Chinese construction company, China Civil Engineering Construction Corporation (CCECC) has stopped work at the international terminal of the nation’s gateway, Murtala Muhammed Airport (MMIA), Lagos over the plan by the federal government to concession the facility and others in three major airports.

According to the contractor, the concession plan conflicts with the initial agreement that led to Chinese Exim bank loan used to construct the terminal and the ones in Kano, Abuja and Port Harcourt airports.

It was learnt that CCECC had to abandon the project at advanced because the initial agreement indicated that after building the facility and three others at the major airports, the company would recoup its investment by operating the terminal for a given period of time, but now that agreement seemed to be in jeopardy as the federal government is advanced stage of concession the Lagos, Abuja, Kano and Port Harcourt airport terminals.

It was gathered that CCECC is being owed by the federal government for a contract, which started off from $500 million Chinese loan and $100 million counterpart funding to about $1 billion, which government hopes would be defrayed by the company’s management of the terminals for a given period of time.

The company had sought a meeting with the Minister of Aviation, Hadi Sirika to clarify the conflicting areas in government’s later decision to concession the facilities and the agreement it entered with the government in 2013 for the construction of four airport terminals, especially on the recoup of its investment in the facilities.

The Managing Director of the Federal Airports Authority of Nigeria (FAAN), Captain Rabiu Yadudu announced earlier in the year that the new terminal at the Lagos international airport would go on stream before the end of the first quarter of 2021, after it failed to be operational in December last year but due to slow work and eventual withdrawal of construction by CCECC, the terminal is yet to be completed.

The terminals at the Abuja, Kano and Port Harcourt airports have started operation but the Lagos facilities, which is expected to process about 15 million passengers per annum is yet to be completed.

FAAN generates 60 per cent of its monthly revenue from the Lagos airport alone and the plan to concession the airport despite opposition from stakeholders and labour worry the management of CCECC.



“Not only that the debt had risen from the initial $500 million loan to about $1 billion, but government seemed to be contradicting itself because the principle of the agreement is like concession. CCECC and government agreed that the company would have a firm order to receive a particular amount of money every month from the revenues of the terminal to a dedicated account. Although it is a loan repayment but it is like concession,” Aba told THISDAY.

Informed source also told THISDAY, “Although government still owes the contractor some amount of money as spelt out in the contractual term, but the company is more worried about the insistence of the government to concession some of the airports, especially the Lagos airport terminal.

The company is not convinced that it would get back its investment once it is concessioned to a concessionaire. So, it is bothered about this. The company had sought a meeting with the Minister, but I’m not sure if anything tangible has come out of it,” the source said.

When contacted, the General Manager, Public Affairs, FAAN, Mrs. Henrietta Yakubu told THISDAY that she was yet to confirm if the Chinese company has stopped work.

CCECC had commenced construction of four new terminals at Lagos, Abuja, Kano and Port Harcourt airports in 2013 with completion period fixed for 20 months.

https://www.thisdaylive.com/

Lalasticlala

We are getting there gradually

China will own Nigeria one day. It's only a matter of time

FreeIgboho:
China will own Nigeria one day. It's only a matter of time

With the way things are going, i dont see it not getting there.

This Buhari-led government don't know what they are doing. When they tell them to stop borrowing money from all over the place including from China they won't listen. Me, I just dey watch.

Chinese owned infrastructure.....

[img]https://media1./images/8449c89b2a5a67af4d98b99a8e403eee/tenor.gif?itemid=21379361[/img]

It has started gradually

Lol, the Chinese can't wait to take over some of Nigeria's biggest assets

FreedomArmy:
bro leave that slowpoke to continue in the part of destruction. You cannot have an intelligent discussion with a man whose job is pay per comment.

It will be an opportunity to expose mannabbgrills for what he really is.

Buhari is always breaching agreements

This is not a big deal. Government should pay the debt to CCECC or go ahead with the concession. If I were CCECC, sincerely, I will insist on the payment and avoid headache with labour unions because they once did shege to Bi-Courtney that took that concession approach to recoup its investment.

The problem is not even FG, it's the workers and their labour unions. Some corrupt workers will incite their union against CCECC and will soon start locking up the terminal once the terms of the concession blocks all the leakages for corruption.

FG should create and issue a special Aviation Investment Bond and then use proceeds from the sale of the fixed income bonds to pay the debt it owes CCECC. TSA should be able to help them monitor the inflows from which they will redeem the funds back to the bond holders .

Sincerely, it should not be too difficult for FG to raise the funds to pay CCECC because of the guaranteed return on investment of this cash cows, especially the Lagos Airport Terminal. So they should not allow the civil servants turn such a laudable project into a conundrum.

All the enemies of Nigeria will lose las las. They always lose. God bless Nigeria.

This guys are crafty

From frying pan to fire. Even Lagos name may soon be changed to Xuangos because of loans.

FreeStuffsNG:
This is not a big deal. Government should pay the debt to CCECC or go ahead with the concession. If I were CCECC, sincerely, I will insist on the payment and avoid headache with labour unions because they once did shege to Bi-Courtney that took that concession approach to recoup its investment.

The problem is not even FG, it's the workers and their labour unions. Some corrupt workers will incite their union against CCECC and will soon start locking up the terminal once the terms of the concession blocks all the leakages for corruption.

FG should create and issue a special Aviation Investment Bond and then use proceeds from the sale of the fixed income bonds to repay the debt it owes CCECC. TSA should be able to help them monitor the inflows.

Sincerely, it should not be too difficult for FG to raise the funds to pay CCECC because of the guaranteed return on investment of this cash cow .

All the enemies of Nigeria will lose las las. They always lose. God bless Nigeria.

Onpoint.

It’s always a complicated situation with Nigeria and it’s airspace.

No Government sincerity, and system is fraught with a lot of inefficiencies underlined by corruption.

MMA 2 comes to mind

They should stick with the plan please and hand it over to the Chinese.

proeast:
Lol, the Chinese can't wait to take over some of Nigeria's biggest assets

They ar not taking over, they ar operating under a particular type of civil engineering contract call B-O-T, bt federal govt dsnt want to follow contract agreement and condition again

Validated:
From frying pan to fire. Even Lagos name may soon be changed to Xuangos because of loans.

or Shenguos ! e don red,we are about to feel the heat from the Red Dragon. cunny man die ,cunny man bury am!

Validated:
From frying pan to fire. Even Lagos name may soon be changed to Xuangos because of loans.

I doubt that shaaa....

dasparrow:
This Buhari-led government don't know what they are doing. When they tell them to stop borrowing money from all over the place including from China they won't listen. Me, I just dey watch.

Nigerian president Goodluck Jonathan finalises loan deals in China


Nigerian Finance Minister Ngozi Okonjo-Iweala says the loans being finalised during this trip are part of US$3 billion approved by China at interest rates of less than 3 per cent.


https://www.scmp.com/news/china/article/1279686/nigerian-president-goodluck-jonathan-finalises-loan-deals-china

Your daft and drunken stealing is not corruption uncle Jona borrowed the money from China with badly structured terms and agreements that we are now stuck with.


The fact that you BiafraNISTANs hate PMB doesn't mean you always have to embarrass yourselves with your ignorant and hateful rants..

No China does not want to be outsmarted by the chronic indebted nation.And Amaechi was saying China will no threaten this nation if all these debt pillage are not settled? What kind of leaders are manning this country for goodness sake?

Racoon:
No China does not want to be outsmarted by the chronic indebted nation.And Amaechi was saying China will no threaten this nation if all these debt pillage are not settled? What kind of leaders are manning this country for goodness sake?

...but China outsmarted Nigeria and your clueless and dumb Jona who carried delegation to China to secure the loan with unfavorable loan terms and conditions that tied our hands, but according to you clueless Igbos, China did a good thing by outsmarting dumb Jona and Okonjo and we are wrong today for trying to do what is right for Nigeria. ;


See how self-defeating and self-destructive you Igbos sound?

You always let hatred and betterness speak for you instead of common sense, rational thinking and love of country.

Where is the sense and wisdom in agreeing that other countries should be allowed to take advantage of you and your country?

This is when hatred and bitterness miss road.

This olodo and her dumb Oga went to China to secure loan, but they did not read the loan terms and conditions, they tied our hands inside the agreement and return to Nigeria with China loan full of grenades.

Nigeria wasted no time: The following month, Okonjo-Iweala led a delegation to Beijing to negotiate a $3 billion loan she said was to “complete some people-oriented projects.”



By June, Oduah had lost her job as Minister. That month, the House of Representatives denounced the deal for the five airport terminal buildings as fraudulent, and detrimental to the Nigerian economy.

Nkiru Oyejeocha, the Chairperson of the House Committee on Aviation, expressed regret that while the government had supplied the counterpart funding of $100 million for the $500 million project, Nigerian professional workers had been completely shut out of it. The committee also said that about $10 million of the $100 million paid to CCECC had been “misappropriated.”

There are many other China-related projects of interest:

In December 2012, for instance, Nigeria began negotiations with China’s Import-Export Bank for a $1.5 billion loan to boost the processing of rice and cassava, Agriculture Minister Akinwunmi Adesina said.

In June 2013 the Managing Director of Federal Mortgage Bank of Nigeria (FMBN), Mr. Gimba Yau Kumo, announced the bank was negotiating with China a loan of N936 billion. One year later, at the World Economic Forum Africa in Abuja, Kumo announced that the Chinese had offered to lend FMBN $4 billion.

In November 2013, China Railway Construction Corp. Ltd. (CRCC) announced in Hong Kong a contract with Nigeria’s Ministry of Niger Delta Affairs to build a $1.07 billion road in the area within five years.

Exactly one year after that, in November 2014, Nigeria signed another massive contract, worth $11.97 billion, also with CRCC, to build a 1,402 kilometer Lagos-Calabar coastline railway.

In June 2015, during his meeting in Abuja with officials of the Chinese Construction Company working on the Mambilla Power Project, President Buhari expressed the desire to have such projects completed expeditiously. The $3.2bn., 3,050MW project may be reviewed up to $6b, officials of the Ministry of Power have said.

The related $1.3bn., 700-MW Zungeru Hydroelectric project, on which Nigeria has since 2012 partnered with China’s CNEEC-Sinohydro, has the same profile.

“Very soon, we will get together and redefine the project agreements for faster


https://guardian.ng/opinion/borrowed-by-china/

It's really minding boggling how Jona and dumb okonjo sank us into this massive and crippling China loans with zero benefits..

proeast:
Lol, the Chinese can't wait to take over some of Nigeria's biggest assets

Including our women according to one guy here on NL

timefarm

Sup fam. U emailed me. I don't have access to the email. What's up?

FreeStuffsNG:
This is not a big deal. Government should pay the debt to CCECC or go ahead with the concession. If I were CCECC, sincerely, I will insist on the payment and avoid headache with labour unions because they once did shege to Bi-Courtney that took that concession approach to recoup its investment.

The problem is not even FG, it's the workers and their labour unions. Some corrupt workers will incite their union against CCECC and will soon start locking up the terminal once the terms of the concession blocks all the leakages for corruption.

FG should create and issue a special Aviation Investment Bond and then use proceeds from the sale of the fixed income bonds to pay the debt it owes CCECC. TSA should be able to help them monitor the inflows from which they will redeem the funds back to the bond holders .

Sincerely, it should not be too difficult for FG to raise the funds to pay CCECC because of the guaranteed return on investment of this cash cows, especially the Lagos Airport Terminal. So they should not allow the civil servants turn such a laudable project into a conundrum.

All the enemies of Nigeria will lose las las. They always lose. God bless Nigeria.

You are already blaming civil servant for the govt's usual cluelessness? Some wey still dey battle half salary?

FreeStuffsNG:
This is not a big deal. Government should pay the debt to CCECC or go ahead with the concession. If I were CCECC, sincerely, I will insist on the payment and avoid headache with labour unions because they once did shege to Bi-Courtney that took that concession approach to recoup its investment.

The problem is not even FG, it's the workers and their labour unions. Some corrupt workers will incite their union against CCECC and will soon start locking up the terminal once the terms of the concession blocks all the leakages for corruption.

FG should create and issue a special Aviation Investment Bond and then use proceeds from the sale of the fixed income bonds to pay the debt it owes CCECC. TSA should be able to help them monitor the inflows from which they will redeem the funds back to the bond holders .

Sincerely, it should not be too difficult for FG to raise the funds to pay CCECC because of the guaranteed return on investment of this cash cows, especially the Lagos Airport Terminal. So they should not allow the civil servants turn such a laudable project into a conundrum.

All the enemies of Nigeria will lose las las. They always lose. God bless Nigeria.

.

You can never disappoint

I only came to read what Zone Bs will say and you are already representing

FreeStuffsNG:
This is not a big deal. Government should pay the debt to CCECC or go ahead with the concession. If I were CCECC, sincerely, I will insist on the payment and avoid headache with labour unions because they once did shege to Bi-Courtney that took that concession approach to recoup its investment.

The problem is not even FG, it's the workers and their labour unions. Some corrupt workers will incite their union against CCECC and will soon start locking up the terminal once the terms of the concession blocks all the leakages for corruption.

FG should create and issue a special Aviation Investment Bond and then use proceeds from the sale of the fixed income bonds to pay the debt it owes CCECC. TSA should be able to help them monitor the inflows from which they will redeem the funds back to the bond holders .

Sincerely, it should not be too difficult for FG to raise the funds to pay CCECC because of the guaranteed return on investment of this cash cows, especially the Lagos Airport Terminal. So they should not allow the civil servants turn such a laudable project into a conundrum.

All the enemies of Nigeria will lose las las. They always lose. God bless Nigeria.

You're so on point

FreeStuffsNG:
This is not a big deal. Government should pay the debt to CCECC or go ahead with the concession. If I were CCECC, sincerely, I will insist on the payment and avoid headache with labour unions because they once did shege to Bi-Courtney that took that concession approach to recoup its investment.

The problem is not even FG, it's the workers and their labour unions. Some corrupt workers will incite their union against CCECC and will soon start locking up the terminal once the terms of the concession blocks all the leakages for corruption.

FG should create and issue a special Aviation Investment Bond and then use proceeds from the sale of the fixed income bonds to pay the debt it owes CCECC. TSA should be able to help them monitor the inflows from which they will redeem the funds back to the bond holders .

Sincerely, it should not be too difficult for FG to raise the funds to pay CCECC because of the guaranteed return on investment of this cash cows, especially the Lagos Airport Terminal. So they should not allow the civil servants turn such a laudable project into a conundrum.

All the enemies of Nigeria will lose las las. They always lose. God bless Nigeria.

Thank God such minds are still around. There is still hope for Nigeria.