I just cant wait till Nigeria will be good and these guys will eat their stinking words.

Obasanjo commissions N24b Ibom power plant
From Taiwo Hassan, Uyo
THE nation inched forward towards achieving 10,000 Mega Watts (MW) power generation capacity target by the end of this year, as President Olusegun Obasanjo yesterday in Uyo, Akwa Ibom State capital, commissioned the state's Independent Power Project (IPP), expected to add 191MW to the national grid.

The plant, which is the first phase of the Ibom Power Project, cost $191 million (N24.4 billion) and is expected to be connected to the national grid in July, when it will fully come on-stream.

Construction on the second phase is billed to take off in 24 months time with an installed capacity for 586MW at an estimated cost of $400 million.

Speaking at the commissioning yesterday in Uyo, President Obasanjo said the coming of the Ibom Power Plant is a dream come true, as it would further increase the nations power generation capacity.

Besides, the president noted that the power plant would open window opportunities for the manufacturing industries to harness their business and boost power supply to the households.

He said: "I have come here to celebrate with you, the governor and people of Akwa Ibom State because this project is worthy of being celebrated. As we can see, we have a dream when looking at the financial involvement risks in this project, so we have cause to dream economically because of the delivery of such a significant power plant. We uphold the dream and the dream has come to reality.

"I must say here that out of the 36 states in the country, your state is one of the very few state that have put more efforts and commitments towards the development of power sector."

Also, I am particularly delighted that this Ibom Power Plant, when it fully comes on stream, would also add to the national grid in attaining the 10,000mw I have promised that will come at the end of this year."

In his welcome address at the occasion, the state governor, Obong Victor Atta said that it became clear to his administration, right from its inception that an unreliable erratic supply of electricity would impede the desire to stimulate economic growth and build a knowledge based economy.

According to Attah, the electricity power situation in the state was so poor that it could not open opportunities for both the private and public sector to utilise their economic potentials that would have driven the state's investments forward.

He confirmed that the Ibom power project phase one cost over $191 million, out of which the state government contributed about $140 million, while about $80 million was coughed out by the Federal Government, as part of its commitments to ensure that the power plant sees the light of the day.

The governor said that the cost of the plant is very competitive and below estimates for similar plants elsewhere. "A finical model has been developed to determine the optimal refinancing plan for this project and to evaluate the anticipated returns on capital invested"

A lot of people ask whether it is because of reconsolidation that banks are now looking at the opportunities in the industry. To that I would say yes and no. Yes because you have a limited number of banks competing among themselves. Naturally, innovation is getting better. Before now, how many ATMs did we have? Now First Bank has more ATMs than all the ATMs all the banks had before consolidation. This happened because shareholders funds have gone up and every bank tried to ensure that the funds are judiciously used.

Talking about money outside the banking sector, the reason is because of infrastructural deficiencies. But all these are improving. When you talk about having access to your money when you need it, this has improved, because banks are expanding fast and deploying various channels. At First Bank, for instance, all our branches are on-line. This was not the case before. First Bank has deviced ways to bring part of the N450bn into the system. We appreciate the fact that what we call banking penetration is very low in Nigeria. But there are tremendous opportunities through which more people will be brought into the formal sector.



Talking about e-payment, what is First Bank doing to ensure better services for its customers?

Our first major thrust is to decongest our banking halls. Because of our legacy and the fact that First Bank has been built over 100 years, we have the largest customer base in the industry. We also have branches in many locations where other banks don’t have. Therefore, First Bank has come to be recognised as a national icon in the country. It is the bank for Nigerians. That is why when you get to our banking halls, you see many customers, which we are very pleased about. But if you go to some other banks, you see scanty queue, and that tends to make people believe that such banks have superior services. That is not the case. We are converting that opportunity of large customer base to wealth by putting ATMs in every single branch of First Bank. In some branches, we even have two ATMs. All those customers you see in the banking halls, we are encouraging them to have a card. And it is free. And when they use the cards on our ATMs, it is also free. We are not charging them anything and the cards could be used at anytime of the day, because our ATMs operate 24 hours a day and seven days a week. This is just within our bank. We are having other arrangements and there are so many things we are coming up with plans that will jolt the industry. First Bank will bring an ATM for foreign exchange transactions. It is going to be first of its kind in the whole of West and Middle Africa. The ATM will operate in a way that a customer can just walk to it, put in his foreign currency, whether dollar, pound sterling or Euro, and it will dispense naira. We plan to put that ATM at the airports and major hotels.

But do we have the infrastructure to support these innovative products?

The infrastructural challenges we have in this country can also be good opportunities for us. All our services are supported by robust technology; that is why they are 24/7. Whether there is electricity supply or not, our ATMs will run. As I am talking to you, I have my mobile phone and note book, so that if my ATM in Akure, Ondo State is short of cash, I get to know immediately. The same thing goes for all our ATMs all over the country, because there is a monitoring software. This has made us to record over 99 per cent efficiency for our ATMs. As at today, in the entire country, First Bank is still the number one bank in terms of transactions volume and value. And the reason is that out of the total transaction of 13 million in a month, First Bank does about 2.5 million. Also, in terms of card issued out, we control over 50 per cent. And, of course, in terms of ATMs, First Bank is number one.


If this is not good news I wonder what then is. Or may this is not Naija

want to read the whole story?

Go ahead be my Guest!

http://www.punchontheweb.com/Articl.aspx?theartic=Art200705192123493

No wonder my brother was thinking of moving to the banking area.

@bACKSLIDER
The queues in the banks are a huge problem, especially for busy people (which most of the time constitute the cash cow clients).What is First bank doing in that regard?

PapaBrowne:

10,000 MW electricity will only cause more power shortage.
Let me explain.

@Papabrowne,

The 10,000 MW target is a short term solution to arresting our current power shortages. In the long run, the goal is to attain power in the neighborhood of 50,000 MW or more.

This is a thread in which we are trying to be a bit optimistic with our situation in Nigeria. I stated in my previous post that we are currently at 3,200 MW and by Dec 2008 (perhaps sooner) that figure will go up to 10,000 MW. Rather than being thrilled that something is at least being done to improve the current situation, all you have to say is that it will lead to power shortages.

You couldn't even acknowledge the good work in the pipeline. You could have at least said, "Job well done, but it wouldn't solve the problem
in the long run" instead, all you are showing is this pessimism. 

There is a saying that for a child to learn how to walk, he must first learn how to crawl. The road to attaining the 110,00 MW benchmark that you have given is already in the pipeline. We should learn how to give credit when credit is due.

Do you know that irregularities in a market can force banks to finance inefficient or lesser efficient projects?. . .I fail to see any of these decisions as "best" until those banks show me that the same funds allocated to Tinapa couldn't have been of greater use elsewhere.

No one is talking about "best" here. I think this thread is pointing out that the banks are financing projects in the real sector of Nigeria, which never used to be the case prior to the consolidation in the banking sector.

Every $ allocated to Tinapa means $1 less to road safety, education, private enterprises and etcetera.

It is not the bank's responsibility to ensure road safety and education, that is the role of the government. You this Donzman character, if you don't have any thing sensisible to say, you should just be quiet.

Tonim:

No one is talking about "best" here. I think this thread is pointing out that the banks are financing projects in the real sector of Nigeria, which never used to be the case prior to the consolidation in the banking sector.

Stop the gibberish, banks have always been financing businesses. I wonder how they survive if they finance nothing!

Nobody is talking about best?. . .Maybe you're satisfied with building a mediocre, wasteful nation, Donzman isn't. I like to choose the BEST alternative in the immediate term atleast, not some grandstanding project that won't be as beneficial as time goes on.

Tonim:
It is not the bank's responsibility to ensure road safety and education, that is the role of the government. You this Donzman character, if you don't have any thing sensisible to say, you should just be quiet.

Whoever said it was the bank's responsibility to ensure road safety?. . .If you can't comprehend, go back to school. Banks loan money to the Government, the Government should use it to provide infrastructures which are lacking!

IMPORTANT NOT TO FORGET

It is not the banks or governments money. It is our money they are controlling. In an ideal world, banks and governments are just servants of the people, even though they try to make you think differently.

MY PEOPLE MY PEOPLE I MIGHT BE AN AJEGUNLE KID WITH STREET MENTALITY WHO GREW UP THE HARSH WAY OF LIFE BUT THE TRUTH STILL REMAINS INFRASTRUCTURE DOES NOT MEAN ALL IS WELL.

IF WE CAN GET STEADY POWER SUPPLY I BET YOU THE REST THINGS WILL FALL INTO PLACE. IN A COUNTRY WHERE YOU RUN AND INDUSTRY ON FUEL AND DIESEL YOU WILL GET NOTHING BUT INFLATION. THINGS WILL BE ON THE RISE.

IT IS NOT ALL ABOUT EDIFICE BUT LET GIVE THESE THINGS A HUMAN FACE LET PEOPLE SEE THE REASON WHY DEMOCRACY IS BETTER THAN TYRANNY ALTHOUGH WE ARE IN A DEMOCRATIC TYRANNY.

EIGHT YEARS IS ENOUGH FOR THE PEOPLE TO SAY BYE BYE TO HUNGER, IF A MAN ONE THE STREET CAN GET FOOD TO EAT WHEN HE WANT AND HOW HE WANT IT EVEN WHERE HE WANT IT PEOPLE WONT COMPLAIN THAT IS THE FIRST THING THAT SHOULD BE DONE FIRST.

I THINK WHAT WE ARE EXPERIENCING IN THIS ADMINISTRATION IS MISPLACE PRIORITIES TO THEM EDIFICE COMES FIRST BEFORE POWER SUPPLY AND FOOD ON THE TABLE WHICH IS WRONG AND TOTALLY UNACCEPTABLE TO THE MAN ON THE STREET. GIVE THAT MAN FOOD WHEN HE IS HUNGRY AND LET HIM HAVE LIGHT I TELL YOU HE WONT EVEN KNOW WHEN YOU HAVE COMPLETED ALL OTHER THINGS NECESSARY IN HIS LIFE, BUT WHEN YOU CHOOSE TO BUILD EDIFICE THAT ARE NOT PEOPLE ORIENTED SORRY THE PEOPLE WILL COMPLAIN EVEN IF YOU ARE WORKING.

TO CUT THE STORY SHORT THIS ADMINISTRATION'S REFORMS ONLY WORKS ON PAPER IT IS NOT VISIBLE YOU AND I KNOW THAT FOR SURE.

PEACE










AJEGUNLE FOR LIFE

One question for people who live in Nigeria.

Is YOUR life better now than it was 8 years ago?

Simple question, please only simple answers.

getting worst the money is only circulating with a particular set of clan.

there is no more middle class all we have no is rich and poor

@Bushfellow
At least it is taking this long for it to be 'getting worst'.

My good man I know for sure that 8yrs ago we didnt have any statistically relevant middle class (Defined in economy as a one or a family with a personal disposable income (PDI) of $5000/ annum = N650,000.) As you and I know the case is different now. The starting salary for many banks and telecomms company (which didnt exist 8 years ago if you notice) is more than N650,000 per annum.
There are also other industries developing - fund managers, stockmarket investors, farmers, service providers. I think you are being either economical with the truth or have been barking up the wrong tree in the past 8years.

ijogbon:

@Bushfellow
At least it is taking this long for it to be 'getting worst'.

My good man I know for sure that 8yrs ago we didnt have any statistically relevant middle class (Defined in economy as a one or a family with a personal disposable income (PDI) of $5000/ annum = N650,000.) As you and I know the case is different now. The starting salary for many banks and telecomms company (which didnt exist 8 years ago if you notice) is more than N650,000 per annum.
There are also other industries developing - fund managers, stockmarket investors, farmers, service providers. I think you are being either economical with the truth or have been barking up the wrong tree in the past 8years.

In a country of 150 million,how many people actually work in those institutions.Its possible for things to get worse for the average Nigerian while things get better for a small sector.In Nigeria,that is the case

@I-Man
Out of the 150million ppl how many ppl are part of the WORK FORCE (45million) ! not all the 150million are of working age.
Out of whatever is left remove government workers, the next large group of workers are employed in Agriculture, Telecoms and Banking so the number of ppl is quite considerable.
Check the CIA world factbook at - https://www.cia.gov/library/publications/the-world-factbook/geos/ni.html
and compare it to the situation 8years ago.

Its high time it started.

Nigeria is far better now than in Nigeria for most Nigerians.There is some good amount of liquidity in the country.

Check this:Doctors and Lecturers earned about 15,000 naira in 99.Today, they earn hundreds of thousands every month.
Where were the telecom and banking jobs in 99? We all know how many of such jobs have been created.
Oh, don't forget that that call center girl at your street junction.Her turnover runs in hundreds of thousands monthly.

There is so much economic improvement in society today.
The problem now is infrastructural and social. These are major because no matter how much you earn, if you get ill and there's no hospital around, tooo bad.

So not only should government sit up, we the people must begin to make our environments better.

I think things are better now that 99 but income hasn't risen across broad.The impact of economic growth is first felt by the upper class untill it gradually trickles down.We haven't reached that stage yet.

If you ask the average Nigerian,whether their lives have improved.Most will tell you no.I agree with them

i-MAN WHERE YOU FROM IM ME ANYTIME bushfellow@yahoo.co.uk

JUST LIKE THE ADAGE GOES IF THINGS BETTER FOR FISHER MAN NA MIDDLE OF WATER HIM GO DEY. MOST OF YOU CONTRIBUTING TO THIS THREAD ARE EITHER ABROAD OR WORKING IN A PRIVATE SECTOR (BANKING, OIL FIRM) WHICH DO NOT EMPLOY 10% OF THE WORK FORCE OF THIS COUNTRY. SIT BACK AND THINK OF HOW MANY PEOPLE ARE WORKING FOR THE GOVERNMENT AND ALSO IN SMALLER SCALE INDUSTRY THERE AND THEN YOU WILL KNOW WHAT WE ARE TALKING ABOUT. THE 15 PERCENT INCREASE THAT OBASANJO PROMISED WORKERS IN JANUARY JUST BECAUSE OF ELECTION IS AROUND THE CORNER DID THEY GET. I GUESS YOU KNOW THE ANSWER IS NO.

AN ADMINISTRATION THAT IS NOT TRUTHFUL TO THE PEOPLE IT IS LEADING IS A FAILED ADMINISTRATION, EL RUFAI SAYS ABUJA IS NOT FOR THE POOR WHO WILL BE THE CLEANER AND OFFICE ASSISTANT IS IT THE SENATE PRESIDENT KEN NNAMANI OR REMI OYO FOR REAL NO ONE TELLS HIM NOT TO DEMOLISH BUT HE SHOULD ALSO CONSTRUCT AFFORDABLE HOUSE FOR THE LESS PRIVILEGE

A PRESIDENT WHO CAN OPENLY SAY IF THEY CAN AFFORD EVA WATER FOR 100 NAIRA PER BOTTLE THEN THEY CAN BUY FUEL FOR 60 NAIRA PER LITER WHILE YOU AND I KNOW VERY WELL THAT IT IS PURE WATER THAT THE PEOPLE ARE DRINKING NO PORTABLE AND THEY SAID THEY SPENT 1.3 BILLION ON PIPE BORNE WATER WHICH NO ONE IS SEEING IN THE GHETTO OR IS IT IN THEIR OWN HOUSE

IF YOU REMEMBER THE SECTOR THAT EMPLOYS THE HIGHEST WORKER IS THE GOVERNMENT SECTOR NAMELY PHCN, NPA, POLICE AND OTHER GOVERNMENT AGENCY CALL ANY OF THE WORKERS AND ASK THEM WHAT IS HAPPENING AND THEY WILL TELL YOU NOTHING THEY HAPPEN FOR NAIJA HO.

WHAT IAM I TRYING TO SAY LIFE IS HARD AND INFLATION IS ON THE HIGH SIDE BUT I KNOW WE WOULD GET TO THE PROMISE LAND SOME DAY. EVEN IF I DONT GET THERE WITH THEM

PEACE






AJEGUNLE FOR LIFE

Bushfellow

I am not saying the situation in Nigeria is perfect, infact, no one on this thread is saying that. The point is, we are a little bit better off than we were in 1999. Also, do not misconstrue the problems in the political front with the improvement on the economic front.

https://www.nairaland.com/nigeria/topic-54790.0.html


food for thought

Obj leaving soon is one of the good things happening in Nigeria.

Please check out my post. I am doing research so that I will soon give mortgage and real estate opportunities to people who want to buy a home in Nigeria, both abroad and in Nigeria. The rates and prices will be clear when I start it. But first I need to research the property market. this is only my preliminary research. I am trying to make a change!

https://www.nairaland.com/nigeria/topic-55819.0.html

These are nice pictures but then it have not translated into meal on out tables. We keep on hearing of positive effects of the reforms but keep on seeing the negative effects every day. I pray that one day, our standard of living will improve gradually.
Chukwu di

Hmmm. "meals on our tables"

Yar'Adua's recent announcement to the effect that officials must curb their congratulatory visits to Abuja, in order to let him get on with his job, is another good thing happening in Nigeria.

Classic case of playing to the gallery if u ask me.Yar Adua cannot claim to be ignorant of the real purpose of such visits.These our rulers think we masses are fools.Na waooooooooo

That is exactly why he has asked to be left alone to get on with the job

Have you heard of speaking from both sides of the mouth? That is a technique our leaders use to confuse the undescerning. The People have finally woken up - enough is enough. How can we be slaves in our own country under them political looters who have increased their salarieas and allowances by 150%.

You can find more of those Developments @
http://nigeria.allaboutskyscrapers.com

and www.skyscrapercity.com

Anyone who is HAPPY with the way things are going in Nigeria is an enemy of progress!