emeritus05:

@PADDY LO,u re the guy!

@times its really difficult for me to understand the way we Nigerians think.For the first time since i was born 30yrs ago,am seeing a new Lagos.Truth is Love him or Hate him FASHOLA is the best.for the 1st time,we are seeing a Government  thats projecting in to the Future and we are all complaining meanwhile the core problem of Lagos stems from the fact that the past leaders did not put into consideration population increase when constructing Road,Hospitals,Housing Schemes,Schools e.t.c.peeps if u re not proud was happening in Lagos then u will be left behind.come to think of it sef,which of the 34(excluding Ameachi) remaining Governors is undertaking a project big enough,worthy of discuss on NL,and changing the economic and social life of its citizens?

martinosi:

I do not support leaders that forsake the mainland and are so in a hurry to build a paradise for foriegn investors on the Island

Fhemmmy:

With all these yarn, no single picture of the development?

ezeagu:

You couldn't help yourself. Everybody questioning the floating city are haters from the east, you just couldn't help yourself. No views no opinions, all you came to say was that everybody questioning the idea are haters from the east.

ezeagu:

Jealousy of one of the biggest slums on earth which is owned largely by haters from the east? Nobody's business yet people have placed themselves as authority figures to defend the city, just like everybody else, they really don't have a clue of what is going on in?

Kobojunkie:


But the development will only come when people who buy land on the extension decide to build whatever it is they want to.

Fhemmmy:

Thanks . . . so people are yet to start developing.
Anyone has info on where to get more info on this?

joeyfire:

@PrinceK12

This is a topic for intelligent discussion. Take your tribal BS and get the funk out of this thread

Princek12:

Martinosi,

you just spew out words without any reasoning, and I'm sure in your head you probably think you are smart. What do you mean by the "gains will be privatized and the losses will be socialized?" If it is funded by 100% private funds, how will the losses be socialized? Also, all the other garbage you posted are backed with no explanation or reasoning. Is that how you guys articulate yourself in the village?

joeyfire:

@PrinceK12

This is a topic for intelligent discussion. Take your tribal BS and get the funk out of this thread

Kobojunkie:

I have been exchanging emails with this person

Marc Chaghouri
South Energyx Nigeria Limited
10 th Floor, 1684 Sanusi Fafunwa.
Victoria Island, Lagos state.
Nigeria
Marc Chaghouri <marc.chaghouri@ekoatlantic.com>


And from the explainations he gave, he explained that there are really no restrictions at this time on what those who choose to purchase do with their piece of the land. As long as they abide by code. So, the romanticized images we have seen so far, are just that, images!

Kobojunkie:

Seriously, I have learnt that you get fed REALITY when you get the news from the source!!

martinosi:

U need to go and take a basic course in Fixed-Income/ Debt Financing
as i can see you dont know the basics of how these projects are structured.

But thats the problem with Nigeria in general, no one knows which International Bond
Firm is Under-writing these Bonds of this Lagos-Atlantic Project, What is the term of the Bond 10, 20 30 years etc),

AND YOU HAVE DISPLAYED YOUR IGNORANCE WHEN U THINK THAT THE LOSSES WILL NOT BE SOCIALISED !!!

BY SOCIALISED I MEAN THAT IF THE INVESTMENT GOES THE WAY OF SOME OF THE INVESTMENTS
IN DUBAI (BAD) THE GOVT HAS TO STEP IN AND GURANTEE THAT THE BOND HOLDERS (THE BOYS IN  THE CITY OF LONDON & WALL STREET, NEW YORK) GET PAID!!!

AND PLEASE DO NOT THINK I COME ON THIS FORUM TO SPEW NON-SENSE AS I DO BUSINESS IN
INTERNATIONAL FINANCING AND UNDERSTAND HOW THIS DEALS/PROJECTS ARE STRUCTURED,

martinosi:

U need to stop talking blindly, and grow up,  and face reality,
Lagos state is what it is and what its becoming because it was the former capital and is still the leading commercial city in Nigeria, just like Abuja is what it is due to it being the Capital,

I do not support leaders that forsake the mainland and are so in a hurry to build a paradise
for foriegn investors on the Island,
U need to understand the global forces that is driving the Elite in Lagos and Abuja to embark
on this Lagos Atlantic city project,

Fhemmmy:

Yes, true, but to get the right source from Nigeria is always a problem.

Princek12:

What is wrong about the city? Nobody is silly to discount the other problems that affect Lagos, but the existence of problems in other areas should not preclude the advancement of development in other areas, especially when that advancement is funded by private parties. Governor Fashola has shown that he can tackle all these problems concurrently, and any reasonable leader (like Fashola) knows that nothing will get done if you want to wait to solve all of Lagos's problems before embarking on unprecedented projects like this. Only people with village mentality will reject a promising private investment in his state because of other problems in his state.

Princek12:

You are darn right, most of the critics are largely from the east, and they rarely have nothing good to say about Lagos. I have not met one easterner who has said something good about Fashola; inasmuch as you try to hide it, the jealousy undertones are evident, and don't think you can fool any of us by saying you are not jealous. Why don't you talk about your village if you are not that jealous. And if Lagos is one of the biggest slums on earth, why don't you mind your business and ignore it. And since we don't have a clue about what is going on, why don't you  enlighten us, Mr. lecturer?  As for me, I will not question any private developments in Umuahia!

Princek12:

You are making a generalized comment that may inapplicable to the situation in Lagos. Until you know the way the loans are structured, you are not in a position to make an informed comment about Eko Atlantic. And how do you even know if the Bond Holders are from the City of London or Wall Street and they need to get paid? How do you know if it is not financed by cash without any loans? Have you talked to Chargoury Investment Group, the principals of these investments?
Dubai is a different scenario. There was overdevelopment in Dubai, and the risks taken were simply too huge. Here, it is just one project, and you have no clue about the manner in which the loans, if any, were structured. Your I-too-know will definitely kill you one day. How do you know whether it was not even financed by Nigerian banks? Mr. know it all. You don't know a darn thing.

joeyfire:

@kobojunkie

thanks for the advice. Ignoring crap talkers is the best option.

Thanks for the details on the developers. I[b]ts however a bit disturbing that marc chagouri is the point man in this. HITECH is owned by the chagouri family and Tinubu is the chairman of the company. Hmmm,[/b]

Princek12:

Martinosi

You have shown how dumb you are by making conclusions based on unfounded and unreasonable assumptions. You have probably never been (at least not in the past 15 yrs) to Naija to know the enormity of foreign investments in that country. What makes you think that projects will not develop in Naija unless the financiers in NY or London say Amen to our projects. You claim to know about business globally, but your reasoning shows you nothing about business on a global scale; you probably learned about business from watching Bloomberg TV or MSNBC. You are a mugu, if you don't know.

Kobojunkie:

True, but you really get a lot of whitewashed stories from many if you are not careful. After a couple of exchanges with the man, I was made to understand a lot about the project itself, and how it is really more a 'glofied' land reclaimation project, and that the business part only happens when people who purchase land decide to build and develop.

Kobojunkie:

The project is not a joke . . . it is actually a glorified private Housing/Business Estate in some way. From what I have been able to gather from the developers themselves, this project should be seen as a GRA without the Government part of it. The Land, after it is developed will be sold off to private people who want to own a piece of the land. Now, these private clients can then decide based on zoned area they purchase, what they will build on said pieces. So, if a person wants to purchase land on there and build nothing but residential homes, that is up to the land owner.

So, forget the romanticized images that you have been offered of this project. It is real but is not necessarily going to end up the way many here believe it is. It is not to be compared to  Dubai, Tokyo, NY etc. It is simply a big Private Housing/Business estate project

At about $800 to $1600 a square foot, I don't think you are far from the truth. But who knows, another private company come come in to reclaim more land lost to the sea and sell theirs for less. ROFLMAO!!