Who collected the loans?

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Yesterday, some interesting thing came out in the ministry of transportation. The summary of the story is this: There was a loan the government got from the chinese, the amount was about US$1billion. The loan was for the rail works between Lagos and kano. What now happened? Only US$400million got to the ministry. The remaining $600 million dollars became ghost. The money disappeared “ instanta” . Ofcourse as far as the chinese are concerned, Nigeria is owing them US$1 billion. For us, we only saw US$400 million. Yet we must pay back US$600 million dollars!! People have already become billionaires on us…You can now see why it is difficult to pay back Nigeria’s debts?

Let’s leave the” mata” for now, and move to our own banking sector. Recently CBN has been publishing names of debtors, hoping to shame them into paying. However, I know the mindset of an average Nigerian bank debtor who claims to be a millionaire or billionaire, e nor wan pay back!! He knows he can manipulate the judiciary system to his favour. The reason is simple: He collected the loans with the connivance of the bankers. He did so without verifiable collateral or physical properties you could latch on once there is a default.

Let’s say a man collected big time loan from the defunct Allstates trust bank, Oceanic bank or Gulf bank because he was a good friend to the “almighty chairman” of the bank. He could even be a “front” for the chairman. Of course you are not expecting him to give proper collateral are you? He knows the money he would be collecting would be 30% his with the remaining going to the chairman and some of his cronies. He also knows that you would have little of his paper work during the time of loans collection that would force him into paying back the loan. He nor dey pay naadaa. Na me and you go still pay for am somehow

The only problem the debtors have is that the banks were absolved by other banks so all these shenanigans had to come into the open. In those days, what they did was just to disappear into thin air. Yes, the bank owners would just runaway leaving depositors in quandary. They never factored in the fact that the banks would go to other set of owners..

Have something in mind: Respect no Nigerian billionaire until he is able to be clear about his source of income. He should be able to back it up with the fact that he is not getting any undue advantage from the system or government. Once there is a civil servant, politician (whether serving or former) who claims to own palatial buildings in big time areas of Dubai, US and UK, he is nothing but a thief because there’s no way his salary can get him such. Additionally, Once EFCC charges anyone to court, let the man prove his case in court and not in the papers.

We have to start imbibing the culture of entrepreneurship into the young generation that “hard work pays”. We need to make people understand that joining government is to serve and not to make money. If you want to make money go the way of Bill Gates, late Steve Jobs, Warren Buffet, Donald Trump, etc..These people are businessmen who believe that their skills, individual knowhow, business acumen combined with hard work can bring out the billions.

The idea of government induced and system manipulating billionaires that are polluting the space is the reason why all eyes are on government money to chop..Is it helping us? For wia!! Ask CBN, dollars don disappear finish…… I nor talk naadaaa!!! Ewolewooo!!!

About the author / 

Ik Uremeh

Ik uremeh is a social commentator who believes that everyone deserves to live within the confines of his strengths. He is just like YOU.He says: Life is good when everyone desires so...

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