Harlem2:


Lie not everyone can afford it
Even the rich prefer foreign one's.....

cindyspice:


You are the one suffering from low self-esteem. You are going mental just thinking an Igbo man like innoson is famous for producing home made vehicles.
Kpele! It's not that bad aburo.
Live and let live!

eternityk:

U mean anambra rebadging company

TundeBricklayer:


They are not I will show you prove

Is LADOL truly a Nigerian company?

Even with the signing of the Nigerian Oil and Industry Content Development (NOGICD) Act of 2010, many Nigerian investors still exploit the old loopholes in the system to take advantage of this law.

Many Nigerians still parade foreign-owned companies as local entities to take advantage of the opportunities provided by the NOGICD Act at the detriment of the Nigerian economy.

LADOL, for instance, prides itself as a local company and is reaping the huge benefits that accrue to local companies in Nigeria but its shareholding structure appears to question this claim.

It is not an offence for foreign companies to operate in Nigeria.

After all, President Muhammadu Buhari has travelled all over the world to woo foreign investors to come into Nigeria and harness the investment opportunities his administration has created.

Also, the Vice President, Professor Yemi Osinbajo, has also made tremendous efforts to improve Nigeria’s ranking in the World Bank’s Ease of Doing Business to attract foreign companies.

Buhari and Osinbajo’s efforts have paid off by attracting many foreign companies and investments since 2015.

All these investments by foreign companies operating in Nigeria have provided employment for Nigerians and helped to grow the Nigerian economy.

The Nigerian government has also provided benefits for these foreign companies to thrive.

But it is worrisome when some foreign-owned companies parade themselves as local companies because they shortchange both the Nigerian economy and truly Nigerian companies.

Foreign-owned companies, which should enjoy the benefits provided by the Nigerian government for foreign companies have claimed to be local companies to enjoy the benefits in the NOGICD Act.

A peep into the shareholding structure of LADOL, for instance, reveals that the ownership is foreign-dominated because this conglomerate, which claims to be a bona fide Nigerian company, has its substantial 84 per cent shares held by foreign companies.

The two foreign companies that own the 84 per cent stake in LADOL are Sable Offshore Investment Limited, registered in British Virgin Island, and Alsba Ventures, also registered in the British Virgin Island.

While Sable Offshore Investment Limited has 53 per cent stake in LADOL, Alsba Ventures Group has 31 per cent.

When two foreign companies establish a company in Nigeria, the company can be rightly regarded as a foreign company.

So, substantially, and legally too, it can be argued that LADOL is a British Virgin Island company and not a Nigerian indigenous company because it is owned by entities registered in British Virgin island.

If British Virgin Island companies owned by Nigerians establish a company in Nigeria, the company is not a truly Nigerian company because it is owned by foreign companies.

When Nigerians establish companies in British Virgin Island and use these companies to set up a company in Nigeria, their motive becomes questionable and suspicious.

The question is: Why did they not set up the company in Nigeria instead of setting up companies in foreign countries and using these foreign companies to set up a company in Nigeria? What is their motive?

What are they trying to dodge? Which rules are they trying to circumvent?

It is also well known all over the world that British Virgin Island is a tax haven where companies do not pay tax.

These companies are shell companies and regulators and anti-corruption agencies in most countries have had cause to probe the business activities of these companies.

Despite this obviously foreign ownership structure, LADOL is one of the greatest beneficiaries of the opportunities provided in the NOGICD Act.

Indeed, the company has benefited enormously from the local content policy in the oil and gas sector.

The opportunities and benefits LADOL have enjoyed are clearly meant for Nigerian companies. But is it truly a Nigerian company?

Many people have called on the government regulators to probe the ownership structure of LADOL to ascertain if it is truly a Nigerian company.

The earlier this is done the better for the Nigerian economy.

TundeBricklayer:



Innoson the only vehicle manufacturing plant in Nigeria

Harlem2:


How many innoson vehicle have you seen in Lagos traffic

Wickedtruths:


Home made indeed. Cars that the original manufacturer is begging people to buy on Alibaba.

Coscharis is also an Igbo man assembling Ford Trucks in Lagos. No one attacks his products cos they are good. They make trucks in Anambra, you forget that. This Innoson makes crap and only fools buy his crap.

You paupers are making noise thinking you're defending Innoson whereas you can ever afford a brand new car in your entire life. In fact, none of your lineage has ever bought a brand new car before.

cindyspice:

Hahaha! Just like you and your elks enjoy buying accidented tokunbo Benz and lexus

eternityk:

Guy u have exposed yourself
Check that second pix
What is a Chinese doing there
Sorry,shebi na full indigenous
What's a Chinese doing there
Now we know who runs the place

ZaraGift:



The Chinese is a labourer

ZaraGift:

The Chinese is a labourer

Wickedtruths:


I agree.

Labouring to produce Chinese vehicles.

Wickedtruths:


Yes na.

And your girls no dey use eye see Yoruba boys with Benz wey wear agbada and get better beards, na to off pant.

Cheap hoes.

Wickedtruths:


Yes na.

And your girls no dey use eye see Yoruba boys with Benz wey wear agbada and get better beards, na to off pant.

Cheap hoes.

Wickedtruths:


I agree.

Labouring to produce Chinese vehicles.

Unbiased1:


Is that the reason why Yoruba women can't remain in their husbands' house? Always jumping from one cow to another even in marriage. See as Davido dey deny Yoruba dey claim Igbo because of Chioma lol

eternityk:

Na bricklayer

Wickedtruths:


I agree.

Labouring to produce Chinese vehicles.

Wickedtruths:


Tear rubber with 2010 technology in 2018.

I love innoson for one thing. Any fool who buys it buys automotive backwardness. Buying it is punishment.

eternityk:

Na bricklayer

ZaraGift:

Same way when you go to Chinese factories you will see Dutch people, Italians, British, Americans and Koreans working there.

Aphrygian:
it's you that have inferiority complex, why can't let them showcase what they want to showcase.

TundeBricklayer:

Proforce Is owned by Columbians

BeautifulMind2:
IVM plant Nnewi Anambra State

TundeBricklayer:

Proforce Is owned by Columbians

cindyspice:

Leave am like that, we that have patronized him like it like that. After all people still dey buy 2001 model of cars for inside 2019. No biggie!

Wickedtruths:

E say na Columbians.
Na St. Innoson Junior Academy for the Deaf this one go.

Wickedtruths:


Of course.
If backwardness is your lot, I can't help you.

No wonder you clowns are dying to come to Lagos.

Unbiased1:


you don't need your ear to "read" and see prove that it's Colombian

cindyspice:


Igbos own Lagos. Eat your heart out.
Hahahahaha!

eternityk:

U mean chinese rebadging company called innoson
Two can play this game

Innosson full vehicle manufacturing plant wholly owned by Innocent Chukwuma