Some rich Nigerians living on bank loans – Emir of Kano, Sanusi

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The Emir of Kano, Muhammed Sanusi II, has condemn some Nigerians who showcase wealth , saying some of them live on loans from banks.

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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.

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“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?”

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6 thoughts on “Some rich Nigerians living on bank loans – Emir of Kano, Sanusi

  1. PDP inherited Nitel,Nepa,NRC,,Nigeria Airways,,shipping line, etc.sold all in the name of privatization.looted nigeria dry n stabbed it to die n handed it over to the undertaker to bury.
    How can u stab a man n take BINNET to the doctor to treat n inturn blame the doctor for not saving the life of the man u stabbed.PDP 16yrs is a disaster.

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  2. Tell them. exactly what PMB is preaching against.we must produce ourselves to prosperity not spending to prosperity.no more fake life.if u cant afford foreign rice eat local.if u cant afford local rice eat beans.if u cant afford beans eat fufu.lets be real.this is the change.

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