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Top 5 People With Most Debts In The World

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Who are the people with the most debt in the world? The answer is less straightforward than it appears. A person may personally owe money, guarantee a company’s borrowing, or be responsible for liabilities arising from a business they control. Those are not necessarily the same thing.

This list therefore looks at five people whose financial stories involve exceptionally large, documented debts or debt-related obligations. It also shows why debt should not be mistaken for wealth.

Nothing here is an encouragement to borrow. For most people, debt used to finance consumption or uncertain investments can turn a financial problem into a much bigger one.

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Mike Tyson

Mike Tyson filed for Chapter 11 bankruptcy in August 2003 after years of extravagant spending. His bankruptcy petition listed about $27 million in bills, including $13.3 million owed to the IRS, alongside debts to a limousine company, jeweller, Ferrari dealership and other creditors.

By July 2004, US Bankruptcy Court records put his debt at about $38 million, owed to at least 246 creditors.

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Imagine someone earning N12 million monthly who commits to a N30 million car, expensive accommodation, frequent travel and other recurring luxuries. The salary may be enough to obtain these things, but if most of the income is already committed before the next payday, the apparent wealth is largely an illusion.

A large salary should therefore not be measured only by its zeros or by what it can buy. Its real value lies in how much can be retained and converted into lasting financial value without creating obligations that continually consume future income.

READ ALSO: DJ Timmy Calls Out Timi Dakolo Over Alleged Debt, Threatens To Expose ‘Sexcapades’

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Eike Batista

Brazilian businessman Eike Batista once had a fortune estimated at more than $30 billion, making him one of the world’s richest people. His EBX empire expanded rapidly across oil, mining, logistics and energy, with expansion heavily dependent on expectations of future growth.

When his companies began failing to meet those expectations, the financial structure supporting them unravelled.

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By 2013, the Financial Times reported that Batista’s liabilities stood at about $3.5 billion, only around $200 million below the value of his remaining assets.

Consider a Nigerian business worth N500 million that borrows another N500 million to expand. The business may now control N1 billion worth of operations, but the owner has not suddenly become N1 billion richer. Half of that money belongs to lenders until it is repaid.

If the expansion succeeds, the borrowing may help create additional value. If it fails, the debt does not disappear with the business opportunity. Debt can therefore magnify success. It can magnify failure just as efficiently.

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A.B.C. Orjiako

Nigeria also has a major example of what happens when a business owner’s personal guarantee becomes enforceable.

Dr A.B.C. Orjiako, former chairman of Seplat Energy and a founder of Shebah Exploration & Production Company, became involved in litigation over a syndicated loan made to SEPCOL.

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A British Virgin Islands court later gave effect to a judgment involving more than $220 million owed to Access Bank, arising from obligations under a personal guarantee.

Subhash Chandra

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Indian media entrepreneur Subhash Chandra illustrates another complication. In his personal insolvency proceedings, creditors have presented admitted claims of about ₹22,006.57 crore arising from personal guarantees connected to companies associated with his Essel Group.

An earlier NCLT-approved plan proposed that he pay just ₹6.25 crore against those claims, but the approval has since been put on hold for rehearing after disagreement within the tribunal.

The ₹22,006 crore figure should not be interpreted as meaning Chandra personally collected that amount as a bank loan. It represents claims arising from guarantees.

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That distinction is important for anyone reading headlines about billionaires and debt. A company’s borrowing, a personal guarantee and an individual’s direct loan are different financial obligations.

For example, a businessman may guarantee a N1 billion facility taken by a company without personally receiving N1 billion in cash. But if the company defaults and the guarantee is enforced, the guarantor may still face a substantial personal obligation. The headline number matters. So does understanding what it actually represents.

Robert Kiyosaki

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Robert Kiyosaki, author of Rich Dad Poor Dad, provides the most controversial case on this list because he has publicly said he is about $1.2 billion in debt. That figure, however, requires substantial context.

READ ALSO: DJ Timmy Calls Out Timi Dakolo Over Alleged Debt, Threatens To Expose ‘Sexcapades’

Recent reporting says the debt is associated largely with real-estate investments held with partners, including a portfolio of roughly 1,500 apartments. His former wife and business partner, Kim Kiyosaki, has said his personal liability is much smaller than the headline figure.

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Kiyosaki deliberately argues that borrowing can be used to acquire income-producing assets. In principle, that is different from borrowing to buy depreciating consumer goods. But this is precisely where the article should not be misunderstood.

Debt is not wealth
These five cases reveal five different dangers.

Tyson shows how a large income can disappear beneath an expensive lifestyle. Batista demonstrates how borrowing can magnify the consequences of a failed business expansion.

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Orjiako’s case shows how personal guarantees can bring corporate borrowing into an individual’s financial affairs. Chandra demonstrates why enormous debt figures need to be examined before being labelled personal debt.

Kiyosaki shows that wealthy investors may deliberately use borrowing, but that does not make debt safe or desirable for everyone.

A person earning N12 million monthly is not automatically financially stronger than someone earning N2 million. If the first person spends almost everything while the second consistently saves and builds assets, the smaller income may ultimately produce greater financial security.

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The real measure of earning power is therefore not simply how many zeros appear on an income or how much it can buy. It is how much lasting value can be built from that income without continually borrowing against the future.

Debt can finance productive businesses. It can also destroy fortunes.

For ordinary financial life, the safer lesson from these extraordinary cases is not how to become better at borrowing. It is how to become financially strong enough that borrowing is never mistaken for wealth.
(TRIBUNE)

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Four Nations Back Permanent African Seat On UN Security Council

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Four nations, Brazil, Germany, India and Japan, have backed a permanent African seat on the United Nations Security Council (UNSC), calling for urgent reform of the Council to reflect contemporary geopolitical realities.

The four countries, under the Group of Four (G4), made their position known in a joint statement issued after their foreign ministers met in New York on Tuesday on the margins of the 81st session of the UN General Assembly.

The ministers said reform of the Security Council had become more necessary than ever, given the increasingly challenging global geopolitical environment.

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They said the Council was currently unable to effectively discharge its core responsibility of maintaining international peace and security, with its representativeness, legitimacy, credibility and efficacy in question.

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According to them, the Council’s eight-decade-old structure was “not reflective of contemporary geopolitical realities” and had become an impediment to addressing present and future challenges to international peace and security.

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The ministers stressed that expansion of the Security Council in both the permanent and non-permanent categories was central to meaningful reform.

They called for greater representation of under-represented and unrepresented regions and groups, particularly Africa, Asia-Pacific, and Latin America and the Caribbean.

The four nations also welcomed the reform model presented by the African Group during the Inter-governmental Negotiations (IGN) on Security Council reform in the 80th session of the General Assembly.

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They reaffirmed their support for Africa’s case for enhanced representation on the Security Council, including in the permanent category.

The ministers, however, expressed concern over the slow pace of negotiations, noting that the IGN process had produced no concrete outcome towards substantive Security Council reform despite 18 years of discussions.

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They also expressed reservations over the presentation of what they described as a “bridging proposal” before the commencement of text-based negotiations.

According to them, the proposal failed to take into account the position of a clear majority of UN member states in favour of expansion in both permanent and non-permanent categories.

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The ministers further maintained that consensus should not be the benchmark for decision-making on Security Council reform, citing the UN Charter and the mandate of the IGN.

They said Brazil, Germany, India and Japan would work with other reform-oriented groups to develop a consolidated model that reflects the views of the majority of UN member states.

The four countries said commencing text-based negotiations should be treated as a priority towards achieving substantive reform of the Security Council.

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They said this would help restore the Council’s representativeness, legitimacy, credibility and effectiveness, while strengthening the multilateral system with the UN at its centre.

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The ministers also said discussions on reform should not be restricted to the IGN, expressing willingness to engage the wider UN membership through other platforms, including the General Assembly.

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They pledged to continue coordinating closely during the 81st session of the General Assembly and directed their officials to follow up on the discussions.

Progress on the issue is expected to be reviewed at the next Director General-level meeting in New Delhi.

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Moving Abroad? Essential Things Nigerians Should Pack Before Leaving Nigeria

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Moving abroad from Nigeria is one of those life changes that makes a suitcase suddenly feel much smaller.

What looks like enough luggage in your bedroom can seem painfully limited once you start choosing between clothes, documents, electronics, personal care items and the small things that make an unfamiliar place feel like home.

That is why a good diaspora relocation packing list guide should not be about squeezing everything possible into your bags. It should help you decide what deserves precious luggage space, what can be bought after arrival and what should never go into your suitcase in the first place.

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The distinction matters because airlines have strict baggage limits, while destination countries have their own customs rules.

Baggage allowances vary by airline, route, cabin class and aircraft, while individual checked bags are generally recommended not to exceed 23kg for handling reasons. Power banks and spare lithium batteries, for example, must generally remain in carry-on baggage rather than checked luggage.

Start with documents, not clothes

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Before thinking about clothing or food, create a secure travel folder for the documents you cannot afford to lose. Your passport, visa or residence documentation, flight information, accommodation details, employment or school documents, insurance information and important contact details should stay accessible throughout the journey.

Carry originals where necessary and keep encrypted digital copies or secure backups of important documents. If you are relocating with children, their birth certificates, school records, vaccination documentation and immigration papers may also be important depending on the destination and circumstances.

Do not put irreplaceable documents in checked luggage. A suitcase can be delayed, misrouted or damaged, but losing access to your passport or immigration paperwork at the same time can turn a manageable travel problem into a serious one.

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Pack for your first two weeks, not your entire future

One of the easiest ways to overpack is to imagine every possible situation you might encounter after moving. Resist that temptation. Your first luggage should support your transition, not reproduce your entire Nigerian household overseas.

Pack enough everyday clothes for your initial period, but consider the climate of your destination before filling a suitcase with Nigerian weather essentials. A person moving to the UK in winter, for instance, needs a very different wardrobe from someone moving to a warmer country.

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The better strategy is to prioritize versatile clothing that can be layered and reused. Comfortable shoes, underwear, sleepwear, basic toiletries and weather-appropriate outerwear deserve more attention than multiple outfits you may rarely wear.

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This also reflects advice commonly shared in relocation communities: keep an “open first” collection of essentials so you are not searching through every box or suitcase when you are exhausted after arrival. The practical principle is simple, make your first few days easy before worrying about everything else.

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Take the Nigerian items that are genuinely difficult to replace

Food is where relocation packing becomes particularly personal. Nigerians living abroad frequently mention missing familiar foods and ingredients, especially regional items that may be difficult to find or expensive in ordinary supermarkets.

Discussions among Nigerians abroad show that the issue is not necessarily basic rice, pasta or common spices; it is often the distinctive ingredients and flavors associated with home.

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That does not mean you should fill an entire suitcase with food.

Instead, prioritise small quantities of dry, commercially packaged items that are legal to import into your destination and that you genuinely use. Depending on the destination, these could include permitted spice blends, seasoning, certain dried ingredients or packaged Nigerian foods.

However, never assume that because something is dry, packaged or commonly carried by other Nigerians, it is automatically permitted. Import rules differ significantly between countries.

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For Great Britain, for example, travelers can bring some packaged foods such as biscuits, chocolate, pasta and packaged soup, while meat, dairy, fruits, vegetables, nuts and seeds can be subject to restrictions.

READ ALSO: FULL LIST: US Warns Citizens Against Travelling To 23 Countries

The EU is stricter in several respects. Travelers arriving from outside the EU generally cannot bring meat or dairy products into the bloc, although specific exemptions apply to certain products and circumstances.

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So if you are relocating from Nigeria to London, Paris, Amsterdam or another destination, check the destination’s official customs rules before sealing that bag of food.

Do not sacrifice luggage space for easily replaceable goods

A relocation suitcase should contain things that solve a problem, preserve something important or save you meaningful money—not everything you happen to own.

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Basic toiletries, ordinary kitchen utensils, cheap hangers, bulky bedding and generic household products can often be purchased after arrival. Carrying large quantities simply because they are cheaper in Nigeria may not make economic sense once excess-baggage charges and limited suitcase space are considered.

The same applies to appliances. Check the electrical system and plug standard of your destination before taking Nigerian appliances abroad. A device that is cheap to replace may not be worth carrying if it is incompatible with the local voltage or requires additional equipment.

Ask yourself a blunt question before packing anything: Would I still pay to transport this if I had to buy extra luggage for it? If the answer is no, leave it behind.

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Give electronics and valuables special treatment

Your laptop, phone, chargers, external drives, camera equipment and other essential electronics should be packed with both security and airline rules in mind.

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Keep valuable electronics in your carry-on whenever the airline permits it. IATA specifically advises passengers not to place valuable or irreplaceable items in checked baggage, while spare batteries and power banks have specific restrictions because of fire risk.

Keep chargers organized in a small pouch rather than scattering them throughout your luggage. If you use several devices, label unfamiliar cables before leaving Nigeria; it sounds trivial until you are sitting in temporary accommodation with three identical USB cables and no idea which one powers your laptop.

Think about health and personal-care essentials

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Your relocation luggage should also cover the personal items that may be inconvenient to replace immediately. Prescription medicines, if applicable, should remain in their original packaging and be accompanied by the documentation required by the destination country.

Basic toiletries and personal-care products that you know work for you can be worth carrying in reasonable quantities, particularly during the first few weeks when you are still learning where to shop.

Do not, however, turn your suitcase into a pharmacy. Check the rules of the destination country for medicines and controlled substances before traveling, because something legally purchased in Nigeria may have different restrictions elsewhere.

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Leave prohibited and questionable items behind

Some of the worst relocation-packing decisions are made with the assumption that customs officers will not notice.

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That is a dangerous gamble. The UK, for example, prohibits or restricts items including controlled drugs, offensive weapons, certain endangered species and personal imports of meat and dairy products from most non-EU countries.

Food restrictions also deserve serious attention. If you arrive in Great Britain with banned food and declare it, the Border Force can confiscate and destroy it; failing to declare prohibited products can result in penalties or prosecution.

When in doubt, check the official customs guidance for your destination before packing. If an item requires a permit, certificate or declaration, find that out before you arrive at the airport, not while standing in front of a customs officer.

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Build one ‘first-night’ bag

Finally, separate the things you will need immediately from everything else.

Your first-night bag should contain a change of clothes, basic toiletries, essential documents, medications, chargers, important electronics and anything else you would need if your checked luggage were delayed. This simple step can save you considerable stress during the first 24 hours.

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Your relocation luggage should make your new beginning easier, not burden you with your old life. Pack the things that are valuable, difficult to replace, culturally meaningful or immediately useful. Leave behind what is cheap, bulky and readily available.

Most importantly, remember that your airline’s baggage allowance and your destination country’s customs rules are separate issues. Staying within the weight limit does not mean every item inside the suitcase is legally admissible.

IATA emphasises that baggage conditions remain airline-specific, while governments set their own customs and import requirements.

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For Nigerians relocating abroad, the smartest suitcase is therefore not necessarily the heaviest one. It is the one that contains exactly what you will need to begin your new life with less stress, fewer unnecessary expenses and no avoidable customs problems.
(TRIBUNE)

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Why I Forgave Lindsay Clancy For Killing Our Children — Ex-husband Patrick

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Patrick Clancy, the ex-husband of Lindsay Clancy, has spoken about his decision to forgive her for the deaths of their three children, saying he feared he would be “eaten up inside forever” if he could not reach a point of forgiveness.

In a new interview with CBS, Patrick said he believed he had done the best he could while his then-wife struggled with mental illness.

“I didn’t know how to manage a [postpartum illness]. I think mental illness has this ability to be tragically deceptive,” he said.

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“When it comes to forgiveness, I also felt that if I didn’t get there, I would be eaten up inside forever,” he added.

Lindsay Clancy, a former labour and delivery nurse, was accused of killing the couple’s three children — Cora, five, Dawson, three, and Callan, eight months — in January 2023.

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She attended her trial in a wheelchair after suffering permanent paralysis in the aftermath of the incident.

Patrick testified during the trial about his former wife’s mental health struggles following childbirth.

Clancy has never denied killing the children, while her defence argued that she was suffering from postpartum psychosis at the time and was not criminally responsible for her actions.

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The case ended in a mistrial after one juror refused to find Clancy not criminally responsible.

Judge William Sullivan, who presided over the trial, has since sealed the jurors’ identities, citing a “real and present” risk of harm.

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The prosecution had alleged that Clancy sent Patrick on an errand before the incident, deliberately removing him from the home.

Patrick became a focus of the trial during its seventh week, when he faced allegations that he was partly responsible for the deaths of the children.

“I think I did the best I could with what I had at the time.” Patrick said. “And I live with the outcome. I live with it every day.”

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Speaking about the claims and speculation surrounding him, Patrick said they were “deeply harmful to the legacy of my children” and a “huge distraction from what really matters here, which is perinatal [mental health].”

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Patrick has since moved to New York City with his new wife, Rachel Danis, where they hope to find some anonymity and normality.

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He said he looks forward to starting a family with his new partner and telling his future children about their siblings.

The case remains unresolved and is scheduled to return to court on September 29 at Plymouth Superior Court in Massachusetts.

(Metro UK)

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