^^ Before you start your victory dance read the above report again- its the Koreans that are giving conflicting signals Not the fault of FG. If the president of a company declares a planned investment do you expect our president to say "na lie"? Let HHI sort themselves out and declare the true position. THEY should be embarrassed and not the nigerian govt.

What is going on here, someone is lying somewhere.
Anyway, if true it will be a good development. The mere fact that the FG (PDP) wont have to spend a dyme is even more encouraging. It seems to me that if true it will be built by Hyundai 100%.

what a great investment

BREAKING NEWS: South Korea's Hyundai Heavy Industries denies statement from Nigeria's Presidential Office that it plans to build a multibillion dollar shipyard in Nigeria.

http://www.washingtonpost.com/business/south-koreas-hyundai-heavy-says-not-building-nigerian-shipyard/2011/09/16/gIQAfShvWK_story.html

Liar, liar, pants on fire. This one is official, Presidential 419.

SEOUL, South Korea — Hyundai Heavy Industries Co. is denying a statement from Nigeria’s presidential office that it plans to build a multibillion dollar shipyard in the country.

Hyundai Heavy spokesman Kim Moon-ju said Friday that the company has no such plan.
A statement late Thursday from President Goodluck Jonathan’s office said the shipyard would be built in Brass in Bayelsa state, his home region.

Kim said that Hyundai Heavy President Lee Jai-seong made no such comment during a trip to the country. Kim said the company is building a small pipe-manufacturing factory in Bayelsa.

Nigeria, Africa’s most populous nation, faces crushing unemployment and poverty. The government has promised other projects in the past that failed to materialize.

http://www.washingtonpost.com/business/south-koreas-hyundai-heavy-says-not-building-nigerian-shipyard/2011/09/16/gIQAfShvWK_story.html

Shame on Jonathan for disgracing us this way.

^^^^^

Are u guys saying GEJ has been 419ed? Most likely communication problems between both officials.

I would not be surprised that even the small investment they were planning on doing may not happen now. Especially as they appear to have been embarrassed by the FGN.

Or the FGN will call Hyundai liars and in anger chase them out.

daguru:

http://www.washingtonpost.com/business/south-koreas-hyundai-heavy-says-not-building-nigerian-shipyard/2011/09/16/gIQAfShvWK_story.html

Shame on Jonathan for disgracing us this way.

You guys seem to be in such a hurry to condemn the president, have read the ORIGINAL STORY? read and point out ONE sentence that showed GEJ making ANY comment. Its HHI that should be red faced not Nigerian Government.

http://af.reuters.com/article/investingNews/idAFJOE78E0LU20110915

Demdem:

^^^^^

Are u guys saying GEJ has been 419ed?

I guess Presido dosent know the difference between a small pipe making factory and a multi-billion dollar shipyard.

Hyundai Heavy to build $7 bln shipyard in Nigeria
Thu Sep 15, 2011 6:08pm GMT Print | Single Page [-] Text [+]

1 of 1Full Size
ABUJA (Reuters) - South Korean group Hyundai Heavy Industries plans to build a $7 billion shipyard in Nigeria's oil region next year, the company's president said on Thursday.

The world's largest shipbuilder said while construction on the project would begin in 2012, it had already begun clearing the land in Bayelsa, the home state of President Goodluck Jonathan in the heart of the oil-rich Niger Delta wetlands.

[b]"My company is going to $7 billion in Nigeria in the building of a shipyard," Jai-Seong Lee [/b]told reporters at the presidential villa following a meeting with Jonathan.

Lee said the first phase would be completed by 2014. The shipyard will provide services to oil companies operating in Africa's largest energy industry.

The Bayelsa state governor said the government would not invest in the project but it had given Hyundai the land and would build a road to the shipyard.

"For us, the gain is in the jobs they are going to create and the taxes they will be paying to us when they commence operating the shipyard after completion," said Timipre Sylva.

Please show where it mentions FG or the President saying ANYTHING from the above? Who is the SOURCE  of this story? The president of HHI was quoted by reuters and the publicity man comes out to deny the statement. They should sort themselves out, this has nothing to do with the Nigerian president. Bandwagon posters who pound their keyboards without reading the OP should be guided.

This is why I always say that Nigerian leaders are clueless when dealing on the international scene.  If this had been a local company, somebody would have bribed or threatened  them to keep their mouths and that would be the last we would hear about the matter.   It is a shame that the office of the President would engage in a silly PR disaster like this.   I would have thought an MOU would have been signed with the Koreans before the deal is announced, which is why any excuses of communication problems simply do not hold any water.   Our President goofed, pure and simple and has made us an international laughing stock.

mrjingles:

Hyundai Heavy to build $7 bln shipyard in Nigeria
Thu Sep 15, 2011 6:08pm GMT Print | Single Page [-] Text [+]

1 of 1Full Size
ABUJA (Reuters) - South Korean group Hyundai Heavy Industries plans to build a $7 billion shipyard in Nigeria's oil region next year, the company's president said on Thursday.

The world's largest shipbuilder said while construction on the project would begin in 2012, it had already begun clearing the land in Bayelsa, the home state of President Goodluck Jonathan in the heart of the oil-rich Niger Delta wetlands.

[b]"My company is going to $7 billion in Nigeria in the building of a shipyard," Jai-Seong Lee [/b]told reporters at the presidential villa following a meeting with Jonathan.

Lee said the first phase would be completed by 2014. The shipyard will provide services to oil companies operating in Africa's largest energy industry.

The Bayelsa state governor said the government would not invest in the project but it had given Hyundai the land and would build a road to the shipyard.

"For us, the gain is in the jobs they are going to create and the taxes they will be paying to us when they commence operating the shipyard after completion," said Timipre Sylva.

Please show where it mentions FG or the President saying ANYTHING from the above? Who is the SOURCE  of this story? The president of HHI was quoted by reuters and the publicity man comes out to deny the statement. They should sort themselves out, this has nothing to do with the Nigerian president. Bandwagon posters who pound their keyboards without reading the OP should be guided.

Well, maybe not in the Reuters  newsreport, but this is what was posted on the official website of the State House Abuja late yesterday.  Link:  http://www.nigeriafirst.org/article_11406.shtml   

[b]President Jonathan hails Hyundai decision to build multi-billion dollar shipyard at Brass
Sep 15, 2011, 17:40


President Goodluck Ebele Jonathan has said that his administration will continue to vigorously implement socio-economic and security reforms that will encourage more foreign investors to come to Nigeria.

Speaking at an audience with Mr. Jai-Seong Lee, the President and Chief Executive Officer of Hyundai Heavy Industries of South Korea, at the State House on Thursday, September 15, President Jonathan said that the Federal Government fully realizes the importance of greater foreign investment for Nigeria’s efforts to generate more employment for its youthful population.

The President said that his administration will, therefore, continue to do everything possible to attract more investors to labour-intensive sectors of the Nigerian economy.

He welcomed the decision by Hyundai Heavy Industries to establish a multi-billion dollar shipyard at Brass, Bayelsa state, noting that its completion next year will significantly boost Nigeria’s economic development and create plenty of jobs for the local population.

“Hyundai has a long-standing relationship with Nigeria. You have always played a key role in our economy, especially our oil industry. We appreciate what you have done and are elated by your latest investment in the Shipyard at Brass,” President Jonathan told Mr. Lee.

He assured him that relevant government ministries and agencies will give Hyundai all necessary support to ensure that the shipyard is completed on schedule.

Mr. Lee was accompanied by the Bayelsa State Governor, Chief Timipre Sylva and other Hyundai executives.

He told the President that on completion, the first phase of the Brass Shipyard will provide employment for at least 2,000 Nigerians. [/b]

I rest my case of official incompetence at best,  419 at worst.

nice

nice move.

@ kulutempa, official incompetence from who? If you are the president and i come to inform you that I PLAN to invest money in your country what will you say? "oh lets wait and see" is that what you will say? You will welcome the PLAN for what its worth, how is that incompetent? Press releases are routine for such visits and Reuters quoted the president of HHI himself. The state house website is merely posting the president's REACTION. Even if the president is skeptical he wont say it to them. HHI must be suffering a communication gap. Presidency has no blame in this matter.

Whilst I agree that Hyundai corp should get its act together, it is rather [b]naive [/b]of the FGN to make such an announcement without even a Memorandum Of Understanding signed or even a draft Agreement.

If the Hyundai head did make that statement then they should be made to apologise for embarrassing the office of the FGN.

mrjingles:

@ kulutempa, official incompetence from who? If you are the president and i come to inform you that I PLAN to invest money in your country what will you say? "oh lets wait and see" is that what you will say? You will welcome the PLAN for what its worth, how is that incompetent? Press releases are routine for such visits and Reuters quoted the president of HHI himself. The state house website is merely posting the president's REACTION. Even if the president is skeptical he wont say it to them. HHI must be suffering a communication gap. Presidency has no blame in this matter.

Oh please!  It is a matter of common sense that you should first  commit the plan/agreement  into  writing by way of an MOU, so as to avoid this kind of embarrassment.    If the investor denies it, you pull out the MOU he has signed as evidence.  The outcome of not doing that is what we have just witnessed.

VoodooDoll:

Whilst I agree that Hyundai corp should get its act together, it is rather [b]naive [/b]of the FGN to make such an announcement without even a Memorandum Of Understanding signed or even a draft Agreement.

If the Hyundai head did make that statement then they should be made to apologise for embarrassing the office of the FGN.

Thank you sir.  Unfortunately our leaders  prefer the wuruwuru, jagajaga option.

What kind of bad omen is this from both sides? Are there no video evidence when the Hyundai president said that?

wat a move.

kulutempa:

Oh please!  It is a matter of common sense that you should first  commit the plan/agreement  into  writing by way of an MOU, so as to avoid this kind of embarrassment.    If the investor denies it, you pull out the MOU he has signed as evidence.  The outcome of not doing that is what we have just witnessed.  

At that level? My brother at the highest levels, what ever comes out of ones mouth is a bond. It was a statement of intent and that comes before any further action (MOU, agreements etc) which will be undertaken by lower level officers. Well we learn everyday. Next time an investor comes calling, we tell them; dudes lets have all your promises on paper, signed and sealed to be kept as a bond just in case your head office chickens out.

I had my reservations about the money involved ($7 billion). It sounded too good to be true investing that much in a region notorious for piracy and just recently recovering from militancy.

goggs:

At that level? My brother at the highest levels, what ever comes out of ones mouth is a bond. It was a statement of intent and that comes before any further action (MOU, agreements etc) which will be undertaken by lower level officers. Well we learn everyday. Next time an investor comes calling, we tell them; dudes lets have all your promises on paper, signed and sealed to be kept as a bond just in case your head office chickens out.

I had my reservations about the money involved ($7 billion). It sounded too good to be true investing that much in a region notorious for piracy and just recently recovering from militancy.

Really? Are you talking about poiticians and businessmen, or are you talking about angels

^^ Who made the announcement? was it FG or the president of HHI? Abeg read the Reuters report again before you comment further. HHI declared their INTENT to the press, FG expressed appreciation for the development another HHI official says not so! And you blame FG? So you want FG to warn all investors: dont announce anything until we have signed mou. This information ORIGINATED from the PRESIDENT of HHI, lets not force the matter to look like FG goofed.

If a reputable business man comes to my office and says he wants to invest and goes ahead to announce to the press I will reciprocate by saying i welcome the announcement (if i want the investment) if the same man later says the statement was a mistake how does that show incompetence on my part? How is that my fault?

The man was in Nigeria, there is no doubt about that. But, one thing that is worrisome is that our leaders have bad reputation of not telling things as they are. If the spokesperson for Hyundai came out to change what the president has uttered it  is likely to say the fault is from the Koreans who said that in the first case, not Nigerians . It's clear the global economic crisis may be the idea behind this discrepancy in this business plan. Perhaps they've thought it out that it would better be used to invest at home creating more jobs for the Koreans and tax revenue for their govt than putting it in the developing economy.

It is wise to start boycotting Hyundai products if this turns out to be their fault. Not every time Nigerians have to bear the lies carried out by others , though, we are not always innocent!

When did this happen?Bloody lie.If you doubt me view this link http://www.forbes.com/feeds/ap/2011/09/16/business-as-skorea-nigeria_8683341.html

Funny how Nigerians still defending a consistently deceptive, corrupt and LYING government! 

[size=28pt]But why Lie?

It is embarrassing o [/size]

all4naija:

The man was in Nigeria, there is no doubt about that. But, one thing that is worrisome is that our leaders have bad reputation of not telling things as they are. If the [size=16pt]spoke person[/size] for Hyundai came out to change what the president has uttered it  is likely to say the fault is from the Koreans who said that in the first case, not Nigerians . It's clear the global economic crisis may be the idea behind this discrepancy in this business plan. Perhaps they've thought it out that it would better be used to invest at home creating more jobs for the Koreans and tax revenue for their govt than putting it in the developing economy.

It is wise to start boycotting Hyundai products if this turns out to be their fault. Not every time Nigerians have to bear the lies carried out by others , though, we are not always innocent!

With all the grammar lessons offered, you still came here to mess yourself up.

The contradictory message conveyed in your quotes below also show clearly that you have the opposite of "smart genes"

It's clear the global economic crisis may be the idea behind this discrepancy in this business plan.

 

if this turns out to be their fault

^^^^
You are only laughing at your foolishness!

This is a matter we don't quite have much idea about who to bear the blame. Therefore all avenues must be explored before coming to a conclusion - that's what I just did with that comment, slow brain! It is called view!

You are so sure there is a discrepancy in their business plan and yet not arrived at a conclusion

Seriously, there is a new Chinese drug for stupidity and I have placed an order for you.

^^^^
This is the last time I will ever reply to your silly post. I said that's my view,jerk! You are being childish here and, I am sorry you can't see that. If you want to be friend, you must do it rightly not by acting like a child. So, I don't waste time on some juvenile like you!

Do I know you somewhere? So, steer clear from me. I swear this is the last time I will ever reply to your post. Whoever you are, you are an i.m.b.e.c.i.l.e!