority!!!!
that a certain business man was owing a bank billions in debt
wen the bank wanted to fight him for the money, he used a governor to threatened the bank
that if he is disgraced the state funds will be taken away from the bank
the bank had to let go of the debt or as they will say fooling themselves (non-performing loans)
and that's how the man walked away with billions and never paid #true story
but lapo will be disgracing some market woman because of 6000
thats life for you ooooo
na heaven win am my people [/b]

Are you okay?

grandstar:


I suspect the high interest rates. 20% per year no easy. It is killing businesses here

That is what his colleagues in House of Representatives should be looking into rather they will steal money, travel abroad and solicit for prostitutes.

AprokoNaija:


Are you okay?

Eh
You have commented I have seen it
Oya pass

kingviny:
At 30% interest per annum, Senator Bruce is expected to be paying over 3 billion annually. That in itself is killing. If you dont enjoy monopoly like Dangote or if you are not into big time contract runs, it is very difficult to meet up with repayment obligations .

Seeing this, AMCON should have administered justice with mercy to encourage this iconic entrepreneur. Instead of this big disgrace of his brand, they could have taken over behind the scene. The businesses should still have been allowed to run for the sake of the brand equity and for the sake of the employees.

Mr. Bruce's business (entertainment) is a very viable business. If its management are changed and the group privatized, AMCON can still realize a lot of money from this while still retaining 51% of Silverbird group stocks. With what they have done, they have made this going concern un - attractive . No investment holding entity would want to buy SILVERBIRD ventures (bad publicity) and as things stands, thousands will once again loose their jobs. How much can AMCON realise if they are to sell just the building instead of the business?

AMCON money is Nigeria's money, they should act by helping and not by destroying. AMCON has destroyed the SILVERBIRD brand, they have really bruised the Bruces.

Don't worry brotherly. Mr Ben will still get his Galleria back and the business will continue. I am very sure they will work things out and find a way out to get the loan paid. Na him cho cho cho common sense rant make AMCON disgrace am like this if not the taking over would have been low key. They just wanted to show him that common sense is not common and it sometimes pay to keep your mouth shut

willibounce1:
As we can all see, the Bruce brothers aren't making any noise about this. They accept it because they know they owe AMCON. Doing business is not child's play and like Ben himself said, the biz is going through its tough time and will overcome and I pray they care able to pay their debt and continue biz.

I am very sure if Jonathan were still in power, Na underground phone call for don happen and there will be nothing like seizing of property. Jungle don mature. Business no easy. Na make God bless all man hustle.

Meanwhile uncle Ben know as e dey go that's why him dive enter politics sharply... at all at all Na im bad.

Hahahahahahahahaha

This your writeup dey funny

But i agree with you

The Bruce family are not agitating. It means AMCON are not wrong.

Times are hard and i really feel for them but i think the takeover could have been done without bruising the image of silverbird

Anyway Genesis cinema still dey sha

Hope dem no borrow sef

ajealadick:



Devoid of government loot you say?

What about the many scandal of oga common sense as DG NTA? Talk another thing.

I believe he did his very best for NTA.

I do not know of him being a beneficiary of a money scandal, but I remember he was removed as the scape goat in a scandal concerning broadcast equipment for NTA for the 2003 All Africa Games. I remember that scandal involved Atiku the then Vice President, but Ben Bruce was the one who had to take a fall.

He maintained his cool, and all parties involved maintained a cordial relationship.

kingviny:
At 30% interest per annum, Senator Bruce is expected to be paying over 3 billion annually. That in itself is killing. If you dont enjoy monopoly like Dangote or if you are not into big time contract runs, it is very difficult to meet up with repayment obligations .

Seeing this, AMCON should have administered justice with mercy to encourage this iconic entrepreneur. Instead of this big disgrace of his brand, they could have taken over behind the scene. The businesses should still have been allowed to run for the sake of the brand equity and for the sake of the employees.

Mr. Bruce's business (entertainment) is a very viable business. If its management are changed and the group privatized, AMCON can still realize a lot of money from this while still retaining 51% of Silverbird group stocks. With what they have done, they have made this going concern un - attractive . No investment holding entity would want to buy SILVERBIRD ventures (bad publicity) and as things stands, thousands will once again loose their jobs. How much can AMCON realise if they are to sell just the building instead of the business?

AMCON money is Nigeria's money, they should act by helping and not by destroying. AMCON has destroyed the SILVERBIRD brand, they have really bruised the Bruces.

Sentiment, Sentiment, Sentiments, Nigerians with sentiments. This family own about 4 radio stations in this country, they love-vendor young girls via beauty pageants, real estate buildings, event planning etc

Whilst we know that the interest rate is high, borrowing and not servicing your debt is very bad and can ruin the financial industry - Ask the United State what happened in 2008 with their sub-prime mortgage loans.

Many Nigeria business divert borrowed funds for personal aggrandizement - new car, house, parties etc. ask Chris Uba and Access Bank

kingviny:
At 30% interest per annum, Senator Bruce is expected to be paying over 3 billion annually. That in itself is killing. If you dont enjoy monopoly like Dangote or if you are not into big time contract runs, it is very difficult to meet up with repayment obligations .

Seeing this, AMCON should have administered justice with mercy to encourage this iconic entrepreneur. Instead of this big disgrace of his brand, they could have taken over behind the scene. The businesses should still have been allowed to run for the sake of the brand equity and for the sake of the employees.

Mr. Bruce's business (entertainment) is a very viable business. If its management are changed and the group privatized, AMCON can still realize a lot of money from this while still retaining 51% of Silverbird group stocks. With what they have done, they have made this going concern un - attractive . No investment holding entity would want to buy SILVERBIRD ventures (bad publicity) and as things stands, thousands will once again loose their jobs. How much can AMCON realise if they are to sell just the building instead of the business?

AMCON money is Nigeria's money, they should act by helping and not by destroying. AMCON has destroyed the SILVERBIRD brand, they have really bruised the Bruces.

sentiments and more sentiments.

pple are sleeping hungry in prisons tonite because they defaulted in paying meagre sums.

so because its Ben Bruce abi Bruce Lee he should be treated differently....I bow to you oo..

kingviny:
At 30% interest per annum, Senator Bruce is expected to be paying over 3 billion annually. That in itself is killing. If you dont enjoy monopoly like Dangote or if you are not into big time contract runs, it is very difficult to meet up with repayment obligations .

Seeing this, AMCON should have administered justice with mercy to encourage this iconic entrepreneur. Instead of this big disgrace of his brand, they could have taken over behind the scene. The businesses should still have been allowed to run for the sake of the brand equity and for the sake of the employees.

Mr. Bruce's business (entertainment) is a very viable business. If its management are changed and the group privatized, AMCON can still realize a lot of money from this while still retaining 51% of Silverbird group stocks. With what they have done, they have made this going concern un - attractive . No investment holding entity would want to buy SILVERBIRD ventures (bad publicity) and as things stands, thousands will once again loose their jobs. How much can AMCON realise if they are to sell just the building instead of the business?

AMCON money is Nigeria's money, they should act by helping and not by destroying. AMCON has destroyed the SILVERBIRD brand, they have really bruised the Bruces.

Sentiment, Sentiment, Sentiments, Nigerians with sentiments. This family own about 4 radio stations in this country, they love-vendor young girls via beauty pageants, real estate buildings, event planning etc

Whilst we know that the interest rate is high, borrowing and not servicing your debt is very bad and can ruin the financial industry - Ask the United State what happened in 2008 with their sub-prime mortgage loans.

Many Nigeria business divert borrowed funds for personal aggrandizement - new car, house, parties etc. ask Ifeanyi Uba and Access Bank

Ben Bruce jehh gbeseé #11,000,000,000........yehhhhhh!!!

Boss13:


What is the business acumen, when you cannot service your debt and you are currently going under Administration? A savvy businessman knows how to match his funding needs. Even when forecasting goes against you, a savvy business understands that he needs to hedge his risk.

Do you know what this means to their reputation? I bet their father would be turning in his grave.

am sure u have never run nay business in your life...
Without OBJ govt help, Dangote won't be where he is today..it is unfortunate an achaic ancient man is ruling ...The bible says : when the wicked
rules, the people suffers.
.just as was in the days of Abacha so it is with PmB suffering rules the land...
if I have 1bn dollars to dash out, I will never give govt but will give a business man because they will turn it around
PmB and his goons thinks govt should have all the Moni while the people should hvae peanut...poverty mentality....
I dont know the details of BMB travails but one thing is sure , he will rise again....
Abacha grounded the business of many businesses men in his time too , those who opposed him but God was greater than him...same fate await PmB .....

dodobytes:


can change of management be done in a day?

won't u take possession of a property before you install a new management if need be or even sell it outrightly.

reason well abeg..

Me sef I no gree. I'm not an economist o. But I feel sealing up a running business is just razz.
And was done to shut the man up. (especially on Twitter).

People were working there daily now and remitting cash to an account. OK so the cash was not enough to pay the debt. Instead of sending out workers into the overflowing job market, why not just changed the management. Tell Bruce off as you please. But change the management.

OK apart from what the building was designed for, Effizy things, what will AMCOM now do with the cement building?

Another person will take ANOTHER loan again with FAKE promises to buy the building/business. Because we know all these big guys never have liquid cash.

Then the runs WON'T click. Then AMCON will come again. Nonsense.

Adeosun said Govt is borrowing to pay salaries of N165 BN nation wide. So Govt is a rotten business man as well.

SUPPORT person wey dey try. Nigeria is NOT a productive nation. We are a CONSUMER nation.

the job of any responsible govt is to ensure survival of businesses...

kingviny:
At 30% interest per annum, Senator Bruce is expected to be paying over 3 billion annually. That in itself is killing. If you dont enjoy monopoly like Dangote or if you are not into big time contract runs, it is very difficult to meet up with repayment obligations .

Seeing this, AMCON should have administered justice with mercy to encourage this iconic entrepreneur. Instead of this big disgrace of his brand, they could have taken over behind the scene. The businesses should still have been allowed to run for the sake of the brand equity and for the sake of the employees.

Mr. Bruce's business (entertainment) is a very viable business. If its management are changed and the group privatized, AMCON can still realize a lot of money from this while still retaining 51% of Silverbird group stocks. With what they have done, they have made this going concern un - attractive . No investment holding entity would want to buy SILVERBIRD ventures (bad publicity) and as things stands, thousands will once again loose their jobs. How much can AMCON realise if they are to sell just the building instead of the business?

AMCON money is Nigeria's money, they should act by helping and not by destroying. AMCON has destroyed the SILVERBIRD brand, they have really bruised the Bruces.

Before AMCON can take over your business alot of options would have been considered, also a lot of time would have been given to him to start servicing his debt, but when all that fails, AMCON can take over.

Boss13:


Sentiment, Sentiment, Sentiments, Nigerians with sentiments. This family own about 4 radio stations in this country, they love-vendor young girls via beauty pageants, real estate buildings, event planning etc

Whilst we know that the interest rate is high, borrowing and not servicing your debt is very bad and can ruin the financial industry - Ask the United State what happened in 2008 with their sub-prime mortgage loans.

Many Nigeria business divert borrowed funds for personal aggrandizement - new car, house, parties etc. ask Ifeanyi Uba and Access Bank

You are not getting my point. I do not know the Bruces from adam so I am not speaking sentimentally. All I am saying is that there is no wisdom in throwing a baby away with his bath tub just because the bath tub is defective. The Silverbird group of ventures are all viable, AMCON should get a better management to run the business until the Bruces can buy back their controlling shares. In that way, it becomes a win - win for all stakeholders.

sammhi:

am sure u have never run nay business in your life...
Without OBJ govt help, Dangote won't be where he is today..it is unfortunate an achaic ancient man is ruling ...The bible says : when the wicked
rules, the people suffers.
.just as was in the days of Abacha so it is with PmB suffering rules the land...
if I have 1bn dollars to dash out, I will never give govt but will give a business man because they will turn it around
PmB and his goons thinks govt should have all the Moni while the people should hvae peanut...poverty mentality....
I dont know the details of BMB travails but one thing is sure , he will rise again....
Abacha grounded the business of many businesses men in his time too , those who opposed him but God was greater than him...same fate await PmB .....

I really don't insult people, but you need to examine your brain cells properly. What has the president got to do with a loan collected by Ben Murray Bruce since 2005 - what is wrong with you?

What has the president got to do with businesses requesting for loans - are you okay at all?

I read a lot of nonsense on this forum, where low lives go about blaming the president for unrelated issues even issues bothering on drinking garri.

For your information, I own and run a company and it is tough in this country. If you follow my timeline, you will see how regrettably I have spoken about the high interest rate in this country where other countries enjoy low interest rates.

rasco2000me:
Common sense man no get sense again,he wil come out and be yanny nonsense, d man is among d people who kill d nigeria economy

How is he among the people that killed Nigerian economy na?? Is Union bank owned by FG , is it tax that he is owing ??
What he is experiencing now is part of business, Femi Otedela Forte Oil founder was once removed out of Forbes Top 10 due to loss of profit.. Enterpreneurship is all about taking risks, bt Nigerians dont understand this that is y they are laughin at Murray Bruce, d only mistake he made was to take a loan from a Nigerian bank(Naija Banks are not investment friendly, they have hight intrest rates with low funding).
The only thing he and his brothers can do now is to seek for investors, since its an entertainment company maybe they can sell some shares to American companies like BET, E! , TLC , etc.. to get back on feet..
#iLoveBeingAnEnterpreneur!!!

UuzbaGuuzba:


Me sef I no gree. I'm not an economist o. But I feel sealing up a running business is just razz.
And was done to shut the man up. (especially on Twitter).

People were working there daily now and remitting cash to an account. OK so the cash was not enough to pay the debt. Instead of sending out workers into the overflowing job market, why not just changed the management. Tell Bruce off as you please. But change the management.

OK apart from what the building was designed for, Effizy things, what will AMCOM now do with the cement building?

Another person will take ANOTHER loan again with FAKE promises to buy the building/business. Because we know all these big guys never have liquid cash.

Then the runs WON'T click. Then AMCON will come again. Nonsense.

Adeosun said Govt is borrowing to pay salaries of N165 BN nation wide. So Govt is a rotten business man as well.

SUPPORT person wey dey try. Nigeria is NOT a productive nation. We are a CONSUMER nation.

AMCON doesn't sack the workers. They will only manage the business till both parties come to an agreement on how to settle the debt.

AMCON did that to Ifeanyi Ubah and co.

Boss13:


I agree with you except the part of Ben Murray-Bruce entering into politics. He just became a Senator, however, this loan has been bad even before the incorporation of AMCON. It was part of the bad loans sold to AMCON. Hence, they were not servicing the debt.

He had been trying for a while to enter politics. In fact he wanted to run for governor. I think in fact that politics was way up on a curve in which he would be in the spotlight. A far cry from the "servant" "service" focused Domino stores. The problem with spotlights is that they also attract all sorts of people who out do themselves in sycophantic dysfunctional behaviour. Unless one is surrounded by strong technocrats there will be problems. We all have deep cravings for public validation. Most of us just don't get the chance or the resources to blow ourselves up.

I hope this doesn't come across as character bashing. I saw him win Gregs the state debating cup ( a big deal in those days) and the signs of a great vision caster were already obvious as well as potential Achilles heels.

Truth is its hard. Very hard to live in the public eye and yet understand your limits. You need a connection to an asynchronous lifestyle to keep you in balance.

Respects

StOla:
The Murray Bruce family is one I will never gloat over their present financial debacle. Their history in business starting from their father, devoid of government loot, is one that is worthy of emulation.

I might not agree with Senator Ben Bruce politically, but he has my respect for his business acumen and lofty ideals. How this investment went bad is what puzzles me.

Seriously? What about our NTA money?