Tolexander: i won't embarrass you, you've definitely embarrassed yourself!

Check this out;
just for posting ife anthem https://www.nairaland.com/1443341/italian-palm-oil-company-relocates-ile-ife

Tolexander: i won't embarrass you, you've definitely embarrassed yourself!

Check this out;
just for posting ife anthem https://www.nairaland.com/1443341/italian-palm-oil-company-relocates-ile-ife

talktimi: The project was designed to fail from inception. Why complete it when you can be paid tens of billions for doing nothing (ok ok 30%). Eventually this demi road will round off @ 4.15 billion naira per km making it more expensive than streets paved with gold i dare say. Questions need to be asked instead of slaughtering the messenge, where are our "Stella must go" anti corruption crusaders ? Theirs an eerie silence over this travesty and why did the Lagos house of assembly speedily accent to this buy back ? Maybe the speaker had no choice since he also has corruption charges hanging over his head like the sword of damocles & surprisingly (not) there's also an eerie silence from our in house e - crusaders. Funny set of values from those who have logs and boulders in their eyes

Omexonomy: APC e-mosquitoe how much did seun payed you to spell check what people wrote.
Dont wory i promise to recomend you to fashola and tinubu for higher position

Delafruita: much as i appreciate the attempt to put things into perspective,it is important to understand that conjectures/arguments can never replace fact.it is unfortunate that article that seems to contain so much information failed to provide proof for the most important information:the amount spent so far on the project.the author simply said "based on information available in various media" without providing a single link or quote from any of the so called media.its unfortunate that things didnt work out with the concession as expected but then the state owes taxpayers the duty of ensuring the completion of that project without giving in to the demands of LCC and that necessitated the buyback.the details of the agreement are not available and these should understandably be in the public domain.but without the such details in addition to details of what has been spent and what has accrued from tolling,its impossible to ascertain what is and what is not.its not yet been stated how the remaining construction will be funded but governor fashola explicitly stated that the buyback will in no way be a burden to taxpayers.i will want to believe a longterm bond will be offered and that proceeds from tolling will be used to pay out returns.if that is the case,then taxpayers will not bear the burden but as stated earlier,we are not certain of the details of the agreement and next move of the LASG

taharqa: The Info used in this article is largely correct. They came from figures (d limited) ones d LASG agreed to release to d public on this FRAUD- I think it was from d Works or Finance Commissioner. There was a Thisday Article that reported d full scale of d figures involved as given by LASG officials (smone opened a thread sm time back here but I hv not been able to track it down; BUT I certainly wud and wud post it soon). You may then begin to get a sense of d extent of the FRAUD...

Delafruita: much as i appreciate the attempt to put things into perspective,it is important to understand that conjectures/arguments can never replace fact.it is unfortunate that article that seems to contain so much information failed to provide proof for the most important information:the amount spent so far on the project.the author simply said "based on information available in various media" without providing a single link or quote from any of the so called media.its unfortunate that things didnt work out with the concession as expected but then the state owes taxpayers the duty of ensuring the completion of that project without giving in to the demands of LCC and that necessitated the buyback.the details of the agreement are not available and these should understandably be in the public domain.but without the such details in addition to details of what has been spent and what has accrued from tolling,its impossible to ascertain what is and what is not.its not yet been stated how the remaining construction will be funded but governor fashola explicitly stated that the buyback will in no way be a burden to taxpayers.i will want to believe a longterm bond will be offered and that proceeds from tolling will be used to pay out returns.if that is the case,then taxpayers will not bear the burden but as stated earlier,we are not certain of the details of the agreement and next move of the LASG

Posers for Lagos over N25.3b road concession buyout plan .

Residents fear fraud, exploitation through scheme

KEY actors in the Lagos State government are upbeat that the concession buyout plan for the Eti-Osa-Lekki-Epe expressway is in the interest of Lagos residents. But some members of the public are sceptical of government’s motive in the multi-billion naira purchase.

The state government plans to re-acquire the concession right of Eti-Osa-Lekki-Epe expressway and purchase its managing company – Lekki Concession Company (LCC).

The 49.36km road is to be bought at an estimated sum of N25.3 billion . The road has never been immune from controversies since it opened in 2008, and Lagos residents are at this time asking: “in whose interest is the new buyout plan, the masses or the authorities?”

The concession buyout plan came to the fore last week Tuesday, when Governor Babatunde Fashola’s letter on the “2013 Supplementary Budget proposal” was read at the Lagos State House of Assembly.

In the proposal, Fashola stated that it had become necessary to further amend this year’s budget due to unforeseen developments in terms of the state’s internally-generated revenue performance and emerging financial commitments.

Central to the “emerging financial commitments”, according to the governor, is the need to fund the acquisition of existing concession rights and toll revenue benefits held by the LCC, the concessionaire for the Eti-Osa-Lekki-Epe expressway.

“This will effectively accelerate the transfer of ownership of the road to the state, leaving the state with wider policy options with regard to that important road infrastructure,” Fashola’s letter read in part.

To meet this demand, the governor proposed a re-ordering of some expenditure provisions and also direct supplementation of the 2013 budget, given an upward review from N499, 605 billion earlier signed into law on January 2, 2013 to N507, 105 billion (a N7.5billion increase).

At the event of Tuesday, there was an apparent sense of urgency in the proposal and the planned concession buyout. Not only were the Lagos lawmakers forced out of their three-week-old recess, to expedite action on the proposal, the state government had also prepared the trio of commissioner of budget and economic planning and his counterparts in finance and works and infrastructure to attend the emergency plenary and answer lawmakers’ questions, paving the way for a speedy passage of the bid.

The Commissioner for Finance, Ayodeji Gbeleyi, upon questioning, said to acquire the LCC holding, the state would be paying N15 billion for the buyout; N6.8 billion to service existing debt obligations and N3.5 billion for third-party liability, totaling N25.3 billion.

However, the question on the mind of the public is who stands to benefit from this buyout ?

A businessman in Lekki, Olusegun Ashimiyu, told The Guardian in an interview that the purchase seemed good on the surface, but that it was not likely that the masses would get any benefit from it.

He said: “The only benefit anyone plying that route can hope to get is the outright removal of tolling on that route. But if I know this government very well, then the era of tolling will assume a new dimension and possibly grow worse than what we are seeing currently,” Ashimiyu said.

Another Lagos resident, who spoke on the condition of anonymity, expressed misgivings on the project. “We foresaw something of this nature right from the beginning of this protest. That is why we demonstrated against toll collection and we were locked up then.

“There are some people that are benefiting from this project, and this is another attempt to scoop from the state treasury. Don’t forget, this is the fund that could have gone into infrastructural development in other parts of the state,” the respondent said.

Continuing, he said: “The entire project needs thorough probe. Yes, the state government is doing very well but there are just some things that are not right about its programme. We need to know who signed what and at what rate it has been given. How much has the government paid into it and how much left and where is it going? The state belongs to all of us, and not to a small clique trying to buy over everything, without consideration for the public,” he said

Delafruita: much as i appreciate the attempt to put things into perspective,it is important to understand that conjectures/arguments can never replace fact.it is unfortunate that article that seems to contain so much information failed to provide proof for the most important information:the amount spent so far on the project.the author simply said "based on information available in various media" without providing a single link or quote from any of the so called media.its unfortunate that things didnt work out with the concession as expected but then the state owes taxpayers the duty of ensuring the completion of that project without giving in to the demands of LCC and that necessitated the buyback.the details of the agreement are not available and these should understandably be in the public domain.but without the such details in addition to details of what has been spent and what has accrued from tolling,its impossible to ascertain what is and what is not.its not yet been stated how the remaining construction will be funded but governor fashola explicitly stated that the buyback will in no way be a burden to taxpayers.i will want to believe a longterm bond will be offered and that proceeds from tolling will be used to pay out returns.if that is the case,then taxpayers will not bear the burden but as stated earlier,we are not certain of the details of the agreement and next move of the LASG

seanet02: If anybody is not happy with how the lekki road is being handled, such a person is free to petition the Economic and Financial Crimes commission.
Ranting here like an infected rabid dog is the height of ediocy.

taharqa:
^^^

Smoothest FRAUD in this country's history. Period...

[b]A road that is suppossed to cost #50bn (already abnormally costly at #1bn per km, sm would say) to be constructed by d Concessionaires who are then expected to recoup their costs AFTER they must have finished construction tru tolling. After 7 years the road is no where near completion, yet d Concessionaires started collecting tolls illegally in d last 3 years (at an average of #4.2billion annually according to a results from Survey conducted by the Concessionaire in 2011). Suddenly, in stead of d LASG terminating d contract Or, at least pressuring d Concessionaire to implement their own terms of d contract, the Govt is amazingly paying them #15bn to 'buy back' this failed Concession, #6.8bn and #3.5bn to pay the Debts and 3rd party liabilities incurred by the failed Concessionaire (yes, LASG is willing to even pay these people's debt!!!) ie more than #25bn in total. This is apart from d #5bn the Govt initiali paid to d Concessionaires at d start of d scheme. And, WAIT for it: LASG also intends borrowing #87.7bn by raising a bond to then build d road itself . That is more than #103bn in total. This is from a project that was suppossed to cost #50bn (which was considered even too expensive at this figure then)!!! And to make d whole mata worse, d LASG wud still retain this same failed Concessaire, and apparently STILL PAY THEM either to collect tolls on d road or continuing building d road!!![/b].

THE QUESTION IS: WHO IS BEHIND THIS LCC CONCESSIONAIRE?? Who is chopping these humongous money from Lagos State Tax payers, with impunity? And why the UNIMAGINABLE Hypocritical SILENCE from peeps?

http://www.tellng.com/business/question-over-lekki-concession-buy-back

http://allafrica.com/stories/201308300319.html

Mowire: An interesting analysis. But I believe that a well laid out cost-benefit analysis will defeat the conclusions drawn by Obanikoro in this article.
And I think his critical thinking should include alternative ways out:or should that road that has become too important for Lagos economic plans be abandoned?

taharqa:
^^^

Smoothest FRAUD in this country's history. Period...

[b]A road that is suppossed to cost #50bn (already abnormally costly at #1bn per km, sm would say) to be constructed by d Concessionaires who are then expected to recoup their costs AFTER they must have finished construction tru tolling. After 7 years the road is no where near completion, yet d Concessionaires started collecting tolls illegally in d last 3 years (at an average of #4.2billion annually according to results from Survey conducted by the Concessionaire in 2011). Suddenly, in stead of d LASG terminating d contract Or, at least pressuring d Concessionaire to implement their own terms of d contract, the Govt is amazingly paying them #15bn to 'buy back' this failed Concession, #6.8bn and #3.5bn to pay the Debts and 3rd party liabilities incurred by the failed Concessionaire (yes, LASG is willing to even pay these people's debt!!!) ie more than #25bn in total. This is apart from d #5bn the Govt initiali paid to d Concessionaires at d start of d scheme. And, WAIT for it: LASG also intends borrowing #87.7bn by raising a bond to then build d road itself . That is more than #103bn in total. This is from a project that was suppossed to cost #50bn (which was considered even too expensive at this figure then)!!! And to make d whole mata worse, d LASG wud still retain this same failed Concessaire, and apparently STILL PAY THEM either to collect tolls on d road or continuing building d road!!![/b].

THE QUESTION IS: WHO IS BEHIND THIS LCC CONCESSIONAIRE?? Who is chopping these humongous money from Lagos State Tax payers, with impunity? And why the UNIMAGINABLE Hypocritical SILENCE from peeps?

http://www.tellng.com/business/question-over-lekki-concession-buy-back

http://allafrica.com/stories/201308300319.html

seanet02: If anybody is not happy with how the lekki road is being handled, such a person is free to petition the Economic and Financial Crimes commission.
Ranting here like an infected rabid dog is the height of ediocy.

taharqa: lol....why am I not surprised??

Delafruita: much as i appreciate the attempt to put things into perspective,it is important to understand that conjectures/arguments can never replace fact.it is unfortunate that article that seems to contain so much information failed to provide proof for the most important information:the amount spent so far on the project.the author simply said "based on information available in various media" without providing a single link or quote from any of the so called media.its unfortunate that things didnt work out with the concession as expected but then the state owes taxpayers the duty of ensuring the completion of that project without giving in to the demands of LCC and that necessitated the buyback.the details of the agreement are not available and these should understandably be in the public domain.but without the such details in addition to details of what has been spent and what has accrued from tolling,its impossible to ascertain what is and what is not.its not yet been stated how the remaining construction will be funded but governor fashola explicitly stated that the buyback will in no way be a burden to taxpayers.i will want to believe a longterm bond will be offered and that proceeds from tolling will be used to pay out returns.if that is the case,then taxpayers will not bear the burden but as stated earlier,we are not certain of the details of the agreement and next move of the LASG

naija2dabone: pls join me in the 'front page' campaign for this thread

taharqa: The Info used in this article is largely correct. They came from figures (d limited) ones d LASG agreed to release to d public on this FRAUD- I think it was from d Works or Finance Commissioner. There was a Thisday Article that reported d full scale of d figures involved as given by LASG officials (smone opened a thread sm time back here but I hv not been able to track it down; BUT I certainly wud and wud post it soon). You may then begin to get a sense of d extent of the FRAUD...

Afolabs101:

Please provide a link to that article

@Post, This has been a fraudulent project from the beginning. I suffer most days in traffic and then have to part with my hard earned money so because people are too busy looting. I strongly believe that with the money Lagos State earns plus Federal allocation, the state should have absolutely no problem upgrading that road from VI to Epe. The amount of tax collected by Lagos on that stretch is mind-boggling!!

FASHOLA, REMOVE THOSE TOLLS

take dat: I have to commend Koro for expressing his thoughts on the concession arrangement/agreement shrouded in cloak of secrecy and tainted by fraud right from its conception. If I have a grudge against LASG, it is the opacity of her financial dealings. The arrangement was not well structured, ill-conceived from the start. The buy back is to limit the damages which has occurred and that to occur in the future if the right wasn't bought back. Such hiccup was bound to happen. The same reason why that of Lagos-Ibadan expressway concession arrangement with bi-courtney failed, and also the same with the local wing of MM airport.

PointB: The fraud outlined in this article is mind-boggling. Yet we don't see the Ghana-must-go activist hit the street to protest. But I must blame the PDP and opposition elements in Lagos state for going to sleep on the responsibility. Lagos state has gone to the frog dog.

taharqa: #sorry, the total amount that wud eventuali be spent is more than #130bn, and not even the #103bn I initiali thought: #15bn to 'buy back' d FAILED Concession; #6.8bn and #3.5bn to pay the Debts incurred by the FAILED Concessionaire; #5bn initiali paid by d LASG to d Concessionaire at d start of d project; and of course, d #87.7bn the LASG wud borrow tru placing Bonds to 'complete' d road. Adding all these, plus the monies the Concessionaires have collected since 2011 as Tolls, shld begin to give d fuller extent of d amount involved in this Fraud!!!.... Oh! Shiit: I also forgot to add d #35bn d Concessionaires said they already spent on the largely unfinished road. Adding everything will lead to a total of bw #170- #180bn spent on a 49km Road. I feel SICK in the stomach right now...

PointB: ^^^^
The same reason I put the blame on the PDP and other opposition elements in the state. What have they done to hold Fashola accountable? What have they done to educate the citizens on the massive sleaze going on in Lagos state. Seems to me that even the opposition are clueless as to what need to be done, let alone how it could be done to bring Fashola to account.

And here is Obanikoro sounding largely academical, rather than coming down to the level of the ordinary lagosians. If he is convinced that Fashola is a thief, beating about the bush as he is currently doing, is not the way to go about it. Call a spade a spade!