COMPAQ:




In all likelihood she probably didn't pay any money for it from her own pocket. Knowing Nigeria and IBB, I am 100% sure it was simply ALLOCATED to her.

With respect to the Capex that you talk about, Chevron took all the risk to invest. The structure is Chevron invests and if they strike oil, chevron uses oil to repay themselves of the equity she ought to have provided upfront. Only when it is fully paid back in oil will she now begin to reap rewards. So the initial risk is 100% to chevron and 0% to her. It is a risk chevron would have been willing to take because of their huge size.

There is another block I know off owned by another shadow Nigerian company. They have aJV with a multinational oil company who has not yet decided whether to develop that block. Do you know that the IOC pays that company millions of dollars every year just to remain as partner even though no work is going on?

Another Nigerian billionaire oil and gas person adding no value.

Arondizuogu:


This 2019 election must work for us oo..

Arondizuogu:


She was a seamstress, how did she get to know investors? Was it not through Miriam Babangida and IBB? She wouldn't even afford that block even if it were auctioned off by the Govt. Zuckerberg and Co can give account of how they started, but can our Nigeria Billionaires do that? Almost all of them got Govt contracts.. They guy you quoted was right.. Making it big in this country without knowing anyone at the corridor of power is slim.. Yes she took it by "faith" and got oil but the process of her getting it is what I want to know.
To me I think all these are dummy companies, that famfa hasn't even put out an advertising for employment, you would be surprised that they don't even pay taxes and if a seamstress can get an oil block, guess how many those big former generals have? Jesus Nigeria might not get better till the world ends if we continue like this

Rainmania:
I don't understand the noise. Oil well no dey productive , she say go still take am, she make am productive years later, government wan come collect am back, she go court she win . She turn billionaire. So what did she do wrong?
If any of you find yourself in her position are you telling me you are not going to seek favour before your oga leaves office. Or do you think this is peculiar to only Nigeria. This is being done world over America, UK , France the list is endless.As I see it she didn't steal nothing or break any law. All the billionaires you know got a break at some point because of contacts they have in government and connect. It's just how it is. Get over it and know better people that can change your life period. Every body trying to form like if they were offered such opportunities they will reject it. Tah! If I hear.

adadike281:
I will be back

COMPAQ:




In all likelihood she probably didn't pay any money for it from her own pocket. Knowing Nigeria and IBB, I am 100% sure it was simply ALLOCATED to her.

With respect to the Capex that you talk about, Chevron took all the risk to invest. The structure is Chevron invests and if they strike oil, chevron uses oil to repay themselves of the equity she ought to have provided upfront. Only when it is fully paid back in oil will she now begin to reap rewards. So the initial risk is 100% to chevron and 0% to her. It is a risk chevron would have been willing to take because of their huge size.

There is another block I know off owned by another shadow Nigerian company. They have aJV with a multinational oil company who has not yet decided whether to develop that block. Do you know that the IOC pays that company millions of dollars every year just to remain as partner even though no work is going on?

Another Nigerian billionaire oil and gas person adding no value.

InfiniteLoopx:

I've been a programmer since 2005, I'm yet to make half of what she makes... Where is the money in IT?

michlins:
Be deceiving yourself and think you are doing us. Why has faith not made Nigeria become China or Indonesia. I remember hearing your story growing up how Miriam helped you through her husband Babangida. Obasanjo has also come out to tell us how he personally made you a billionaire so cut the crap

Icon4s:


I am glad you have an idea of where I am coming from.

But let me clear this, no government gave anybody any Oil Block as a gift!

Do you know why they are regarded as a gift? Because of the cost of acquiring those blocks as compared to the huge revenues later recovered from them. This thing you guy think are gifts were worth hundreds of millions in Dollars.

Prio to the discovery of huge fields like Agbami, Bonga and Erha, the deep offshore were no go areas. No business man would want to invest his money where they knew there were several limitations ranging from lack of available detailed Geological data to Lack of technical expertise and experience among others.

The government had to give out those offshore blocks to potential investors at a cheaper price compared to those onshore as an incentive to attract them towards it and then which in turn will boost our Oil reserves. Which is a win-win scenario.

Let's even say (as you guys think) she was given the block for free. Do you know the amount of Capital investment (CAPEX) that will go into such a block before you will get to the stage of Drilling the first well? What if after spending so much and then drill wells and the wells are dry? And you say she has nothing to lose? Do you know how much it costs to even drill wells offshore?

Please if we don't know about certain issues let's ask questions before making comments

Folorunsho Alakija's story cannot be beneficial to every entrepreneur. It is for only those that understand the nitty gritty of the Oil business.

I would like to sit with her and share from her success story on that Oil Block.

transformed:
[s]Better produce thread for Buhari you stupidly coersed on us and still shamelessly support. In Buhari Nigeria Aso Villa queen cannot get employment not to talk of oil well except if she answer Daura, Buhari, or Kyari...not to talk of ordinary housemaid from anothr tribe. During millitary era oil well were shared based on president discretion, 99% of individuals that were given the largese in those days hawk it for cheap in europe and US. The success story for Alakija is turning the well into an empire...you can imagine what a maid will receive vs what other military guys got and most of them are no where to be seen today. Ofcourse her story might not be sensational as some other guys that actually attain greatness through personal effort and hardwork...but success na success, there will always be a lesson to be learnt. Ogundamisi should go and sleep, wjile doing that he should figure out how the monster he helped elect will get back to Daura... Meanwhile, anybody here with an idea of how to get retired oil well in naija ?[/s]

slegerman:
Her story is typical Nigerian billionaire's story. No one has become billionaire in this country "cleanly" or without government help.

Icon4s:


[/b]To your first paragraph, the government does not Allocate Oil blocks to an individual. [b]

The Block which has the Agbami Field today was awarded to Texaco and Famfa Oil (OPL 216). Today the partners in that block are StarDeep petroleum (a subsidiary of Chevron), Famfa Oil, Petrobras, Statoil and NNPC. Star Deep which are the deep water arm of Chevron were granted operatorship.

The JV terms which is a Production Sharing contract (PSC) has Chevron with the lion share of the development phase with the other working interests coming from statoil and Petrobras. Famfa were "carried" (Financially) in the arrangement.

The Venture was a huge success. Famfa was part of it so why should they not share in the success story?

How many indigenous Nigerian E and P companies are even operators? The NPDC(a subsidiary of NNPC) is Nigeria's(indigenous) largest E and P. But what is their production like?

The entrepreneurs that will take inspiration from her story will take it.

Give credit to whom credit is due please.

Hungarriman:
I dey tell u. In fact to start by forming one association. I am thinking of forming COALITION OF AGGRIEVED NAIRALAND YOUTHS FROM OIL PRODUCING COMMUNITIES. Our motto : Settle us now Or....we settle you.

hedonistic:


Half? As in HALF of what she makes? Are you alright? Even many established tech wizkids in Silicon Valley (even most senior Google executives) don't make half of what Alakija makes.

You'd be a super successful tech monster here in Nigeria if you're making even 1/10 of what she makes.

COMPAQ:




In all likelihood she probably didn't pay any money for it from her own pocket. Knowing Nigeria and IBB, I am 100% sure it was simply ALLOCATED to her.

With respect to the Capex that you talk about, Chevron took all the risk to invest. The structure is Chevron invests and if they strike oil, chevron uses oil to repay themselves of the equity she ought to have provided upfront. Only when it is fully paid back in oil will she now begin to reap rewards. So the initial risk is 100% to chevron and 0% to her. It is a risk chevron would have been willing to take because of their huge size.

There is another block I know off owned by another shadow Nigerian company. They have aJV with a multinational oil company who has not yet decided whether to develop that block. Do you know that the IOC pays that company millions of dollars every year just to remain as partner even though no work is going on?

Another Nigerian billionaire oil and gas person adding no value.

waveman2:


But Nigerian government allocate oil block to individuals with company names. Just listen to yourself.

GetUmad:




Nigerians are NATURALLY full of hate. Don't mind those people who'd never have good things to say about you so far they don't have any ties with you. That's what Nigerians have turned into.

You should ask them if she's the only with "gifted oil blocks" (according to them). Why aren't they criticising others? Is it because she's the only one who, obviously has Midas touch and happened to be much more successful in such investment compared to others? Is it her fault that she had the "gift" and she was able to make it a success story?


Finally, all of you hating and spitting rubbish about her, if you were giving same opportunity/offer, would you turn it down? That's what I thought! Bunch of Hypocrites.

You lots go about begging for jobs{ based on MAN-KNOW-MAN} and positions you don't deserve or merit, while some of y'all are currently working in a place where you were only able to get that offer cos you knew someone that knew someone who helped you and not because you deserved it while people who merited the job are still waiting for their follow up emails since last interview. Most of y'all shared testimonies in your religious places how your "God" gave you the job, while the non-religious ones celebrated it with bottles of beer with friends. Some ladies here slept with lecturers or pretended to be in love with male lecturers to scale through some hurdles in school. Same thing with some guyz that sorted or famz with lecturers to have a good grade, yet they'd still attribute it to God's doing.

Did she commit any known crime having such? Then take her to court. She can attribute her success to any thing she deems fit. It's her life. If you don't like it help yourself.

Y'all should stop this holier-than-thou bull.shit. Live and let's live.

Anijay1212:
I do wonder how much these people remite as revenue to the federal government and still end up as billionaires and yet the majority of Nigerians are still stuck below the poverty line.
How did we get here and why is this country filled with so many devilish,selfish and evil men and women. I'm just tired.

uniqueboi:


Ordinary 50,000barrels of oil gives you over a billion naira presently when sold. Her percentage from the terminal is 60% maybe the government and company share the remaining 40%. So do the calculations for 1million barrels. She's definitely going to be richer than the other thief danjuma.

MrMcJay:


Pay no mind to that Cyber miscreant.

Anijay1212:

And yet we see nothing wrong with this type of inordinate acquisition of our collective wealth by a few crooks, instead we castigate and condem any one that dares to question the status quo.

gypsey:
it means your brains are growing
No let bianca catch you talking with me oo!

Martin0:


hahahahah

gypsey:
why you dey shine teethe na? she says stay Away from gypsey because he smokes ganja.

Martin0:


those are women talks

gypsey:
Gbam!

Martin0:


how ur Side na?
go to my profile, my friends wan finish me today ooo

gypsey:
what kinda Rubbish is that?