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Will Eko Atlantic City Be The Most Beautiful City In Africa After Completion? - Politics (5) - Nairaland

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Re: Will Eko Atlantic City Be The Most Beautiful City In Africa After Completion? by Beaf: 7:48pm On Apr 18, 2012
Gbawe:

Sadly, you speak the truth here. This is what I indicated , before that idiot toe-rag Beaf derailed the thread, when I stated that there are many able to buy 10-20 units at a go. Virtually every Rep and Senator will procure a unit. The likes of David Mark et al can certainly buy a few units in cash.
Can you prove that David Mark has anything to do with that project or is that another high story to decieve (like in Osun)? Can you prove that the greater percentage of reps and senators are involved in the scam?
'Operation keep out (or defraud) "charlatans and losers"' (aka, the poor), while name dropping David Mark.

SMH
Re: Will Eko Atlantic City Be The Most Beautiful City In Africa After Completion? by occam(m): 8:25pm On Apr 18, 2012
Eko Ile:

EAC is a self self sufficient entity so your concern is not even worth debating. The ones that are rushing in to set up shop have the same electricity info you are talking about, but it's still not stopping them.




Any development is froth with risk, even selling guguru and epa is froth with the same risk. The EAC obviously did their cost analysis and projections before tabling down billions of dollars.

Like I said before, many world class hospitality businesses are rushing to Lagos set up shop for a reason and the reason is good ROI. And to prove you wrong, the ones with shops already opened in Lagos are not closing shops, they are in fact expanding...like the Oriental, Sheraton, Eko and others.


We are not talking about a state project like dubai, this is 100% private and in any private dealings, it's win or lose it's really their business, not yours or the Lagos tax payers.



Some are just here to pontificate negativity because the same info available to me is available to you to if you know how to google and read.




Hundreds of thousands of jobs and paychecks for Lagosians/Nigerians

Expanded tax base for the Lagos state government for income generation needed to spend on other social and infrastructural projects elsewhere around the state.

Influx of tourism revenue

Increased real competition in the same area of real estate and property development.





The principal developer South EnergyX




Nigerians flock to anywhere so what's your point?




Unfortunately for you, SA is a country and Lagos is just a state inside Nigeria

SA as country was developed by apartheid government of SA

Lagos as a state and SA as a country have different history and economic power and standing so you need to fist grab some history books to read and learn about Africa and the reason why it's moronic to compare a state like Lagos in Nigeria with a fully developed country with greater financial and economic power.

It's ok to argue, but do it with logic and common sense.

Of course you won't have specific of any benefit to Lagosians; because it's so insignificant. Just seems odd that the Chief Executive of our state, 15 million people, is actively promoting a project for a select few (just 250,000). And you have the gall to say, it will generate income for Lagos state govt and paycheck for the people. What? you think we grew up in the cornfield?

Let's say what it is: Lagos state Govt sold a highly prized real estate land to private investors for developing a playground for the corrupt elites.
Period. We don't care if it creates any job. All we want to know is how much was paid to the govt coffers? Was a fair price paid to Lagosians?

We try to build "Monaco" in the midst of poverty when all we need are good roads, security, electricity to drive economic growth

Again, go return your PR retainer check; cos we don't fall for all these gimmicks
Re: Will Eko Atlantic City Be The Most Beautiful City In Africa After Completion? by EkoIle1: 8:30pm On Apr 18, 2012
occam:

Of course you won't have specific of any benefit to Lagosians; because it's so insignificant. Just seems odd that the Chief Executive of our state, 15 million people, is actively promoting a project for a select few (just 250,000). And you have the gall to say, it will generate income for Lagos state govt and paycheck for the people. What? you think we grew up in the cornfield?

Let's say what it is: Lagos state Govt sold a highly prized real estate land to private investors for developing a playground for the corrupt elites.
Period. We don't care if it creates any job. All we want to know is how much was paid to the govt coffers? Was a fair price paid to Lagosians?

We try to build "Monaco" in the midst of poverty when all we need are good roads, security, electricity to drive economic growth

Again, go return your PR retainer check; cos we don't fall for all these gimmicks




You sound very very dumb and I really should leave you alone to go continue on your dumb journey.
Re: Will Eko Atlantic City Be The Most Beautiful City In Africa After Completion? by PBundles(m): 8:38pm On Apr 18, 2012
Its always a pity when one receives a response like this. Your response would seem to imply you understand the dynamics of private funding. What makes you think I dont know the project? Or did you assume (you know what they say about assume, it makes an as. of u and me) that I didnt know the project. Yo claim its not a government project because you read PRIVATE FUNDED. SMH . A project like this, is NEVER I repeat NEVER totally private financed. How do I know, Im a director at an investment bank based in London/Amsterdam and have worked on various projects (ie Jorf Lasfar Energy Company (morocco) which I worked on in the 90's to name a few). There will always be municipal/government connection for the simple fact that private investors will not partake, same as credit insurers or even the banks. The latter I know for a fact. Do you think private investors are going to build this city for nothing and the government, as you seem to think will sit back and enjoy it dont think so. I can assure you that the Lagos state government is involved.

But why take my word, you are the expert. Better yet, lets take the word of those involved. I quote (got it from the PR section of the website):

The most ambitious project in recent times in real estate, Eko Atlantic city was conceived by the administration of the former governor of Lagos state, Asiwaju Bola Tinubu, as a Public Private Partnership (PPP) endeavour to regain beach ground lost to over 100 years of sea erosion and surges and build a modern city which Nigeria and Africa would experience for the very first time and be proud of.

Let me guess they made a mistake, how could this be, my friend read Private, SMH.

Many infrastructural projects (electricity, water, roads etc) have been done elsewhere on joint bases or even private. Im personally of the opinion that the private sector is where Nigeria should look towards, but the priorities are wrong. For my part let private individuals build roads and charge toll at least they will be maintained. Same goes for electricity, will cost more but at least you will have it. You claim it will come from taxes, which form. Didnt know we had a reliable tax regime even for so called registered corporations. You are right the money doesnt grow on trees, though some government officials may not agree with you. Remind us how much do we make again per day on petroleum? One would think that would be enough, but I may be wrong. This project how grand, in my humble opinion, is not top priority.


Eko Ile:


I understand your points, but they are misguided and shortsighted.


This is a private project and not a government project.

This is what we need. We need investments and and jobs, we need tax money, we need the expertise and development, we need everything this project has to offer from top to bottom.

Money for roads, bridges, schools, electricity and other social infrastructures comes from projects like Eko Atlantic and other investments by private businesses. Money from electricity and water doesn't grown on trees, they come from taxes and taxes comes from people's paychecks and businesses by private investors.

But of curse, you are yet to fully educate yourself about the project to start with. Don't worry about your government spending money on what you know nothing about, this is a private investment.


Re: Will Eko Atlantic City Be The Most Beautiful City In Africa After Completion? by Nobody: 9:47pm On Apr 18, 2012
It could be if well done according the aesthetic nature of the images of those renderings and blueprints.
Re: Will Eko Atlantic City Be The Most Beautiful City In Africa After Completion? by tarano: 10:34pm On Apr 18, 2012
Eko Atlantic is a new city under construction off Bar Beach, Victoria Island: a stretch of coastline adjacent to Lagos in Nigeria, West Africa.

1 Like

Re: Will Eko Atlantic City Be The Most Beautiful City In Africa After Completion? by EkoIle1: 2:48am On Apr 19, 2012
PBundles:
Its always a pity when one receives a response like this. Your response would seem to imply you understand the dynamics of private funding. What makes you think I dont know the project? Or did you assume (you know what they say about assume, it makes an as. of u and me) that I didnt know the project. Yo claim its not a government project because you read PRIVATE FUNDED. SMH . A project like this, is NEVER I repeat NEVER totally private financed. How do I know, Im a director at an investment bank based in London/Amsterdam and have worked on various projects (ie Jorf Lasfar Energy Company (morocco) which I worked on in the 90's to name a few). There will always be municipal/government connection for the simple fact that private investors will not partake, same as credit insurers or even the banks. The latter I know for a fact. Do you think private investors are going to build this city for nothing and the government, as you seem to think will sit back and enjoy it dont think so. I can assure you that the Lagos state government is involved.

But why take my word, you are the expert. Better yet, lets take the word of those involved. I quote (got it from the PR section of the website):

The most ambitious project in recent times in real estate, Eko Atlantic city was conceived by the administration of the former governor of Lagos state, Asiwaju Bola Tinubu, as a Public Private Partnership (PPP) endeavour to regain beach ground lost to over 100 years of sea erosion and surges and build a modern city which Nigeria and Africa would experience for the very first time and be proud of.

Let me guess they made a mistake, how could this be, my friend read Private, SMH.

Many infrastructural projects (electricity, water, roads etc) have been done elsewhere on joint bases or even private. Im personally of the opinion that the private sector is where Nigeria should look towards, but the priorities are wrong. For my part let private individuals build roads and charge toll at least they will be maintained. Same goes for electricity, will cost more but at least you will have it. You claim it will come from taxes, which form. Didnt know we had a reliable tax regime even for so called registered corporations. You are right the money doesnt grow on trees, though some government officials may not agree with you. Remind us how much do we make again per day on petroleum? One would think that would be enough, but I may be wrong. This project how grand, in my humble opinion, is not top priority.




Instead of this long and boring essay, why not just show us how much the state budgeted and is spending on this so called private project.?
Re: Will Eko Atlantic City Be The Most Beautiful City In Africa After Completion? by freshmoney(m): 3:19am On Apr 19, 2012
Good I have a property around that location grin

Thinking of getting housing units there when completed as well FOR STRICTLY BUSINESS grinwink
Re: Will Eko Atlantic City Be The Most Beautiful City In Africa After Completion? by Rossikk(m): 6:51am On Apr 19, 2012
Eko Atlantic city will generate hundreds of thousands of jobs in construction, the service sector, including financial services, law, insurance, IT, food services, transport, retail, entertainment, the list is endless. In the long run, MILLIONS of careers will emerge from, and centre around Eko Atlantic related activities. I don't see how that isn't a great thing for Nigerians. People talk about unemployment. Here are the jobs. So what's the complaint??
Re: Will Eko Atlantic City Be The Most Beautiful City In Africa After Completion? by moremi2008(m): 6:56am On Apr 19, 2012
Rossikk: Eko Atlantic city will generate hundreds of thousands of jobs in construction, the service sector, including financial services, law, insurance, IT, food services, transport, retail, entertainment, the list is endless. In the long run, MILLIONS of careers will begin from Eko Atlantic related business. I don't see how that isn't a great thing for Nigerians. People talk about unemployment. Here are the jobs. So what's the complaint??

When did real estate developments start producing jobs in financial service and law etc?! It's just the same old Lagos businesses that are going to move to newer buildings. Stop peddling stupid lies, Please.
Re: Will Eko Atlantic City Be The Most Beautiful City In Africa After Completion? by Rossikk(m): 7:04am On Apr 19, 2012
moremi2008:

When did real estate developments start producing jobs in financial service and law etc?! It's just the same old Lagos businesses that are going to move to newer buildings.

You're talking nonsense. Why would an 'old Lagos business' pay millions to move to Eko Atlantic unless they were expanding their operations (meaning more hiring) as opposed to merely moving for the sake of it? You do realise that businesses factor in costs and benefits in their operations?? Also, there will of course be many new entrants to the scene as seen by the rush to acquire land and property on the site by major firms in and outside the country. You do realise GDP is growing at nearly 8% per annum? The country is attracting quite a lot of interest from investors as a result of this economic expansion. You need to keep up with the news. Meanwhile, to service all these developments you will need an ARMY of new lawyers, surveyors, architects, insurance brokers, banking and IT staff, drivers, security staff, catering services - the list is endless.

1 Like

Re: Will Eko Atlantic City Be The Most Beautiful City In Africa After Completion? by PBundles(m): 10:37am On Apr 19, 2012
R U Serious or does ignorance come natural to you. You are so proud you cant even be a man and say bro, im wong educate me. I GUESS YOU ARE NOW SMARTER THEN THE LAGOS STATE GOV WHO SAID and I quote FROM THERE WEB SITE http://www.lagosstate.gov.ng/index.php?page=news&nid=158

According to Governor Fashola, the public private sector partnership exemplified by the project represents the way forward.” Demonstrably government alone have shown that they do not always have all of the resources that they need to deliver on the major challenges that face them – social, infrastructural and so many other challenges that require huge expenditure by the government .Every time there is an opportunity to provide a window where the private sector can move in, invest private capital on a sustainable and commercially rewarding basis, it is the way to go,” Governor Fashola said.

Oeeps DONT I LOOK STUPID, I WAS CLAIMING EVERYONE WAS IGNORANT BUT THE MOST CLUESLESS ONE WAS ME LMFAO wink

Come on give another spin O might SPIN DOCTOR. Watch him now spin partnership to mean something different.

O by the way the gov also seems to like my idea about their involvement in and I quote social, infrastructural and so many other challenges that require huge expenditure by the government.

The fact that you ask it whereas ANY person with a private sector finance background would know this gave you away. You just had the bad luck of conversing with one that did. I forgive you ignorance, but please do yourself a favour, DONT TALK TO LOUD ON SUBJECTS YOU OBVIOUSLY KNOW NOTHING ABOUT.

Later, you made my day actually. Thanks I feel better.

Eko Ile:


Instead of this long and boring essay, why not just show us how much the state budgeted and is spending on this so called private project.?


Re: Will Eko Atlantic City Be The Most Beautiful City In Africa After Completion? by phreakabit(m): 10:40am On Apr 19, 2012
LOL! LOL! LOL! This thread is so funny. Reality is a dreamers greatest adversary.

1 Like

Re: Will Eko Atlantic City Be The Most Beautiful City In Africa After Completion? by PBundles(m): 10:44am On Apr 19, 2012
phreakabit: LOL! LOL! LOL! This thread is so funny. Reality is a dreamers greatest adversary.
;DAahh so there are sane people on this thread. I almost lost hope in humanity
Re: Will Eko Atlantic City Be The Most Beautiful City In Africa After Completion? by phantom(m): 11:14am On Apr 19, 2012
PBundles: R U Serious or does ignorance come natural to you. You are so proud you cant even be a man and say bro, im wong educate me. I GUESS YOU ARE NOW SMARTER THEN THE LAGOS STATE GOV WHO SAID and I quote FROM THERE WEB SITE http://www.lagosstate.gov.ng/index.php?page=news&nid=158

According to Governor Fashola, the public private sector partnership exemplified by the project represents the way forward.” Demonstrably government alone have shown that they do not always have all of the resources that they need to deliver on the major challenges that face them – social, infrastructural and so many other challenges that require huge expenditure by the government .Every time there is an opportunity to provide a window where the private sector can move in, invest private capital on a sustainable and commercially rewarding basis, it is the way to go,” Governor Fashola said.

Oeeps DONT I LOOK STUPID, I WAS CLAIMING EVERYONE WAS IGNORANT BUT THE MOST CLUESLESS ONE WAS ME LMFAO wink

Come on give another spin O might SPIN DOCTOR. Watch him now spin partnership to mean something different.

O by the way the gov also seems to like my idea about their involvement in and I quote social, infrastructural and so many other challenges that require huge expenditure by the government.

The fact that you ask it whereas ANY person with a private sector finance background would know this gave you away. You just had the bad luck of conversing with one that did. I forgive you ignorance, but please do yourself a favour, DONT TALK TO LOUD ON SUBJECTS YOU OBVIOUSLY KNOW NOTHING ABOUT.

Later, you made my day actually. Thanks I feel better.

grin grin grin grin.....looks like you are new to nairaland.....welcome!know this...there are folks in here you just dont bother with (trust me!)...youve just discovered one.brace yourself,there will be more and at some point YOU WILL LOSE HOPE IN HUMANITY...
Re: Will Eko Atlantic City Be The Most Beautiful City In Africa After Completion? by SkySpirit(m): 11:45am On Apr 19, 2012
I AM IN LOVE WITH THIS IDEA!
Re: Will Eko Atlantic City Be The Most Beautiful City In Africa After Completion? by EkoIle1: 11:48am On Apr 19, 2012
PBundles: R U Serious or does ignorance come natural to you. You are so proud you cant even be a man and say bro, im wong educate me. I GUESS YOU ARE NOW SMARTER THEN THE LAGOS STATE GOV WHO SAID and I quote FROM THERE WEB SITE http://www.lagosstate.gov.ng/index.php?page=news&nid=158

According to Governor Fashola, the public private sector partnership exemplified by the project represents the way forward.” Demonstrably government alone have shown that they do not always have all of the resources that they need to deliver on the major challenges that face them – social, infrastructural and so many other challenges that require huge expenditure by the government .Every time there is an opportunity to provide a window where the private sector can move in, invest private capital on a sustainable and commercially rewarding basis, it is the way to go,” Governor Fashola said.

Oeeps DONT I LOOK STUPID, I WAS CLAIMING EVERYONE WAS IGNORANT BUT THE MOST CLUESLESS ONE WAS ME LMFAO wink

Come on give another spin O might SPIN DOCTOR. Watch him now spin partnership to mean something different.

O by the way the gov also seems to like my idea about their involvement in and I quote social, infrastructural and so many other challenges that require huge expenditure by the government.

The fact that you ask it whereas ANY person with a private sector finance background would know this gave you away. You just had the bad luck of conversing with one that did. I forgive you ignorance, but please do yourself a favour, DONT TALK TO LOUD ON SUBJECTS YOU OBVIOUSLY KNOW NOTHING ABOUT.

Later, you made my day actually. Thanks I feel better.



The highlighted should have clues you in, but you are too dumb to figure it out.


Again, I don't need your silly essays, all I need you to do is show us how much the state budgeted and is spending on this project. Do that or shut your mouth.


I can't believe this clown said huge expenditure by the government? Are you on crack? What part of the state budget is that? The one you drafted yourself inside your Olodo brain?
Re: Will Eko Atlantic City Be The Most Beautiful City In Africa After Completion? by EkoIle1: 11:52am On Apr 19, 2012
It's really re-tarded arguing about job creation. Is this 3 billion dollar project going to build itself? Is it going to manage itself?

NL is really fool of re-tards I swear
Re: Will Eko Atlantic City Be The Most Beautiful City In Africa After Completion? by member479760: 11:55am On Apr 19, 2012
Did you wanna say - will Owerri shopping complex be the most beautiful place in Africa after completion?
Re: Will Eko Atlantic City Be The Most Beautiful City In Africa After Completion? by PBundles(m): 11:57am On Apr 19, 2012
winkThanks for the warning, but it came too late.

phantom:
grin grin grin grin.....looks like you are new to nairaland.....welcome!know this...there are folks in here you just dont bother with (trust me!)...youve just discovered one.brace yourself,there will be more and at some point YOU WILL LOSE HOPE IN HUMANITY...
Re: Will Eko Atlantic City Be The Most Beautiful City In Africa After Completion? by phantom(m): 11:59am On Apr 19, 2012
^^^^dude,why do you keep insulting yourself like thisyou claimed a kobo of LSG's money wouldnt go into this project yet hes proven to you that its actually based on a PPP arrangement and that many times these arrangements AT THE END OF THE DAY,turn out to be 70-80% govt funded.
why is this so difficult for you to understand
maybe if you didnt devote your brain to generating insults you'd actually understand... grin
Re: Will Eko Atlantic City Be The Most Beautiful City In Africa After Completion? by EkoIle1: 12:45pm On Apr 19, 2012
phantom: ^^^^dude,why do you keep insulting yourself like thisyou claimed a kobo of LSG's money wouldnt go into this project yet hes proven to you that its actually based on a PPP arrangement and that many times these arrangements AT THE END OF THE DAY,turn out to be 70-80% govt funded.
why is this so difficult for you to understand
maybe if you didnt devote your brain to generating insults you'd actually understand... grin


I don't need your opinion or his opinion. Show me what part of the state budget going towards Eko Atlantic. lol @ 70-80% govt funded.

You are mad. Lagos state will spend 3 billion dollars on EAC and the state's yearly budget for the whole of Lagos state is 2 billion? What part pf private do you not understand? Do you need me to spell it?


Partnership is not always about money on both sides and in this case, it's about the state performing it's regulatory and supervisory duties to make sure things are done right.


The project is fully privately funded and the government's role, according to Prince Oniru, is just "to see that everything is done properly."


Money is flowing in from local banks like BNP Paribas Fortis, First Bank, FCMB and GT Bank and other international financiers.

http://www.chinafrica.cn/english/africa_report/txt/2011-01/29/content_329131_2.htm





Nigeria: Eko Atlantic City - Construction Work Commences Quarter1 Next Year

The project is a wholly private sector funded development conceived and facilitated by the Lagos State government.


http://allafrica.com/stories/201005101383.html








Re: Will Eko Atlantic City Be The Most Beautiful City In Africa After Completion? by PBundles(m): 12:54pm On Apr 19, 2012
Re: Will Eko Atlantic City Be The Most Beautiful City In Africa After Completion? by PBundles(m): 12:57pm On Apr 19, 2012
Um where did I state huge expenditure in any of my posts? Dude the medicine is wearing off, isnt it time you went to the Pharmacy for a refil. I hear
Schizophrenia does that.

Let me try once again. This a partnership (Im using the states website) in which the private investors do the FUNDING and the state provides the land (via lease) and support, details of which I dont have and I doubt if you do. Support can be in the form underwriting, guarantee on insurances, infrastructure and state assistance ( do you think that place will police itself, the state will need to step in). If Im not mistaken the lagos state goverment issued bonds a while back for N275 billion and in the prospectus sighted EKO City as one of the things it need to support. Hmmm.

Now here is where you may need the assistance of a friend who actually went to school and studied finance. You ready.....

If the land is not being sold, Im assuming you know that it isnt since everyone knows the builders/contractors/PIs are being given a 78 year long lease..... doesnt the contribution of land constitute, since they still own it, mean en equity contribution. Im just saying.

So to answer your question, the amount invested on behalf of the lagos state government is the book value of the 78 year lease contract. YAWN. Im getting sleepy educating you dude. Anymore questions, I heading off to lunch.

Dad was right, education is really an asset. Peace out.


Eko Ile:


The highlighted should have clues you in, but you are too dumb to figure it out.


Again, I don't need your silly essays, all I need you to do is show us how much the state budgeted and is spending on this project. Do that or shut your mouth.


I can't believe this clown said huge expenditure by the government? Are you on crack? What part of the state budget is that? The one you drafted yourself inside your Olodo brain?



Re: Will Eko Atlantic City Be The Most Beautiful City In Africa After Completion? by phantom(m): 12:59pm On Apr 19, 2012
The Governor while acknowledging the pre-eminence of the CGI as an international forum for discussing issues of the global challenge to the environment commended the private sector partners of Lagos State on the Eko Atlantic City Project, South Energyx for their courage and doggedness in working with the Government to turn “what was an environmental disaster iinto a major asset for Lagos and for Africa.”



According to Governor Fashola, the public private sector partnership exemplified by the project represents the way forward.” Demonstrably government alone have shown that they do not always have all of the resources that they need to deliver on the major challenges that face them – social, infrastructural and so many other challenges that require huge expenditure by the government .Every time there is an opportunity to provide a window where the private sector can move in, invest private capital on a sustainable and commercially rewarding basis, it is the way to go,” Governor Fashola said.
http://www.lagosstate.gov.ng/index.php?page=news&nid=158

you must be as dense as a rock! compare your links with the link i have provided. grin grin....Go ahead keep digging yourself into a hole...
Re: Will Eko Atlantic City Be The Most Beautiful City In Africa After Completion? by EkoIle1: 1:05pm On Apr 19, 2012
phantom: The Governor while acknowledging the pre-eminence of the CGI as an international forum for discussing issues of the global challenge to the environment commended the private sector partners of Lagos State on the Eko Atlantic City Project, South Energyx for their courage and doggedness in working with the Government to turn “what was an environmental disaster iinto a major asset for Lagos and for Africa.”



According to Governor Fashola, the public private sector partnership exemplified by the project represents the way forward.” Demonstrably government alone have shown that they do not always have all of the resources that they need to deliver on the major challenges that face them – social, infrastructural and so many other challenges that require huge expenditure by the government .Every time there is an opportunity to provide a window where the private sector can move in, invest private capital on a sustainable and commercially rewarding basis, it is the way to go,” Governor Fashola said.
http://www.lagosstate.gov.ng/index.php?page=news&nid=158

you must be as dense as a rock! compare your links with the link i have provided. grin grin....Go ahead keep digging yourself into a hole...



You are too dumb not to know that you are really making my point for me.


The bolded really should have clued you in. Do you know the meaning of private capital or do you need me to educate with that too? Damn illiterates...



Ode, thanks for the link...
Re: Will Eko Atlantic City Be The Most Beautiful City In Africa After Completion? by PBundles(m): 1:12pm On Apr 19, 2012
Now I get your confussion. You see FUNDED and take that to mean it wont COST the state any money. Dude you are hilarious. Have you ever thought of being a stand up comedian that impersonates a finance officer. You would rake in. Funding and costing (read budget) are two different things ROTFLMFAOgrin

Last time I checked expenditure usually amounted to a cost.....BUT....I could be wrong o wise finance expertcheesy

Have you heard of the term opportunity costing, bet you havent. Look it up and then let me know if you still think it wont cost them any money.

Just for us the dumb ones in society, what happens if the investors pull out and dont complete the project, who pays for this?

Eko Ile:


I don't need your opinion or his opinion. Show me what part of the state budget going towards Eko Atlantic. lol @ 70-80% govt funded.

You are mad. Lagos state will spend 3 billion dollars on EAC and the state's yearly budget for the whole of Lagos state is 2 billion? What part pf private do you not understand? Do you need me to spell it?


Partnership is not always about money on both sides and in this case, it's about the state performing it's regulatory and supervisory duties to make sure things are done right.





Re: Will Eko Atlantic City Be The Most Beautiful City In Africa After Completion? by EkoIle1: 1:17pm On Apr 19, 2012
PBundles: Now I get your confussion. You see FUNDED and take that to mean it wont COST the state any money. Dude you are hilarious. Have you ever thought of being a stand up comedian that impersonates a finance officer. You would rake in. Funding and costing (read budget) are two different things ROTFLMFAOgrin

Last time I checked expenditure usually amounted to a cost.....BUT....I could be wrong o wise finance expertcheesy

Have you heard of the term opportunity costing, bet you havent. Look it up and then let me know if you still think it wont cost them any money.

Just for us the dumb ones in society, what happens if the investors pull out and dont complete the project, who pays for this?




Please stop posting these silly and worthless rubbish...


Show me how much the state is spending, how much they budgeted for this project and how much is private and not private.


Please try not to pull the same idiocy out of your a//s//s//s again. Just facts and figures...
Re: Will Eko Atlantic City Be The Most Beautiful City In Africa After Completion? by PBundles(m): 1:21pm On Apr 19, 2012
I thought this project would benefit all Lagosians, what am I reading and its off the website. http://www.ekoatlantic.com/press-pr/press_leadership.htm How many Lagosians have US 1.5 Mil. What if your not super rich as claimed below, you should then f...off I suppose.

Thus, many wealthy individuals and corporate bodies have bought plots of land ahead of its scheduled completion. And if you are a super-rich Nigerian, you can still get a plot of land in the new city. It will cost you a little over N200 million; a square metre costs between $825 and $1,600. LEADERSHIP WEEKEND gathered that the fee was denominated in dollars to protect buyers against fluctuations in the Naira's exchange rate.


occam:

Of course you won't have specific of any benefit to Lagosians; because it's so insignificant. Just seems odd that the Chief Executive of our state, 15 million people, is actively promoting a project for a select few (just 250,000). And you have the gall to say, it will generate income for Lagos state govt and paycheck for the people. What? you think we grew up in the cornfield?

Let's say what it is: Lagos state Govt sold a highly prized real estate land to private investors for developing a playground for the corrupt elites.
Period. We don't care if it creates any job. All we want to know is how much was paid to the govt coffers? Was a fair price paid to Lagosians?

We try to build "Monaco" in the midst of poverty when all we need are good roads, security, electricity to drive economic growth

Again, go return your PR retainer check; cos we don't fall for all these gimmicks
Re: Will Eko Atlantic City Be The Most Beautiful City In Africa After Completion? by EkoIle1: 1:30pm On Apr 19, 2012
PBundles: I thought this project would benefit all Lagosians, what am I reading and its off the website. http://www.ekoatlantic.com/press-pr/press_leadership.htm How many Lagosians have US 1.5 Mil. What if your not super rich as claimed below, you should then f...off I suppose.

Thus, many wealthy individuals and corporate bodies have bought plots of land ahead of its scheduled completion. And if you are a super-rich Nigerian, you can still get a plot of land in the new city. It will cost you a little over N200 million; a square metre costs between $825 and $1,600. LEADERSHIP WEEKEND gathered that the fee was denominated in dollars to protect buyers against fluctuations in the Naira's exchange rate.




What's next? Every Lagosian should be living in VI, Ikoyi, Beverly Hills. They should all be driving Benz and Rolls to.


How silly can you get..
Re: Will Eko Atlantic City Be The Most Beautiful City In Africa After Completion? by OAM4J: 1:36pm On Apr 19, 2012
PBundles: Um where did I state huge expenditure in any of my posts? Dude the medicine is wearing off, isnt it time you went to the Pharmacy for a refil. I hear
Schizophrenia does that.

Let me try once again. This a partnership (Im using the states website) in which the private investors do the FUNDING and the state provides the land (via lease) and support, details of which I dont have and I doubt if you do. Support can be in the form underwriting, guarantee on insurances, infrastructure and state assistance ( do you think that place will police itself, the state will need to step in). If Im not mistaken the lagos state goverment issued bonds a while back for N275 billion and in the prospectus sighted EKO City as one of the things it need to support. Hmmm.

Now here is where you may need the assistance of a friend who actually went to school and studied finance. You ready.....

If the land is not being sold, Im assuming you know that it isnt since everyone knows the builders/contractors/PIs are being given a 78 year long lease..... doesnt the contribution of land constitute, since they still own it, mean en equity contribution. Im just saying.

So to answer your question, the amount invested on behalf of the lagos state government is the book value of the 78 year lease contract. YAWN. Im getting sleepy educating you dude. Anymore questions, I heading off to lunch.

Dad was right, education is really an asset. Peace out.


You are not making sense bro. Am not an economist or a financial expert, but your argument doesn't make sense to me as a layman.

Are you saying because Government will have to perform his regular duties in a growing economy, they should shy away from supporting developments and investments that will generate thousands of jobs and millions/billions in revenue for the same government?

Let us even assume that government money is involved in this partnership, this is a viable investment for crying out loud. Or you think the private sector (home and abroad) investing their money on the project will put their penny if they don't see it viable?

Your argument of it not being a priority also doesn't hold ground. When should building a city be of a priority in a continuous growing state? and how does this investment affect provision of roads and power? Lagos state is one of the few states investing heavily in power and transportation?

I have nothing to say to your friend who think financial experts investing billions of their money are dreamers. Both of you are example of pessimists we don't need around government.

I just don't know why it is difficult to commend a good initiative when we see one. Looks like past government administrations have dealt massively on many Nigerians psyches and they just cant see anything good coming from the government again. too bad!

2 Likes

Re: Will Eko Atlantic City Be The Most Beautiful City In Africa After Completion? by naptu2: 1:46pm On Apr 19, 2012
OAM4J:

You are not making sense bro. Am not an economist or a financial expert, but your argument doesn't make sense to me as a layman.

Are you saying because Government will have to perform his regular duties in a growing economy, they should shy away from supporting developments and investments that will generate thousands of jobs and millions/billions in revenue for the same government?

Let us even assume that government money is involved in this partnership, this is a viable investment for crying out loud. Or you think the private sector (home and abroad) investing their money on the project will put their penny if they don't see it viable?

Your argument of it not being a priority also doesn't hold ground. When should building a city be of a priority in a continuous growing state? and how does this investment affect provision of roads and power? Lagos state is one of the few states investing heavily in power and transportation?

I have nothing to say to your friend who think financial experts investing billions of their money are dreamers. Both of you are example of pessimists we don't need around government.

I just don't know why it is difficult to commend a good initiative when we see one. Looks like past government administrations have dealt massively on many Nigerians psyches and they just cant see anything good coming from the government again. too bad!



+1000

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