Posers for Lagos over N25.3b road concession buyout plan .

Residents fear fraud, exploitation through scheme

KEY actors in the Lagos State government are upbeat that the concession buyout plan for the Eti-Osa-Lekki-Epe expressway is in the interest of Lagos residents. But some members of the public are sceptical of government’s motive in the multi-billion naira purchase.

The state government plans to re-acquire the concession right of Eti-Osa-Lekki-Epe expressway and purchase its managing company – Lekki Concession Company (LCC).

The 49.36km road is to be bought at an estimated sum of N25.3 billion . The road has never been immune from controversies since it opened in 2008, and Lagos residents are at this time asking: “in whose interest is the new buyout plan, the masses or the authorities?”

The concession buyout plan came to the fore last week Tuesday, when Governor Babatunde Fashola’s letter on the “2013 Supplementary Budget proposal” was read at the Lagos State House of Assembly.

In the proposal, Fashola stated that it had become necessary to further amend this year’s budget due to unforeseen developments in terms of the state’s internally-generated revenue performance and emerging financial commitments.

Central to the “emerging financial commitments”, according to the governor, is the need to fund the acquisition of existing concession rights and toll revenue benefits held by the LCC, the concessionaire for the Eti-Osa-Lekki-Epe expressway.

“This will effectively accelerate the transfer of ownership of the road to the state, leaving the state with wider policy options with regard to that important road infrastructure,” Fashola’s letter read in part.

To meet this demand, the governor proposed a re-ordering of some expenditure provisions and also direct supplementation of the 2013 budget, given an upward review from N499, 605 billion earlier signed into law on January 2, 2013 to N507, 105 billion (a N7.5billion increase).

At the event of Tuesday, there was an apparent sense of urgency in the proposal and the planned concession buyout. Not only were the Lagos lawmakers forced out of their three-week-old recess, to expedite action on the proposal, the state government had also prepared the trio of commissioner of budget and economic planning and his counterparts in finance and works and infrastructure to attend the emergency plenary and answer lawmakers’ questions, paving the way for a speedy passage of the bid.

The Commissioner for Finance, Ayodeji Gbeleyi, upon questioning, said to acquire the LCC holding, the state would be paying N15 billion for the buyout; N6.8 billion to service existing debt obligations and N3.5 billion for third-party liability, totaling N25.3 billion.

However, the question on the mind of the public is who stands to benefit from this buyout ?

A businessman in Lekki, Olusegun Ashimiyu, told The Guardian in an interview that the purchase seemed good on the surface, but that it was not likely that the masses would get any benefit from it.

He said: “The only benefit anyone plying that route can hope to get is the outright removal of tolling on that route. But if I know this government very well, then the era of tolling will assume a new dimension and possibly grow worse than what we are seeing currently,” Ashimiyu said.

Another Lagos resident, who spoke on the condition of anonymity, expressed misgivings on the project. “We foresaw something of this nature right from the beginning of this protest. That is why we demonstrated against toll collection and we were locked up then.

“There are some people that are benefiting from this project, and this is another attempt to scoop from the state treasury. Don’t forget, this is the fund that could have gone into infrastructural development in other parts of the state,” the respondent said.

Continuing, he said: “The entire project needs thorough probe. Yes, the state government is doing very well but there are just some things that are not right about its programme. We need to know who signed what and at what rate it has been given. How much has the government paid into it and how much left and where is it going? The state belongs to all of us, and not to a small clique trying to buy over everything, without consideration for the public,” he said.

More from:
http://www.ngrguardiannews.com/national-news/131845-posers-for-lagos-over-n253b-road-concession-buyout-plan

Fascist Fashola doing what he has done best these past six years- revenue generation from the pockets, handbags, wallets and bags of RESIDENTS of Lagos state- for his own personal account.
Meanwhile BASIC services of:

- free and COMPULSORY education for ALL children in Lagos
- feeder roads
- potable water
- free quality PRIMARY health care

are neglected by the "excellent progressive" governor leading to increased menace of area boys in his state!!!

First of all I remain yours sincerely, Festus the Corementio

Back to the matter...

This is an Empty article....

Only two "Beer Parlour Economists" were interviewed and all they could do was speculate and say a lot of beautiful nonsense.

The article is empty, devoid of facts and a calculated attempt to bring down The Most Capable Administrator South of the Sahara.

This is Chief Akamu and Stew...

I have Spoken!!

Eko Oni Baje oooo...

Repeat after me;

Eko Oni Baje oooo

Before I exit this thread.. One last comment...

It isn't easy to carry 1st, 2nd and 3rd position in this kind of competition..

Smoothest FRAUD in this country's history. Period.... A road that is suppossed to cost #50bn (already abnormally costly at #1bn per km, sm would say) to be constructed by d Concessionaires who are then expected to recoup their costs AFTER they must have finished construction tru tolling. After 7 years the road is no where near completion, yet d Concessionaires started collecting tolls illegally in d last 3 years. Suddenly, in stead of d LASG terminating d contract Or, at least pressuring d Concessionaire to implement their own terms of d contract, the Govt is amazingly paying them #15bn to 'buy back' this failed Concession, #6.8bn and #3.5bn to pay the Debts and 3rd party liabilities incurred by the failed Concessionaire (yes, LASG is willing to even pay these people's debt!!!) ie more than #25bn in total. This is apart from d #5bn the Govt initiali paid to d Concessionaires at d start of d scheme. LASG also intends borrowing #87.7bn from raising a bond to then build d road itself . That is more than #103bn in total. This is from a project that was suppossed to cost #50bn!!! And to make d whole mata worse, d LASG wud still retain this same failed Concessaire, and apparently STILL PAY THEM either to collect tolls on d road or continuing building d road!!!...... THE QUESTION IS: WHO IS BEHIND THIS LCC CONCESSIONAIRE?? Who is chopping these humongous money from Lagos State Tax payers, with impunity? And why the UNIMAGINABLE Hypocritical SILENCE from peeps?

Smoothest FRAUD in this country's history. Period.... A road that is suppossed to cost #50bn (already abnormally costly at #1bn per km, sm would say) to be constructed by d Concessionaires who are then expected to recoup their costs AFTER they must have finished construction tru tolling. After 7 years the road is no where near completion, yet d Concessionaires started collecting tolls illegally in d last 3 years. Suddenly, in stead of d LASG to terminate d contract or pressure d Concessionaire, the Govt is paying them #15bn to 'buy back' this failed Concession, #6.8bn and #3.5bn to pay the Debts and 3rd party liabilities incurred by the failed Concessionaire (yes, LASG is willing to even pay these people's debt!!!) ie more than #25bn in total. This is apart from d #5bn the Govt initiali pay to d Concessionaires at d start of d scheme. LASG wud also borrow #87.7bn from a bond to then build d road itself (ie, #103bn). This is from a project that was suppossed to cost #50bn!!! And to make d whole mata worse, d LASG wud still retain these same failed Concessaires, and apparently STILL PAY THEM either to collect d tolls or build d road!!!...... THE QUESTION IS: WHO IS BEHIND THIS LCC CONCESSIONAIRE?? Who is chopping these humongous money from Lagos State Tax payers, with impunity?

^Food for thought.

MODS, make shame dey catch una small na..

taharqa: Smoothest FRAUD in this country's history.

We might just ask residents of Lagos who bear the tax BURDEN of these scams to choose between these two songs, which one to play for Fahsola's next birthday:

1. Smooth Criminal- Michael Jackson

[url=
https://www.youtube.com/watch?v=sj4zNWW2nvY][/url]

or

2. Smooth Operator- Sade Adu


[url=
https://www.youtube.com/watch?v=sOI8ae3Lub8][/url]

Akamu and Stew: First of all I remain yours sincerely, Festus the Corementio

Back to the matter...

This is an Empty article....

Only two "Beer Parlour Economists" were interviewed and all they could do was speculate and say a lot of beautiful nonsense.

The article is empty, devoid of facts and a calculated attempt to bring down The Most Capable Administrator South of the Sahara.

This is Chief Akamu and Stew...

I have Spoken!!

Eko Oni Baje oooo...

Come on SHUT that ya mouth tha, Clown. Can't bliv I didn't 'see' this earlier...

#EndAsuuStrikeNow

#EndAsuuStrikeNow

#EndAsuuStrikeNow

Ur hairs alwys stand at attention whenever lagos is mentioned.
No wahala:

Hypertension medicines are now being subsidized!

Confusionist: Ur hairs alwys stand at attention whenever lagos is mentioned.
No wahala:

Hypertension medicines are now being subsidized!

So this is ya own take over what you just read here?? That's it?...*SMDH*

i dont get you

There is truth to the OP. I fear some people are so excited over Fashola's achievements they fail to see where he misses it. In fact, till I met a lady who told me otherwise, I would have said Fashola is clean, he isn't.

While Tinubu dogs and vultures are attempting to lynch the minister of aviation over N225 million spent on 2 armoured cars, a whopping N25 billion is being siphoned right under their nose by Tinubu-Fashola collabo.

Uyi Iredia: There is truth to the OP. I fear some people are so excited over Fashola's achievements they fail to see where he misses it. In fact, till I met a lady who told me otherwise, I would have said Fashola is clean, he isn't.

Same with G.E.J.

But the President's own is on a far monumental scale......That Abuja-Lokoja contract inflation alone makes this one look like child's play.

Kudos, FG.

ba7man: Same with G.E.J.

But the President's own is on a far monumental scale......That Abuja-Lokoja contract inflation alone makes this one look like child's play.

Kudos, FG.

just like the op did he provided figures which are verifiable. Pls I would like you to do same let's compare the two frauds don't forget the lekki-epe road Is a 50km road which upto 20km has not been completed.
The op was articulate in his write up looking foward to read urs about the abuja- lokoja fraud according to u.

At least u just agreed that GEJ is working on Abuja- lokoja road something u hypocrite don't ever agree with. Since u bunch always claim he has not done anything.

Sincere 9gerian: While Tinubu dogs and vultures are attempting to lynch the minister of aviation over N225 million spent on 2 armoured cars, a whopping N25 billion is being siphoned right under their nose by Tinubu-Fashola collabo.

[size=18pt] The whole country needs re-overhauling, both @ the federal level, the states, this is a shame on our leaders in general, frm the Aviation minister, NNPC, Lagos State Government etc are all corrupt, the headlines today is so sad, wat is happening in NNPC, on the otherhand the Lagos State Government is doing theirs and pointing fingers @ the federal government, " it might be history that these current Government is one of the most corrupt government in the history of Nigeria, if nothing urgent is done about it, starting frm the federal, den state follows suit". [/size]

ba7man: Same with G.E.J.

But the President's own is on a far monumental scale......That Abuja-Lokoja contract inflation alone makes this one look like child's play.

Kudos, FG.

You ought to be thoroughly ashamed of yrself (assuming you actuali hv d capacity for Shame)!!!.... This LekkiEpe Rd is just 49.9km (sm would say plus an additional 15km 'coastal' Rd which has recently bn smuggled into d discuss for still inexplicable reasons) would cost almost #200billion to construct it ie a cost of about #3billion per km; WHILST, d Abuja-Lokoja Rd is a 200km Rd that wud gulp 106billion for each of its 4 sections ie a cost of about #500million per km (making it one of d cheapest road constructn I hv seen in Nigeria in recent years)- meaning this LekkiEpe Rd would cost 6 TIMES the Abuja-Lokoja Rd!!! And, unlike d Fraud in LekkiEpe where only just above 15km have been done in 6yrs of concessioning, 150km of d Abuja-Lokoja Rd has already been done (most of them in 2yrs under GEJ)...... Abeg, find anoda 'line'; this one is so Pathetic it wouldn't fly.

geeez: A 50km Expressway built on a waterlogged sub base will cost Lagos taxpayers N25bn (N500m/Km)

A 150km Expressway on a solid sub base will cost Nigeria $1bn or N150bn (N1bn/km)

God bless BRF

God bless the Yoruba race

God bless Yoruba land

LIAR.... Everytin you just said here is a LIE

geeez: A 50km Expressway built on a waterlogged sub base will cost Lagos taxpayers N25bn (N500m/Km)

A 150km Expressway on a solid sub base will cost Nigeria $1bn or N150bn (N1bn/km)

God bless BRF

God bless the Yoruba race

God bless Yoruba land

dude stop playing the tribal card . I'm sure that there are intelligent Yorubas that would love to see u pen a well structured rebuttal . Stop trying to play on the intelligence of Yorubas.

Eko o ni baje oooooooooooooo

taharqa: You ought to be thoroughly ashamed of yrself (assuming you actuali hv d capacity for Shame)!!!.... This LekkiEpe Rd is just 49.9km (sm would say plus an additional 15km 'coastal' Rd which has recently bn smuggled into d discuss for still inexplicable reasons) would cost almost #200billion to construct it ie a cost of about #3billion per km; WHILST, d Abuja-Lokoja Rd is a 200km Rd that wud gulp 106billion for each of its 4 sections ie a cost of about #500million per km (making it one of d cheapest road constructn I hv seen in Nigeria in recent years)- meaning this LekkiEpe Rd would cost 6 TIMES the Abuja-Lokoja Rd!!! And, unlike d Fraud in LekkiEpe where only just above 15km have been done in 6yrs of concessioning, 150km of d Abuja-Lokoja Rd has already been done (most of them in 2yrs under GEJ)...... Abeg, find anoda 'line'; this one is so Pathetic it wouldn't fly.

How many lanes are these roads you compare? Do they have sidewalks?? Do they have large drainages like the Lekki express?? Do they have pedestrian bridges at intervals?? Are bustops constructed at intervals?? Are round-abouts + beautification included in the construction?? Are those check-points to be built at intervals?? How stable is the underlying soil??

.....Or do you think they just pour Laterite, granite and tar on the roads like is the norm in Nigerian road construction.

These are questions you should also ask.

ba7man: How many lanes are these roads you compare? Do they have sidewalks?? Do they have large drainages like the Lekki express?? Do they have pedestrian bridges at intervals?? Are bustops constructed at intervals?? Are round-abouts + beautification included in the construction?? Are those check-points to be built at intervals?? How stable is the underlying soil??

.....Or do you think they just pour Laterite, granite and tar on the roads like is the norm in Nigerian road construction.

These are questions you should also ask.

Come on SHUT yr mouth, tha.... Sebi that is why it may cost SIX TIMES the cost for d Abuja-Lokoja Rd, which you had previously declared 'exorbitant'? By d way, that Abuja-Lokoja has bridges (not small Pedestrian bridges that you are talking about here) to be constructed along d route (2 of them new), and parts of d route wud be constructed along d Niger Bank/basin. So it not all complete 'dry' land.

taharqa: Come on SHUT yr mouth, tha.... Sebi that is why it may cost SIX TIMES the cost for d Abuja-Lokoja Rd, which you had previously declared 'exorbitant'? By d way, that Abuja-Lokoja has bridges (not small Pedestrian bridges that you are talking about here) to be constructed along d route (2 of them new), and parts of d route wud be constructed along d Niger Bank/basin. So it not all complete 'dry' land.

Must you let your unhappy childhood reflect in all your posts?? You really need psychological help, you definitely can't function properly in a civillized environment with this behaviour of yours.

Can't you carry out a simple arguement without insults?? You'll get slapped a lot if you try this in reality but i guess you're probably a mousy guy that only comes alive behind the safety of a computer screen.

I didn't bother to read what you wrote with your opening statement.......


always stark raving mad like a sex starved schizoprenic.

"YOU'RE A FOOOOOOL"......."SHUT YEAR MOUTH".........you sound like the dregs of a public school's reject's list.

There's no way you grew up in a good home with this behaviour.

ba7man: Must you let your unhappy childhood reflect in all your posts?? You really need psychological help, you definitely can't function properly in a civillized environment with this behaviour of yours.

Can't you carry out a simple arguement without insults?? You'll get slapped a lot if you try this in reality but i guess you're probably a mousy guy that only comes alive behind the safety of a computer screen.

I didn't bother to read what you wrote with your opening statement.......


always stark raving mad like a sex starved schizoprenic.

I usuali do not hv much patience for peeps that acts as FOOOLS... Forgive me if I can't help myself at times