The planned sale of Nigeria's four refineries next year
is a well-designed scam calculated to hand over the
country's premium downstream assets to associates
and fronts of the Minister of Petroleum Resources,
Diezani Alison-Madueke, who is also representing the
financial interests of President Goodluck Jonathan in
the deal, SaharaReporters can report.
According to several senior officials at the ministry,
four of the minister's friends have been penciled in to
emerge as preferred bidders by “any means necessary”
even as the Bureau for Public Enterprise (BPE) has
announced its readiness to commence the sales next
year. Top on the list of the “preferred” buyers is Mr.
Jide Omokore, the multi-billionaire PDP figure who
has received numerous juicy deals since Ms. Alison-
Madueke was made Minister of Petroleum Resources
by President Goodluck Jonathan in 2010. Mr. Omokore
is the chairman of Energy Resources Group, whose
subsidiary, Atlantic Energy Drilling Concept Limited,
was involved in a highly scandalous operatorship
take-over of the oil mining licenses (OMLs) of the
Nigerian National Petroleum Corporation (NNPC) in
2011.
Mr. Omokore, whose private jet is regularly put at the
disposal of Ms. Alison-Madueke (as do jets by her
other fronts and associates), famously funded an
obscene wedding in Dubai for his son, Oluwatosin, last
June. Some estimates put the cost of the wedding,
which was attended by state governors, ministers,
senior civil servants, senators, former governors and
political godfathers, at $10 million. Oluwatosin’s bride
is Faisal AbdulKadir-Fari, a daughter of Ambassador
Abdulkadir-Fari, then the Permanent Secretary in the
Ministry of Petroleum Resources.
Another “preferred” buyer, Kola Aluko was also
involved in the controversial OML operatorship deal
through his company, Septa Energy, a subsidiary of
Seven Energy. While Mr. Omokore's company got oil
bloc numbers 26, 30, 34, and 42, Igho Salome's
Taleveras got OMLs 4, 38 and 41. In the questionable
deal, Shell divested its operatorship in the OMLs. By
law, the ownership automatically reverted to the NNPC
which manages oil assets on behalf of the Federal
Government of Nigeria. At first, the NNPC had
transferred its operatorship to its exploration
subsidiary, Nigerian Petroleum Development Company
(NPDC).
But in a curious twist, the NPDC said it did not have
the financial resources to operate the OMLs. The
group then organized a “strategic loan” deal with
Atlantic Energy and Septa Energy to provide the funds.
Under the questionable deal, Mr. Omokore and Mr.
Aluko's companies were to receive crude oil allocation
of over 40,000 barrels per day as “loan repayment.”
An oil industry expert told SaharaReporters that the
deal, which was officially called “strategic alliance and
service contract,” will cost Nigerian taxpayers billions
of dollars.
Another NNPC insider told Sahara Reporters, “Where
in the world would you own seven lucrative oil blocks
and then claim you do not have the finances to
operate them? Those are enormous bankable assets.
There is no bank NPDC will approach in the world that
will not jump at the opportunity to finance the
operations. Remember these are not mere oil
prospecting licenses (OPLs). They are OMLs. Oil had
been found there. Shell had been producing oil from
the wells. It only decided to relinquish its interest to
focus on in its offshore wells.”
Several of our sources questioned NPDC’s claim that
it needed to bring in Atlantic Energy and Septa Energy
to finance the production. “It all had to do with the
minister’s financial stake,” said one of them, insisting
that Ms. Alison-Madueke had a reputation for tailoring
oil policies to benefit her pocket.
“The same NNPC that claimed it could not secure the
finances to operate the oil blocks later took out a loan
of $1.6 billion to pay dubious debts owed to shady oil
dealers,” another insider told Sahara Reporters, further
highlighting how greedy and selfish government
officials strangulate the country. He said the minister
cannot come up with any satisfactory justification for
her scandalous policy of mortgaging the country's oil
assets to her friends.
Meanwhile, our sources identified the other two
“preferred” buyers for the refineries as Talevaras, a
firm owned Mr. Igho Salome, and Sahara Energy,
owned by the trio of Tonye Vole, Tope Osinubi and
Ade Odunsi. Talevaras has increasingly come under
the spotlight because of its sudden rise to prominence
in Nigeria’s business scene. The firm was recently
declared the “winner” of the bid for the Afam Power
Plant, despite its lack of any experience in the power
sector. The Afam Power Plc was among 18 assets of
the Power Holding Company of Nigeria (PHCN) which
were put up for privatization. Initially, none of the bids
received for Afam Power Plc was deemed qualified. But
the government suddenly announced Taleveras as the
winners of the bid.
“I can assure you that the same style will be adopted
to hand over Nigeria’s refineries to the minister's
fronts, usually referred to as preferred buyers,” an
official of the Ministry of Petroleum Resources said.
He continued, “It is not a coincidence that the minister
went to announce to the whole world that the
refineries would be sold first quarter next year even
when there were no such plans disclosed to the BPE.
It should be of interest you that the BPE made its own
pronouncement a week after the minister's, just to
rubber-stamp it. BPE indirectly exposed her plot when
it said the process would commence first quarter next
year, rather than the refineries being sold first quarter
next year as pronounced by her.”
Sahara Energy was also indicted in a report by a
Swiss non-governmental organization, the Berne
Declaration. The report revealed that Nigerian oil
marketing companies perpetrated widespread subsidy
fraud running into several billions of dollars. Titled
“Swiss Traders’ Opaque Deals in Nigeria,” it also
accused the NNPC of colluding with international oil
traders to defraud Nigeria. The report revealed that
Sahara Energy, Rahamaniyya Group, Aiteo Energy
Resources Limited, Ontario Oil and Gas Limited, Tridax
Energy, Mezcor Limited and MRS Group had
established subsidiaries, also called "letter-box"
companies, in Geneva, Switzerland, with no real
business activities.
The report disclosed that these companies established
the subsidiaries primarily for tax advantages, and also
for easy access to international capital. But four of the
companies, namely Sahara Energy, Rahamaniyya,
Aiteo Energy and MRS, were investigated by the
House of Representatives Ad Hoc Committee and
cleared in a widely discredited report that culminated
in the infamous $620,000 bribery scandal involving
the chairman of the House probe committee, Farouk
Lawan, and billionaire businessman, Femi Otedola.
According to the Swiss NGO report, the opaque
partnership between NNPC and the Swiss oil traders
ensures that the profit generated escapes state
coffers. Describing this as “not trivial,” the report
stated: “By way of example, in 2011 the amount
withheld from state coffers came to $8.739 billion.
The public coffers were directly penalized. The same
year, the revenues from oil fell by 39 per cent against
the amount budgeted. And this is despite a rise in the
price of oil.”

http://mobile.saharareporters.com/news-page/how-diezani-alison-madueke-plans-sell-refineries-fronts

That's Naija 4 u... Ish happens & goes unnoticed.

We know naa!
Naija drama! The more you look, the less you see!
The more you think you are out of prison, the deeper you find yourself with heavier chains!
Naija Magic

Nigeria will be left without oil one day and most of this bourgeoise will be long gone, I think its high time we all rise and say NO to this fraud being perpetrated on us

Abeg make she sell if that would make the refineries work. After all if the fronts invest into buying it and hike fuel price and no one can afford it, who loses? Not me and of course with the importation of fuel still going on, then no qualms.

bigtt76: Abeg make she sell if that would make the refineries work. After all if the fronts invest into buying it and hike fuel price and no one can afford it, who loses? Not me and of course with the importation of fuel still going on, then no qualms.

Your point maybe valid in a non monopolistic environment, but naija is a different ball game entirely, what works to the benefit of the people in other clime have a way of failing woefully in this country.
For example we are yet to enjoy the benefits of privatisation of cement companies, even the telecoms companies are having a pseudo monopolistic arrangement and the people are paying the highest call rates in the world. There are many other examples, so what is the guarantee that the most important economic commodity - fuel will not be subject to these same evil pattern?

Nigerians are so politically unsophisticated that they even deny the obvious to themselves. It was ages ago I logically predicted this development given the corrupt character of GEJ and his inane actions that were the opposite of the solution needed to aid the quest for Nigeria to refine her crude optimally .

Much like conceding pipeline protection contracts to militants, an action we now all know to be a ruse to allow oil theft proliferate massively, it was always obvious to pragmatic folks and critical thinker that this was the crude plan of GEJ from day one. Anyway, Nigerians enjoy. Many Nigerians fully deserve whatever befalls them for being prejudiced to the point they are not simply able to tell right from wrong any more.

https://www.nairaland.com/946811/nnpc-oil-thieves-hijacked-political/3

Very well-said Sir. Let the mischief makers and ethnic jingoist try their best effort at spin. There are many intelligent adults here not taken in by such crude and weasel-like tactics. The fact, for anyone not into self-deception, is that GEJ is is a corrupt player in the oil and gas sector and he is deliberately destroying the ND.

The example of Tompolo is a fine one. Such senseless inane conduct is one of the many reasons GEJ is now, by many, regarded as the "MEND President". It is also indicative of how GEJ is precisely like OBJ i.e keen to promote criminality everywhere, damagingly and far above its station, because of the belief it helps him consolidate overall control. No one should be shocked when our refineries are eventually conceded, for pittance, to cronies of GEJ because some of us see where things are going with the insane decision by GEJ for the NNPC, the home of corruption, to turn around our refineries in 24 months.

https://www.nairaland.com/1101930/nigeria-refineries-rated-worst-africa

Sad sap. Were you not aware of how one of the first actions of GEJ , after winning the election, was to consign our Refineries into the hands of the NNPC for "turning around" over a 2 year period? Who does not know that the NNPC is perhaps the most corrupt and most inefficient government parastatal in Africa capable of delivering only failure? Why would "fresh air" and the "transformational crew" continue down the failed route?

I don't know why folks like you, of ostensibly poor intellect, continue to attack others with insult when all you have in your armoury is the usual excuse that the problem began before GEJ. Are you so dumb you don't realise that many acknowledge that fact while also pointing to how GEJ is worsening things with his senseless actions? All we get from GEJ are actions that don't make sense plus perpetuate discredited processes and avenues of corruption that prop-up the deleterious status-quo. Yet charlatans like you see "reform". Any improvements in our refining capacity since GEJ put NNPC in charge? 2006-2009 indeed. Olodo.

https://www.nairaland.com/628482/jonathan-unveils-gas-agenda-power/1

Can you still say the above today? It is going to be a pleasure watching GEJ disappoint those of you who voted for him based on sentiments and ethnic bias. We told you guys , non-stop, that GEJ is all talk. There is no way on Earth he will ever deliver because the numerous deleterious and anti-people AGIPs (any government in power) who helped GEJ win are not just going to disappear into thin air !!!

Already we see the AGIP laughing all the way to the bank with how GEJ is keeping things "business as usual" for them to the detriment of Nigeria. "Leaner cabinet not possible" and the creation of more ministries are simply ways for GEJ to share our wealth around in ensuring all his AGIP buddies are 'sorted'. Femi Otedola is already laughing with GEJ's directive that the home of corruption NNPC turn around our refineries in 24 months !!! What a joke !!! [size=14pt]Watch as GEJ extends 24 months to 4 years. Shortly before he leaves the stage the refineries will then be sold to Otedola and Dangote in 'padi padi' style for pittance. Jonathan's underground 'pension' is then secured for life. [/size]

Where is the PIB ? Did we not hear it will be passed into law before the end of the last republic? Some of you , despite proof of his sheer incompetence and how he fraternized with the perpetual enemies of our progress, still preferred to vote for GEJ out of sentiments and ethnic bias. Well , enjoy your "fresh air" . It is only the AGIPs I see laughing right now while Nigerians are dying, power supply worsening, kerosine scarcity crippling, etc, etc . These type of post , based entirely on blind optimism, are sheer comedy with how they expose the naive thinking of some of you. Did we not tell you folks that 'smart talk' from politician is not rare in our history? What is rare is the political will to match the 'smart talk' . Clearly, given his history, GEJ lacks political will yet Nigerians like you expected to get water out of a stone Sheer awada

bigtt76: Abeg make she sell if that would make the refineries work.

Stop dreaming brother. They told us privatization is the antidote to the perenial electricity problems we had. Now that it has been done what we've ended up with is a comatose power sector that cannot suply nigerians 4hrs of electricity in a day! The planed and eventual sale of the refineries would finaly nail the fate of our strugling economy, consigning the lives of ordinary nigerians into the hands of their oppressors.

Those are the real people enjoying the so-called Fresh air,

I don't give a dam

Privatization in Nigeria has fostered the worst manifestation of crony capitalism. I won't be surprised if those who are going to win the bid for these refineries are the same characters who recently bought off the privatized GENCO's and DISCO's. The on-going privatization of state owned assets to cronies reminds one of Russia, a place where large scale privatization of state owned assets resulted to a situation where a good deal of National Wealth fell into the hands of a relatively small group of so called Business Oligarchs, and the wealth gap increased dramatically. These forces of high privilege and regression who should be in jail for accumulating public wealth at the expense of the people and their fraudulent business tycoon allies who have committed heinous economic crimes against the people of Nigeria in the past are the ones buying these state owned assets. The Forbes promoted fraudulent billionaires and corrupt Government officials will keep on getting richer while ordinary Nigerians continues to feed on hopelessness.

take dat: Privatization in Nigeria has fostered the worst manifestation of crony capitalism. I won't be surprised if those who are going to win the bid for these refineries are the same characters who recently bought off the privatized GENCO's and DISCO's. The on-going privatization of state owned assets to cronies reminds one of Russia Nigeria, a place where large scale privatization of state owned assets resulted to a situation where a good deal of National Wealth fell into the hands of a relatively small group of so called Business Oligarchs, and the wealth gap increased dramatically. These forces of high privilege and regression who should be in jail for accumulating public wealth at the expense of the people and their fraudulent business tycoon allies who have committed heinous economic crimes against the people of Nigeria in the past are the ones buying these state owned assets. The Forbes promoted fraudulent billionaires and corrupt Government officials will keep on getting richer while ordinary Nigerians continues to feed on hopelessness.

What's your alternative to making the best out of this Moribund Government corporations?

take dat: Privatization in Nigeria has fostered the worst manifestation of crony capitalism. I won't be surprised if those who are going to win the bid for these refineries are the same characters who recently bought off the privatized GENCO's and DISCO's. The on-going privatization of state owned assets to cronies reminds one of Russia Nigeria, a place where large scale privatization of state owned assets resulted to a situation where a good deal of National Wealth fell into the hands of a relatively small group of so called Business Oligarchs, and the wealth gap increased dramatically. These forces of high privilege and regression who should be in jail for accumulating public wealth at the expense of the people and their fraudulent business tycoon allies who have committed heinous economic crimes against the people of Nigeria in the past are the ones buying these state owned assets. The Forbes promoted fraudulent billionaires and corrupt Government officials will keep on getting richer while ordinary Nigerians continues to feed on hopelessness.

What's your alternative to making the best out of this Moribund Government corporations?

This woman don kill us. I wonder wetin all these women ministers use hold GEJ. Abi na their bottom power?

awodman:
What's your alternative to making the best out of this Moribund Government corporations?

I am not against privatization in its purest form. I am only afraid of how this relatively small cabal of fraudulent businessmen that have exploted and deprived Nigerians over the years and their abettors in Government are gradually selling the whole of Nigeria to themselves using our collective wealth to buy them.

awodman:
What's your alternative to making the best out of this Moribund Government corporations?

One thing you should understand is that Privatisation on its own is a means to an end and not an end in itself...

If its not well done with the transparency that is required of it then we are all back to squre one...was Ajaokuta not privatised? what has come out of it..litigations and litigations..

Do we really have refineries in Nigeria? Nigerians forget things easily, especially this our generation. Do u know how many billions of dollars that have been poured into these refineries in the name of turnaround maintenance; and the status quo remains? Of a truth, the refineries are drain pipes in several was and are one of the reasons for the perpetuation of subsidy fraud because they are non-functional. If nigerian nationals have the resources to purchase these refineries, i think it is more preferable and better than indians and chinese buying them. What we should guard againts though is not getting good value for our national assets

feelamong:

One thing you should understand is that Privatisation on its own is a means to an end and not an end in itself...

If its not well done with the transparency that is required of it then we are all back to squre one...was Ajaokuta not privatised? what has come out of it..litigations and litigations..

Precisely. Besides, as with Russia, what we have in Nigeria is the zeal, from one PDP President to another since 1999, to create an Oligarch class who control State assets that bring vast wealth. These Oligarchs, in Nigeria's case, are cronies and pals of the political class they act as a front for. To the end 'privatisation' is aberrantly and cynically undermined and transformed into a tool of enrichment for the same set of AGIPs who have always taken Nigeria for a ride while things remain precisely the same.

take dat: I am not against privatization in its purest form. I am only afraid of how this relatively small cabal of fraudulent businessmen and their abettors in Government are gradually selling the whole of Nigeria to themselves using our collective wealth to buy them.

But this power Privatization was to a very large extent very pure...The rules were tough and strictly adhered to..alot of check and balances was introduced..all this can be evidenced by the minimal or no Litigations that have trailed the process...

feelamong:

One thing you should understand is that Privatisation on its own is a means to an end and not an end in itself...

If its not well done with the transparency that is required of it then we are all back to squre one...was Ajaokuta not privatised? what has come out of it..litigations and litigations..

But you can't say that the only privatization carried out by the Jonathan administration(which is the Power privatization) wasn't transparent...little or no litigations have trailed the process

sincerely don't care who wins the bid as long as that sector leaves fg control. next govts to come will surely break the monopoly if it exists. after all the NCAA contractors are saying goodbye

take dat: I am not against privatization in its purest form. I am only afraid of how this relatively small cabal of fraudulent businessmen and their abettors in Government are gradually selling the whole of Nigeria to themselves using our collective wealth to buy them.

@take dat, go and bid for d Refineries yrself abeg. Is anybody holding you??..... As long as d Process is Open and Transparent like was d case of d Privatisation of PHCN (I hope so), I do not care who wins d bid. SR can shove whateva other shenanigans of theirs, if it doesn't address d Process itself, down its azzz....

awodman:
But this power Privatization was to a very large extent very pure...The rules were tough and strictly adhered to..alot of check and balances was introduced..all this can be evidenced by the minimal or no Litigations that have trailed the process...

http://www.punchng.com/business/business-economy/reserved-bidder-sues-bpe-ncp-over-enugu-disco/


A briefcase company can meet the guidelines and outbid established firms as long as it is being promoted by top government officials. Insider information will surely give the briefcase company an edge.

taharqa: @take dat, go and bid for d Refineries yrself abeg. Is anybody holding you??..... As long as d Process is Open and Transparent like was d case of d Privatisation of PHCN (I hope so), I do not care who wins d bid. SR can shove whateva other shenanigans of theirs, if it doesn't address d Process itself, down its azzz....

What a fo0lish post. You see no wrong in handing out our public wealth to the same forces(past and present government officials) that have deprived and plundered Nigeria and the well-connected fraudulent entrepreneurs who started from nearly nothing but got rich through participation in the market via connections to the Government and have continued to perpetuate heinous economic crimes against the people of Nigeria? Why don't we just legalize corruption then, if we don't see any wrong in using looted funds to acquire public assets? Some of these men ought to be in jail if Nigeria was a serious country. We are merely producing a group of businessmen whose ties to the state and political establishment put them in position to take advantage of the system for 'Personal Gains'. Privatization is only a means to an end and not an end in itself. When folks like Emeka Offor who never showed 'any sign of competence or capability' in his past dealings, such as the TAM of refineries, fraudulent gas pipeline deals and many others is still allowed to buy off public assets all in the name of privatization, should we then expect efficiency?

Pangea:

Your point maybe valid in a non monopolistic environment, but naija is a different ball game entirely, what works to the benefit of the people in other clime have a way of failing woefully in this country.
For example we are yet to enjoy the benefits of privatisation of cement companies, even the telecoms companies are having a pseudo monopolistic arrangement and the people are paying the highest call rates in the world. There are many other examples, so what is the guarantee that the most important economic commodity - fuel will not be subject to these same evil pattern?

Mumu, ur scale is one sided. The gains of privitization u have tactically avoided. because u can speak and write english, u think u can talk gibberish and be applauded.

MidasT: Do we really have refineries in Nigeria? Nigerians forget things easily, especially this our generation. Do u know how many billions of dollars that have been poured into these refineries in the name of turnaround maintenance; and the status quo remains? Of a truth, the refineries are drain pipes in several was and are one of the reasons for the perpetuation of subsidy fraud because they are non-functional. If nigerian nationals have the resources to purchase these refineries, i think it is more preferable and better than indians and chinese buying them. What we should guard againts though is not getting good value for our national assets

All of the refineries are working at over 60% capacity.

take dat: Isn't this how we all have encouraged corruption? You see no wrong in these well-connected fraudulent entrepreneurs who started from nearly nothing but got rich through participation in the market via connections to the Government and have continued to perpetuate heinous economic crimes against the people of Nigeria? Some of these men ought to be in jail if Nigeria was a serious country. We are merely producing a group of businessmen whose ties to the state and political establishment put them in position to take advantage of the system for personal gains. When folks like Emeka Offor who never showed any sign of competence in his past dealings, such as the TAM of refineries, fraudulent gas pipeline deals and many others is one still allowed to buy off public assets all in the name of privatization, then there is something wrong with this Nation.

You can say this stuff about virtually every country on earth. Those who win in these deals are always close to political power. In the US, George Bush, Dick Cheney etc had links to companies that benefitted from supplying weapons for the Iraq war. Bill Gates can walk into the White House anytime he wants without invitation, unlike the average American. It's the way of the world!

take dat:

http://www.punchng.com/business/business-economy/reserved-bidder-sues-bpe-ncp-over-enugu-disco/

Since then have the case been heard for the 1st time by the presiding judge?..Prolly this guys saw they had no Case..maybe you need to read this
www.thisdaylive.com/articles/dikki-fg-reserves-the-right-to-take-back-phcn-assets/164044/

ROSSIKE: You can say this stuff about virtually every country on earth. Those who win in these deals are always close to political power. In the US, George Bush, Dick Cheney etc had links to companies that benefitted from supplying weapons for the Iraq war. Bill Gates can walk into the White House anytime he wants without invitation, unlike the average American. It's the way of the world!

Americans are still groaning under the strangulating jackboot of Crony capitalism, in fact, crony capitalism was one of the factors that led to the 2008 financial crisis. Crony capitalism goes hand in hand with higher unemployment and it expands the gap between the rich and the poor. We need to decide if what we want is crony capitalism or a free market capitalism. The difference between Nigeria and the US is that, in the US the companies/investors that receive such benefits/favors are often well established and technically competent but in Nigeria, excluding a very few genuine investors, briefcase companies or businessmen who have never shown any competence(both financial and technical), and who have no track record of excellence in past endeavors order than pocketing our wealth through well-organized fraudulent schemes in cahoot with their promoters in Government are most often the favored ones.

awodman:
Since then have the case been heard for the 1st time by the presiding judge?..Prolly this guys saw they had no Case..maybe you need to read this
www.thisdaylive.com/articles/dikki-fg-reserves-the-right-to-take-back-phcn-assets/164044/

I have no means of knowing if they've assigned a jugde to the case or not and we both know that our judicial process is slow, and perhaps both parties may have settled for an out of court settlement. I really do not have a problem with the privatization exercise rather my objection is based on the character of some of the investors who are no-gooders eg Emeka Offor.

take dat: I have no means of knowing if they've assigned a jugde to the case or not and we both know that our judicial process is slow, and perhaps both parties may have settled for an out of court settlement. I really do not have a problem with the privatization exercise rather my objection is based on the character of some of the investors who are no-gooders eg Emeka Offor.

But Offor didn't come alone..he is in partnership with a reputable electricity company with a proven track record from Turkey...

take dat: What a fo0lish post. You see no wrong in handing out our public wealth to the same forces(past and present government officials) that have deprived and plundered Nigeria and the well-connected fraudulent entrepreneurs who started from nearly nothing but got rich through participation in the market via connections to the Government and have continued to perpetuate heinous economic crimes against the people of Nigeria? Why don't we just legalize corruption then, if we don't see any wrong in using looted funds to acquire public assets? Some of these men ought to be in jail if Nigeria was a serious country. We are merely producing a group of businessmen whose ties to the state and political establishment put them in position to take advantage of the system for 'Personal Gains'. Privatization is only a means to an end and not an end in itself. When folks like Emeka Offor who never showed 'any sign of competence or capability' in his past dealings, such as the TAM of refineries, fraudulent gas pipeline deals and many others is still allowed to buy off public assets all in the name of privatization, should we then expect efficiency?

I honestly do not hv d time to be debating Sentiments (I hv already stated parts of my view on this mata), but I thought it was important I made some Clarifications: When I said I didn't care who wins a bid AS LONG as d Process was transperant and fair, it didn't include acceptance of a corrupt bidder. However, I bliv that those persons who are corrupt shld be treated as Individual, and reject this Sentimental nonsense of a blanket declaration of sm persons as corrupt cos they supposedly hv links to Govt and you (I mean SR) don't like their faces Or just wants to use their as pawns in d increasingly Roforofo battle, with 'fight against corruption' is used as a TOOL to grap Power....

take dat: Americans are still groaning under the strangulating jackboot of Crony capitalism, in fact, crony capitalism was one of the factors that led to the 2008 financial crisis. Crony capitalism goes hand in hand with higher unemployment and it expands the gap between the rich and the poor. We need to decide if what we want is crony capitalism or a free market capitalism. The difference between Nigeria and the US is that, in the US the companies/investors that receive such benefits/favors are often well established and technically competent but in Nigeria, excluding a very few genuine investors, briefcase companies or businessmen who have never shown any competence(both financial and technical), and who have no track record of excellence in past endeavors order than pocketing our wealth through well-organized fraudulent schemes in cahoot with their promoters in Government are most often the favored ones.

That's inevitable given the paucity of ''well-established, technically competent'' firms in the country. The fall back is to favour those connected cronies who in turn align with foreign firms who act as their technical partners and come in to execute the projects. It's like what's going on in the power privatization process. I really don't see anyway around it. Whoever comes into power in Nigeria is bound to operate the same way.