Kobojunkie:

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.

GAR3TH:


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

Princek12:

Eko Atlantic is not financed by any UK or NY financier(s). Many foreign investors in Nigeria are from China, Russia, Lebanon, India, South Africa. The days of western dominance in African investments are long gone. Go to Nigeria and other African countries to see for yourself, for many Chinese companies are flush with so much cash that they can easily outbid any western company.

SSaemoenl:

I love this Gesture, but my concern is HOW MANY AVERAGE NIGERIANS ARE GOING TO LIVE IN THIS CITY? _{They are just building a city for our thieving politicians}

SSaemoenl:

I love this Gesture, but my concern is HOW MANY AVERAGE NIGERIANS ARE GOING TO LIVE IN THIS CITY? _{They are just building a city for our thieving politicians}

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,

[b]Sigh u are talking BS. . .
First of all,if anything this project is a Goldmine for the developers

Secondly this has very little to do with New York or London as Majority of the funds come from Nigerian Banks

Also your analogy to dubai is wrong,because the GOVT of dubai through its investment arms were the ones pushing most of the over development going on there
Therefore when the dubai investment arm(Mubadala),and others,choked on its debts,it threatened to affect the whole of dubai if nothing was done. . .

Thats why the Govt had to step in. . .

Your analogy would be right if say the Nigerian Govt backed NNPC was issuing dollar bonds on the international markets to over invest on refineries/petrochemicals/oil exploration and so on
and then if oil prices collapsed(hypothetically) NNPC and Nigeria would be on the hook for those over investments,as the yields on those bonds would rise sharply,making NNPC unable to service its dollar debts

Now u may not be aware but Nigerias Financial landscape has changed tremendously,
Local companies now issue local Naira denominated corporate bonds
Nigerian banks are also large enough to finance huge projects on their own from their balance sheets. . .

The Nigerian central bank,in consortium with 8 Nigerian banks also set up a brand new Investment bank(in 2007) with a dollar Balance sheet
The African Finance Corporation has a $1billion dollar paid up capital,and does Its Financing in dollars of projects in Nigeria and West Africa
click here to learn more about AFC. . . .http://www.africafc.org/
AFC can also utilize leverage so it can fund projects to the tune of $10billion

The point is that Nigeria has the funds inside Nigeria to Finance its own development these days

So dont come here spewing  grammer like SOCIALIZED LOSSES as if u just learnt that yesterday
[/b]

joeyfire:

@martinosi

You know your onions. Are you into corporate finance or something?

Kobojunkie:

Oh!! So this was really just about you and western companies . . . you are not denying the fact that most of the projects in Nigeria are financed by institutions that are non-Nigerian then? Ok

paddy_lo:

[b]Sigh u are talking BS. . .
First of all,if anything this project is a Goldmine for the developers

Secondly this has very little to do with New York or London as Majority of the funds come from Nigerian Banks

Also your analogy to dubai is wrong,because the GOVT of dubai through its investment arms were the ones pushing most of the over development going on there
Therefore when the dubai investment arm(Mubadala),and others,choked on its debts,it threatened to affect the whole of dubai if nothing was done. . .

Thats why the Govt had to step in. . .

Your analogy would be right if say the Nigerian Govt backed NNPC was issuing dollar bonds on the international markets to over invest on refineries/petrochemicals/oil exploration and so on
and then if oil prices collapsed(hypothetically) NNPC and Nigeria would be on the hook for those over investments,as the yields on those would rise sharply,making NNPC unable to service its dollar debts

Now u may not be aware but Nigerias Financial landscape has changed tremendously,
Local companies now issue local Naira denominated corporate bonds
Nigerian banks are also large enough to finance huge projects on their own from their balance sheets. . .

The Nigerian central bank,in consortium with 8 Nigerian banks also set up a brand new Investment bank(in 2007) with a dollar Balance sheet
The African Finance Corporation has a $1billion dollar paid up capital,and does Its Financing in dollars of projects in Nigeria and West Africa
click here to learn more about AFC. . . .http://www.africafc.org/
AFC can also utilize leverage so it can fund projects to the tune of $10billion

The point is that Nigeria has the funds inside Nigeria to Finance its own development these days

So dont come here spewing  grammer like SOCIALIZED LOSSES as if u just learnt that yesterday
[/b]

paddy_lo:

[b]Sigh u are talking BS. . .
First of all,if anything this project is a Goldmine for the developers

Secondly this has very little to do with New York or London as Majority of the funds come from Nigerian Banks

Also your analogy to dubai is wrong,because the GOVT of dubai through its investment arms were the ones pushing most of the over development going on there
Therefore when the dubai investment arm(Mubadala),and others,choked on its debts,it threatened to affect the whole of dubai if nothing was done. . .

Thats why the Govt had to step in. . .

Your analogy would be right if say the Nigerian Govt backed NNPC was issuing dollar bonds on the international markets to over invest on refineries/petrochemicals/oil exploration and so on
and then if oil prices collapsed(hypothetically) NNPC and Nigeria would be on the hook for those over investments,as the yields on those bonds would rise sharply,making NNPC unable to service its dollar debts

Now u may not be aware but Nigerias Financial landscape has changed tremendously,
Local companies now issue local Naira denominated corporate bonds
Nigerian banks are also large enough to finance huge projects on their own from their balance sheets. . .

The Nigerian central bank,in consortium with 8 Nigerian banks also set up a brand new Investment bank(in 2007) with a dollar Balance sheet
The African Finance Corporation has a $1billion dollar paid up capital,and does Its Financing in dollars of projects in Nigeria and West Africa
click here to learn more about AFC. . . .http://www.africafc.org/
AFC can also utilize leverage so it can fund projects to the tune of $10billion

The point is that Nigeria has the funds inside Nigeria to Finance its own development these days

So dont come here spewing  grammer like SOCIALIZED LOSSES as if u just learnt that yesterday
[/b]

Gbawe:

Please take it easy with praising those who are discredited/lacking in knowledge. You only discredit yourself , by association , with such actions. Your hero claims that Fashola has "forsakened" the mainland  to build an "Island Paradise" , never mind that many intelligent mainlanders can debunk his lies easily .

Why not ask him if there is any retail outlet on the Island to rival the new ultra-modern Tejuosho Market . The Palms shopping mall , on the Island, like many on the Lekki/Ajah axis, is entirely upmarket . The Tejuosho new market and many like it on the mainland , on the other hand , is a mix of upmarket shops and affordable shops in demonstration of how , depending on the particular area, Fashola tries his best to carry everyone along in development .  

I remember being especially proud of the UTC shopping centre, in Surulere , as a little boy . When it vanished its closure was a symbol of the fall from grace of Surulere because it indicated that , because of the ultra-corrupt nature of our leaders, we did not deserve good things others take for granted worldwide. Today , as we speak, there is an ultra-modern three story shopping mall being built where  UTC used to be !!! Next to this new mall you  have another shopping complex that has Shoprite (operational) and numerous other stores/banks (to open soon).

I won't waste my time listing the many positives things mainlanders are seeing. I will ask you to ponder on why your hero is peddling falsehood merely for the sake of backing his stance/position.

Princek12:

Yes. Of course, my point all along is that the financiers in NY and UK, and even as far as maybe other European countries, no longer dominate investments in Nigeria, in light of the emergence of Lebanese, Asian and Indian companies, among other non-western companies, many of whom have keen interests in African investments.

babapupa:


Eko Atlantic is not a residential estate, it's a business and leisure city. Why is it so hard for some of you to read up on the project before opening your mouth.

GAR3TH:
we already knew that this was only an infrastructure project.

GAR3TH:
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?

GAR3TH:
this is not an "estate" its a city. . .a central business district.

GAR3TH:
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

FROM THE DEVELOPER
As for how expensive properties will be in Lagos, I can only comment on how much land is for sale. It is up to third party entities to purchase land, develop it and charge for their product type.
We are building the land, the infrastructure, roads, utilities, and selling plots.

Oh!! So this was really just about you and western companies . . . you are not denying the fact that most of the projects in Nigeria are financed by institutions that are non-Nigerian then? Ok

Guys
Why is my post seem to be deleted?
Am I doing something wrong or something.
Thanks

Do you know what the word "glorified" means?

What does the word estate mean again? the project is privately funded and controlled. Is that not what an estate means again? An estate can be a city !

FROM THE DEVELOPER
As for how expensive properties will be in Lagos, I can only comment on how much land is for sale. It is up to third party entities to purchase land, develop it and charge for their product type.
    We are building the land, the infrastructure, roads, utilities, and selling plots.

omoabike:

Guys
Why is my post seem to be deleted?
Am I doing something wrong or something.
Thanks

GAR3TH:

NO, I even told you its was an infrastructure project in a different thread.

GAR3TH:

Thats why I put estate in qoutes. . .When people say estate. . .they usually think of family size houses/property. . .instead of High Rises. .

GAR3TH:

Um I didnt really get were you where going with this but. . .If you are saying the developer can build what ever they want that false because they will be zoning law( height limits) in each district and zone.

Marc Chaghouri <marc.chaghouri@ekoatlantic.com>
dateTue, Jul 13, 2010 at 1:47 PM
subjectRe: Request for additional details on the Eko Atlantic project
Thank you for elaborating ___,
    As I had stated previously, the project is private: privately funded and controlled.
As for how expensive properties will be in Lagos, I can only comment on how much land is for sale. It is up to third party entities to purchase land, develop it and charge for their product type.
 We are building the land, the infrastructure, roads, utilities, and selling plots.
If you have any further questions, please feel free to let me know

okay

omoabike:

Guys
Why is my post seem to be deleted?
Am I doing something wrong or something.
Thanks

Gbawe:

Try not to quote articles without including a linked internet source.