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The Opportunity Cost Of The Godswill Akpabio International Stadium by Blue3k(m): 9:15pm On Sep 02, 2017
By Inibehe Effiong

Governor Udom Emmanuel of Akwa Ibom State is giving out the sum of $40,000.00 (N14 million based on the exchange rate of N350 to $1) to the Nigerian senior national football team, the Super Eagles, for defeating their Cameroonian counterpart, the Indomitable Lions, at the Godswill Akpabio International Stadium in Uyo on Friday September 1, 2017, in fulfillment of his ostensibly impulsive promise to donate $10,000 to the team for every goal scored.

If it is necessary to donate public funds to players, who have already made it in life materially, before they can win a match at home, then what is the cacophony about?

Ironically, two years after the state government owned Akwa United Football Club won the 2015 FA Cup, Governor Udom Emmanuel is yet to fulfill his promise to give each of the 34 registered players of the local club N2 million and a house.

I do not like sports. However, anytime that the Super Eagles play, I devote considerable time to watching their match, if circumstances allow me to do so.

Like every patriot, I am delighted that Nigeria won. What I will not concede to, is the argument that because of Friday’s victory by our national team, I, as an active and responsible citizen, should not interrogate the economic value of the Godswill Akpabio International Stadium to Akwa Ibom State.

The Godswill Akpabio administration awarded an estimated and whopping $250,000,000.00 (Two hundred and fifty million dollars) contract for the construction of the stadium in 2012 to Julius Berger Plc. The project was slated to be completed in 2014.

It was designed to be a 30,000 seater ultra modern MULTI-PURPOSE sports complex, modelled after Allianz Arena, a football stadium in Munich, Bavaria, Germany, with a 75,000 seating capacity.

Apart from the football pitch, a 400 metre running track for athletic events and other sporting facilities were supposed to be part of the structure.

Today, people seem to have forgotten the outrageous amount of money that was thrown into the construction of the stadium. I also wonder why those who constantly admonish me to be “a constructive critic”, have not asked questions about the whereabouts of the athletic and other components of the stadium?

Why is the stadium SINGLE-PURPOSE (solely for soccer) and not multi-purpose as specified in the contract for its construction?

Why are we reticent about the fact that nearly Seven years after Senator Akpabio awarded the scandalously inflated contract for the stadium to Julius Berger Plc, the project, like most of Akpabio’s other white elephant projects (like the Tropicana Entertainment Centre, Four-Point Sheraton Hotel, etc) remains uncompleted?

Where is the 250 million dollars, which if it had been properly invested, could have yielded 31 industries across the 31 local government areas of Akwa Ibom State (which Akpabio promised, budgeted funds for, but NEVER built)?

The stadium, we were told, was going to boost the internally generated revenue of Akwa Ibom State.

Today, I am publicly challenging anyone who feels that the Godswill Akpabio International Stadium has economic value to Akwa Ibom State, to tell us how much, in figures, has been generated by the state government between 2014 when it was commissioned to date?

What we clearly see is that rather than generate revenue for the state, the Godswill Akpabio International Stadium has become a liability. It is a drain on the resources of Akwa Ibom State.

If emotional satisfaction and not profits is all that we derived from having “an International stadium”, it means there is a problem.
Akwa Ibom State Government spends money to lobby the Nigerian Football Federation (NFF) in order for matches to be brought to the stadium. The state government also gives out money to players to “motivate” them during matches. It is evident that funds also go into certain logistics each time a match is to be played at the stadium.

How much has the state derived so far from sales of tickets? Investment without returns is useless. Football is business. That is why Alhaji Aliko Dangote is reportedly looking into the prospects of buying Arsenal football club.

The money that goes into the private sector from visiting spectators who lodged in hotels and patronised goods and services in Akwa Ibom State each time an international or local match is taken to the stadium, will never justify the huge amount of money dissipated by the state government on the construction of the stadium and hosting of matches.

A vast majority of the people who go to the stadium to watch matches are residents of Akwa Ibom State who have no need of securing hotel accommodation.

In the final analysis, we will all see that an International stadium (uncompleted), is not a priority for a civil service state like Akwa Ibom, where government is the largest employer of labour.

The stadium is an unproductive legacy of squandermania. It is a white elephant project that was used to siphon money.

While basking in the euphoria of Friday’s victorious outing of the Super Eagles at the Godswill Akpabio International Stadium in Uyo, let us bear in mind that the stadium is owned by a state in Nigeria where pensioners and retirees are dying without receiving their gratuity and pensions.
Do not forget that in that same Akwa Ibom, the next-of-kin of late primary school teachers, between 1991 to date, have not received their entitlements.

It is in that same Akwa Ibom State that Starwood Hotels & Resorts’ recently terminated its contract with the government to manage the state-owned Five-Star Hotel, Le Meridien Hotel & Golf Resort, over a debt of N394 million owed the international hotel services company by the government.

In counting areas where the Akwa Ibom State Government has FAILED in its responsibilities and financial obligations, the list is endless.

If the $250 million had been invested wisely in education, job creation or mass housing in Akwa Ibom State in 2012, it would have had tremendous generational impacts on the citizens of the oil-rich but impoverished state.

Tragically, the then profligate governor played to the gallery and dissipated such huge but scarce resources on a needless stadium project which remains uncompleted and economically unproductive.

May Nigeria not be destroyed by the crass misadventures of morally deficient, financially reckless and intellectually bankrupt leaders who would rather mortgage the future of the citizens than invest sensibly in productive ventures, in their outrageous and insatiable propensity for vainglory.

Inibehe Effiong, a legal practitioner and the convener of the Akwa Ibom Conscience, can be reached via: inibehe.effiong@gmail.com


Source: http://opinion.premiumtimesng.com/2017/09/02/the-opportunity-cost-of-the-godswill-akpabio-international-stadium-by-inibehe-effiong/

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Re: The Opportunity Cost Of The Godswill Akpabio International Stadium by abokibuhari: 9:17pm On Sep 02, 2017
angry
Re: The Opportunity Cost Of The Godswill Akpabio International Stadium by Homeboiy: 9:22pm On Sep 02, 2017
I am confused

Has the governor revoke his promise?
Re: The Opportunity Cost Of The Godswill Akpabio International Stadium by Blue3k(m): 9:22pm On Sep 02, 2017
Seriously how much revenue does the stadium generate? People celebrate this project without considering economic benefits derived from this project. That's why they are so ready for another stadium to be built in Eket.

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Re: The Opportunity Cost Of The Godswill Akpabio International Stadium by Nobody: 9:26pm On Sep 02, 2017
o boy.....after reading the post, I can only say corruption is in play.

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Re: The Opportunity Cost Of The Godswill Akpabio International Stadium by Nobody: 9:28pm On Sep 02, 2017
let's look at it from this perspective, visitors troop in every time to watch the eagles play. Each visitor in my own estimation lodges in a hotel with the state owned Le Meridian getting full to the brim, essential products are bought by visiting individuals thereby stimulating the economy of the state as well as boasting tourism too.
As for the governor's cash donations all I can say is a big HABA !

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Re: The Opportunity Cost Of The Godswill Akpabio International Stadium by Nobody: 9:34pm On Sep 02, 2017
Nigerdeltaboi:
let's look at it from this perspective, visitors troop in every time to watch the eagles play. Each visitor in my own estimation lodges in a hotel with the state owned Le Meridian getting full to the brim, essential products are bought by visiting individuals thereby stimulating the economy of the state as well as boasting tourism too.
As for the governor's cash donations all I can say is a big HABA !
if u carefully read the post....it is stated that majority of the spectators are ibomites, most of them don't need to lodge in a hotel. only the opponent team will be lodged. unless Nigeria is hosting a competition, it is not generating anything compared to the amount spent on the stadium.

it is not even an ultra modern sport complex....WTF!

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Re: The Opportunity Cost Of The Godswill Akpabio International Stadium by Nobody: 9:56pm On Sep 02, 2017
shervydman:

if u carefully read the post....it is stated that majority of the spectators are ibomites, most of them don't need to lodge in a hotel. only the opponent team will be lodged. unless Nigeria is hosting a competition, it is not generating anything compared to the amount spent on the stadium.

it is not even an ultra modern sport complex....WTF!
I did read the post and of course majority of the spectators will be ibomites na.
I haven't been to the stadium but I watched the past governor during the commissioning say it was equipped with lawn tennis courts and other games likewise cafes too. it will be foolhandy to expect sudden returns moreover that facility was built to provide sporting exposure to ibomites.
Politics and corruption may have taken place which cannot be ruled out, IMO the construction of the stadia is not a waste.

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Re: The Opportunity Cost Of The Godswill Akpabio International Stadium by richidinho(m): 10:12pm On Sep 02, 2017
Nigerdeltaboi:
I did read the post and of course majority of the spectators will be ibomites na.
I haven't been to the stadium but I watched the past governor during the commissioning say it was equipped with lawn tennis courts and other games likewise cafes too. it will be foolhandy to expect sudden returns moreover that facility was built to provide sporting exposure to ibomites.
Politics and corruption may have taken place which cannot be ruled out, IMO the construction of the stadia is not a waste.


Bro! Save your strength, don't just mind them, a state that hardly welcome up to 500 visitors in a month before Akpabio's era, they have forgotten that there was a Governor before Akpabio

Inibeghe or whatever is his name shld get ready to contest as governor in 2019 let's see how popular he is, nonsense!

Udom has 8yrs to govern the state, we are not disappointed in him, he is doing very well

Bringing people to the state during matches in the stadium is a very good way to market the state and show to the world that we are peaceful people, that alone can attract Foreign direct investments to the state

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Re: The Opportunity Cost Of The Godswill Akpabio International Stadium by Blue3k(m): 10:16pm On Sep 02, 2017
Nigerdeltaboi:
let's look at it from this perspective, visitors troop in every time to watch the eagles play. Each visitor in my own estimation lodges in a hotel with the state owned Le Meridian getting full to the brim, essential products are bought by visiting individuals thereby stimulating the economy of the state as well as boasting tourism too.
As for the governor's cash donations all I can say is a big HABA !

I personally don't think it generates that much money compared to lobbying and construction cost. It all depends on hotel revenue taxes, Ticket sales and TV revenue split Akwa Ibom negotiates. Funny enough Akwa Ibom and Starwood feel Le Meridian not giving them desired returns.

I don't agree with governor handing out public funds to these guys. If we Akwa Ibom wants to be generous let them hand it out to local charity or to foundation. If not just keep the money.

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Re: The Opportunity Cost Of The Godswill Akpabio International Stadium by Nobody: 10:23pm On Sep 02, 2017
Blue3k:


I personally don't think it generates that much money compared to lobbying and construction cost. It all depends on hotel revenue taxes, Ticket sales and TV revenue split Akwa Ibom negotiates. Funny enough Akwa Ibom and Starwood feel Le Meridian not giving them desired returns.

I don't agree with governor handing out public funds to these guys. If we Akwa Ibom wants to be generous let them hand it out to local charity or to foundation. If not just keep the money.
I agree with you, Cash donations of such should be discouraged.
I wish the super eagles donate the cash to those who truly need it.

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Re: The Opportunity Cost Of The Godswill Akpabio International Stadium by HoluwarTohbar(f): 10:46pm On Sep 02, 2017
You Akwa Ibomites here should give it up already! For the first time in history Akwa Ibom became a beautiful bride most suitors wanted for marriage. Attah and Akpabio did a lot to announce the backward state.

How can anybody expect that stadium to begin to generate so much profit already? That Akwa Ibom is in the conversation in this century deserves commendation.

Yes of course some elements of corruption would have taken place as is cultural with our thieving politicians, to dismiss the honour and pride of place that stadium brings to Akwa Ibom is sheer politicking!

I guess Akpabio needed that project to immortalize his name rather than spend so much expanding the airport and other projects not started by him.

If not for the Calabar stadium, UJ Esuene's achievements in office would have been obliterated by the sands of time. So how much profit does the Calabar stadium rake in yearly?

Nothing wrong with the cash donations, they can afford it comfortably.

The writer is just playing politics as usual...I bet he is not myopic to see the multiplying effect and other positive attractions that stadium will afford the state in 20yrs to come.

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Re: The Opportunity Cost Of The Godswill Akpabio International Stadium by hardywaltz(m): 11:06pm On Sep 02, 2017
When we opined this same sentiment in 2014 we were insulted to high heavens
Re: The Opportunity Cost Of The Godswill Akpabio International Stadium by Ehiscotch(m): 11:35pm On Sep 02, 2017
250 million dollars is freaking inflated. The governor ought to account for such a poorly equipped and improperly structured stadium. He ought to know that building a stadium in Nigeria doesn't generate enough revenue to cater for both the funds used in building the stadium(Capital) and the recurrent expenditure that will be incured in maintenaning the stadium in every year's budget. Where were his heavily and handsomely paid special advisers when you need them? The governor in my take was in too much a hurry to erect a monument that'd be named after himself and his half brained advisors or himself thought this up as a best way to do so.

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Re: The Opportunity Cost Of The Godswill Akpabio International Stadium by Nobody: 11:41pm On Sep 02, 2017
Ehiscotch:
250 million dollars is freaking inflated. The governor ought to account for such a poorly equipped and improperly structured stadium. He ought to know that building a stadium in Nigeria doesn't generate enough revenue to cater for both the funds used in building the stadium(Capital) and the recurrent expenditure that will be incured in maintenaning the stadium in every year's budget. Where were his heavily and handsomely paid special advisers when you need them? The governor in my take was in too much a hurry to erect a monument that'd be named after himself and his half brained advisors or himself thought this up as a best way to do so.
exactly my thought too......

1 Like

Re: The Opportunity Cost Of The Godswill Akpabio International Stadium by omohayek: 7:52am On Sep 04, 2017
A fantastic critique of a huge waste of money. It's too bad hardly any Nigerians - even the "educated" ones - understand the concepts of "opportunity cost" or return on investment. So much spending on projects in Nigeria is done simply because the ideas sound good, without any hard thought put into how much financial sense the proposals actually make. Of course, the politicians making the decisions are probably too busy thinking about how the contracts can be padded to steal as much as possible, but here my focus is on all the ordinary Nigerians who never stop to ask about whether there are better uses to which public money could be put.

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Re: The Opportunity Cost Of The Godswill Akpabio International Stadium by omenkaLives(m): 7:57am On Sep 04, 2017
Will leave this to the people of the state of debate. smiley

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Re: The Opportunity Cost Of The Godswill Akpabio International Stadium by OsuMmanu1: 8:01am On Sep 04, 2017
omenkaLives:
Will leave this to the people of the state of debate. smiley

Shatap

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Re: The Opportunity Cost Of The Godswill Akpabio International Stadium by buffalowings: 8:49am On Sep 05, 2017
M
Re: The Opportunity Cost Of The Godswill Akpabio International Stadium by iberrylee(m): 10:19am On Sep 05, 2017
which one is your problem here? is it the amount spent building the stadium or the revenue that should be generated, you clumsy piglets will be the one to rant online that south Africa have world class stadium world class Airport but Nigeria does not have a good stadium now govt built one you are crying again..put yourself in apkabio shoe if u won't inflate such project like he does, oloshi forming holy holy, go and ask south Africa if the stadium is racking in billions for them mumu oshi

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Re: The Opportunity Cost Of The Godswill Akpabio International Stadium by Blue3k(m): 10:29am On Sep 05, 2017
iberrylee:
which one is your problem here? is it the amount spent building the stadium or the revenue that should be generated, you clumsy piglets will be the one to rant online that south Africa have world class stadium world class Airport but Nigeria does not have a good stadium now govt built one you are crying again..put yourself in apkabio shoe if u won't inflate such project like he does, oloshi forming holy holy, go and ask south Africa if the stadium is racking in billions for them mumu oshi

Wow this crazy how people reason like children. If all your friends jump off a cliff you would be next in line with that logic. We should ignore corruption because it's a nice building. Why start an unprofitable project when they could have used it other adding more to economy. Education, infastructure like roads, airport and seaport, etc.

Lol vanity seems to effect Nigerians ability to think. Instead of having economic discussion you want to say it's OK to do something dumb because our peers do it.

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Re: The Opportunity Cost Of The Godswill Akpabio International Stadium by Daviddson(m): 10:46am On Sep 05, 2017
Nigeria's problems are many but one of the most conspicuous is mediocrity and doing things by emotions. Super Eagles are paid to play matches, winning should be their utmost priority. Why then do they need extra morale booster before they can win? I think we're simply not ready to move forward as a nation if we keep on walking this mediocre track.

When our football team play you'll start seeing people telling us how football unite Nigerians. Kai...this is awkward and a 16th Century mentality. What country have you ever seen where its citizens wish its sporting opponents defeat it? Politicians are just playing ludo with the masses' head using emotional statements. The earlier we realize it the better.

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Re: The Opportunity Cost Of The Godswill Akpabio International Stadium by yaki84: 11:02am On Sep 05, 2017
Blue3k:
Seriously how much revenue does the stadium generate? People celebrate this project without considering economic benefits derived from this project. That's why they are so ready for another stadium to be built in Eket.
bros first n foremost u r intellectuallly unfit, no pun intended. How much is official of dollar to naira by cbn? It is 306 to a dollar. The govr is not mandated to give them 40k in dolls, he can aswell give them the money in naira which is less than 13million naira.
Secondly how many civil servants, pensioneers n retired but death workers do we hv in akwaibom? Will 13million settle thier issues?

U said the stadium isnt contributing anything to d state, am sorry to tell u this but u r a joker.
So the hotel the camerounians lodge they didnt pay abi, everybody that went to d stadium to watch d match entered freely, d ticketers didnt sell d tickets but gave it out freely too?
Those nff n others that came from outside the states flew from their bedrooms to d stadium n back to the rooms without passing or patronisng outlets in d state abi?

Blue k try n use ur brain. Abi na black mater dey ur brain?

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Re: The Opportunity Cost Of The Godswill Akpabio International Stadium by yaki84: 11:06am On Sep 05, 2017
Daviddson:
Nigeria's problems are many but one of the most conspicuous is mediocrity and doing things by emotions. Super Eagles are paid to play matches, winning should be their utmost priority. Why then do they need extra morale booster before they can win? I think we're simply not ready to move forward as a nation if we keep on walking this mediocre track.

When our football team play you'll start seeing people telling us how football unite Nigerians. Kai...this is awkward and a 16th Century mentality. What country have you ever seen where its citizens wish its sporting opponents defeat it? Politicians are just playing ludo with the masses' head using emotional statements. The earlier we realize it the better.
president have wardrope allowance, hardship allowance, newspaper allowance, credit card allowance, furniture allowance, all these plus his baxic salary yet we dont complain but attack some little form of motivation given to patriots who r treated badly most times in theri course of duty.
Abeg is buhari's hardship allowance justified.

1 Like 1 Share

Re: The Opportunity Cost Of The Godswill Akpabio International Stadium by Blue3k(m): 11:18am On Sep 05, 2017
yaki84:

bros first n foremost u r intellectuallly unfit, no pun intended. How much is official of dollar to naira by cbn? It is 306 to a dollar. The govr is not mandated to give them 40k in dolls, he can aswell give them the money in naira which is less than 13million naira.
Secondly how many civil servants, pensioneers n retired but death workers do we hv in akwaibom? Will 13million settle thier issues?


Lame rebuttal from by kid. It's unnecessary to hand out the money in dollars or naira. They money would better help some people that need it that state actually owe instead of players already getting paid to do job. Only a daft person would dash money out to people like that.

yaki84:

U said the stadium isnt contributing anything to d state, am sorry to tell u this but u r a joker.
So the hotel the camerounians lodge they didnt pay abi, everybody that went to d stadium to watch d match entered freely, d ticketers didnt sell d tickets but gave it out freely too?
Those nff n others that came from outside the states flew from their bedrooms to d stadium n back to the rooms without passing or patronisng outlets in d state abi?

After all the lobbying and maintenance to get the games is it turning a profit for the state. That's the big picture not that few big matches happen. Use your head and see the big picture.

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Re: The Opportunity Cost Of The Godswill Akpabio International Stadium by DeWisedon(m): 11:27am On Sep 05, 2017
you work,dem say you launder money,you no work dem say you dey corrupt,this post is just shit,and I don't see any need for it.
op you are there criticizing,and akwa ibom is moving forward unlike my state IMO,
I just wish akpabio will govern my state for just 3 years

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Re: The Opportunity Cost Of The Godswill Akpabio International Stadium by yaki84: 11:30am On Sep 05, 2017
Blue3k:


Lame rebuttal from by kid. It's unnecessary to hand out the money in dollars or naira. They money would better help some people that need it that state actually owe instead of players already getting paid to do job. Only a daft person would dash money out to people like that.



After all the lobbying and maintenance to get the games is it turning a profit for the state. That's the big picture not that few big matches happen. Use your head and see the big picture.
am from a state where paltry 13million naira cause uproar over billions looted from government thru award of contracts n compensation during road construction.
Abeg how many workers r they owing in akwaibom state?
Will less than 13million settle their debts?
What if the money came from his private wallet? Did ur warped n blocked brain made u think of this?
Yesterday buhari gave out 250k to corp members plus other items, abeg those corp members r they not being paid already by fg? Did we condemned buhari for using state monies on frivolities when benue indigenes were being shased out their homes by flood? Abi 250k cant help those ones abi?
Continew am ready for u

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Re: The Opportunity Cost Of The Godswill Akpabio International Stadium by Daviddson(m): 11:38am On Sep 05, 2017
yaki84:

president have wardrope allowance, hardship allowance, newspaper allowance, credit card allowance, furniture allowance, all these plus his baxic salary yet we dont complain but attack some little form of motivation given to patriots who r treated badly most times in theri course of duty.
Abeg is buhari's hardship allowance justified.
I never said I'm against giving them allowance; did I? But using extra money to "motivate them" should come from either the FG or from a governor's private pocket; not using public funds to appeal to the emotions.

1 Like

Re: The Opportunity Cost Of The Godswill Akpabio International Stadium by yaki84: 11:43am On Sep 05, 2017
Daviddson:
I never said I'm against giving them allowance; did I? But using extra money to "motivate them" should come from either come from the FG or from a governor's private pocket; not using public funds to appeal to the emotions.
what if its from private wallet? Did we ask that question or we just jumped to attack?

1 Like

Re: The Opportunity Cost Of The Godswill Akpabio International Stadium by Blue3k(m): 11:50am On Sep 05, 2017
yaki84:

am from a state where paltry 13million naira cause uproar over billions looted from government thru award of contracts n compensation during road construction.
Abeg how many workers r they owing in akwaibom state?
Will less than 13million settle their debts?
What if the money came from his private wallet? Did ur warped n blocked brain made u think of this?

Yesterday buhari gave out 250k to corp members plus other items, abeg those corp members r they not being paid already by fg?

1. I don't care what state you're from. If you don't want better that's fine. Inflate and loot away its your tax money.

2. You reason like a child. Since Buhari does something dumb you say it OK for next guy to copy. You will jump off a cliff with that mentality.

3. Even if 13 million won't settle everyone it helps some. If you owe pensioners cash that should be your priority not well paid footballers doing their jobs. Buhari can hand them bonuses.

3b. They can give the money to local charity or foundation if they please. Personally I wouldn't gripe at that.

4. Akwa Ibom owes pensioners 5 yrs worth pensions and gratuity. The grand total is about 2 billion.

5. They money was likely public funds just like any other supposed generosity. Are you also going to claim he was personally giving out his money when he promised the Akwa United players 2 million each and a club house. Dude you must be a real clown.

Ironically, two years after the state government owned Akwa United Football Club won the 2015 FA Cup, Governor Udom Emmanuel is yet to fulfill his promise to give each of the 34 registered players of the local club N2 million and a house.

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Re: The Opportunity Cost Of The Godswill Akpabio International Stadium by Newmanluckyman(m): 11:53am On Sep 05, 2017
...I really understand the OP concerns which to me makes economic and logical sense. In Africa we build to impress and not to economic usage.

The truth is that the opportunity cost of building this white elephant stadium project and the $250M cost price could have been used to industrialized most local areas of the state. A state that can't boost of good local roads, good infrastructure, has sizable number of people living below the poverty level ,unemployment, poor health system opting to embark on such a project for me is a TRAGEDY OF ECONOMIC MISPLACED PRIORITY. It's obvious that the then governor was anxious to immortalized his name on a big white elephant project like that hence the decision to use this stadium was carefully placed on the chopping knife.

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Re: The Opportunity Cost Of The Godswill Akpabio International Stadium by Newmanluckyman(m): 11:59am On Sep 05, 2017
omenkaLives:
Will leave this to the people of the state of debate. smiley
...when it involves Nnamdi Kanu and Biafra you won't leave it to the people of that region to debate. You will be seen masturbating all over the thread. Talking about hypocrisy.

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