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Stats: 1061783 members, 1233117 topics. Date: Tuesday, 21 May 2013 at 08:07 PM
Nairaland Forum / Nairaland / General / Business / Eko Atlantic City. . Construction Update July 2010 (20215 Views)
|Re: Eko Atlantic City. . Construction Update July 2010 by martinosi: 4:57pm On Jul 14, 2010|
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,
|Re: Eko Atlantic City. . Construction Update July 2010 by Yinkaboy: 5:06pm On Jul 14, 2010|
Does anyone remember that GSM phones was privately funded, that the glo and marine 1 was also. Lagos is going to expand no matter what, we need a modern commercial district, we need to provide jobs, without destroying peoples homes.
Secondly, look at Mumbai and dhavrai, the largest slum in Asia, the are reclaiming land and making a modern financial hub. Wake up people this is away to compete with NYC, te center of the world is moving east and we better step up.
Good work Pad, I am a skyscrapercity naija addict!
|Re: Eko Atlantic City. . Construction Update July 2010 by joeyfire(m): 5:09pm On Jul 14, 2010|
This is a topic for intelligent discussion. Take your tribal BS and get the funk out of this thread
|Re: Eko Atlantic City. . Construction Update July 2010 by Fhemmmy: 5:10pm On Jul 14, 2010|
With all these yarn, no single picture of the development?
|Re: Eko Atlantic City. . Construction Update July 2010 by Kobojunkie: 5:10pm On Jul 14, 2010|
martinosi:But @Martinosi, Fashola is not the one building this space. He is just the state Governor that signed the deal for this project to commence(Not certain if Tinubu is though), that is all.
From my discussion with the developers source, the only credit the governor can take for this project is that he allowed it to happen during his time as state administrator . . nothing else. If the Governor has forsaken doing work on the mainland, that has nothing to do with this because this should not in any way stop the government from continuing to do its job in the state. Then you need to attack the governor for abandoning mainland projects for no reason.
But the development will only come when people who buy land on the extension decide to build whatever it is they want to.
|Re: Eko Atlantic City. . Construction Update July 2010 by Princek12(m): 5:11pm On Jul 14, 2010|
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.
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!
|Re: Eko Atlantic City. . Construction Update July 2010 by Fhemmmy: 5:12pm On Jul 14, 2010|
Thanks . . . so people are yet to start developing.
Anyone has info on where to get more info on this?
|Re: Eko Atlantic City. . Construction Update July 2010 by Yinkaboy: 5:15pm On Jul 14, 2010|
Read the lagos master plan fashola has not forsaken the mainland, there are trains from VI to Ikeja, and others being built. He trying to decongest, and removing financial and industry to other area, Each area will have there own business district
|Re: Eko Atlantic City. . Construction Update July 2010 by Kobojunkie: 5:15pm On Jul 14, 2010|
I have been exchanging emails with this person
South Energyx Nigeria Limited
10 th Floor, 1684 Sanusi Fafunwa.
Victoria Island, Lagos state.
Marc Chaghouri <firstname.lastname@example.org>
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 flashy SHINY images we have seen so far, are just that for now, images!
|Re: Eko Atlantic City. . Construction Update July 2010 by Princek12(m): 5:16pm On Jul 14, 2010|
Tribal BS my Bottom. You think it is a coincidence that the overwhelming majority of people who, without backing it with logic or reason, make disparaging comments about Lagos are usually from the east? Or you want me to ignore it. I call a spade a spade, and the truth hurts!!!
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|Re: Eko Atlantic City. . Construction Update July 2010 by martinosi: 5:17pm On Jul 14, 2010|
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,
|Re: Eko Atlantic City. . Construction Update July 2010 by Kobojunkie: 5:17pm On Jul 14, 2010|
Sometimes ignoring the trash does the trick!
|Re: Eko Atlantic City. . Construction Update July 2010 by Fhemmmy: 5:19pm On Jul 14, 2010|
You are a great sister, and i so much appreciate the information, we might end up being neighbors there
Sent him a mail already
|Re: Eko Atlantic City. . Construction Update July 2010 by Kobojunkie: 5:21pm On Jul 14, 2010|
Seriously, I have learnt that you get fed REALITY when you get the news from the source!!
|Re: Eko Atlantic City. . Construction Update July 2010 by Yinkaboy: 5:21pm On Jul 14, 2010|
Kobojunkie you talk allot of trash to be hailing from the cesspool of columbus, OH.
|Re: Eko Atlantic City. . Construction Update July 2010 by Fhemmmy: 5:22pm On Jul 14, 2010|
Kobojunkie:Yes, true, but to get the right source from Nigeria is always a problem.
|Re: Eko Atlantic City. . Construction Update July 2010 by Yinkaboy: 5:25pm On Jul 14, 2010|
martinosi- get educated.
No international bonds were used to underwrite this debt, when the project was conceived nigeria had just cleared its debt and was unable to raise debt. Only the fed government has access to the international markets for huge capital,, this is financed by nigerian banks! Hate to say this but westerner were did not care about this project, it was a solely indigenous affair.
Secondly, this not dubai, this relatively small, we are not talking the palms island or anything.
|Re: Eko Atlantic City. . Construction Update July 2010 by Princek12(m): 5:25pm On Jul 14, 2010|
You are making a generalized comment that may be 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.
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|Re: Eko Atlantic City. . Construction Update July 2010 by Gbawe: 5:28pm On Jul 14, 2010|
My guy , you have just shown your hand here !!!! I am a mainlander (Surulere) . Always have been. It is outright fallacy for anyone to state that "leaders forsake the mainland" in the haste to build a "paradise" on the Island . Those of us on the ground know that , with such wildy innacurate statements, you are one of those determined to fault a coherent development plan. In real terms, the Mainland , IMO, has seen more infrastructural development than the Island !!! You forget that the mainland , if we ignore parts of Lekki that is more or less Epe, is far, far bigger than the Island!!!
You should not just come here and start speaking deceptively on behalf of mainlanders like myself.
As per talks of an "Island paradise" , can I ask where you live/have lived ? I lived in the UK for decades . Water is generally an upmarket attraction that commands a premium anywhere on Earth!!! Poole, a small area in Dorset, UK, has some of the most exclusive and most expensive properties in the entire world because of how the rich want to have their own waterside paradise home/apartments.
If Fashola is developing the mainland cohesively (as us mainlanders know he is doing) why do you begrudge the rich of their "Island Paradise" , especially when it is entirely funded by private funds, considering that anywhere else in the world the same is happening with how the rich , with their demand , will always control the Attention of the plushest properties in the plushest locations available?
|Re: Eko Atlantic City. . Construction Update July 2010 by Kobojunkie: 5:29pm On Jul 14, 2010|
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 estate business part only happens when people who purchase land decide to build and develop.
|Re: Eko Atlantic City. . Construction Update July 2010 by ezeagu(m): 5:30pm On Jul 14, 2010|
What Lagos needs right now is obvious and Eko Atlantic is a big distraction from the real job that is to be done. What healthcare facility, light, water and road availability is so spectacular and unique enough to the rest of Nigeria for there to be jealousy? Is Lagos not largely owned by easterners? Is Lagos not easily accesible to anyone in West Africa? Isn't most of it slum?
Lagos is the commercial capital of Nigeria, anybody telling a Nigerian to ignore it has problems, talk less of comparing Lagos with Umuahia. I'm not denying anything, your assertions are not important for me to try to convince you of anything. Is this not Lagos that has been equally built if not mainly built by the people from eastern Nigeria, or is this Lagos, Portugal?
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|Re: Eko Atlantic City. . Construction Update July 2010 by martinosi: 5:38pm On Jul 14, 2010|
I TOO KNOW, lol,
You need to scrutinize your sources well before you post,
You are thinking locally and not globally as the Financing of such projects are
on an International Scale, or do you think that local firms are going to build this city lol!!!
No my friend the issue is that you are TOO IGNORANT AND PROUD to inquire about why i
make the comments i have made,
You are quoting a Development/Investment National Company
WAKE UP AND SMELL THE ROSES/COFFE,
ALL THESE PROJECTS PASS THROUGH THE CITY OF LONDON OR NEW YORK,
NO FOREIGN INVESTOR IS GOING TO INVEST IN A PROJECT OF THAT SIZE IF THE BONDS ARE NOT ULTIMATELY UNDER-WRITTEN BY PIMCO, CHASE, CITI-GROUP, BARCLAYS-CAPITAL OR SOME OTHER MAJOR FIXED-INCOME FIRM IN
THE "SQUARE MILE"/CANARY WHARF OF LONDON OR WALL STREET NEW-YORK,
THIS ISSUE IS WAY ABOVE YOUR KNOWLEDGE,
|Re: Eko Atlantic City. . Construction Update July 2010 by joeyfire(m): 5:46pm On Jul 14, 2010|
thanks for the advice. Ignoring crap talkers is the best option.
Thanks for the details on the developers. Its 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,
|Re: Eko Atlantic City. . Construction Update July 2010 by Yinkaboy: 5:47pm On Jul 14, 2010|
THIS DID NOT PASS THROUGH LONDON, THESE OYIBO FOLKS DID NOT CARE OR BELIEVE IT COULD BE DONE. THE FINANCING CAME THROUGH NGERIAN BANKS AND THE CHINESE CONSTRUCTION BANK, THE REST OF THE LEKKI CONSTRUCTION FINANCED BY THE CNPC, FOR WHICH I AM SURE YOU DO NOT KNOW ABOUT IS A STATE SPONSORED CHINESE CONSTRUCTION COMPANY. THE ONLY PLAYERS WHO CAN FINANCE A PROJECT LIKE THIS ARE THE SOVERIEGN WEALTH FUNDS AND THE CHINESE, MOST EUROPEAN BANKS ARE STRUGGLING TO RAISE MONEY ON THE CAPITAL MARKETS, AND THE AMERCICAN BANKS ARE SKITTISH SINCE THE CRISIS. CHASE AND PIMCO DID NOT HAVE ANYTHING TO DO WITH THIS.
YOU ARGUEMENT IS THAT MOST EMERGING MARKET FINANCE ORIGINATES IN THE CITY, NOT ANYMORE http://bx.businessweek.com/emerging-african-economies/view?url=http%3A%2F%2Fc.moreover.com%2Fclick%2Fhere.pl%3Fr2934869638%26f%3D9791
WHEN WAS THE LAST TIME YOU WENT TO NAIJA?
SERIOUSLY, THERE ARE ALLOT MORE FOREIGN COMPANIES IN NAIJA DOING BUSINESS INSTEAD OF LONDON AND NYC BASED!!!
|Re: Eko Atlantic City. . Construction Update July 2010 by Kobojunkie: 5:48pm On Jul 14, 2010|
Oh!! I know that, but what can one really do? The man's name seems to be plastered all over most every other project in the state.
|Re: Eko Atlantic City. . Construction Update July 2010 by joeyfire(m): 5:49pm On Jul 14, 2010|
You know your onions. Are you into corporate finance or something?
|Re: Eko Atlantic City. . Construction Update July 2010 by Princek12(m): 5:59pm On Jul 14, 2010|
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.
|Re: Eko Atlantic City. . Construction Update July 2010 by Kobojunkie: 6:02pm On Jul 14, 2010|
I know you are easy with the insults( don't know if that amounts to intelligence in your world) but can you prove he is wrong about that though? It is all too apparent that most of the projects going on in Nigeria today have financiers from the cities you mentioned, among others. Even the chinese are getting into them big time.
|Re: Eko Atlantic City. . Construction Update July 2010 by GAR3TH(m): 6:06pm On Jul 14, 2010|
we already knew that this was only an infrastructure project. and we knew that investors would have to develop the land. But why do you make it seem that this project over glorified? is there something i need to know? this is not an "estate" its a city. . .a central business district. You make it sound like they are going to build 2 storey houses, while infact you are wrong. This city would be home to high-rises and skyscrapers. you do realize that their are zoning laws right
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