@PointB the fraud was conceptualise from beginning of the project. Have you observed the slow rate of work by LCC. For one year they have not left a particular spot. True, the government should have revoked the agreement for failure to deliver. An interesting thing is that the state government is even willing to pay the debt of a company (like who does that?) and also retain them as toll collectors. If LASG is taking over, the fair thing to do is to stop the tolling because public funds will be invested to complete the road.

Honestly, this project is unfair and we need people to voice their disagreement over this. For me I am not going to vote APC because I just don't get the idea of using my money to provide social infrastructure and still tax me for to enjoy these infrastructures.

Now APC claims to be a political party with conscience. However, I do not see any here.

mike404: KORO 4 LAGOS GOVERNOR 2015

He is going to lose again.Going thru his antedent,he wud be worse than APC govt.,if he becomes governor. Well, the guy is smart sha,he wants to emerge as the PDP candidate,so that if he loses election he wud be made a minister.

Boss13:

You forgot to include the interest the state govt will pay for the bond.

You are damn right!! How could I have forgotten that??

At an Interest rate of bw 10%-15% of the original Bond sum of #87.7billion (annually?), the total cost that would be spent to construct this fraud of a road would then certainly cross the #200billion-mark!!

[size=16]OMG!!![/size]

Boss13: @PointB the fraud was conceptualise from beginning of the project. Have you observed the slow rate of work by LCC. For one year they have not left a particular spot. True, the government should have revoked the agreement for failure to deliver. An interesting thing is that the state government is even willing to pay the debt of a company (like who does that?) and also retain them as toll collectors. If LASG is taking over, the fair thing to do is to stop the tolling because public funds will be invested to complete the road.

Honestly, this project is unfair and we need people to voice their disagreement over this. For me I am not going to vote APC because I just don't get the idea of using my money to provide social infrastructure and still tax me for to enjoy these infrastructures.

Now APC claims to be a political party with conscience. However, I do not see any here.

There are just many aspects of this Scam, apart from the figures, that blows the minds.....

Fashole and Tinubu collabo

taharqa:

There are just many aspects of this Scam, apart from the figures, that blows the minds.....

if you attempt to voice out your displeasure on nairaland for example, the original laptop dogs will come out foaming at the mouth in rabid anger at the audacity you have to challenge their pay masters who pay their internet connections every month. Good roads are good in any society but public officials should be prepared to be called THIEVES when necessary like i called Tinubu a thief during his tenure though i admire his political sagacity and i still call Fashola a thief though i admire some aspects of his administrative style. I am forced to curse and swear it these guys who on a very good day in some francofone countries would have bit the bullet by now but ethnic jingoists will rather sing their praises while suffering in their penury. I laugh at dem

taharqa:

There are just many aspects of this Scam, apart from the figures, that blows the minds.....

You keep repeating this thing, the total cost is #116B for 70Km, it is marginally better than what the FG is spending on Lagos-Ibadan Expressway.

hercules07:

You keep repeating this thing, the total cost is #116B for 70Km, it is marginally better than what the FG is spending on Lagos-Ibadan Expressway.

Stop saying what you don't know, K?

The newly Updated amount is now over #200billion!!
Read, and tell me what you disagree with here:

[size=16]LEKKI-EPE EXPRESSWAY CONCESSIONINIG/'UN'CONCESSIONING FRAUD[/size]
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

UPDATE:

#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.
Also, at an Interest rate of bw 10%-15% that the LASG would have to pay (annually?) in order to access the original Principal Bond sum of #87.7billion, the total cost that would be spent to construct this fraud of a road would then certainly cross the #200billion-mark!

I feel SICK in the stomach right now

By the way, you seemed to have 'forgotten' other aspects of the Scam. Wonder why??

taharqa:

Stop saying what you don't know, K?

The newly Updated amount is now over #200billion!!
Read, and tell me what you disagree with here:



By the way, you seemed to have 'forgotten' other aspects of the Scam. Wonder why??

Your arithmetic is funny, you are adding the amount made to amount spent on the road, so you are telling me that when the FG spends 167B on Lagos-Ibadan expressway, you are going to add that to whatever revenue they make to be the final cost?, abeg stop that nonsense. Let me break it down for you, we are looking at how much LASG is going to spend on the road, 87.5Bn loan plus existing money spent, existing money spent is 29.5BN, add that together and LASG will be spending 117BN. Your fraudulent maths is adding 35Bn spent by LCC to LASG cost when the bulk of LASG cost is to pay back the concessionaire, is the concessionaire going to spend the money being paid by the LASG on the road? You are also adding the tolls which is revenue to cost, so when you are drawing up your profit and loss sheet, you are going add revenue and cost on the same side of the sheet?

hercules07:

Your arithmetic is funny, you are adding the amount made to amount spent on the road, so you are telling me that when the FG spends 167B on Lagos-Ibadan expressway, you are going to add that to whatever revenue they make to be the final cost?, abeg stop that nonsense. Let me break it down for you, we are looking at how much LASG is going to spend on the road, 87.5Bn loan plus existing money spent, existing money spent is 29.5BN, add that together and LASG will be spending 117BN. Your fraudulent maths is adding 35Bn spent by LCC to LASG cost when the bulk of LASG cost is to pay back the concessionaire, is the concessionaire going to spend the money being paid by the LASG on the road? You are also adding the tolls which is revenue to cost, so when you are drawing up your profit and loss sheet, you are going add revenue and cost on the same side of the sheet?

-- I had to add the amount already gotten from the TOLLS since 2011 cos the Concessionaires in an UNPRECENDENTED move for an incomplete Concession (which is part of the Fraud by the way) started collecting monies from LAGOSIANS clearly as part of an effort to raise capital for a Project the Concessionaires weren't ready nor competent for, meaning Lagosians already contributed whatever sum was collected from them as Cost to the 'construction' of the road. The FG would NEVER collect Tolls on the ongoing Lagos-Ibadan Rd; but if they did, I would count it as part of the Cost of constructing the road.
Of course, the whole scheme is shrouded in deep SECRECY so we do not know exactly how much has been made or would be made as Toll fees; but if one follows the rather conservation Survey done by the Concessionaires themselves in 2011, that comes to about #4.2billion Annually from just ONE Toll Plaza ie bw #10-#12billion in almost three years (and this is not even counting the additional Tolls that would be collected b4 the road is finally completed, esp if those other 2 Toll Plazas become Operational b4 then)!!!


--- I am considering ALL the COSTS that would eventually lead to the completion of the Road, whether it is from the LASG, the Concessionaires or even ordinary Lagosians who would be forced to pay towards the construction in the name of Tolls b4 the road is complete.
That is why I added the #35billion the Concessionaire ALREADY spent so far on the road TO the #25.3billion which the LASG just gave to the Concessionaires as 'buy back' and payment for the loans they (Concessionaires) took(imagine that!!) TO the #87.5billion the LASG would borrow as Bonds in other to complete the road.
ADD the Interests on the Bond and the money already gotten from Tolls (as well as those to be collected b4 the completion) and talk to me again about how the TOTAL COST would not exceed #200billion (for a Project that was initially meant to cost about #50billion).


Cheers......

Obanikoro should keep his thought and pass it to his party leader Jonathan who definately needs Obanikoro's thought on how he will handle Stella Oduah's case. Secondly, Obanikoro should tell Jonathan to take back our NEPA, because I dont know PHCN from the two looters named OBASANJO and ABDULSALAMI who have bought our NEPA using our stolen money because Obasanjo and Abdulsalami's life savings for ten of their generations CAN NEVER EVER BUY NEPA.

taharqa:

-- I had to add the amount already gotten from the TOLLS since 2011 cos the Concessionaires in an UNPRECENDENTED move for an incomplete Concession (which is part of the Fraud by the way) started collecting monies from LAGOSIANS clearly as part of an effort to raise capital for a Project the Concessionaires were ready nor competent for, meaning Lagosians already contributed whatever sum collected to the 'construction' of the road. The FG would NEVER collect Tolls on the ongoing Lagos-Ibadan Rd; but if they did, I would count it as part of the Cost of constructing the road.
Of course, the whole scheme is shrouded in deep SECRECY so we do not know exactly how much has been made or whom be made as Toll fees; ``but if one follows the rather conservation Survey done by the Concessionaires themselves, that comes to about #4.2billion Annually from just ONE ``Toll Plaza alone ie bw #10-#12billion in almost three years (and this is not even counting the additional Tolls that would be collected b4 the road is ``finally completed, esp if those other 2 Toll Plazas become Operational b4 then)!!!


--- I am considering ALL the COSTS that would eventually lead to the completion of the Road, whether it is from the LASG, the Concessionaires or even ordinary Lagosians who would be forced to pay towards the construction in the name of Tolls b4 the road is complete.
That is why I added the #35billion the Concessionaire ALREADY spent so far on the road TO the #25.3billion which the LASG just gave to the Concessionaires as 'buy back' and payment of their loans (imagine that!!) TO the #87.5billion the LASG would borrow as Bonds in other to complete the road.
ADD the Interests on the Bond and the money already gotten from Tolls (as well as those to be collected b4 the completion) and talk to me again about how the TOTAL COST would not exceed #200billion (for a Project that was initially meant to cost about #50billion).


Cheers......

Haba, what kind of addition is that, I tell JB build me a house and collect rent for 30 year, JB builds the house and collects rent for three years, I feel I could get a better deal and ask JB how much have you spent, JB says 30M, I say okay, I will pay you 23M because you have collected rent, the cost to me is 23M and the rent collected not, 30M of JB, Rent Collected and 23M I am paying JB, hope that helps.

hercules07:

Haba, what kind of addition is that, I tell JB build me a house and collect rent for 30 year, JB builds the house and collects rent for three years, I feel I could get a better deal and ask JB how much have you spent, JB says 30M, I say okay, I will pay you 23M because you have collected rent, the cost to me is 23M and the rent collected not, 30M of JB, Rent Collected and 23M I am paying JB, hope that helps.

Walahi you gattt time
You are arguing with a stark illiterate.
Ability to write and post on nairaland does not translate to Literacy

hercules07:

Haba, what kind of addition is that, I tell JB build me a house and collect rent for 30 year, JB builds the house and collects rent for three years, I feel I could get a better deal and ask JB how much have you spent, JB says 30M, I say okay, I will pay you 23M because you have collected rent, the cost to me is 23M and the rent collected not, 30M of JB, Rent Collected and 23M I am paying JB, hope that helps.

But JB only completed just a little part of the house, hence have no justification to collect rent. JB nonetheless collected huge rent for a long period of time, yet fail to complete the house. Then JB somehow proposed to increase the rent on the same uncompleted house and introduce more charges on the hapless tenants. Rather than revoke the agreement since JB clearly has failed to meet deadline, you propose to buy it off at substantial cost, while also willing to pay off debts incur by JB. The saddest part of the story is that part of the money used in constructing the house (and what will be used to pay off JB's debt) belongs to the tenants and JB is your bosom friend - your Godfather.

I don't care if I will start getting banned after this comment but the level of political hypocricy by moderators of Nairaland these days is mind blowing. How can we explain how flimsy threads hit front page such as Oduah's pictures in Isreal but threads like this are hidden from the public. If I may ask, has nairaland been bought over? Whose interest is this forum representing, the ruling party, the opposition or the masses?

Let those hidding threads like this be reminded that selective justice will kill the reputation of this much loved forum. If you want to expose corruption be bold at it or you overlook all of them altogether.

It is better that ten guilty persons escape than one innocent suffer... William Blackstone (1723 - 1780)

Nairaland was bought over a long time ago.look at the number of threads about stella hitting the front page while this thread about one of the biggest modern day fraud in africa is hidden out of public view.nairaland is part of apc/tinubu propoganda machine.

PHIPEX: I don't care if I will start getting banned after this comment but the level of political hypocricy by moderators of Nairaland these days is mind blowing. How can we explain how flimsy threads hit front page such as Oduah's pictures in Isreal but threads like this are hidden from the public. If I may ask, has nairaland been bought over? Whose interest is this forum representing, the ruling party, the opposition or the masses?

Let those hidding threads like this be reminded that selective justice will kill the reputation of this much loved forum. If you want to expose corruption be bold at it or you overlook all of them altogether.

It is better that ten guilty persons escape than one innocent suffer... William Blackstone (1723 - 1780)

Mods,please lets have this on front page. I expect APC defenders to come and defend the defenceless.

hercules07:

Haba, what kind of addition is that, I tell JB build me a house and collect rent for 30 year, JB builds the house and collects rent for three years, I feel I could get a better deal and ask JB how much have you spent, JB says 30M, I say okay, I will pay you 23M because you have collected rent, the cost to me is 23M and the rent collected not, 30M of JB, Rent Collected and 23M I am paying JB, hope that helps.

Yea, that would be the Cost to YOU (in this case, the LASG). BUT to calculate the Cost used to construct and acquire the house (if you like, the total amount put on the house b4 you acquired it), you would need to ADD the 30M JB used in constructing the house, the 23M you used in acquiring it and the House Rents already collected (esp if this Rent was been collected whilst the house was been constructed).

The importance of considering the TOTAL GROSS Cost of the building (in stead of just your own cost in acquiring it) is not only so as to be able to compare its true cost with other similar projects But also so as to get a fuller picture of everything that actuali went on in the building and sales of that house. And, those are exactly the MAIN CONCERN in this largely Secretive Scheme.

Hope that helps...

PHIPEX: I don't care if I will start getting banned after this comment but the level of political hypocricy by moderators of Nairaland these days is mind blowing. How can we explain how flimsy threads hit front page such as Oduah's pictures in Isreal but threads like this are hidden from the public. If I may ask, has nairaland been bought over? Whose interest is this forum representing, the ruling party, the opposition or the masses?

Let those hidding threads like this be reminded that selective justice will kill the reputation of this much loved forum. If you want to expose corruption be bold at it or you overlook all of them altogether.

It is better that ten guilty persons escape than one innocent suffer... William Blackstone (1723 - 1780)

They wud only do as much.... The TRUTH always comes out, eventuali. I wud be here, on this, till it does..

simpleseyi: Obanikoro should keep his thought and pass it to his party leader Jonathan who definately needs Obanikoro's thought on how he will handle Stella Oduah's case. Secondly, Obanikoro should tell Jonathan to take back our NEPA, because I dont know PHCN from the two looters named OBASANJO and ABDULSALAMI who have bought our NEPA using our stolen money because Obasanjo and Abdulsalami's life savings for ten of their generations CAN NEVER EVER BUY NEPA.

wetin this one dey yarn sef abi na by force to comment ?

We must to rise this thread up . . . . . Pipu must to see am . . .

jmaine: We must to rise this thread up . . . . . Pipu must to see am . . .

when more important threads like "strange food combinations some Nigerians eat" and "ex PHCN staff uses N5.5 million gratuity to buy jeep" dey front ? Impossicant. Pls stop trying to reveal the shenanigans of the progressive rogues and their nairaland lapdogs. Ok

talktimi: wetin this one dey yarn sef abi na by force to comment ?

No bi everybody deserve response, na....

This road is clearly the most expensive road per km in recent times in Nigeria.
It is fully laden with corruption
If GEJ or any Nigerian president, were to do this today, he would have been crucified by the opposition
This kind of thing is happening in a lot of states
With the exception of this article,
the opposition in Lagos seems to be in a very deep sleep.
I'm sure the Lagos APC can't believe what they are getting in terms of the clueless, low quality opposition at the state and national level.

Any body who crafted this master game of complex transactions and processes, which the average Nigerian cannot follow up with, with the grand intention of defrauding Nigerians can do worse things if given the oppourtunity.

I still can't believe that this kind of thing has happened and is happening in alot of states, and everybody is keeping quiet and just focusing on criticizing the centre and talking about 2015

The article is on Punch newspaper today, though to be completed tomorrow. The silence about this is amazing. Are people scared to talk? Well I remember how civilized people who came to protest were flogged by military police and tortured with pepper spray.

The more I see those toll gates, the angrier I get.

For those clamoring for front page, please there are kids, illiterates and tribalists out there, who might turn this important discussion to an e-war. Hence, I would advise against front page.

talktimi: when more important threads like "strange food combinations some Nigerians eat" and "ex PHCN staff uses N5.5 million gratuity to buy jeep" dey front ? Impossicant. Pls stop trying to reveal the shenanigans of the progressive rogues and their nairaland lapdogs. Ok

No matter how hard they try to cover their stinking deal. The rancid smell will still permeate out to the open . . .

Why is this thread not on the front page yet?
Smh at gullible Nigerians.

The laptop crew on the APC side may be hoping that this analysis goes with the wind or is overtaken by events just as the PDP crew hopes Oduahgate dies a natural death.

austinkenneth: This road is clearly the most expensive road per km in recent times in Nigeria.
It is fully laden with corruption
If GEJ or any Nigerian president, were to do this today, he would have been crucified by the opposition
This kind of thing is happening in a lot of states
With the exception of this article,
the opposition in Lagos seems to be in a very deep sleep.
I'm sure the Lagos APC can't believe what they are getting in terms of the clueless, low quality opposition at the state and national level.

Any body who crafted this master game of complex transactions and processes, which the average Nigerian cannot follow up with, with the grand intention of defrauding Nigerians can do worse things if given the oppourtunity.

I still can't believe that this kind of thing has happened and is happening in alot of states, and everybody is keeping quiet and just focusing on criticizing the centre and talking about 2015

who is the opposition and who is the 'head' of the opposition, that person is also in charge of the EFCC directly or indirectly, so.....

Dis Guy:

who is the opposition and who is the 'head' of the opposition, that person is also in charge of the EFCC directly or indirectly, so.....

The summary of the point I'm making is that a master class fraud has taken place and people are just looking around like zombies claiming nothing has happened and any attempt to support or protest against will be looked form the lens of tribalism.

This same thing is happening at various scales in the various states and people who should be checking this are just moping around.

FRONT PAGE O! BEFORE LAGOS STATE GOES BROKE UNDER OUR NOSES WHILE WE'RE BUSY URINATING ON STELLA'S HEAD WITH SAHARA- OH! SORRY... JANKARAREPORTERS

austinkenneth: This road is clearly the most expensive road per km in recent times in Nigeria.
It is fully laden with corruption
If GEJ or any Nigerian president, were to do this today, he would have been crucified by the opposition
This kind of thing is happening in a lot of states
With the exception of this article,
the opposition in Lagos seems to be in a very deep sleep.
I'm sure the Lagos APC can't believe what they are getting in terms of the clueless, low quality opposition at the state and national level.

Any body who crafted this master game of complex transactions and processes, which the average Nigerian cannot follow up with, with the grand intention of defrauding Nigerians can do worse things if given the oppourtunity.

I still can't believe that this kind of thing has happened and is happening in alot of states, and everybody is keeping quiet and just focusing on criticizing the centre and talking about 2015

You are soooo damn Right!!!!