UK Banks Gave Me Loans Based on Educational Background, Not Collateral — Obi

Presidential aspirant of the Nigeria Democratic Congress, Peter Obi, has contrasted lending practices in the United Kingdom with Nigeria’s collateral-driven banking system.

Obi made the remarks on Friday during the Spier Dialogue 2026 in Cape Town, South Africa, where he spoke to members of the Nigerian community ahead of a pan-African governance forum.

He said that while doing business in the UK, he was able to access bank loans based on his educational and intellectual background rather than physical collateral.

“I went to the bank. I told them the schools I was from, Cambridge and Oxford, and they gave me money,” he said.

Obi added that the loans were granted based on what he described as “intellectual capital,” which he later repaid successfully.

He contrasted this with the Nigerian banking system, stating that such opportunities would not be available locally due to strict collateral requirements.

“In my country, I wouldn’t get that type of loan… they would ask for properties and guarantors,” he said.

He used the comparison to highlight broader governance challenges, arguing that Nigeria needs stronger institutions that reward competence and ideas rather than connections or physical assets.

According to him, many citizens assume all politicians are the same, but effective governance requires systems that actually work for the people.

Obi also said his participation in the Spier Dialogue reflects ongoing discussions about Africa’s development challenges, including governance, economic inclusion, and leadership.

In a social media post, he described the forum as a platform addressing issues such as democracy, urbanisation, migration, and economic transformation across the continent.

He further called for a shift from consumption to production and from divisive politics to competence-driven leadership across Africa.