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Nairaland Forum / Nairaland / General / Politics / Unprecedented Fraud: Lagos State Govt Takes Fraud To The Next Level (2006 Views)
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Unprecedented Fraud: Lagos State Govt Takes Fraud To The Next Level by Nobody: 11:25am On Aug 29, 2013 |
I just read on todays ThisDay News report that the Lagos State Government plans to issue bonds totalling N87.5 billion before the end of the 2013 fiscal year to take over the concession rights of the Lekki-Epe Expressway from the Lekki Concession Company (LCC) http://www.thisdaylive.com/articles/lekki-epe-road-lagos-to-raise-n87-5bn-to-acquire-concession-rights/157543/ History of the controversies and scams The LCC was mandated under a 30-year Build, Operate and Transfer agreement to upgrade, expand and maintain the about 50-kilometre Lekki-Epe Expressway (Phase I), and construct another 20km of coastal road (Phase II) along the Lekki corridor. Following expansion of some portions of Phase I and despite stiff opposition from residents, toll collection began at the first toll point called the Admiralty Plaza in 2011. Users of the expanded road have had to part with different amounts, depending on their class of vehicles. The amounts rage from N50 for motorcycles to N120 for saloon cars and tricycles; N150 for Sports Utility Vehicles, minibuses and pick-up trucks; N80 for commercial mini-buses; and N250 and N350 for light trucks and heavy trucks, and buses with two or more heavy axles, respectively. It should be noted that Phase I of the Leki-Epe was already an existing road. All LCC had to do based on the agreement was expand and maintain that section. For over 3 years, LCC with the backing of Lagos State Govt, collected outrageous fees on the road after expanding some portions of Phase I. Toll collection began on the road when LCC had not completed work on the road based on the concession agreement. The expansion of Phase I was unending while Phase II, which is construction of another 20km of road, had not commenced. Now, after collecting tolls on the road for over 2 years, the state govt plans to bail out or buy back the concession agreement with another N87.5billion of tax payers money. What we know of credible concession agreements is that the concessionaire completes the project and recoups its investment by charging user fees. But it appears concession agreements in Lagos State is an opportunity to loot the state treasury and exploit the people. Worst still is the fact that both Fashola and Tinubu have been alleged as having stakes in the ownership of LCC. Its all LOSES for the good people of Lagos State. The project is uncompleted (not up 30% of work has been done). Payment of outrageous tolls have been going on for over 2 years and counting. And now, over N87billion of public funds will be injected into the whole scam. While Lagosians are counting their loses, LCC and their partners in criminality are reaping bountifully. What is going on in Lagos is unprecedented fraud. It is corruption unlimited. Are there no people of good conscience in Lagos? All people of good conscience should condemn this EVIL. 6 Likes |
Re: Unprecedented Fraud: Lagos State Govt Takes Fraud To The Next Level by Garrithe1st: 11:56am On Aug 29, 2013 |
Somebody is having restless days and sleepless nights on top Lagos matters.... 7 Likes |
Re: Unprecedented Fraud: Lagos State Govt Takes Fraud To The Next Level by sloo1: 11:57am On Aug 29, 2013 |
Le |
Re: Unprecedented Fraud: Lagos State Govt Takes Fraud To The Next Level by ckkris: 12:10pm On Aug 29, 2013 |
Garri the 1st: Somebody is having restless days and sleepless nights on top Lagos matters....1. Tinubu 2. Fashole 8 Likes |
Re: Unprecedented Fraud: Lagos State Govt Takes Fraud To The Next Level by Nobody: 12:16pm On Aug 29, 2013 |
No be #7.5b again? |
Re: Unprecedented Fraud: Lagos State Govt Takes Fraud To The Next Level by softwareman(m): 12:29pm On Aug 29, 2013 |
Sincere 9gerian: I just read on todays ThisDay News report that the Lagos State Government plans to issue bonds totalling N87.5 billion before the end of the 2013 fiscal year to take over the concession rights of the Lekki-Epe Expressway from the Lekki Concession Company (LCC) When I saw this thread I honestly thought you were going to come up with something new. All you have dome is to rehash most of the nonsense and concocted lies you and your fellow PDP goons have being parroting on two similar thread on this forum. You are not interested in discussion of issues and facts because a lot of that have being done on this topic. In my view , what you come to this forum to do is propaganda to justify your pay to your paymasters. NB: if you are interested in proper discussion of facts, there is a thread here you can join, but I am not going to dignify you or the shameless distortion of facts with any meaningful discussion of this topic. 12 Likes |
Re: Unprecedented Fraud: Lagos State Govt Takes Fraud To The Next Level by gabriel212: 12:38pm On Aug 29, 2013 |
Mr man dont kill urself because of South West affair. your so call GEJ has 1. depleted the ECA to 4.9B dollars between 2010 to date even, the money was use to fund July xpenses among govt agencies 2. we are yet to see the report of Ribadu with respect to NNPC 3. Sign a loan agreement wt China and the projects must be aloted to China firm. no kill ursef PDP in south west was long dead Moreover, the LASG is not buying out LCC it is only buying out the interest being acrued due to rise in dollars and bank interest rate caause by ur broda GEJ. if u dont understand ask n it shl be xplain to you. right!!! |
Re: Unprecedented Fraud: Lagos State Govt Takes Fraud To The Next Level by solomon111(m): 12:44pm On Aug 29, 2013 |
software man:Propaganda? Most of what he wrote there are verifiable. Why are you not bothered about the corruption in lagos state,or is it only when it comes to the FG that you get interested? Smh. Una never ready. 6 Likes |
Re: Unprecedented Fraud: Lagos State Govt Takes Fraud To The Next Level by Tundeajani(m): 12:49pm On Aug 29, 2013 |
Sincere 9gerian: I just read on todays ThisDay News report that the Lagos State Government plans to issue bonds totalling N87.5 billion before the end of the 2013 fiscal year to take over the concession rights of the Lekki-Epe Expressway from the Lekki Concession Company (LCC).congratulations...you have just been awarded the the 2013 nobel prize in the field of wèrèology.the first black man to be so honoured.congrats[color=#990000][/color] 8 Likes |
Re: Unprecedented Fraud: Lagos State Govt Takes Fraud To The Next Level by doctokwus: 12:55pm On Aug 29, 2013 |
Surprising how pple defend anything dat has to do wt fashola even wen some policies/contracts raise eyebrows.There is a lot to d buy-back of dis Lcc concessioning agreement dan meets d eye,yet some pple are not willing to ask questions because of tribal/party affiliations 1 Like |
Re: Unprecedented Fraud: Lagos State Govt Takes Fraud To The Next Level by vedaxcool(m): 1:07pm On Aug 29, 2013 |
Insincerenigerian where is our subsidy money? N1.02 trillion subsidy scam by (e-were jonathan and company) - N87.5 billion (allegde scam) = ?? 1 Like |
Re: Unprecedented Fraud: Lagos State Govt Takes Fraud To The Next Level by werepeLeri: 1:12pm On Aug 29, 2013 |
When its Fashola, some people just dont use their brain cells anymore, they go on the defensive. |
Re: Unprecedented Fraud: Lagos State Govt Takes Fraud To The Next Level by Delafruita(m): 1:16pm On Aug 29, 2013 |
solomon111: Propaganda?first,almost every concession agreement has a buy back option.pray tell when it became fraud to take advantage of a valid clause in a valid agreement. secondly,OP either doesnt know what a bond is or he is deliberately playing to the gallery.he stated clearly within his post that the LASG intends to issues bonds to raise funds for the buy back and within the same post he claims the buy back will be a burden on taxpayers as if the tax funds will be used to finance the buy back.which is it? |
Re: Unprecedented Fraud: Lagos State Govt Takes Fraud To The Next Level by seanet02: 2:36pm On Aug 29, 2013 |
werepeLeri: When its Fashola, some people just dont use their brain cells anymore, they go on the defensive.Omo pa bi ibon. oyi ti wa bi kowere e si 1 Like |
Re: Unprecedented Fraud: Lagos State Govt Takes Fraud To The Next Level by seanet02: 2:39pm On Aug 29, 2013 |
Delafruita:insincerenigerian is too dull to know what a bond is. He Is A Medical Failure |
Re: Unprecedented Fraud: Lagos State Govt Takes Fraud To The Next Level by teskyg: 2:41pm On Aug 29, 2013 |
Chai.See Money.Boyz are Bawlings |
Re: Unprecedented Fraud: Lagos State Govt Takes Fraud To The Next Level by Nobody: 2:45pm On Aug 29, 2013 |
Tunde ajani: .congratulations...you have just been awarded the the 2013 nobel prize in the field of wèrèology.the first black man to be so honoured.congrats[color=#990000][/color]Bomb dey Ifeanyishukwu head! |
Re: Unprecedented Fraud: Lagos State Govt Takes Fraud To The Next Level by tatosh: 3:00pm On Aug 29, 2013 |
@ Sincere Nigerian nuisance! Here you go again. You have no right to call anybody a fraud, talk about yourself first. I know you've sold your dignity to PDP for money,there is nothing more terrible than that. What a shame! My advice: You better make all the money you can from the GEJ government because as soon as a responsibe government(APC) takes over you will die of frustration & hunger when things start to work normally in the country |
Re: Unprecedented Fraud: Lagos State Govt Takes Fraud To The Next Level by plaindealer: 3:42pm On Aug 29, 2013 |
plaindealer: Borrow money to fund government With all the borrow borrow and debt, GEJ still can not move common 20 rail cars from Lagos To Kano without breaking down all over the place... Shameless clowns... |
Re: Unprecedented Fraud: Lagos State Govt Takes Fraud To The Next Level by taharqa2: 3:54pm On Aug 29, 2013 |
Delafruita: What is this one saying?? What is a Bond if not Repackaged DEBT Notes? Abi you think those investors who would be paying billions of naira to buy the Bond Notes are Father Xmases? Who will buy back the Principal and the many compounded Intrests if not the tax payers tru the State Govt? Gawd!!! Not just that you guys are such SHAMELESS HYPOCRITES but some of you are so Incredibly DUMB!!! 1 Like |
Re: Unprecedented Fraud: Lagos State Govt Takes Fraud To The Next Level by Nobody: 4:24pm On Aug 29, 2013 |
Fraud is when you can't get a stupi.d train from Lagos to Kano without a hitch. And yet you rolled out drums and trumpets to announce it as a landmark achievement. |
Re: Unprecedented Fraud: Lagos State Govt Takes Fraud To The Next Level by plaindealer: 4:35pm On Aug 29, 2013 |
taharqa2: And who is going to pay for all the billions of borrow borrow Dollars GEJ is borrowing from china and the rest of the world to fund his food bill and build dead and obsolete trains that can not move ordinary goat from Lagos to Kano without breaking down? Look in the mirror for Mr dumb and foolish.. |
Re: Unprecedented Fraud: Lagos State Govt Takes Fraud To The Next Level by Nobody: 4:38pm On Aug 29, 2013 |
Kamanda: No be #7.5b again?Its N87billion. Fashola and his "oga at the top", Tinubu, are raping Lagos from left, right and centre. |
Re: Unprecedented Fraud: Lagos State Govt Takes Fraud To The Next Level by plaindealer: 4:46pm On Aug 29, 2013 |
Sincere 9gerian: How is this fraud when what we just bought Is here on the ground and functioning while your Oga in abuja is indebting nigerians with phantom projects and ogbanje railway? You have zero credibility here.... Shameless and incompetent Dullards... 1 Like |
Re: Unprecedented Fraud: Lagos State Govt Takes Fraud To The Next Level by plaindealer: 4:49pm On Aug 29, 2013 |
plaindealer: |
Re: Unprecedented Fraud: Lagos State Govt Takes Fraud To The Next Level by vedaxcool(m): 4:57pm On Aug 29, 2013 |
Sincere 9gerian: You are shameless liar, you are yet to provide evidence that they have stolen any money, just like your treacherous, clueless boss, who married a poor excuse for a wife, you prefer lies and slander rather than the truth!
http://www.thisdaylive.com/articles/lekki-epe-road-lagos-to-raise-n87-5bn-to-acquire-concession-rights/157543/ Compared to buffoonluck jonadumb, LASG decided to buy back the concession right in order to prevent the suffering of the Lagos populace! Again insincere nigeria, were is our Subsidy money that you criminal boss stole to fund his election? N1.02 trillion you oga at the top chop, molesting Nigerians left, right and centre! |
Re: Unprecedented Fraud: Lagos State Govt Takes Fraud To The Next Level by Nobody: 4:59pm On Aug 29, 2013 |
plaindealer:I dont have time for someone having emotional spasms. If you feel strongly about any other issue, kindly feel free to open another thread. This thread is about the fraud unlimited and scam perpetrated by Lagos State Govt and its criminal partners in the Lekki-Epe road concession |
Re: Unprecedented Fraud: Lagos State Govt Takes Fraud To The Next Level by Delafruita(m): 5:22pm On Aug 29, 2013 |
taharqa2:cant you comment without resorting to derogatory remarks? what is a bond? its a debt instrument which could be medium term or long term what is the plan of the LASG? issue longterm fixed rate bonds to raise money to finish the road,pay out running and redemption yield from toll collection who gains?users of the road because toll will remain constant since the LASG doesnt have profit as its motive...the investors in the bond because their investment will bear fruit |
Re: Unprecedented Fraud: Lagos State Govt Takes Fraud To The Next Level by plaindealer: 5:43pm On Aug 29, 2013 |
Sincere 9gerian: 1. Unfortunately for you, you don't get to decide what to post and not to post. 2, This thread itself is nothing but fraud and deception because your fraud cries has nothing to do with the article and it's content. 3. Bringing up your Abuja masters fradulent borrow borrow and spendings remains valid and on point especially since the result of GEJ's borrow borrow is a dead on arival ogbanje railway that can not travel from Lagos to Kano without breaking down and the only know terminology for such occurence is FRAUD AND FLEECING. GEJ's adinistration is the most corrupt and fraudulent in the history of Nigeria. Oil theft is out of control and assisted under GEJ. Unemployment is the highest under GEJ Electricity output dropped to the lowest point under GEJ And all the above is happening even with all the Billions of GEJ borrowed dollars.... Again, you are too corrupt and lack any kind of credibility to say anything. |
Re: Unprecedented Fraud: Lagos State Govt Takes Fraud To The Next Level by plaindealer: 5:45pm On Aug 29, 2013 |
Delafruita: How hard is this to understand? 1 Like |
Re: Unprecedented Fraud: Lagos State Govt Takes Fraud To The Next Level by gsainttrinity(m): 9:37pm On Aug 29, 2013 |
Sincere 9gerian: I just read on todays ThisDay News report that the Lagos State Government plans to issue bonds totalling N87.5 billion before the end of the 2013 fiscal year to take over the concession rights of the Lekki-Epe Expressway from the Lekki Concession Company (LCC) Bros if you see fraud u go fit talk? u should be thankful u have a government who listens and try to meet the wishes of its people. FRAUD KEE... |
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