Ahmed0336:

dvee2: :
Most of the Lazy Nigerian youths commenting here have not research when the project was initiated, if it was inflated could it be by their hero since the project predates current government,they are just posting pay per post.

You've spoken well sir, there is this certain project I was on in 2009 the total contract sum stood at 5.4bil then and project duration was 4 years as I am typing this that project have not been completed and FG have spent more than 10 bil on this same project. Many factors came into play that led to cost overrun. Some people don't know what construction is and will be saying things they have no idea on just for likes on NL. SMH

Bros,

You're trying to make what is "Rocket-Science" (Basic Reasoning) to this people freely available?

NwaliE01:
24billion This is super expensive

The project went through different stages, the last I remember, years ago was 17 billion. However, there are different factors that make government jobs inflated and I am not speaking of corruption. Government has a notoriety for not paying 100% of a contract sum. The calculation is 70%. The second issue contractors use is the cost of borrowing money. Because of government's screwed up accounting, contractors budget the cost of borrowing money to complete projects, in Nigeria construction loan can be 20-25% annually. So when people do business with government, projects are marked up to 100%. It it not the fault of the contractor, if you ask Julius berger, government probably is still owning them money for contract 20 years ago. In the company I used to work for that is what they do because the federal government had never paid them 100% before and the pay were staggered over years, even sometimes three years after completion of the project. So to a businessman, he borrowed money at high rates to complete a project and not expected to see full payment after the project is completed, then the cost of doing business goes up naturally. The money might sound a lot but because the government may not pay them 100% contract sum and the loans used to complete the project you should not be surprised if the profit margin is less than 15%

AkpaMgbor:

Yea fvcking right! Can it be sophisticated than Scotland Yard??

or the new york police headquarters that cost below #15b

mapet:


Bros,

You're trying to make what is "Rocket-Science" (Basic Reasoning) to this people freely available?

My apologies, I don't know what came over me that lady caused it. Thanks

samzzycash:
or the new york police headquarters that cost below #15b

A major difference is the construction period will be 2 or three years. The client will pay on time and the construction interest rates are 3-7% annually. In Nigeria, the construction period is 8 years, government will not pay on time and will never pay you the full amount and the interest rates are 20-25% annually.

Twy:


A major difference is the construction period will be 2 or three years. The client will pay on time and the construction interest rates are 3-7% annually. In Nigeria, the construction period is 8 years, government will not pay on time and will never pay you the full amount and the interest rates are 20-25% annually.

signs of a failed nation..

adudu208:
This is quite an amazing edifice but trust me when i say that the actual cost of that building is way below N10b(this is even when we account for 'wastage').

However, it is not enough to erect such magnificent structure but what is needed is to build and nurture strong anti-corruption institutions and laws that can check corruption without political interference.

I like your analysis but you don't know what's inside. An organisation dealing with fraud related issue will certainly have some technology that is highly powerful and expensive.

lakesider:
Are Nigerians really stupid people
The cost may have been inflated
But people should ask questions before making conclusion

What is content of the building
Some smaller building in USA and Europe cost more
The question is , why are the gadget inside the building ?

I assure you there nothing complicated in that building apart from Chinese made file cabinets and Mitsubishi elevator ..is it not Nigeria again?

Dayg88:



Please, i disagree with you. I am a Quantity Surveyor and I can attest to it that no structural or Electrical standard employed can make the base cost of this building exceed 12billion naira. Even if the contractor is Julius Berger. Its all inflated.

Don't mind those zombies saying nonsense...is it not the same Nigeria that I km of low quality road is done at 2 billion Naira?

20 billion what, OMG....when will this people stop all this. am sure buhari is involved.

SalamRushdie:
24 billion Naira is equivalent to 65 million dollars and for the EFCC to say it spent over 65 million on this high rise contraption is very overpriced and questionable.... I I put the modest value of that Build at about 8.5 million dollars ..

See below picture of some other better built and better equipped building in Africa built for a lot less than the cost EFCC built this.

U made a lot of sense bro. U nailed them. Nigeria is truly a terrible place.

Why should Nigeria spend Billions for office that chase thieves? Why not build bigger prisons in the deserts and put crocodiles, tigers, snakes and bees in it for the political thieves.
I tire for this country. Cry for money today and spend like Onitsha trader tomorrow.

this people for dis Nigeria will ruin us see d 24billion building ahba Efcc unah Don come again..... wait I fink we have to investigate u guys too

omokab:
I like your analysis but you don't know what's inside. An organisation dealing with fraud related issue will certainly have some technology that is highly powerful and expensive.

Why i applaud your optimism and patrotism i must remind you that this is Nigeria.

Recently, we were inudated with reports that the federal government have acquired ultra modern trains.
When the pictures of these supposed trains were released i almost had cardiac arrest.
These heartless politicians were trying to pass off old model trains that have longed been abandoned for use as human transportation in developed nations as ultra modern. Trains that are anything but hitech. When other nations are talking of high speed technologically advanced bullet trains we are still contending with analogue trains.

I can assure you that nothing close to modern is in that building. In a few years time you will be reading reports of how the building has become dilapitated and the facilities redundant.

Someone quoted me and gave an opinion that the facility houses a tier 4 server, hence it could account for the cost. My response is he should tell that to the birds. A tier 4 server that can be housed in that building can't be above $10m unless they want me to believe that they have a server 1/4 the size of that of google and facebook.

I am not surprise though because this one is even better than the pathetic billion naira bridge constructed by ex governor Emmanuel Uduaghan at the Effurun roundabout by Shoprite. A bridge that is barely 200m, didn't cross any river and was built on solid ground o.

Hmm, let us hope we won't be hearing stories in the future when another party takes over government and decides to probe the project like the present administration is probing the arms deal.

Mehn! If I don't leave this stupid country then I ll be a big fool.

EFCC that is meant to fight corruption is in itself fantastically corrupt

very soon Presidency will tell us the recovered funds where used for EFCC new HQ construction.

I don't think this people know the meaning of 24 billion naira
1 million naira in 24000 place
Biko... This people need Cain

Ahmed0336:

With Less than 5 bill? Oh please!!!! Allow Quantity Surveyors to talk abeg.

Which kind quantity Surveyor, do you know how many millions is inside that 24billion? Haba.

grtfem:

You mean as a Quantity Surveyor, you are trained to give the cost of a project from photograph, this is very unfortunate. much as i am not disputing that the project might have been inflated, your categorical statement from just looking at the photograph if anything has shown some of us who are professional that you are not what you called yourself. before you go on to insult me i want to quickly let you know am a Civil Engineer

I am not basing my assessment on the pictures.
I have worked on CBN projects which are also inflated but I just felt its easier to know that it's a way of saying the cost was inflated, just like the previous projects I have worked on. I am not here to insult you or anyone. We all learn everyday and I have just learnt that I need to properly explain what I meant before posting anything.

post=66960762:


Why common English dey hard una ...una lazy even for reading. they did not say structure cost of 24b, the said new 24b headquarters.... Meaning both structures, finishing, gadgets, security equipment etc..make una have sense abeg

I know its semantics but bit doesn't take away the fact that the approximate cost of what was approved for the construction from the start to finish including preliminary costs, substructure, superstructure, finishing, road, everything was pegged at that cost. I just feel its too much.

mapet:


This dude is at best he's a QS "Wannabe" or QS student...... I mean, do you need to be QS to properly analyse situations like this in a rational manner?

No offense taken, but I gave my opinion which I can back up by elemental cost of the building. Even if drawings and specifications are provided, I'll still convince you that it was an inflated project. Its just my opinion, you can prove me wrong

Wow. Corruption money used to build/fund an office for an Anti-corruption body and they'll do like them no sabi whatsup ba? Okay na, let them arrest themselves fes fes oh.

jaybee3:


Funny how una like to dey act knowledgeable...Phew...Only on NL

Make una no dey compare apples with oranges...The variables/Components are different!!!!!

What are the variable components sir.

Can't say if equipments and every other interiors are involved in the cost,
the building alone isn't worth 24b

udemzyudex:


Which kind quantity Surveyor, do you know how many millions is inside that 24billion? Haba.

Lol. I don't have anything to say to you.

kimjongJezebel:
So this building is N24 billion, a building of an agency fighting corruption? With less than N5 Billion, I can erect a magnificent building than this.

This country is finished

say God

kimjongJezebel:
So this building is N24 billion, a building of an agency fighting corruption? With less than N5 Billion, I can erect a magnificent building than this.

This country is finished

say God

kimjongJezebel:



Mr ITK, you know weti I dey do for a living?


If they actually spent N24 billion on this building then, you and Ibrahim Magu should be jailed

Sorry Sir. It seems that young man quoting you don't know what 24 billion means. It's sad EFCC spent 24 billion for that project.

Ahmed0336:

Lol. I don't have anything to say to you.

OK sir

kimjongJezebel:
So this building is N24 billion, a building of an agency fighting corruption? With less than N5 Billion, I can erect a magnificent building than this.

This country is finished

so correct

Ahmed0336:

With Less than 5 bill? Oh please!!!! Allow Quantity Surveyors to talk abeg.

I'm a quantity surveyor and I can't just come and give a rough estimate without putting thing like material used for internal finishes into consideration because I can't see them but I personally feel that 24 billion should have done something better anywhere in the world....

SalamRushdie:
24 billion Naira is equivalent to 65 million dollars and for the EFCC to say it spent over 65 million on this high rise contraption is very overpriced and questionable.... I I put the modest value of that Build at about 8.5 million dollars ..

See below picture of some other better built and better equipped building in Africa built for a lot less than the cost EFCC built this.

Which administration should we blame for this? Definitely not EFCC itself.