Should the Nigerian government have signed a MOU with a company like Vulcan Petroleum Resources?
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THURSDAY, JANUARY 6, 2011

FAITH’S CHICKENS “ - The Story of Fraud and Incompetence in the Sokoto State IPP”

This is one of the countless stories of the pervasive greed, fraud, and corruption practiced daily by contractors both indigenous and foreign in Nigeria’s power sector.

It appears a major fraud is being perpetrated upon the citizens of Sokoto State in the construction of an Independent Power Plant (IPP) by United States based Vulcan Capital Management Company. The project originally touted to be completed an producing power within six months has stretched to over a year with no realistic date set for the State to receive power from the facility.

The citizens of Sokoto State should not be misled by the arrival of equipment to construct the IPP, the equipment is second-hand, dated, used, and not up to standard; simply put it is not what the citizens of Sokoto State paid for or what they were promised.

Technically, the equipment was not designed to run on the reported fuel source without some major modifications, which have not been budgeted. The hole in the ground that Vulcan is calling the foundation for the power plant, was constructed without any geotechnical data, that hole was constructed to misled the citizens of Sokoto that progress was being made at the jobsite. The foundation was designed before the equipment was sourced, it is not a true foundation, just a hole in the ground that will have to buried and redesigned to mount the useless equipment to further perpetuate this fraud.

There are no construction drawing to date for the project. Vulcan is truly clueless as to how to build a power plant, at least one that works. In a letter, from the Sokoto State Government to Vulcan, dated November 4, 2009 with reference number SSG/9014/13/VOL.I/P. The Sokoto State government is still requesting basic information from Vulcan regarding technical specifications, including designs for the 30 MW IPP.

From the beginning the project has been rack with massive amounts of financial fraud with Vulcan blaming its “local content partner” Elvaton, and Elvaton placing the blame squarely on Vulcan. What is known is that well over N150,000,000,000.00 which should have gone to project development cost was spent on things not related to the project.

The relationship between the companies has deteriorated to the point that Vulcan’s CEO approached the US Embassy in Abuja to place the CEO of Elvaton on its watch list of Nigerian’s to be denied US visas. Upon being granted an interview for a US visa the CEO of Elvaton was grilled by consular staff officer’s and literally confessed to the machinations taking place regarding the project; he was of course denied a visa to travel to the US.

So much money was misappropriated by the Vulcan Elvaton alliance from the initial multi-million naira mobilization that when it came time to perfect the Skybank Letter of Credit “LC” for the second traunch of cash neither company, for a period of five months, could raise USD$150,000.00 to perfect the LC. The project languished for five months due to a lack of USD$150,000.00. The project site became dilapidated, weeds grow, fences crumbled and Sokoto State officials started to became alarmed. The Daily Trust, a Nigerian newspaper, voiced the people’s concern over the delay’s in the following article dated 18 Nov 2009.

Sokoto Residents Decry Power Project Delay
Sokoto — Concerns are being raised over the delay in the commencement of the N3.8 billion Sokoto independent power project .Residents of Sokoto say the project is behind schedule and may not see the light of the day.

The state government had last year entered into an agreement with a United States based Vulcan Capital Energy for the establishment of an Independent Power Plant (IPP) in the state.

Our correspondent who visited the site of the project along the Kalambaina Industrial layout, Arkila, reports that no work is being done there.

It would be recalled that the Secretary to the State Government Alhaji Sahabi Isa Gada had while signing the contract on behalf of the government said the state had the desire to effectively build a solid foundation for industrialization, saying that could not be accomplished without adequate power supply.

Speaking on the delay in the commencement of the project, Commissioner for Information Dahiru Maishanu said everything possible was being done to address the situation. He said the government was determined to actualize the project.

In desperation the CEO of Elvaton approached his fiancé for a short-term loan to perfect the LC. The fiancé was promised an immediate return of her money, interest, and a small profit for the loan, the promise, according to the CEO of Elvaton was based on a guarantee Vulcan had given to Elvaton for repayment of the money upon perfection of the LC.

The fiancé used one her rental properties to secure the loan from Union Homes, which was granted, an she dutifully gave the money to Elvaton.

Upon perfection of the LC, the blame game started in earnest between Vulcan and Elvaton, with Elvaton claiming that Vulcan reneged on the terms and amount of the repayment to Elvaton for securing the money to perfect the LC, and Vulcan claiming that it repaid its debt in full to Elvaton.

The dutiful and faithful fiancé was never repaid her money; Union Homes is now the owner of her prized rental property, located along the airport road, due to her failure to repay the loan.

This type of behavior is not new to Vulcan in its business dealings with people or institutions, it is very much typical of their historical business practices; one only needs to do a cursory Google search to find the posted warnings about this company and its executives. I note the following as an example:


[b]Author: Vulcan Capital - WARNING!
Tue Jan 13 21:08:17 2009
To whom it may concern, please be advised that Ford Graham and Kevin Davis are involved in a lawsuit for non-performance of a similar contract in the United States. The BGT Group, Inc. provided Vulcan Capital with over $6 Million of money and equipment to build three components of a power plant. The contract was never completed by Vulcan, The BGT Group, Inc. was forced to file a lawsuit, and contact the FBI to pursue a criminal investigation. Ultimately, The BGT Group, Inc. manufactured the plants on their own; however, they are still involved in the lawsuit against the Vulcan entities (Ford Graham and Kevin Davis) and in communication with the FBI regarding this matter. Over the years, there are several other actions against various Vulcan entities of a similar nature. It would seem that, Vulcan Capital Energy is a new company created by Ford Graham and Kevin Davis to distance themselves from various (negative) past activities. Public records will show the various lawsuits against the numerous Vulcan entities. Moreover, we have come to understand that Ford Graham, Kevin Davis, and Vulcan Capital Energy are in no way associated with Paul Allen and his respective companies. The Sokoto State Government may want to accomplish a background check prior to giving these people any monies.

Vulcan has not paid its onsite contractors, its sales staff, or the rent on its Abuja compound; the contractors have threaten to seal the jobsite until they are paid, and Vulcan has written bogus checks to their major contractor. The contractor has taken Vulcan’s jeep’s and other vehicles, and is threatening to take the bogus checks to EFCC for enforcement action, which they may have already done.

This could account for Ford Graham’s, Vulcan’s CEO, long disappearance from Nigeria since September 09, when he left the country stating that he would return within two weeks. Vulcan’s in country manager Jim Mansfield, more about this sick bastard later, arrived back in the country in January, he could reportedly face arrest due to being the signer of at least three of the bogus checks, as well as facing pending forgery charges lodge against him to the Ministry of Immigration related to his false work visa and other bogus credentials.
It gets worse, the expats hired by Vulcan don’t have valid work visas, they haven’t been paid in two months and refuse to go back to Sokoto until paid in full. The work visa the expats are holding is the subject of the forgery mentioned earlier. Reportedly, additional expats will be arriving from the US this month to work in Sokoto, they will enter the country on 6 month tourist visas.

This is a complete disregard for Nigeria’s work laws, tax code’s, and immigration statues. This disdain for following the rule of law, typical for Vulcan in developing countries, places the power project in further peril from the jobsite being shut down by Nigerian Immigration authorities.

Even if the project is allowed to progress with all the cited flaws it is still doomed to failure unless the Sokoto State government takes immediate action to suspend Vulcan’s contract and hire a reputable firm to complete the project.

Author: Cockroach
Thu Feb 5 00:09:16 2009
This is a huge mistake. Dont trust Vulcan Capital. They will take your money then bankrupt the corporation and create a new one. They do not know how to build power plants to run...

FAITH

The sad truth about the contract to build the IPP is that a well fed mangy mongrel dog name Faith would have benefited more from the contract than 99.99% of the citizens of Sokoto State.

While the people of Sokoto State struggle for their daily bread, Faith feasts on prime hand rub herb chicken roasted daily for her exclusive consumption. While the people of Sokoto toiled daily to over come extreme poverty, Faith lives a very pampered life in a fabulous mansion in one of Abuja’s most exclusive residential communities, her private suite complete with a luxurious king size bed, large screen high-definition television, Bose surround sound system and many other world-class amenities of which most indigenes of Sokoto State will never experience or even hope to have. While the indigenes of Sokoto State suffer greatly from a lack of health care, Faith’s doctor makes personal house calls to ensure her health and well being.

Often one can hear Faith’s owner Jim Mansfield, Vulcan’s in-country manager, screaming at the house staff that “these chickens are for Faith, they are FAITH’S CHICKENS and anyone caught eating one of Faith’s chickens will be fired.”

When Faith comes into heat and starts to bleed she is allowed to roam her mansion freely, leaving a blood trail to mark her travels. Guest and visitors have often been observed stepping over one of Faith’s blood trails with very puzzled expressions on their face. Complaints of this behavior from the staff are not tolerated, you can only follow the dog with a mop and bucket of water to clean her bloody mess. Jim, says the ants may bite Faith if she is allowed to sleep outside, that the rain frightens her, and that she cannot tolerate the sound of thunder. The bowl that Faith eats from is keep uncovered in the refrigerator along side food which will be prepared for guest and visitors.

The staff will often quietly and in hushed whisper’s complain that Faith eats and lives better than they and their families, better than most Nigerian’s. They simply can’t fathom how or why an individual can spend more money on a weekly basis than they earn in six month’s to maintain a dog in such a life style. They don’t understand their struggle to earn school fee’s to educate their children, while an individual spends their country’s wealth to teach his dog tricks. They can’t grasp the mentality of an individual who would flaunt his wealth on a dog while so many Nigerian children scream daily due to the pains of hunger. They are astounded and dumbfounded at the level of insensitivity displayed by this individual; so much wealth and compassion extended to a dog, in a country with one of the world’s shortest life expectancy’s and highest rates of infant mortality.

Faith’s privileged life is all thanks to the misspent money derived from the hard working, poor tax paying citizens of Sokoto State.

JIM

Jim, a sycophantic, manic depressive individual, upon whom the dignity of being called a man cannot be bestowed, could not be employed in the US or Canada as a Director of any serious company, yet he appears to be the ideal Vulcan prototype employee, a company with a documented history of sending the most unqualified people they can find to project sites. As a reference I give you following internet posting

Author: Vulcan Corporate
Fri Feb 6 11:59:53 2009
[b]Sokoto Government,
Before you proceed with Vulcan Capital do some reference checks on the employees who are providing services for them. On Vulcan Capitals last contract they convinced the parole board to let one of their employees out of jail to complete a contract. Since then the employee was busted for trafficing cocaine and now is in jail. Vulcan Capital is known for hiring unprofessional or under educated employees. Another example is when they had a contract for a power plant project in Iraq. Their project manager that was hired, took over a year to find one simple fault, this costed the contract and later Vulcan Capital was sued and lost over it. Vulcan Capital, Ford Graham are not to be trusted they are millions of dollars in debt. Watch my words. your contract will not be completed there will be some issue that arises, and they will blame you for it. They love going to court but most of the time they lose. If you can also be of assistance tell Vulcan Capital to pay their employees back wages that are owed. They only care about themselves.[/b]

A vile sick man whose hatred of Nigeria and Nigerian’s is practiced daily; in his opinion all Nigerian’s are corrupt, stupid, thieves. His venom has been spewed in faces of Ibo, Yoruba, and Hausa; his disdain on the Ijaw, Tiv and other indigenes who dare question his opinion of their culture and country.

When questioned by one of the expat project engineer’s about the lack of geotechnical data for the design of the foundation, his response was “ don’t ever mention geotechnical again, we are not dealing with intelligent people they know nothing of geotechnical requirements”.

He curse’s and scorns the very existence of Nigeria as he sucks from her bounty to pamper his dog.
He has lied so much as to the true state of the Sokoto IPP, that even he admits that Sokoto State government officials no longer consider him credible. He says that the only reason Sokoto State officials still meet with him is to entertain themselves listening to his lie’s on behalf of Vulcan.

Read More

Please add that we have so far not been able to verify the actual existence of this company in the USA.

What company is Elvaton?

Is it Elvaton Nigeria? http://elvatonltd.com/index.php?option=com_content&view=article&id=1&Itemid=2

Kobojunkie: What company is Elvaton?

Is it Elvaton Nigeria? http://elvatonltd.com/index.php?option=com_content&view=article&id=1&Itemid=2

Elvaton is some kind of local contractor with a registered business address in Abuja, as far as I can tell.

Business Type: Trade, Service
Number of Employees: 5 ~ 50
Business Scope: Agriculture & Food, Manufacturing & Processing Machinery, Metallurgy, Mineral & Energy, Office Supplies, Security & Protection, Service, Consumer Electronics, Electrical & Electronics, Transportation
Made-in-China

I laugh in Vulcan[i]ese[/i]

Nigeria: Four Years After, Sokoto Power Project Yet to Be Operational
BY RAKIYA A. MUHAMMAD, 25 MAY 2012
Comment (1)
Sokoto — About four years ago, the Sokoto State government took a decision to build a 30 megawatts gas turbine power station that will supply electricity to people of the state, but till date, the N3.8billion project which is situated at Arkilla area of Sokoto State is yet to become operational.

The Sokoto State government had in year 2008, signed a contract for the establishment of an Independent Power Plant (IPP) with a United States based energy company, Vulcan Capital Energy .The contract was to be executed through the company's subsidiary partner, Vulcan Elvaton Limited, an Abuja based firm.

However, in the past years, the project has faced several setbacks. Recently, the state government announced that the project among other on-going projects would be completed by the end of this year, but many are expressing doubts on whether that promise would be fulfilled. This doubt is due to the fact that this is not the first time a completion date is being set for the project.

When the project was awarded in 2008, it was gathered that it would be completed within six months. The deadline was shifted to September 2009, later to December 2010.

Secretary to the State Government, Alhaji Sahabi Gada, who is also chairman, implementation committee for the Sokoto State IPP, admitted that there have been delays in the quest to establish an independent power project in the state.

"Yes, the contract was signed some three years ago or so, but you will agree with me that any project that has foreign content, especially this one with about 95 per cent foreign content, there are bound to be lots of problems.

"But the main problem is that there was some sort of misunderstanding between the partners, the Nigerian contractors and the foreign technical partners, and it took some time before they could sort out things.

"However, I am glad that most of the major components of the project are now on ground. The turbine and the generator are now in place and we are expecting certain containers from the port- the remaining parts, that is, the monitoring panel and some associate equipment.

"So, I am saying that it has reached an advanced stage. The good thing is that the turbine and the generator are now in place, if you go to the site, you will see them there", he said.

He urged people of the state to exercise patience, saying the state government is committed to the completion of the project.

"I agree with you that we have been making various promises, but what I am saying now is that since we are not the implementers, we have to believe what we are told. And since the major parts are now in Sokoto, we believe we are going to see light through the tunnel," he added.

On concerns over the sustainability of the source of energy that would power the project, Gada said, "We did not conclude on whether it is going to be gas, diesel, LPO, or liquefied natural gas. This machine has the capacity to be converted to any of that, so we are now talking to see how we are going to get the commodity that is going to run the project".

Source

eGuerrilla:
I laugh in Vulcan[i]ese[/i]

lmao


well, @ topic, I truly hope they find a better alternative to this company, or that this company somehow comes through

This entire write up looks extremely mischievous to me and was obviously written in bad faith. There's a whole lot about the Vulcan group online that are positive and encouraging. In any case, its not like they r being paid to build a refinery, its purely a private venture with govt support and its not like GEJ was under any sort of pressure to build new refineries b4 he entered into this agreement.
The tale of bleeding dogs and contempt for blacks and Nigerians looks like a poorly done hatchet job to me.

Again, which Vulcan group?? !!! Where in the US does this Vulcan live?

interesting

them wan come chop susidy money too

many of them come around looking for ppp opportunities, they get free land, free office space, then they turn around and sell these land to others
bail out and blame the tough economic policies, i remember one paper company way given hectares of land in kogi or thereabout to grow cassava and other bio-feuls yea right dem don chop money after snapping pictures with Oyinbo and suit wearing americanas - I go chop ya Million Naira-oyinbo style

This Vulcan group. Sure you're comfortable with legal jargon.

Sabre Intl. Sec., Ltd. v Vulcan Capital Management., Inc. 2012 NY Slip Op 03513 Decided on May 3, 2012 Appellate Division, First Department Published by New York State Law Reporting Bureau pursuant to Judiciary Law § 431. This opinion is uncorrected and subject to revision before publication in the Official Reports. Decided on May 3, 2012
[b] In the fall of 2004, defendant Vulcan Energy and nonparty Vulcan Advanced Mobile Power Systems LLC (Vulcan Advanced) sought contracts with the Iraqi Ministry of Electricity (MOE) to install, repair and maintain power plants in Iraq. In connection with those efforts, their president, Ford F. Graham, negotiated an oral agreement with David Johnston, a former employee of plaintiff, under which plaintiff would provide security services for Vulcan Energy and Vulcan Advanced's personnel during travel to Iraq, both before and after Vulcan Energy or Vulcan Advanced entered into contracts with MOE. While Graham avers that the parties contemplated that a written agreement would be entered into once Vulcan Energy or Vulcan Advanced obtained a contract from MOE, no such agreement was ever drafted or signed, although Vulcan Energy entered into a contract with MOE on February 21, 2005 for the Mulla Abdulla project.

On December 2, 2004, Kev Gallagher, then plaintiff's Director of Finance, sent Graham [*2]two invoices addressed to Vulcan Power in the amounts of $129,350 and $41,289, respectively, for pre-contract security services allegedly provided by plaintiff to one or more Vulcan entity in October and November 2004. On February 22, 2005, Gallagher sent Graham a third invoice addressed to Vulcan Power in the amount of $76,304 for additional pre-contract security services for that month. While plaintiff did not render any security services to Vulcan Power, it claims that Graham directed that the invoices be addressed to that entity, which is a subsidiary of Vulcan Energy. [/b]

When the invoices remained unpaid, plaintiff commenced this action against Vulcan Energy, Vulcan Power, Vulcan Capital Management, Inc. (Vulcan Capital), and Graham, seeking payment under the theories of breach of an oral contract and an account stated, or, alternatively, promissory estoppel, unjust enrichment, intentional or negligent representation, and fraud. Plaintiff alleged that it had a "legally binding oral agreement" to "provide specific security services for Defendants' representatives in Iraq in exchange for compensation at agreed-upon rates and prices," that it provided such services to defendants in February 2005 and November 2004, and that defendants received and retained the invoices for those services for more than three years without objection.

Defendants moved for summary judgment dismissing the second amended complaint, asserting that plaintiff could not support any of its claims with competent evidence because it had lost its records in Iraq and did not have any witnesses who participated in the original contract negotiations. Alternatively, defendants moved to dismiss the action as to defendants Vulcan Capital, Vulcan Power, and Graham, and to dismiss plaintiff's claims for punitive damages and attorneys' fees. Plaintiff moved for summary judgment on its breach of contract and account stated claims, now claiming that defendants had acquiesced and ratified express writings titled "Vulcan Capital Cost Proposal" and "Sabre Standard Terms and Conditions." Supreme Court granted plaintiff summary judgment on its account stated claim and granted defendants' motion for summary judgment to the extent of dismissing the action as to Vulcan Capital and Graham, and dismissing plaintiffs' claims for consequential and punitive damages and attorneys fees against all defendants. Defendants appeal.

Source : law.justia.com/cases/new-york/appellate-division-first-department/2012/6046.html

Now that we know a Vulcan group actually exists can we pls look for something else to amuse Kobo with?

^^^ Those are NOT the Vulcan companies involved. Allen's Vulgan have apparently come out to say they are not the Vulcan company signing this deal with the Nigerian Government.

Vulcan Energy Corp, IS NOT Vulcan Petroleum Resources. Let's please stay away from picking any Vulcan out there for this.

http://www.ipaidabribenaija.com/index.php/business/comments/report?commentID=4511

http://af.reuters.com/article/energyOilNews/idAFL6E8I2GKX20120702

The artcle above posted by the OP clearly mention Ford Graham and Kevin Davis the owners of Vulcan Capital. If you believe Vulcan capital and Vulcan Petroleum aren't thesame, then I believe there's no basis for this thread and the ridiculous stories above.

Moreover, we have come to understand that Ford Graham, Kevin Davis, and Vulcan Capital Energy are in no way associated with Paul Allen and his respective companies. The Sokoto State Government may want to accomplish a background check prior to giving these people any monies.

Vulcan Energy Corp.(associated with Paul Allen) has come out to state that it is no in any way associated with this deal.

The Vulcan you are looking for is one with a Jim Mansfield guy as VP and that is not Vulcan Capital Corp. or Vulcan Energy Corp. , or VULCAN INC.

wesley80: The artcle above posted by the OP clearly mention Ford Graham and Kevin Davis the owners of Vulcan Capital. If you believe Vulcan capital and Vulcan Petroleum aren't thesame, then I believe there's no basis for this thread and the ridiculous stories above.

My research indicates Vulcan Capital and Vulcan Petroleum are two sides of the same coin.
This outfit should not be confused with Vulcan Energy Corp, a distinct company with a visible track record in which Paul Allen (Microsoft) appears to hold controlling shares.

Given that Vulcan Capital nay Vulcan Capital Energy nay Vulcan Energy Solution, LLC nay Vulcan Energy, LLC nay Global Vulcan Energy (which no longer appears to be in use), etc appears to have no history of delivering a refinery anywhere in the world, but yet a litany of litigation cases, my original question stands:
Should the Nigerian government have signed a MOU with a company like Vulcan Petroleum Resources?

BGT Group, Inc. v. Vulcan Capital Management, Inc. et al, Case Number: 2:2007cv00816 Filed: December 13, 2007

GLUCKMAN v. LASERLINE-VULCAN ENERGY LEASING, LLC, 601687/08 (12-17-2009)

VULCAN ENERGY SOLUTIONS, L.L.C. et al v. ADAMS

Kobojunkie: ^^^ Those are NOT the Vulcan companies involved. Ford's Vulgan and Allen's Vulgan have apparently come out to say they are not the Vulcan company signing this deal with the Nigerian Government.

Vulcan Energy Corp, IS NOT Vulcan Petroleum Resources. Let's please stay away from picking any Vulcan out there for this.

http://www.ipaidabribenaija.com/index.php/business/comments/report?commentID=4511

http://af.reuters.com/article/energyOilNews/idAFL6E8I2GKX20120702

Thanks to ipaidabribenaija, a news reporting site that thinks Alison Madueke is the best thing we've had since slice bread, we now know exactly who Jim Mansfield (Vulcan's Country Manager in Nigeria) is:

A white man whose nationality is yet to be ascertained caused pandemonium and confusion today on a street in central area,Abuja. Confusion and crises started when he was asked to park his Vehicle properly at designated place and not to park at a no-parking spot,by members of the civil defense corp guarding a building.

All hell was let loose by the man who seems to be quite agitated by the polite request from the security operatives as he flared up asking ”who employed you? who gave you this uniform?” and even hitting one of them before kicking the sign board in a show of shame unbecoming of some foreigners working in the country.All entreaties to make him see reason with what they were telling him was totally rebuffed by the man and almost injured them before zooming off. See pictures of the scene

Source

*

Nigeria we hail thee.

How can a $4bn refinery contract be announced and suddenly become an orphan. No father or mother has come out to claim it.

In a saner country there would be clear information on:
- the backers;
- the funding structure;
- the timelines;
- the infrastructure to be built;
- the potential impact on local communities; and
- a media machine that will provide information on a continuos basis.

But in NIgeria, the focus is more on illusions, tricks, games, praise singing, gullible and fawning thanks, and a great big fat heist.

This "Vulcan" entity is probably just another fantastic plot to exploit Nigerians.

There lies the problem. What's the source of your quote as its obvious to me that the article is mischievous. Here's a quote from the Reuters article you graciously provided thelink above: '(Corrects company name to Vulcan Petroleum, which is not related to Paul Allen's Vulcan Energy)

So why does your favoured article say otherwise? Has Paul Allen really got nothing to do with Vulcan Energy? BTW, the Reuters piece describes Vulcan Petroleum as an "affiliate" of Vulcan Energy.

wesley80: There lies the problem. What's the source of your quote as its obvious to me that the article is mischievous. Here's a quote from the Reuters article you graciously provided thelink above: '(Corrects company name to Vulcan Petroleum, which is not related to Paul Allen's Vulcan Energy)

So why does your favoured article say otherwise? Has Paul Allen really got nothing to do with Vulcan Energy? BTW, the Reuters piece describes Vulcan Petroleum as an "affiliate" of Vulcan Energy.

In case you missed it, this comes straight out of the article I posted.

It would seem that, Vulcan Capital Energy is a new company created by Ford Graham and Kevin Davis to distance themselves from various (negative) past activities. Public records will show the various lawsuits against the numerous Vulcan entities. Moreover, we have come to understand that Ford Graham, Kevin Davis, and Vulcan Capital Energy are in no way associated with Paul Allen and his respective companies. The Sokoto State Government may want to accomplish a background check prior to giving these people any monies.

Am I speaking in tongues?

wesley80: There lies the problem. What's the source of your quote as its obvious to me that the article is mischievous. Here's a quote from the Reuters article you graciously provided thelink above: '(Corrects company name to Vulcan Petroleum, which is not related to Paul Allen's Vulcan Energy)

So why does your favoured article say otherwise? Has Paul Allen really got nothing to do with Vulcan Energy? BTW, the Reuters piece describes Vulcan Petroleum as an "affiliate" of Vulcan Energy.

Where did you see that? And how do you miss the clear correction at the top and then just plain make stuff up.

Do you think that if Paul Allen's Vulcan PE was involved that the headlines would be so lame and tame, and that FGN would not demand or seek to bask itself in the reflected glow of Microsoft. Bloomsberg would have [blown up] with news alerts, news comments, articles. The WSJ, FT and newswires would have jumped that Nigeria is the next China blah blah blah.

Sometimes I do wonder whether computers and smart phones should be allowed for all, as some are clearly to dull to use it as they unleash their immense buffoonery on us all.

g

Public records will show the various lawsuits against the numerous Vulcan entities.

This is the part that should send signals off.

The Vulcan company here in the States located in downtown NY, is registered with 10 employees and the company does not even have functional answering system in place. I have been calling to get someone to confirm that this is the same Vulcan but since I have gotten no confirmation, I cannot speak on them much. The name on the phone is a man named Amwell who says to leave a message for him.

Then there is the confusing number of names . . . Vulcan Energy, Vulcan Petroleum, Vulcan Capital Management,Vulcan Power, Vulcan Advanced . . .I mean it is all over the place. You would think that a multi-billion dollar firm would be able to handle that.

It reminds me too much of a fraud.

^^ I agree it all seems a bit confusing with all the names flying abt, but how do you explain thenumerous lawsuits, the Iraqi power projects etc surely there has got to be something big about the org.

vg

It is up to government to INVESTIGATE every firm that it deals with or chooses to deal with. In our case, all the Government has to do is look at the company's track record from places like Sokoto.

VoodooDoll:

Where did you see that? And how do you miss the clear correction at the top and then just plain make stuff up.

Do you think that if Paul Allen's Vulcan PE was involved that the headlines would be so lame and tame, and that FGN would not demand or seek to bask itself in the reflected glow of Microsoft. Bloomsberg would have [blown up] with news alerts, news comments, articles. The WSJ, FT and newswires would have jumped that Nigeria is the next China blah blah blah.

Sometimes I do wonder whether computers and smart phones should be allowed for all, as some are clearly to dull to use it as they unleash their immense buffoonery on us all.

I sincerely hope I'm not staying up this late responding to depraved thots of some troubled mowron. I didn't right the article neither did I provide the original link, it was Kobo's for Christs sake. And here it is in full for the benefit of your aching brain.

(Corrects company name to Vulcan Petroleum, which is not related to Paul Allen's Vulcan Energy)

* Africa's top oil producer refines a fraction of its crude

* Six refineries to be built with 180,000 bpd capacity

By Tim Cocks and Camillus Eboh

LAGOS/ABUJA, July 2 (Reuters) - Nigeria signed a memorandum of understanding on Monday with Vulcan Petroleum Resources for a $4.5 billion project to build six refineries with a combined 180,000 barrel a day capacity, officials said on Wednesday.

Vulcan, an affiliate of New York-based private equity firm Vulcan Capital Corp, aimed to have two of the refineries finished in under a year, they said.

Nigeria is Africa's top crude oil producer but its refineries are in such a state of disrepair that they meet only a fraction of its domestic fuel needs. Its crude is shipped out and costly refined products imported.

"The project is estimated to gulp 697.5bn naira ($4.5b), while two of the refineries are expected to be completed within the next 12 months," Yemi Kolapo, spokeswoman for the trade ministry, said in a statement.

"Each modular refinery, when completed, will refine up to 30,000 barrels of crude oil per day and produce up to five million litres of petrol, diesel, kerosene and LPFO (liquid petroleum fuel oil)."

Nigeria's existing plants have a total capacity of 445,000 barrels per day, but are running at less than three-quarters of that capacity.

Chief Edozie Njoku, chairman of Petroleum Refining and Strategic Reserve, Vulcan's partner in the joint venture, told Reuters by phone the aim was to distribute the sites in different regions of Nigeria.

"We have to look at where the crude pipelines are. We need to plant them so that everyone is favoured, but in the north the pipelines only go to Kaduna (in central Nigeria)," he said.

"Two of them are going to be finished in about a year. It's not rocket science - to have all six ready should take about 30 months," he added.

Nigeria has two refineries in its main oil-hub Port Harcourt and one each in the Niger Delta town of Warri and in Kaduna.

Some Nigerians are sceptical about building more refineries when existing ones are under capacity, but Njoku dismissed this.

"The refineries already in Nigeria are on their last legs. They will cost the country millions to turn around. Nigeria needs new refineries," he said.

A lot of MoUs are signed with Nigerian authorities that go nowhere, but Njoku said he was confident the projects would happen.

"The only thing we need for this to be done is our permits from the government ... They have shown enough honesty that they want these refineries to be built," he said. (Writing by Tim Cocks; Editing by Phil Berlowitz)

af.reuters.com/article/energyOilNews/idAFL6E8I2GKX20120702?pageNumber=2&virtualBrandChannel=0&sp=true

I sincerely hope I'm not staying up this late responding to depraved thots of some troubled mowron. I didn't right the article neither did I provide the original link, it was Kobo's for Christs sake. And here it is in full for the benefit of your aching brain.

@Kobojunkie DID Not write any articles. I simply posted the article with CORRECTION included.

@All,

Having debunked the notion that Vulcan Petroleum Resources is in fact capable of delivering six new oil refineries, I think it is time we beamed the spotlight on its local partner - Petroleum Refining and Strategic Reserve Ltd (headed by Chief Edozie Njoku).

It is of equal concern to me that nothing of substance has been uncovered on the later company.

Btw, like Kobojunkie, I did spend quality time this afternoon ringing various phone #s listed for some of the Vulcan entities before delving a little deeper, in anger

Kobojunkie:

@Kobojunkie DID Not write any articles. I simply posted the article with CORRECTION included.

Where did I say you wrote the article?

Here's the relationship bw Paul Allens Vulcan Energy and Vulcan Capital

Vulcan Capital is the private investment group that oversees Paul G. Allen's multi-billion dollar portfolio across diverse industry sectors and asset classes. Investments range from early-stage ventures to public equity value investing, leveraged buyouts, acquisitions, and distressed situations. The Vulcan Capital group also partners with top- tier management teams to bring private equity discipline and operational experience to the investment process, adding value to portfolio companies at all stages by leveraging the investment team's relationships and expertise

capital.vulcan.com/

Either this is an elaborate scam or someone's yet to pick up some critical info.

wesley80:

I sincerely hope I'm not staying up this late responding to depraved thots of some troubled mowron. I didn't right the article neither did I provide the original link, it was Kobo's for Christs sake. And here it is in full for the benefit of your aching brain.



af.reuters.com/article/energyOilNews/idAFL6E8I2GKX20120702?pageNumber=2&virtualBrandChannel=0&sp=true

pls Mr Wesley, don't waste your time joining issues with KOBJUNKIIE.
Don't oblige someone who is paid to portray GEJ in bad light on NAIRALAND. The beauty of it all is that Nairalanders have come to understand who he is.
They see through his antics and falsehood.
They know his stock in trade.
He's a vendor of every fake report against Jonathan. He usually buys his supplies from the SHOPRITE OF LIES - SAHARAREPORTERS and PREMIMUM TIMES.
He has a Phobia for our usual dailies and has a blossoming romance with phony online media groups.