News
Most Nigerian Rich Men Who Showcase Their Wealth Depend On Bank Loans – Emir Sanusi Lamido
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?”
Follow us on social media:
US Popular Preacher, Bishop T.D. Jakes Suffers Medical Emergency While Giving Sunday Sermon
Couple reportedly uses doll baby to stand in for their daughter during celebration
“Why It’s a sin to marry only one or two wives” – Nollywood actor, Uwaezuoke advises men
Four Secondary school students arrested for allegedly intoxicating and gangr@ping 17-year-old girl in Adamawa
“There’s hunger, however there’s huge” hope – Tinubu Lament
“This is m@dness” – Young man disrupts the peace inside banking hall as he plays song using his JBL speaker, clip trends online (Watch)
Nigerian man who passed away 10 years ago confesses he’s currently in Lagos, reveals big secret
FG confirms arrest of Simon Ekpa by Finnish authorities
-
News24 hours ago“Only self!sh men are intimidated by women’s success, you should be happy that your woman is successful” – Actress Diva Gold to men
-
Celebrity Gossip & Gist24 hours ago”Competition has started again” – Reactions trail Regina Daniels and co-wife, Laila’s posts about their husband, Ned Nwoko
-
Crime2 hours agoTwo Anambra revenue collectors set ablaze by irate mob for causing de@th of innocent bystander
-
Celebrity Gossip & Gist1 day ago“She forms hard to get, but I slept with her the first day I came to her office” – IVD makes bombshell revelation on his relationship with Blessing CEO (Video)