We have a very good seaport at Koko, Delta State.. Why has it not been developed?

emiye:


Forget about what you and I think. We have land and estate valuers, so an independent professional land valuers can be employed to estimate that land. If the FG refuses to co-opeate with the assessment of an independent land valuer, then it simply does not want the success of the project, it is a clog in the wheel, that should be pushed out in every means possible., it is very annoying to be told value of land is a problem in such worthwhile project.

emiye:
If me and you in a joint venture want to set up a pure water manufacturing coy, and i am contributing a building and you are contributing the machines, to avoid disagreement, certified independent assessors can quantify the monetary value of my building, that way my equity contribution is determined.

It's not as simple as you guys are trying to make it. Land valuation has a subjective aspect. It is common to see valuer for opposing sides in litigation come up with widely varying property values. Similarly, a lot of banks in Nigeria have got their fingers burnt by relying on valuation reports.
Another challenge (at least in the Nigerian case) is agreeing on who is an 'independent valuer'. Will Lagos State accept a firm with majority Hausa, Igbo or Ijaw partners as 'independent'? Or will the FG accept a Lagos based firm (which most likely has done business with LASG previously) as independent? Will LASG accept one that has business dealings with FG? Should they take the average of several independent valuations ☺?

But whatever the case NPA is within It's rights to request to verify It's partners' claims. We should always try to encourage due diligence in government agencies.

It seems odd to me though that an independent valuation wasn't done much much earlier ie before land acquisition (except if NPA was not involved at the inception), at this stage the objectivity of the process will suffer.
I also find it odd that LASG is putting up the land as It's contribution since usually Nigerian governments (both state and federal) just appropriate land for their projects and only pay the residents compensation for improvements on the land and cash crops.

nicflame:

When you fail to notice that there's little difference between the 20% the whole federal gov't is contributing, and the 18.5% just a state is contributing, then mathematics has failed you by dear brother.

That 18.5% Lagos is contributing consists solely of what they claim as the value of the land.
They are not putting up a single kobo besides making the land available.

In other words the land is valued at $277.5million (18.5% of $1.5billion), which translates to ₦44.4billion (at ₦160/$).

XKZ:



It's not as simple as you guys are trying to make it. Land valuation has a subjective aspect. It is common to see valuer for opposing sides in litigation come up with widely varying property values. Similarly, a lot of banks in Nigeria have got their fingers burnt by relying on valuation reports.
Another challenge (at least in the Nigerian case) is agreeing on who is an 'independent valuer'. Will Lagos State accept a firm with majority Hausa, Igbo or Ijaw partners as 'independent'? Or will the FG accept a Lagos based firm (which most likely has done business with LASG previously) as independent? Will LASG accept one that has business dealings with FG? Should they take the average of several independent valuations ☺?

But whatever the case NPA is within It's rights to request to verify It's partners' claims. We should always try to encourage due diligence in government agencies.

It seems odd to me though that an independent valuation wasn't done much much earlier ie before land acquisition (except if NPA was not involved at the inception), at this stage the objectivity of the process will suffer.
I also find it odd that LASG is putting up the land as It's contribution since usually Nigerian governments (both state and federal) just appropriate land for their projects and only pay the residents compensation for improvements on the land and cash crops.

better talk!
when u r eating with the devil, use long spoon!

Goddex: So, Lagos state govt is contributing only land? They are even fraudulently inflating the cost of the land.

Why were these Louthmouthed APC supporters of APC running their stinking mouths with lies of Fashola building a Lekki seaport if the actual financing is to be done by GEJ and a foreign investor?

supporters of APC lying since 1521

APC has always been a clog in the wheel of progress.

See how their ineptitude has frustrated the FG's programs.

emiye: So it is the NPA footdragging? They just might continue to investigate the value of the land contributed by LASG for the next 5 years, and at the end nothing gets done . I will implore the LASG to seek for a means to take up the portion of the FG (NPA) if actually that is possible.

How long should it take to value a land for goodness sake ? There are thousands of independentt land valuers, employ one and get the job done.

You obviously are looking at this from a very favourable point of view for LASG, right
What makes you think the land has not been valued by a professional estate surveyor and that the resulting value was REJECTED by one or more of the parties to the project
Is the COMPENSATION paid to the original landowners not also a good measure of the value

After collecting plenty accolade and praise-worship from its teeming MUGUS, Fashola's administration cannot deliver on this project- that is the reality.

CyberG:

Well, apparently the ONLY governors with sense, vision, administrative and leadership potentials are virtually ONLY in the South Western part of Nigeria!

From: https://www.nairaland.com/1344968/construction-seaport-airport-begins-lekki

I hope it will not end up as "bad business" just like the SCAM of the Floating boat Sunborn hotel- N8 billion just like that

When will Lagos learn that Fg will continue to be a clog in Yoruba wheel of progress. Can't Fasola find another foreign investor to take the 20% meant for Fg? For how long are we going to sit and watch Fg use bone to drag out meat?

Fasola please just drop Fg with their 20%, afterall it's not as if they are contributing even a quarter of the cost. Abeg drop them and find others to replace the yeye 20%.

whitecat007: When will Lagos learn that Fg will continue to be a clog in Yoruba wheel of progress. Can't Fasola find another foreign investor to take the 20% meant for Fg? For how long are we going to sit and watch Fg use bone to drag out meat?

Fasola please just drop Fg with their 20%, afterall it's not as if they are contributing even a quarter of the cost. Abeg drop them and find others to replace the yeye 20%.

i am sure Eko Ile and CyberG will provide you very good answers sharp sharp.
Dey there dey wait oh

a Singaporean firm being a major stakeholder of our seaport is laughable

nicflame:

Seaport should be built to landlocked states like kaduna, kano, osun, ekiti abi... Smh for you

Is lagos the only state by the atlantic.


Smh for you and your generations.

XKZ:

That 18.5% Lagos is contributing consists solely of what they claim as the value of the land.
They are not putting up a single kobo besides making the land available.

In other words the land is valued at $277.5million (18.5% of $1.5billion), which translates to ₦44.4billion (at ₦160/$).

Now that's one very very expensive land

obedz: a Singaporean firm being a major stakeholder of our seaport is laughable

The Port of Singapore is the world's second-
busiest port in terms of total shipping tonnage, it
also trans-ships a fifth of the world's shipping
containers, half of the world's annual supply of
crude oil, and is the world's busiest transshipment
port. It was also the busiest port in terms of total
cargo tonnage handled until 2005, when it was
surpassed by the Port of Shanghai.
http://en.m.wikipedia.org/wiki/Port_of_Singapore

XKZ:

That 18.5% Lagos is contributing consists solely of what they claim as the value of the land.
They are not putting up a single kobo besides making the land available.

In other words the land is valued at $277.5million (18.5% of $1.5billion), which translates to ₦44.4billion (at ₦160/$).

If it reads like a SCAM, smells like a FRAUD then it must be a 419

At least it's better than Fg under this administration that you invite for dinner only to hold your hands.

obedz: a Singaporean firm being a major stakeholder of our seaport is laughable

whitecat007: At least it's better than Fg under this administration that you invite for dinner only to hold your hands.

Do you mind to explain for those of us not smart enough to understand sharp parables from highly intelligent NLers like you.

NPA foot-dragging is an order from above, waiting for PDP to capture Lagos in 2015 (In their dreams) so as to take glory for the project

this issue needs to be addressed

fed. Govt. Should divert dere attention to onitsha sea port or bayelsa i wonder what's d fuss is also about lagos, with d rate of overpopulation in i think dis project should b taken to states dat deserves it

nicflame:

When you fail to notice that there's little difference between the 20% the whole federal gov't is contributing, and the 18.5% just a state is contributing, then mathematics has failed you by dear brother.

Mathematics MAY have failed him as you allege, due to the use of corpers for teaching rather than recruit PROFESSIONAL qualified teachers in our secondary schools by the state governors, including Fashola.
What do you think

eaglechild:

APC has always been a clog in the wheel of progress.

See how their ineptitude has frustrated the FG's programs.

APC which was formed last year has suddenly become the cause of FG's ineptitude since 1999 right?

nicflame:

Seaport should be built to landlocked states like kaduna, kano, osun, ekiti abi... Smh for you

In your vast knowledge of Nigerian geography, the only states in Nigeria are kaduna, kano, osun, ekiti??..

We no longer have coastal states like Ondo, Delta, Bayelsa, Rivers, Akwa-Ibom, Cross Rivers??

In your bid to play politics, you have wilfully decided to act ignorant?... na u we need to shake head for

obayaya:
Now that's one very very expensive land

It sure is! That comes to about 3.75m per plot (as per my rough calculation using figures earlier provided in the thread).

Cotton:

It sure is! That comes to about 3.75m per plot (as per my rough calculation using figures earlier provided in the thread).

And what is expensive about a 3.75 million per plot land in Lagos?

emiye:
And what is expensive about a 3.75 million per plot land in Lagos?

I think we'd need to look at the land location. The area of the port is near Eleko Beach. In fact you need to drive past Eleko town to get there. Similar land in that remote are does not go for that price. The land cost in that area is in the region of 600k to 1m. However when the development takes place, it would be normal for prices to rise.

Unless of course the LASG is basing their equity contribution on the future value of the land. They may have a point. If that is the case, it should have been spelt out in the beginning.

XKZ:



It's not as simple as you guys are trying to make it. Land valuation has a subjective aspect. It is common to see valuer for opposing sides in litigation come up with widely varying property values. Similarly, a lot of banks in Nigeria have got their fingers burnt by relying on valuation reports.
Another challenge (at least in the Nigerian case) is agreeing on who is an 'independent valuer'. Will Lagos State accept a firm with majority Hausa, Igbo or Ijaw partners as 'independent'? Or will the FG accept a Lagos based firm (which most likely has done business with LASG previously) as independent? Will LASG accept one that has business dealings with FG? Should they take the average of several independent valuations ☺?

But whatever the case NPA is within It's rights to request to verify It's partners' claims. We should always try to encourage due diligence in government agencies.

It seems odd to me though that an independent valuation wasn't done much much earlier ie before land acquisition (except if NPA was not involved at the inception), at this stage the objectivity of the process will suffer.
I also find it odd that LASG is putting up the land as It's contribution since usually Nigerian governments (both state and federal) just appropriate land for their projects and only pay the residents compensation for improvements on the land and cash crops.

Well, i have no problem with the FG trying to verify its partners claim, but the long and typical fruitless process the FG takes in doing most of its things. From the report they have formed committees, and we all know how bureaucratic fruitless committees are their trademark, this will take forever, and at the end nothing gets done . Where are the 4 greenfield refineries promised by the fed. govt. since 2011? Still @ committee stage i guess.



I cant get to barb your hair when you are not there, the FG a partner to the project is expected to know what each partner is bringing to the table from the outset, i have absolute doubt about the sincerity and commitment of the FG to the success of the project.

On

emiye:

the FG a partner to the project is expected to know what each partner is bringing to the table from the outset, i have absolute doubt about the sincerity and commitment of the FG to the success of the project.

It depends on the stage at which FG was brought in. If NPA has been there all along and was involved in picking the site and selecting the private partner, then FG is totally guilty of foot dragging.
But if NPA was brought in mid-project and confronted with these demands then the fault lies with LASG.

To put it in perspective, how much do other states charge FG for land used for federal projects in their territories?

I think a simple solution suggests itself. FG and LASG should split the value of the land 50/50 and include it as part of their equity. They should also jointly finance the compensation of those currently occupying the land.

In other words, LASG will only lay claim to 50% of the land value as It's equity contribution, while FG takes up the other half.

This is actually a Lagos State project. It was conceived and planned by the state.

Unfortunately, under the Constitution, the Federal Government has authority over the building of Sea or Air ports.

Once Lagos state started discussion with the Federal Government for permission, the Federal Govt insisted it must have a share in this sweet project before it would allow it to go ahead .

Also, that the Federal share must be more than that of Lagos state, hence the 20% to 18.5% Federal/State holding. . See the pettiness of the so - called Federal Govt?

Now they are arguing about how much Lagos's equity contribution is worth, more than 2 years after they could have raised this issue.


For those who don't know, Federal Government is simply trying to frustrate this project or at least slow it down as much as possible.

But for the constitutional issue, Lagos State didn't/doesn't need the Federal Govt's involvement in this project, but the Federal does not want the glory of this project to go to Lagos State.

Remember, there is a good chance that this port will be a major competitor to, and put to shame, the Federal-owned Apapa/Tin Can ports. The Federal govt is just looking for ways to sabotage this project.

Nigeria's Federalism is a sham. The PDP Federal govt is always out to impose itself on states, especially opposition states.

Goddex: So, Lagos state govt is contributing only land? They are even fraudulently inflating the cost of the land.

Why were these Louthmouthed APC supporters of APC running their stinking mouths with lies of Fashola building a Lekki seaport if the actual financing is to be done by GEJ and a foreign investor?

supporters of APC lying since 1521

Talk like an educated man. Someone who can reason issues out.

Thy are providing land. Is land cheap?? They are even making a loss because its not like the land is there. They are reclaiming land that was formerly eroded by the ocean which the FG could have avoided if they did dredging and shoreline control when they were supposed to have done so.

Go and see what land reclamation entails and tell me if its chips.

edogirl2:
This is actually a Lagos State project. It was conceived and planned by the state.

Unfortunately, under the Constitution, the Federal Government has authority over the building of Sea or Air ports.

Once Lagos state started discussion with the Federal Government for permission, the Federal Govt insisted it must have a share in this sweet project before it would allow it to go ahead .

Also, that the Federal share must be more than that of Lagos state, hence the 20% to 18.5% Federal/State holding. . See the pettiness of the so - called Federal Govt?

Now they are arguing about how much Lagos's equity contribution is worth, more than 2 years after they could have raised this issue.


For those who don't know, Federal Government is simply trying to frustrate this project or at least slow it down as much as possible.

But for the constitutional issue, Lagos State didn't/doesn't need the Federal Govt's involvement in this project, but the Federal does not want the glory of this project to go to Lagos State.

Remember, there is a good chance that this port will be a major competitor to, and put to shame, the Federal-owned Apapa/Tin Can ports. The Federal govt is just looking for ways to sabotage this project.

Your posts is quite enlightening, it clears up the air on when FG came into the project, why it did not have an independent valuation done before inception and why the land is priced as it is. Though it would be helpful if you could provide links to verify some of the info.

However, you seem to contradict yourself when you say the FG wants a share of the juicy project and also claim they are trying to frustrate it.

Also since the value of the land is fixed the FG insisting on having a larger share than LASG will only result in FG putting up more hard physical cash for the project which I believe is actually good for the project (especially if no one else is ready to put up that $300m) and to LASG's benefit.

I'm not thoroughly conversant with the mandate of the NPA but it seems to me that it isn't compulsory for FG to put up a share in the project for NPA to exercise that mandate. For example there are private and state built airports still being regulated by the NCAA.

With regards to the Nigerian Constitution, in as much as we all agree it has a lot of shortcomings I'm not sure port management is one of those. It's generally the usual practice all over the world for the federal government to provide the regulatory framework for port operation under a federal constitution.

TS2:


Thy are providing land. Is land cheap?? They are even making a loss because its not like the land is there. They are reclaiming land that was formerly eroded by the ocean which the FG could have avoided if they did dredging and shoreline control when they were supposed to have done so.

Go and see what land reclamation entails and tell me if its chips.

Are you saying LASG's equity is the cost of reclaiming land for the project?
Is all the 90 hectares reclaimed land?
Why would LASG reclaim the land before the project and not as part of the project?
This seems to contradict everything that has been said before now, both here and elsewhere.
www.lekkiport.com/theport/location.html

edogirl2:
Once Lagos state started discussion with the Federal Government for permission, the Federal Govt insisted it must have a share in this sweet project before it would allow it to go ahead .

Also, that the Federal share must be more than that of Lagos state, hence the 20% to 18.5% Federal/State holding. . See the pettiness of the so - called Federal Govt?

The Sponsors, the Tolaram Group, is expected
to hold a beneficial interest of up to 45% in the
project while the NPA and Lagos State Government
are expected to hold approximately 20% each.

www.lekkiport.com/about-port-lekki/project-structure.html

There is nothing more painful to PDP(Federal govt.) than not controlling Lagos state.They don't mind giving up 3 states to be in control of lagos.lol
e dey pain dem dieeeeeeeeeeeeeeee