agbameta:


OBJ started all the Power projects GEJ is commissioning including Omotosho.


Google is your loving friend, make good use of it sometimes...

shachris03:

A subsidiary of the China Machinery Engineering Corporation, CMEC-Pacific, has been offered the Omotosho Power Plant at a price of $217.53m.

A statement issued by Head of Public Communication, Bureau of Public Enterprises, Mr. Chigbo Anichebe, in Abuja on Wednesday, however, said the company would pay a net value of $82.34m.

Anichebe said BPE had transmitted an offer letter to CMEC-Pacific in respect of a Power Purchase Agreement for the sale of Omotosho power plant, adding that the transaction was through a debt-equity swap process.

He said, “Presenting the offer letter to the Chairman of CMEC-Pacific, Adeleke Adedeji, the acting Director-General of BPE, Mr. Benjamin Dikki, said it was in fulfilment of the decision of the National Council on Privatisation, which approved the sale at its last meeting, which held on February 28, 2013.

“NCP had approved that CMEC-Pacific pays $217,531,507.79 for the power plant. However, the net total amount accruable to the Federal Government for the plant would be $82,336,179.42 given that $30,325,386 would be deducted from the capital cost for the construction of a switch yard for the Transmission Company of Nigeria.”

The phase one of the Omotosho Power Plant, which has a capacity to generate 335 Megawatts of electricity, was completed in 2002. The total cost of the turnkey contract was $166,724,578.

The Federal Government funded 35 per cent of the cost, while the balance was funded through vendor financing provided by the China National Machinery and Equipment Import and Export Corporation at an interest rate of six per cent per annum.

It was initially conceived that the plant would, after completion, operate commercially and the proceeds from the sale of the electricity it would generate would be used for the repayment of the vendor financing and the interest.

However, the delay in the completion period coupled with limitation in gas supply and paucity of funds at the Power Holding Company of Nigeria resulted in a default in the repayment of the debt, leading to the accumulation of unpaid invoices to CMEC.

The responsibility for repayment was taken over by the Debt Management Office, which informed the BPE that it had paid approximately $104.3m to CMEC for the plant as of September 30, 2012, Anichebe said.

He added that based on the approval received by the Ministry of Power from President Goodluck Jonathan on July 18, 2010 to proceed with the proposed divestiture of Federal Government’s investment in the plant, BPE sought and received NCP’s approval for the divestiture of Omotosho Power Plc through debt-equity swap during its meeting of May 12, 2011.

According to him, NCP also approved the transfer of assets to the project company – Omotosho Power Plc – which was incorporated on November 10, 2006 as a vehicle to own the assets of the plant.

http://www.punchng.com/business/business-economy/fg-offers-omotosho-power-plant-to-cmec-pacific/

@bolded 1, obasanjo started and completed the 1st phase under 3 years with no money borrow from any body.

@bolded 2, even with just a 30% responsibility of an almost already completed project, jonathan still had to place the project on a loan and sell off the long to another company putting Nigeria on a Long and unhealthy debt row, which you and I and your children children will keep on paying.

So much for fresh air.

shachris03:

A subsidiary of the China Machinery Engineering Corporation, CMEC-Pacific, has been offered the Omotosho Power Plant at a price of $217.53m.

A statement issued by Head of Public Communication, Bureau of Public Enterprises, Mr. Chigbo Anichebe, in Abuja on Wednesday, however, said the company would pay a net value of $82.34m.

Anichebe said BPE had transmitted an offer letter to CMEC-Pacific in respect of a Power Purchase Agreement for the sale of Omotosho power plant, adding that the transaction was through a debt-equity swap process.

He said, “Presenting the offer letter to the Chairman of CMEC-Pacific, Adeleke Adedeji, the acting Director-General of BPE, Mr. Benjamin Dikki, said it was in fulfilment of the decision of the National Council on Privatisation, which approved the sale at its last meeting, which held on February 28, 2013.

“NCP had approved that CMEC-Pacific pays $217,531,507.79 for the power plant. However, the net total amount accruable to the Federal Government for the plant would be $82,336,179.42 given that $30,325,386 would be deducted from the capital cost for the construction of a switch yard for the Transmission Company of Nigeria.”

The phase one of the Omotosho Power Plant, which has a capacity to generate 335 Megawatts of electricity, was completed in 2002. The total cost of the turnkey contract was $166,724,578.

The Federal Government funded 35 per cent of the cost, while the balance was funded through vendor financing provided by the China National Machinery and Equipment Import and Export Corporation at an interest rate of six per cent per annum.

It was initially conceived that the plant would, after completion, operate commercially and the proceeds from the sale of the electricity it would generate would be used for the repayment of the vendor financing and the interest.

However, the delay in the completion period coupled with limitation in gas supply and paucity of funds at the Power Holding Company of Nigeria resulted in a default in the repayment of the debt, leading to the accumulation of unpaid invoices to CMEC.

The responsibility for repayment was taken over by the Debt Management Office, which informed the BPE that it had paid approximately $104.3m to CMEC for the plant as of September 30, 2012, Anichebe said.

He added that based on the approval received by the Ministry of Power from President Goodluck Jonathan on July 18, 2010 to proceed with the proposed divestiture of Federal Government’s investment in the plant, BPE sought and received NCP’s approval for the divestiture of Omotosho Power Plc through debt-equity swap during its meeting of May 12, 2011.

According to him, NCP also approved the transfer of assets to the project company – Omotosho Power Plc – which was incorporated on November 10, 2006 as a vehicle to own the assets of the plant.

http://www.punchng.com/business/business-economy/fg-offers-omotosho-power-plant-to-cmec-pacific/

@bolded 1, obasanjo started and completed the 1st phase under 3 years with no money borrow from any body.

@bolded 2, even with just a 30% responsibility of an almost already completed project, jonathan still had to place the project on a loan and sell off the long to another company putting Nigeria on a Long and unhealthy debt row, which you and I and your children children will keep on paying.

So much for fresh air.

agbameta:


This is just meaningless gibberish...

gboss4sure:

All the project OBJ inherited kindly list the ones he completed. Shame is catching u and ur likes so you are now on the defence path, when you exhaust the only defence you have you just fall into the ocean and get consumed by hatred

Scun: What that person wrote is anything but meaningless. Attitudes like yours are what stops our politicians from completing projects started by their predecessors. Where is TInapa today? What happened to Donald Duke's dreams?

talktimi: ISALIE... You dont mean it

shachris03: Jonathan is always good at playing the vulture. Most of this projects were initiated and almost completed by the previous governments. What he merely did was to sell it out to a private company, then when the company finally completes it, he comes to commission and pose as if the put any thing into the project. What original project has Jonathan really completed? He has spent 4 years in the office already. Yar'dua merely spent 2 years.

shachris03:

At least he has something doing for a leaving. He lives for a purpose, can't say the same about you.

Mind you, the report said jonathan is commissioning the power plant. It did not say that he built it. That plant is the property of a private company.

Read http://www.nipptransactions.com/ndphc-generating-companies/omotosho-power-plant/

GEJ is a vulture that lives off other peoples hardwork.

BayoAA: I will like to shed some light on this issue. I am directly involved in all these projects (Except Geregu) from inception to their present stages.

Firstly, The only person that does not deserve any credit per power projects is Yar Adua for forestalling these project for over 2 years.

Federal Power projects in Nigeria including NIPP is a brainchild of OBJ. He started all the phase one projects and completed them. This include Olorunsogo Phase I, Omotosho Phase I, Geregu 1. Upon seeing the progress of these projects he devised the NIPP Fast Track projects which are supposed to be completted as fast track project .....meaning as soon as possible to arrest power issue in Nigeria. The plant under this fast track project are Egbema, Gbarain, Calabar, Ihovbor (Benin), Sapele.
Omoku and Alaoji Plants were to compliment the fast track plants while Omotosho and Olorunsogo which were financed partly by the Chinese Government through the Chinese companies that built these plants is another way to built upon the fast track projects

Contracts were signed in 2006 for the fast track projects and Omoku and Alaoji Plant
Although contracts were signed in 2006, what we need to understand is that Turbines are not Tiger generators that you can just go and buy in the shop. Turbines are manufactured base on contract and order...meaning it is after signing the contract that Turbines will be manufactured. Can you imagine how long this will take. Months!!!! We are taking of about over 100000+ precision parts and 300Tonne (300000kg) of materials. All to be manufactured and coupled together.

By the time the machines were shipped to Nigeria, OBJ is almost a "Gonner" even though he tried to fight for a 3rd term.

When Yar Adua came to power, instead of him to continue this project, he started his probes which left all these machines in the port without proper preservation for over 2 years. Some were rotten (Especially the sensitive control systems and electrical panels) while some were even sold by some Nigerian officials.

GEJ moved in swiftly to arrest the power problem in Nigeria by releasing fund to complete these projects. He desErves the Kudo for the continuity in these projects and for funding it after the issues caused by Yar Adua's govt.

The contract for Omotosho II and Olorunsogo II were signed (MOU) in 2007.

Scun: I hereby withdraw the accusation I levelled against OBJ regarding stolen funds meant to transform the power industry. Looks like we'll soon start reaping the rewards.
500MW no be beans o! That is if they are being sincere with the figures, some countries we envy because of their steady electricity (Togo, Ivory Coast etc) live on just a little above 1000MW

Sincere 9gerian:
You can claim to be whatever suits your fancy. The problem with Nigeria has never been signing of contracts or MOU but getting the job DONE/implementation.

In case you dont know, OBJ also signed contracts for construction of Second Niger Bridge and construction of modern Lagos-kano railway in 2006/2007. All those phantom projects ended up on PAPER. The question now is how come someone that was in power from 1999 suddenly realised he needed to do multibillion dollars projects in 2006/2007? So it took him almost 7 years just to make DIAGNOSIS? What if OBJ's successor thought those DIAGNOSIS were wrong and started his own round of 7 years DIAGNOSIS after which new sets of projects are started? That means the people would have been left in DARKNESS.

What Nigerians need is not signing of contracts or MOU but stable power supply. If all GEJ has been doing in the last 3 years is signing of contracts and MOU, by now HATERS would have gathered at Ojota park calling for regime change.

A president who ruled for 8 years and couldn't produce RESULTS failed woefully. There are no excuses. If GEJ fails to deliver stable power after 8 years, he too (including yours sincerely and all those who support him) has failed woefully.

Work on Omotosho II commenced in 2010. That is a FACT.
http://china.aiddata.org/projects/28087

agbameta:


OBJ started all the Power projects GEJ is commissioning including Omotosho.


Google is your loving friend, make good use of it sometimes...

agbameta:

OBJ initiated and built more power plants than any president in the history of this country which is a good thing. Even the whole power reform was initiated and started by OBJ.

Lazy and incompetent GEJ can commission anything as the sitting president, but these are all OBJ sweat and hard work and we must not forget that or even fail to acknowledge and give him credit for his work and foresight .

Sincere 9gerian:
[s]You can claim to be whatever suits your fancy. The problem with Nigeria has never been signing of contracts or MOU but getting the job DONE/implementation.

In case you dont know, OBJ also signed contracts for construction of Second Niger Bridge and construction of modern Lagos-kano railway in 2006/2007. All those phantom projects ended up on PAPER. The question now is how come someone that was in power from 1999 suddenly realised he needed to do multibillion dollars projects in 2006/2007? So it took him almost 7 years just to make DIAGNOSIS? What if OBJ's successor thought those DIAGNOSIS were wrong and started his own round of 7 years DIAGNOSIS after which new sets of projects are started? That means the people would have been left in DARKNESS.

What Nigerians need is not signing of contracts or MOU but stable power supply. If all GEJ has been doing in the last 3 years is signing of contracts and MOU, by now HATERS would have gathered at Ojota park calling for regime change.

A president who ruled for 8 years and couldn't produce RESULTS failed woefully. There are no excuses. If GEJ fails to deliver stable power after 8 years, he too (including yours sincerely and all those who support him) has failed woefully.

Work on Omotosho II commenced in 2010. That is a FACT.
http://china.aiddata.org/projects/28087[/s]

ketoprofen:

d same way OBJ commissioned enugu intl airport and what did he do?
Commissioned 2nd Niger bridge and built it bah?
What didnt OBJ commissionwhile in Aso Rock?
Go and sit down,
GEJ 2015 biko.

Scun: Assuming what you are saying is true, what do you suggest GEJ does? Abandon the projects and start his own?

agbameta:


The fact that he did not commissioned 2nd Niger bridge means he did not initiated, started and completed power plants including the one GEJ is commissioning all over the place? Abi what's the meaning of your nonsense?

And why is GEJ yet to award contract for the same bridge you are crying over? Do you need OBJ to come and do it for him because GEJ is too lazy to do it.? Is GEJ not the president today?


Must you people not make sense?

agbameta:


What's abandonment got to do with the topic and acknowledging the fact that OBJ started and commissioned more power projects than any president in the history of Nigeria and also that without OBJ, there wont be any power plant for GEJ to commission.

You are not going to keep running around here praising GEJ without acknowledging the man behind all the power projects coming on line in Nigeria.

Scun: Assuming what you are saying is true, what do you suggest GEJ does? Abandon the projects and start his own?

ketoprofen:
i said that
OBJ commissioned all those tnz but didnt do anything, dats what am saying.
He is good at commissioning projects he would rather not do.

tamuno-ibiso:

The last time I checked, our Prof. who is d minister of Power was not on this thread. U wud hav asked him.

Itoroetti :


Obj started what?

tete7000:
He started and commissioned them when they were nowhere near commissioning, thus deceiving Nigerians.

Orlando Owoh: OBJ will be remembered for starting the projects but didn't complete them not because he didn't to but because his tenure ended. I watched the commissioning of the Geregu Power Plant in Kogi State, OBJ was acknowleged for being the initiator.

Meringe:
None of you here making noise about who initiated and executed the project can not vividly say the exact capacity that's being generated before and after commissioning of this project.

Frank-C:


Lets go about it this way, what was Nigeria's power generating capacity on May 29, 1999 and the capacity on May 29, 2007? While you are at it, also tell us the average time it takes to procure, instal and commission a 500MW power plant. That will tell us a lot.

I respect OBJ as a President, I cannot say that he failed, I was among those that were against the report of Elumelu HoR panel because I feel that that committe does not have the capacity to appraise the performance a complex procurement contract like power plant. But to compare the success ot GEJ to that of OBJ specifically in power sector is to lie to oneself. GEJ is implementing a far more complex and methodical transformation of the electricity landscape of this country, not just building power plant or articulating legislation. OBJ does not just have the discipline to conduct a transparent privatization process without interferrence. GEJ has the discipline, can absorb knocks, so far he believes in what he is doing and is thoroughly self motivated unlike OBJ that is motivated by external events. You may not like GEJ's charisma or carriage but that guy is far more intelligent than a combination of the people calling him 'clueless'. He proves this by not even arguing his intellingence with you. He is a perfect listener, a fact based judgement maker and never impulsive. He has also proven that he know how to troubleshoot a complex issue, identify the problem, resolve it, recouple the system and move on without listening to the noise makers. He is also not intimidated by very intelligent people, that is a sign of super intelligence and maturity.

Finally, I will like to remind you and others that think like you that OBJ, Yar A'Dua and GEJ all belong to the biggest political party in Africa - The PDP. Power sector reform is a PDP policy. Late President Yar A'Adua only slowed down this PDP agenda after listening to people who think and talk like you, but GEJ has revived it. You may wish to note that work was ongoing in this plant and many others like it while you were busy calling GEJ all sorts of names, even while you were at Ojota carrying placard to ensure the entrenchment of the status quo in early 2012. Work there did not start today.

To fellow country men, transforming a country like Nigeria is not an easy task. Gaining the trust of everybody is even more difficult. Support GEJ to achieve his set targets. Support PDP to implement her program through men like GEJ.

agbameta:


This is just meaningless gibberish...

on a good day:

shhhatap there