Tock tick, tick tock, tock tick.
Just read in the news that one airline alone owes one bank N170 billion. The numbers don't lie. That's over a trillion USD. Roughly $1.19 trillion USD. One company. In a country where more than 70% of the people live on less than a dollar a day. And it's got to be either one of two banks -- Zenith or Union Bank. You share my instinct? UB, I think. And SLS says the loan is already shaky and if it goes bad it will pull the bank down.
Damn. I knew something was just not kosher about the way AJ was bringin' em in like it was going out of fashion. A Ponzi scheme works beautifully in different applications. Even airplane acquisitions. Ask Bernie Madoff.
I hope W3 survives. The N500 billion intervention fund is meant to help not just manufacturers and power sector players, but also airlines. Isn't it curious that AJ is involved in the latter two, and stands to receive (borrow again) from IPP and airline platforms?
The ferocious courage of SLS is not in doubt. I think the mega-borrowers have met their match.
Tock, Tick. Tock Tick.
Correction: I meant $1.19 billion USD. Sorry. Wrote this around 2 am when suffering from a bout of insomnia. But you get the drift. 1.2 billion is big money in any currency (excluding Zimbabwean dollars).
Last edited by The Maestro; 12th Jun 2010 at 00:08.