And it keeps getting bera....

We are all looking at the Smoothest FRAUD in the history of Naija. And the iish is staring at us right in our faces, Defiantly.

Beware!!! 'PROGRESSIVES' at work.......Muhehehehehehe

@taharqa2 this is huge fraud. I wonder why it has not started generating controversy. I believe people are yet to understand what the fvck just hit them on their face. I am angry with the 419 scheme. I am waiting for Fashola praise chanters to come here and try to defend this scam.

taharqa2:
And it keeps getting bera....

We are all looking at the Smoothest FRAUD in the history of Naija. And the iish is staring at us right in our faces

I never knew we could ever agree on anything. Glad to know that your brain works sometimes.

I always knew something was wrong with the lekki-epe project because why would a company use funds from tolling to construct a road. The company should have sorted out its funding. All its needs to do is to collect tolls but use capital or loan to continue construction and for 30 years recoup its investment. Even if the increase their fees in the future, it can be acceptable because of the rate of inflation but we know that the road has been completed.

However, the road has not been completed. Investors has collected their money and abandoned the project for Government to go and look for money to finish the road.

Boss13: @ Delafruita if LCC is a going concern, it does not need tolls to complete the construction of the road. It can source its funds either through loan (and that it what it has done) or capital (Doesn't the company have capital). The tolling will be income to repay the loan and also make profit for constructing the road. I believe the management went to the drawing board after noticing that their financial projection was not summing up based on their budgetary analysis. Hence, they invoke the buy-back right.

Now the LASG has agreed to issue bond to buy the concessionary right. Remember interest will be paid on the bond. The bond was issued to by concessionary RIGHTS and not to for infrastructure development. Again, the government was now have to source for funds to finish up the road. Now if you are a good financial analyst, you should know that there have been a depletion, an opportunity cost (an alternative forgone). The government MUST pay for the bond it has issued to investors and because it will source fund from either Federal Monthly Allocation or Internal Revenue Generation, projects that these funds should have primarily be used for will suffer.

Now delafruita how will the LASG pay for interest and principal for the bond? By re-issuing another bond? (Excuse me) by using your tax payers' money to pay investors and if they want to be nice by using Federal monthly allocation (I doubt this one because, this monthly fund should have been budgeted for)

Fashola is truly working.....

First,the management of LCC cannot invoke the buy-back option.only the LASG can do that.so irrespective of whatever problems LCC is facing in its financial projections,the only reason we're having this discussion is because LaSG wanted to take back the road and not because LCC couldn't source for funds

Secondly,I can only adequately pass comment on the finance option if I have full details of the bond been issued by the LASG.till then,anything you and I say will just be conjectures which can never replace fact

Finally,the scenario highlighted in the last paragraph of your post might be plausible.but this is government and not a ponzi scheme

Delafruita:
First,the management of LCC cannot invoke the buy-back option.only the LASG can do that.so irrespective of whatever problems LCC is facing in its financial projections,the only reason we're having this discussion is because LaSG wanted to take back the road and not because LCC couldn't source for funds

Secondly,I can only adequately pass comment on the finance option if I have full details of the bond been issued by the LASG.till then,anything you and I say will just be conjectures which can never replace fact

Finally,the scenario highlighted in the last paragraph of your post might be plausible.but this is government and not a ponzi scheme

If LCC had/could source for funds, why did they need revenue from TOLLING to complete the project?

Delafruita:
First,the management of LCC cannot invoke the buy-back option.only the LASG can do that.so irrespective of whatever problems LCC is facing in its financial projections,the only reason we're having this discussion is because LaSG wanted to take back the road and not because LCC couldn't source for funds

Secondly,I can only adequately pass comment on the finance option if I have full details of the bond been issued by the LASG.till then,anything you and I say will just be conjectures which can never replace fact

Finally,the scenario highlighted in the last paragraph of your post might be plausible.but this is government and not a ponzi scheme

There are little financial details that you will need for a Government Bond. The LASG wants to issue a bond to buy back the concessionary rights. It MUST pay back the bond (interest plus principal) to the investing public. How will it pay back the bond? Is it by issuing another bond (I have asked you this before)? It will pay with IGR (for me this is the most viable source of government finance). It cannot pay back the bond with monthly federal allocation (because this is a fixed sum of money which should have been budgeted for). Now what is IGR? I hope you are a financial analyst oh mek e no be sey I dey yarn with person wey no sabi? IGR also includes taxes and levies, Land use charge, Land allocation fees, other charges e.t.c

This is plain financial logical sense. I know how they pay for the bonds that is why I am telling you that taxpayers' money will be use to repay the bond.

Hey guyz please enough of all this enpassat, imprudent words,... I really want 2know how much legability do pay for the toll too,.. I mean person wen dey use leg waker becoz are actually going there tomorrow to find work,..

Boss13:

There are little financial details that you will need for a Government Bond. The LASG wants to issue a bond to buy back the concessionary rights. It MUST pay back the bond (interest plus principal) to the investing public. How will it pay back the bond? Is it by issuing another bond (I have asked you this before)? It will pay with IGR (for me this is the most viable source of government finance). It cannot pay back the bond with monthly federal allocation (because this is a fixed sum of money which should have been budgeted for). Now what is IGR? I hope you are a financial analyst oh mek e no be sey I dey yarn with person wey no sabi? IGR also includes taxes and levies, Land use charge, Land allocation fees, other charges e.t.c

This is plain financial logical sense. I know how they pay for the bonds that is why I am telling you that taxpayers' money will be use to repay the bond.

like i said earlier,you cannot hypothesize what the bond conditions will be and thus cannot determine with any degree of certainty that the burden of repayment will fall on taxpayers.a bond is different from a trasuty bill or a note.bonds hav maturity starting from twelve years.the federal governemnt of nigeria has a 20year bond which is to mature in 2030

http://www.cenbank.org/rates/govtsecurities.asp

bonds have maturity date as high as 40-50 years.the government of lagos state can decide to just do the same thing LCC would have done.source the funds by issuing bonds and recoup the investments over 30years by taking tolls.LCC would have sourced the funds by taking loans and recouping its investments over 30years.over the next 30years,the proceeds from the
tolls will be used to pay out the running yield and eventually he redemption yield on the bond.

it is wrong to paint scenarios without actually studying the facts.like i said earlier,you and i cannot fully comment on this issue till we have details of the bond been proposed by the LASG.if its at least a 20year bond,then there i a no burden to taxpayers.the good thing is the government can keep paying out interests without needing to increase amount of toll since governments mostly give out fixed rate bonds

@Delafruita you are funny. Are you telling me that the LASG will issue a zero coupon bond. A 30 year bond, means the principal will be paid to you after 30 years. Interest are being paid either annually or semi-annually. Except a zero coupon bond and the LASG doesnt not have that credibility to issue a zero coupon bond. Even a zero coupon bond is issued at a discount and paid in full. The difference is still like interest which you pay for but only at maturity. Like I said LASG do not have the credibility to issue a zero coupon bond.

I now know you ain't a financial analyst so I will not engage you further. Even the bonds you are showing me on central bank website have interest rate but you are not even seeing it sef.

I have noticed how people are avoiding this thread. However, if it has to do with copy and paste pictures of fashola's intended achievements, we would see praise worshipers singing and chanting. Now, they seem to distant themselves from any negative about fashola.

Seriously lagos state has no right in buying back anything but revoking the concession. This was a project that was supposed to be built, operate and transfer to the lagos state government by the investor + lagos state ( don't forget the 5 billion injected into the scheme by lash) after it has recoup it money including profit.

My fellow lagosian this is a pure korokoro daylight robbery and its a pity seeing some of us here defending them gallantly refusing to see what should be seen.

1 billion naira to construct one kilometer of road? na gold dem take do the road ni?

Okay, let me agree with them and appreciate them for buying back the right , but are they buying back the right to the completed section only which is only 10 kilometer or they are buying back the right to the whole road which is almost 50 kilometer in length? Don't forget that they defaulted in upgrading and expanding of 40 kilometer of road out of the 50 kilometer agreed on.

Lagos state government na father christmas? if lcc can not meet their obligation after 5 billion from the government why should the government bail them out

Take it or leave we have been had.


pls anybody here who know of how to go into concessioning agreement with lagos government should pm please. this lucrative business must not pass me by.

Delafruita:
first,why would you even ask such a question as the one in bold?

secondly,LASG will still not fund the project with taxpayers money.it will fund it by issuing bonds to investors

U sound like a FO0l. Check ur dictionary to know wat "bond" is! After which u'll know who will ultimately repay d bonds.

MostIncredible.DFirst:
U sound like a FO0l. Check ur dictionary to know wat "bond" is! After which u'll know who will ultimately repay d bonds.

Let's just say you are right and they have to repay the loan or interest on the loan.


What is wrong with the state taking out loans to build infrastructures especially one that's already on the ground, functioning and benefitting Lagosians?

Your argument sounds pointless and redundant.

Boss13: @Delafruita you are funny. Are you telling me that the LASG will issue a zero coupon bond. A 30 year bond, means the principal will be paid to you after 30 years. Interest are being paid either annually or semi-annually. Except a zero coupon bond and the LASG doesnt not have that credibility to issue a zero coupon bond. Even a zero coupon bond is issued at a discount and paid in full. The difference is still like interest which you pay for but only at maturity. Like I said LASG do not have the credibility to issue a zero coupon bond.

I now know you ain't a financial analyst so I will not engage you further. Even the bonds you are showing me on central bank website have interest rate but you are not even seeing it sef.

on what basis did you just determine that the LASG doesn't have the credibility to issue a zero coupon bond?I am not a financial expert but one thing I know for certain is that I can look at numbers and determine if they make sense or not.in this case,tthere are no numbers to even look at so how can you arrive at a conclusion when there is no data to even analyse?

Of course I saw the interest rate.which is why I stated that the returns from tolls will be used to payout the running yield

It seems to me like you are just out to blow this issue out of proportion.until you have the facts of the bond been proposed,all your argument has no basis

MostIncredible.DFirst:
U sound like a FO0l. Check ur dictionary to know wat "bond" is! After which u'll know who will ultimately repay d bonds.

you my friend need to reconsider whatever ideals you have(I doubt you have any) and determine if they aren't the reason for your apparent insanity

Delafruita: like i said earlier,you cannot hypothesize what the bond conditions will be and thus cannot determine with any degree of certainty that the burden of repayment will fall on taxpayers.a bond is different from a trasuty bill or a note.bonds hav maturity starting from twelve years.the federal governemnt of nigeria has a 20year bond which is to mature in 2030

http://www.cenbank.org/rates/govtsecurities.asp

bonds have maturity date as high as 40-50 years.the government of lagos state can decide to just do the same thing LCC would have done.source the funds by issuing bonds and recoup the investments over 30years by taking tolls.LCC would have sourced the funds by taking loans and recouping its investments over 30years.over the next 30years,the proceeds from the
tolls will be used to pay out the running yield and eventually he redemption yield on the bond.

it is wrong to paint scenarios without actually studying the facts.like i said earlier,you and i cannot fully comment on this issue till we have details of the bond been proposed by the LASG.if its at least a 20year bond,then there i a no burden to taxpayers.the good thing is the government can keep paying out interests without needing to increase amount of toll since governments mostly give out fixed rate bonds

seriously, guy uncle fash don play us wayo no be small.

You see eh, right from the start everything reek of the stench of fraud.

Why awarding a concessioning right to a company that lack the financial strength to carry out such a project in the first place.

why should lcc be allowed to toll the road when they have not finished the project or agreed kilometers of 50?

Now assuming that road is the lagos ibadan express way and lcc is bicourtney and lagos state is the federal government and this type of scenario is playing out how will you feel?

I know by now jonathan and his family for don suffer for insult.

For your information that bond will be paid back with our tax payer money.

Mehn from beginning to ending is a win win situation for lcc and loose loose situation for lagosian.

Delafruita:
how and why is a tax payer cheated by this buy back option?the lagos state government has clearly stated that LCC wanted to raise toll.to avoid that and for other reasons,its buying out the contract and it has gone ahead to say it will issue bonds to financa the buy-back.pray tell how that becomes a tax-payers burden.nothing changes except that the road will now be finished by LASG and not LCC.and the funds will still not come from the coffers of LASG but rather from investors who invest in the issued bonds.how is that too difficult to understand?

And then the bond will repay itself! If you think the bond will be paid from the proceeds of toll then think again. The investors would not have preferred a buyback. Do not be fooled. All you see are simply in the interest of Tinubu.

@delafruita please let's not beat about the bush. We know how this bond would be repaid.

All the bonds Lagos state has issued are coupon bonds (valid fact). Please note that these bonds are not only purchased by Nigerians.

I have clearly stated what funds would pay the interest and even the principal of these bonds. That has been the practice of LASG and I do not see any deviation from the norm. The annoying part is that no infrastructure will be carried out with the bond.

Let's see how the market will turn out with the bond issuance. The bad or rather the good thing about bonds is that it is a safe investing option and always over-subscribed. I am angry, very angry with Fashola.

They were aware of this right from giving LCC the contract, right from the conceptualization of the contract. This is one hell of a public scam and each time I pass that toll gate I would keep cursing till it harms the concerned people

This whole thing stinks; me pity the lagos people. Soon the taxes will be too much companies and people will have to go to Ogun and Ekiti states

agbameta:


Let's just say you are right and they have to repay the loan or interest on the loan.


What is wrong with the state taking out loans to build infrastructures especially one that's already on the ground, functioning and benefitting Lagosians?

Your argument sounds pointless and redundant.

Go bak n read my comment in d proper context n perspective in which i posted it, n stop being stup!d.

Delafruita: you my friend need to reconsider whatever ideals you have(I doubt you have any) and determine if they aren't the reason for your apparent insanity

hahahaha ha ha ha! U chose 2 cowardly attack my person instead of addressin d issue after u did wot i'd asked u 2do n realising how naive u wer, n how F00lish u comment sounded. Try not to be F00lish next time in public. OK?

MostIncredible.DFirst:
Go bak n read my comment in d proper context n perspective in which i posted it, n stop being stup!d.

Does it really matter what silly and ignorant contex or pointless parspective you posted your rubbish? It was pointless and ignorant. It's not like you really give a damn about Lagosians since the only motivation for your idiocy is your tribal and village insecurities and sentiments...kind of exactly what we expect and get from tribal and village degenerates like you

Below is one of your odious, rancid and disgusting tribal rants...

MostIncredible.DFirst:
hahahahaha ha ha ha ha ha! All dis clownish amala-yoruba people. I HAIL O!

Dou you losers really think we don't see you coming with your tribal and village acts..?

Please I will beg everyone to avoid insults or tribal e-wars and analyze this issue properly. Let's not lose focus

Boss13: The annoying part is that no infrastructure will be carried out with the bond.

So they are buying an invisible infrastructure with the proposed bond offering? So Lagosians are currently driving on invisible road and they've been paying tolls to invisible entities and the Lekki toll road doesn't exist?


These half backed and thoughless posts are getting tired...

agbameta:


So they are buying an invisible infrastructure with the proposed bond offering? So Lagosians are currently driving on invisible road and they've been paying tolls to invisible entities and the Lekki toll road doesn't exist?


These half backed and thoughless posts are getting tired...

The bond is to buy the concession rights and not to complete the road. The govt will still source funds for the road. We are yet to know how they would source the funds. Previously, Lekki-Epe expressway was not included in the budget but now it will.

I think you are impatient to read. Go back and read again.

Boss13:

The bond is to buy the concession rights and not to complete the road. The govt will still source funds for the road. We are yet to know how they would source the funds. Previously, Lekki-Epe expressway was not included in the budget but now it will.

I think you are impatient to read. Go back and read again.

1. What is the difference between buying back the existing road/toll plazas and taking over concession rights?


2. Are you saying after buying out the LLC, the road still doesn't belong to Lagos state and they still have to wait for 30 years before taking over the road and toll plazas?

agbameta:

1. What is the differenc between buying back the existing road/toll plazas road and taking over concession rights?


2. Are you saying after buying out the LLC, the road still doesn't belong to Lagos state and they still have to wait for 30 years before taking over the road and toll plazas?

No what we saying base on what they "LASG " are saying is that the " bond " purpose is for buying of the "RIGHT HOLD BY LCC IN THE PROJECT " now after sourcing for such amount to buy of the right of lcc which to me is way too much out of this world, where will the government source for fund to complete the project?

Guy this thing na simple thing, is not that difficult to understand. Remove all the big grammar and you will know that we have been played.

This is a legallized 419.

Question is how much did lcc spent on the project ( don't add the 5 billion of lagos state money) and how much have they realized from the project through tolling and advert

Don't forget they supposed to have built the whole road before tolling . Ore a ti wo one chance.

agbameta:


Does it really matter what silly and ignorant contex or pointless parspective you posted your rubbish? It was pointless and ignorant. It's not like you really give a damn about Lagosians since the only motivation for your idiocy is your tribal and village insecurities and sentiments...kind of exactly what we expect and get from tribal and village degenerates like you

Below is one of your odious, rancid and disgusting tribal rants...






Dou you losers really think we don't see you coming with your tribal and village acts..?

i'll pardon u cos u may not know.... (in my mish's voice) dat i'm 4m AKWA IBOM! The only state which singularly doubles both as d oil/gas hub & the fastest growing hub in both d gulf of guinea n in d entire african region. And a state where severally multi-million dollars ambitious mega-projects are built without a single "toll" on d ordinary citizens. Pls take not dat ur hypocritical 419 Fashola is a mediocre learner in leadership n is only f00ling persons like YOU.

MostIncredible.DFirst:
i'll pardon u cos u may not know.... (in my mish's voice) dat i'm 4m AKWA IBOM! The only state which singularly doubles both as d oil/gas hub & the fastest growing hub in both d gulf of guinea n in d entire african region. And a state where severally multi-million dollars ambitious mega-projects are built without a single "toll" on d ordinary citizens. Pls take not dat ur hypocritical 419 Fashola is a mediocre learner in leadership n is only f00ling persons like YOU.

Eko Ile: [img]http://img1.nairaland.com/attachments/318749_Direct_labourWater_jpg3c5a29c6a5b0c2ecf8e3419086427332[/img]

Like I said, tribalism and bigotry is what's driving your idiocy and I saw you from miles away..

Above is your world class village..

A scripted fraud from inception.

agbameta:








Like I said, tribalism and bigotry is what's driving your idiocy and I saw you from miles away..

Above is your world class village..

hahahaha ha ha ha. Where did ur fvcken-ekoile got dat one from? And is he anywhere 2b found on dis tread? By d way, was dat all images about AKWA IBOM u cud find for urself. Pls go n search again for more on Google. But be warned dat u'll lose all ur kilobytes wen attemptin to download just 00.5% of wot u're about to find. GOOD NIGHT!
NB: Below is one of d several uncommon mega-projects u'll find. It is the INTERNATIONAL TERMINAL OF THE AKWA IBOM AIRPORT.