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Nairaland Forum / Nairaland / General / Politics / Lekki Toll Road Buy Back.......my Thoughts...by Senator Musiliu Obanikoro (5509 Views)
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Re: Lekki Toll Road Buy Back.......my Thoughts...by Senator Musiliu Obanikoro by Omexonomy: 4:58pm On Oct 22, 2013 |
APC e-mosquitoe how much did seun payed you to spell check what people wrote. Dont wory i promise to recomend you to fashola and tinubu for higher position Tolexander: i won't embarrass you, you've definitely embarrassed yourself! 1 Like |
Re: Lekki Toll Road Buy Back.......my Thoughts...by Senator Musiliu Obanikoro by Omexonomy: 4:59pm On Oct 22, 2013 |
APC e-mosquitoe how much did seun payed you to spell check what people wrote. Dont wory i promise to recomend you to fashola and tinubu for larger crumbs of bread. Tolexander: i won't embarrass you, you've definitely embarrassed yourself! |
Re: Lekki Toll Road Buy Back.......my Thoughts...by Senator Musiliu Obanikoro by Delafruita(m): 5:05pm On Oct 22, 2013 |
talktimi: The project was designed to fail from inception. Why complete it when you can be paid tens of billions for doing nothing (ok ok 30%). Eventually this demi road will round off @ 4.15 billion naira per km making it more expensive than streets paved with gold i dare say. Questions need to be asked instead of slaughtering the messenge, where are our "Stella must go" anti corruption crusaders ? Theirs an eerie silence over this travesty and why did the Lagos house of assembly speedily accent to this buy back ? Maybe the speaker had no choice since he also has corruption charges hanging over his head like the sword of damocles & surprisingly (not) there's also an eerie silence from our in house e - crusaders. Funny set of values from those who have logs and boulders in their eyesmuch as i appreciate the attempt to put things into perspective,it is important to understand that conjectures/arguments can never replace fact.it is unfortunate that article that seems to contain so much information failed to provide proof for the most important information:the amount spent so far on the project.the author simply said "based on information available in various media" without providing a single link or quote from any of the so called media.its unfortunate that things didnt work out with the concession as expected but then the state owes taxpayers the duty of ensuring the completion of that project without giving in to the demands of LCC and that necessitated the buyback.the details of the agreement are not available and these should understandably be in the public domain.but without the such details in addition to details of what has been spent and what has accrued from tolling,its impossible to ascertain what is and what is not.its not yet been stated how the remaining construction will be funded but governor fashola explicitly stated that the buyback will in no way be a burden to taxpayers.i will want to believe a longterm bond will be offered and that proceeds from tolling will be used to pay out returns.if that is the case,then taxpayers will not bear the burden but as stated earlier,we are not certain of the details of the agreement and next move of the LASG |
Re: Lekki Toll Road Buy Back.......my Thoughts...by Senator Musiliu Obanikoro by WildChild00(m): 5:33pm On Oct 22, 2013 |
[b] I promised to come right back to write on this project, From day one of this white elephant project embarked upon by father and son, "Tinubu and Fashola" we all criticize the project, because the terms of agreement was not clearly spelt out for the ordinary man on the street of Lekki to understand, rather when the Lagos State Government was approched, " civil society groups" instead of explaining the nature of the agreement and perhaps making the terms of agreement to be avaliable to the public, the rather choose to hide it, now the true nature of the agreement has now been exposed, the question now is, if this is how "APC" as party is going to be doing hide and seek with the people who voted dem into office, are they worth voting for come 2015? While cant the Government of Lagos State make the terms of agreement with Lekki concession company public? Is it right for the Government of Lagos state to use police, Army, and area boys to chase, innocent protesters who are demanding to know their right, by wanting to be explained to, d nature of the contract, "peaceful protest". [/b] 5 Likes |
Re: Lekki Toll Road Buy Back.......my Thoughts...by Senator Musiliu Obanikoro by Tolexander: 7:22pm On Oct 22, 2013 |
Omexonomy: APC e-mosquitoe how much did seun payed you to spell check what people wrote.you are improving. The 'modify' button advice is working. |
Re: Lekki Toll Road Buy Back.......my Thoughts...by Senator Musiliu Obanikoro by taharqa: 8:17pm On Oct 22, 2013 |
Delafruita: much as i appreciate the attempt to put things into perspective,it is important to understand that conjectures/arguments can never replace fact.it is unfortunate that article that seems to contain so much information failed to provide proof for the most important information:the amount spent so far on the project.the author simply said "based on information available in various media" without providing a single link or quote from any of the so called media.its unfortunate that things didnt work out with the concession as expected but then the state owes taxpayers the duty of ensuring the completion of that project without giving in to the demands of LCC and that necessitated the buyback.the details of the agreement are not available and these should understandably be in the public domain.but without the such details in addition to details of what has been spent and what has accrued from tolling,its impossible to ascertain what is and what is not.its not yet been stated how the remaining construction will be funded but governor fashola explicitly stated that the buyback will in no way be a burden to taxpayers.i will want to believe a longterm bond will be offered and that proceeds from tolling will be used to pay out returns.if that is the case,then taxpayers will not bear the burden but as stated earlier,we are not certain of the details of the agreement and next move of the LASGThe Info used in this article is largely correct. They came from figures (d limited) ones d LASG agreed to release to d public on this FRAUD- I think it was from d Works or Finance Commissioner. There was a Thisday Article that reported d full scale of d figures involved as given by LASG officials (smone opened a thread sm time back here but I hv not been able to track it down; BUT I certainly wud and wud post it soon). You may then begin to get a sense of d extent of the FRAUD... |
Re: Lekki Toll Road Buy Back.......my Thoughts...by Senator Musiliu Obanikoro by seanet02: 10:15pm On Oct 22, 2013 |
taharqa: The Info used in this article is largely correct. They came from figures (d limited) ones d LASG agreed to release to d public on this FRAUD- I think it was from d Works or Finance Commissioner. There was a Thisday Article that reported d full scale of d figures involved as given by LASG officials (smone opened a thread sm time back here but I hv not been able to track it down; BUT I certainly wud and wud post it soon). You may then begin to get a sense of d extent of the FRAUD...you are not making sense |
Re: Lekki Toll Road Buy Back.......my Thoughts...by Senator Musiliu Obanikoro by taharqa: 10:53pm On Oct 22, 2013 |
Delafruita: much as i appreciate the attempt to put things into perspective,it is important to understand that conjectures/arguments can never replace fact.it is unfortunate that article that seems to contain so much information failed to provide proof for the most important information:the amount spent so far on the project.the author simply said "based on information available in various media" without providing a single link or quote from any of the so called media.its unfortunate that things didnt work out with the concession as expected but then the state owes taxpayers the duty of ensuring the completion of that project without giving in to the demands of LCC and that necessitated the buyback.the details of the agreement are not available and these should understandably be in the public domain.but without the such details in addition to details of what has been spent and what has accrued from tolling,its impossible to ascertain what is and what is not.its not yet been stated how the remaining construction will be funded but governor fashola explicitly stated that the buyback will in no way be a burden to taxpayers.i will want to believe a longterm bond will be offered and that proceeds from tolling will be used to pay out returns.if that is the case,then taxpayers will not bear the burden but as stated earlier,we are not certain of the details of the agreement and next move of the LASG Posers for Lagos over N25.3b road concession buyout plan . http://www.ngrguardiannews.com/national-news/131845-posers-for-lagos-over-n253b-road-concession-buyout-plan 1 Like |
Re: Lekki Toll Road Buy Back.......my Thoughts...by Senator Musiliu Obanikoro by taharqa: 11:03pm On Oct 22, 2013 |
^^^ Smoothest FRAUD in this country's history. Period... [b]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 (at an average of #4.2billion annually according to a results from Survey conducted by the Concessionaire in 2011). 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. And, WAIT for it: LASG also intends borrowing #87.7bn by 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 (which was considered even too expensive at this figure then)!!! 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!!![/b]. 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? http://www.tellng.com/business/question-over-lekki-concession-buy-back http://allafrica.com/stories/201308300319.html 6 Likes |
Re: Lekki Toll Road Buy Back.......my Thoughts...by Senator Musiliu Obanikoro by talktimi(m): 11:27pm On Oct 22, 2013 |
Delafruita: much as i appreciate the attempt to put things into perspective,it is important to understand that conjectures/arguments can never replace fact.it is unfortunate that article that seems to contain so much information failed to provide proof for the most important information:the amount spent so far on the project.the author simply said "based on information available in various media" without providing a single link or quote from any of the so called media.its unfortunate that things didnt work out with the concession as expected but then the state owes taxpayers the duty of ensuring the completion of that project without giving in to the demands of LCC and that necessitated the buyback.the details of the agreement are not available and these should understandably be in the public domain.but without the such details in addition to details of what has been spent and what has accrued from tolling,its impossible to ascertain what is and what is not.its not yet been stated how the remaining construction will be funded but governor fashola explicitly stated that the buyback will in no way be a burden to taxpayers.i will want to believe a longterm bond will be offered and that proceeds from tolling will be used to pay out returns.if that is the case,then taxpayers will not bear the burden but as stated earlier,we are not certain of the details of the agreement and next move of the LASGsometimes i wish such meticulous scrutiny of articles were also applicable to incidences like the Stella Oduah saga or articles involving when the presidency is called a thief but ko buru. But dont you think the reason why no one has seen any verifiable link to back up this or any other story/allegation is because the LASG has placed a gag order on all their public official thus casting the FOI bill in Lagos on a null and void pedestal ? Funny our anti corruption crusaders are always fighting for what they can not give even to an ant talk less of an elephant. But what did i expect when the bastions of true democracy aka APC flogged people of lekki ajah axis into submission so as to accept the illegal & evil tolling of less than 10km of express way. How we go do na ? Evil must continue. 4 Likes |
Re: Lekki Toll Road Buy Back.......my Thoughts...by Senator Musiliu Obanikoro by seanet02: 11:31pm On Oct 22, 2013 |
If anybody is not happy with how the lekki road is being handled, such a person is free to petition the Economic and Financial Crimes commission. Ranting here like an infected rabid dog is the height of ediocy. |
Re: Lekki Toll Road Buy Back.......my Thoughts...by Senator Musiliu Obanikoro by adconline(m): 3:59am On Oct 23, 2013 |
Who are the shareholders of ARM , Hitech and LCC? 1 Like |
Re: Lekki Toll Road Buy Back.......my Thoughts...by Senator Musiliu Obanikoro by adconline(m): 4:06am On Oct 23, 2013 |
seanet02: If anybody is not happy with how the lekki road is being handled, such a person is free to petition the Economic and Financial Crimes commission.Display of idiocy brought to u by cretinous brain! 8 Likes |
Re: Lekki Toll Road Buy Back.......my Thoughts...by Senator Musiliu Obanikoro by Mowire: 8:25am On Oct 23, 2013 |
An interesting analysis. But I believe that a well laid out cost-benefit analysis will defeat the conclusions drawn by Obanikoro in this article. And I think his critical thinking should include alternative ways out:or should that road that has become too important for Lagos economic plans be abandoned? |
Re: Lekki Toll Road Buy Back.......my Thoughts...by Senator Musiliu Obanikoro by agohavivi(f): 9:31am On Oct 23, 2013 |
taharqa:1000likes 2 Likes |
Re: Lekki Toll Road Buy Back.......my Thoughts...by Senator Musiliu Obanikoro by Bensonite: 11:04am On Oct 23, 2013 |
Mowire: An interesting analysis. But I believe that a well laid out cost-benefit analysis will defeat the conclusions drawn by Obanikoro in this article.Explain how a well laid out cost-benefit analysis flaws the conclusion made on the article. The premise for that conclusion has undoubtedly establish monumental fraud committed by LASG and her allies and should be the real worry. Who is bearing the extra cost you mentioned? 3 Likes |
Re: Lekki Toll Road Buy Back.......my Thoughts...by Senator Musiliu Obanikoro by taharqa: 7:33am On Oct 25, 2013 |
taharqa: #sorry, the total amount that wud eventuali be spent is more than #130bn, and not even the #103bn I initiali thought: #15bn to 'buy back' d FAILED Concession; #6.8bn and #3.5bn to pay the Debts incurred by the FAILED Concessionaire; #5bn initiali paid by d LASG to d Concessionaire at d start of d project; and of course, d #87.7bn the LASG wud borrow tru placing Bonds to 'complete' d road. Adding all these, plus the monies the Concessionaires have collected since 2011 as Tolls, shld begin to give d fuller extent of d amount involved in this Fraud!!!.... Oh! Shiit: I also forgot to add d #35bn d Concessionaires said they already spent on the largely unfinished road. Adding everything will lead to a total of bw #170- #180bn spent on a 49km Road. I feel SICK in the stomach right now 2 Likes |
Re: Lekki Toll Road Buy Back.......my Thoughts...by Senator Musiliu Obanikoro by taharqa: 10:38am On Oct 25, 2013 |
seanet02: If anybody is not happy with how the lekki road is being handled, such a person is free to petition the Economic and Financial Crimes commission.lol....why am I not surprised?? |
Re: Lekki Toll Road Buy Back.......my Thoughts...by Senator Musiliu Obanikoro by talktimi(m): 12:09pm On Oct 25, 2013 |
taharqa: lol....why am I not surprised??surprise ke ? They have complete monopoly over sleaze & s#it talk na |
Re: Lekki Toll Road Buy Back.......my Thoughts...by Senator Musiliu Obanikoro by naija2dabone(m): 2:10pm On Oct 25, 2013 |
Delafruita: much as i appreciate the attempt to put things into perspective,it is important to understand that conjectures/arguments can never replace fact.it is unfortunate that article that seems to contain so much information failed to provide proof for the most important information:the amount spent so far on the project.the author simply said "based on information available in various media" without providing a single link or quote from any of the so called media.its unfortunate that things didnt work out with the concession as expected but then the state owes taxpayers the duty of ensuring the completion of that project without giving in to the demands of LCC and that necessitated the buyback.the details of the agreement are not available and these should understandably be in the public domain.but without the such details in addition to details of what has been spent and what has accrued from tolling,its impossible to ascertain what is and what is not.its not yet been stated how the remaining construction will be funded but governor fashola explicitly stated that the buyback will in no way be a burden to taxpayers.i will want to believe a longterm bond will be offered and that proceeds from tolling will be used to pay out returns.if that is the case,then taxpayers will not bear the burden but as stated earlier,we are not certain of the details of the agreement and next move of the LASG pls just shut up! 2 Likes |
Re: Lekki Toll Road Buy Back.......my Thoughts...by Senator Musiliu Obanikoro by naija2dabone(m): 2:12pm On Oct 25, 2013 |
pls join me in the 'front page' campaign for this thread |
Re: Lekki Toll Road Buy Back.......my Thoughts...by Senator Musiliu Obanikoro by jmaine: 2:52pm On Oct 25, 2013 |
naija2dabone: pls join me in the 'front page' campaign for this thread There is a deep conspiracy not too publicize this mega fraud 2 Likes |
Re: Lekki Toll Road Buy Back.......my Thoughts...by Senator Musiliu Obanikoro by Afolabs101: 2:55pm On Oct 25, 2013 |
taharqa: The Info used in this article is largely correct. They came from figures (d limited) ones d LASG agreed to release to d public on this FRAUD- I think it was from d Works or Finance Commissioner. There was a Thisday Article that reported d full scale of d figures involved as given by LASG officials (smone opened a thread sm time back here but I hv not been able to track it down; BUT I certainly wud and wud post it soon). You may then begin to get a sense of d extent of the FRAUD... Please provide a link to that article @Post, This has been a fraudulent project from the beginning. I suffer most days in traffic and then have to part with my hard earned money so because people are too busy looting. I strongly believe that with the money Lagos State earns plus Federal allocation, the state should have absolutely no problem upgrading that road from VI to Epe. The amount of tax collected by Lagos on that stretch is mind-boggling!! FASHOLA, REMOVE THOSE TOLLS |
Re: Lekki Toll Road Buy Back.......my Thoughts...by Senator Musiliu Obanikoro by takedat(m): 7:02pm On Oct 25, 2013 |
I have to commend Koro for expressing his thoughts on the concession arrangement/agreement shrouded in cloak of secrecy and tainted by fraud right from its conception. If I have a grudge against LASG, it is the opacity of her financial dealings. The arrangement was not well structured, ill-conceived from the start. The buy back is to limit the damages which has occurred and that to occur in the future if the right wasn't bought back. Such hiccup was bound to happen. The same reason why that of Lagos-Ibadan expressway concession arrangement with bi-courtney failed, and also the same with the local wing of MM airport. |
Re: Lekki Toll Road Buy Back.......my Thoughts...by Senator Musiliu Obanikoro by taharqa: 10:11am On Oct 26, 2013 |
Afolabs101:Scroll down on this page, and you wud find the Links... |
Re: Lekki Toll Road Buy Back.......my Thoughts...by Senator Musiliu Obanikoro by Nobody: 10:21am On Oct 26, 2013 |
take dat: I have to commend Koro for expressing his thoughts on the concession arrangement/agreement shrouded in cloak of secrecy and tainted by fraud right from its conception. If I have a grudge against LASG, it is the opacity of her financial dealings. The arrangement was not well structured, ill-conceived from the start. The buy back is to limit the damages which has occurred and that to occur in the future if the right wasn't bought back. Such hiccup was bound to happen. The same reason why that of Lagos-Ibadan expressway concession arrangement with bi-courtney failed, and also the same with the local wing of MM airport. Sentiments shared. |
Re: Lekki Toll Road Buy Back.......my Thoughts...by Senator Musiliu Obanikoro by PointB: 1:24pm On Oct 26, 2013 |
The fraud outlined in this article is mind-boggling. Yet we don't see Ghana-must-go activists hit the street to protest. But I must blame the PDP and opposition elements in Lagos state for going to sleep on their responsibility. Lagos state has gone to the 2 Likes |
Re: Lekki Toll Road Buy Back.......my Thoughts...by Senator Musiliu Obanikoro by nduchucks: 1:31pm On Oct 26, 2013 |
PointB: The fraud outlined in this article is mind-boggling. Yet we don't see the Ghana-must-go activist hit the street to protest. But I must blame the PDP and opposition elements in Lagos state for going to sleep on the responsibility. Lagos state has gone to the Unfortunately, what we have here may be fraudulent but it appears legal. These are the people who Michael Jackson (RIP) referred to as "Smooth Criminals", as opposed to sloppy learners like Odua. Either way, both types of criminals should be dealt with accordingly. The ordinary Lagosian is not sophisticated enough to understand these deals let alone, accept that fraud was involved, and this may explain the lack of outrage. In the case of Odua, even uneducated illiterates understand the abuse. |
Re: Lekki Toll Road Buy Back.......my Thoughts...by Senator Musiliu Obanikoro by PointB: 1:54pm On Oct 26, 2013 |
^^^^ The same reason I put the blame on the PDP and other opposition elements in the state. What have they done to hold Fashola accountable? What have they done to educate the citizens on the massive sleaze going on in Lagos state. Seems to me that even the opposition are clueless as to what need to be done, let alone how it could be done to bring Fashola to account. And here is Obanikoro sounding largely academical, rather than coming down to the level of the ordinary lagosians. If he is convinced that Fashola is a thief, beating about the bush as he is currently doing, is not the way to go about it. Call a spade a spade! |
Re: Lekki Toll Road Buy Back.......my Thoughts...by Senator Musiliu Obanikoro by Boss13: 7:46pm On Oct 26, 2013 |
taharqa: #sorry, the total amount that wud eventuali be spent is more than #130bn, and not even the #103bn I initiali thought: #15bn to 'buy back' d FAILED Concession; #6.8bn and #3.5bn to pay the Debts incurred by the FAILED Concessionaire; #5bn initiali paid by d LASG to d Concessionaire at d start of d project; and of course, d #87.7bn the LASG wud borrow tru placing Bonds to 'complete' d road. Adding all these, plus the monies the Concessionaires have collected since 2011 as Tolls, shld begin to give d fuller extent of d amount involved in this Fraud!!!.... Oh! Shiit: I also forgot to add d #35bn d Concessionaires said they already spent on the largely unfinished road. Adding everything will lead to a total of bw #170- #180bn spent on a 49km Road. I feel SICK in the stomach right now... You forgot to include the interest the state govt will pay for the bond. 1 Like |
Re: Lekki Toll Road Buy Back.......my Thoughts...by Senator Musiliu Obanikoro by Boss13: 7:52pm On Oct 26, 2013 |
PointB: ^^^^ True I do not like his approach. It is just too objective and open ended. Though it is beautiful piece of article, allowing you to form your own opinion and once you are through reading your mouth is wide open. Maybe, he doesn't want criticism, maybe he is shying away from the normal norm of oppositions always fighting the ruling party. However, he should be more direct by calling the perpetrators the names they truly deserve. That's the only way an average Nigerian will understand. Like I previously said when the news first broke, this is the smoothest and most intelligent public fraud of all time, master minded by the two arms of govt in lagos state (executive and legislature). I got tired because many people are not making noise about this. My fear is that if people don't scream, we may start to pay for public service even after we pay taxes. |
Re: Lekki Toll Road Buy Back.......my Thoughts...by Senator Musiliu Obanikoro by PointB: 8:22pm On Oct 26, 2013 |
^^^^ The fact is that the people are already paying, and through the nose for that matter, for an infrastructures built with their own money. It is simply double taxation; only God knows when it will end. The whole concession became a fraud the moment the LCC (and other partner) started collecting tolls without completing the road, despite the fact the Lagos State has committed 5B Naira to it. What needed to be done as pointed out by Taharqa is that Fashola (Lag State) should have revoked the agreement on account of their inability to meet deadline. Alternately, Fashola (Lag State) should not have allowed LCC (Tinubu) to collect tolls until the road is completed. But here we are with Fashola offering to pay Tinubu (buy back) to terminate an agreement that he (Tinubu) breached. In addition to that all debts owned by Tinubu (LCC) as a result of not completing the road, several years after it was due, will be paid by Fashola. It is either Fashola is incredibly dumb or Tinubu is a very smart. Or better still they are both thieves, stealing lagos blind. Yet some loonies on cheap cracks praise them daily with their - 'eko o ni baje' ignorant chants. 1 Like |
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