₦airaland Forum

soloroyality:
Untill u get it into skull that hausa/yoruba has been creating economic blockage since 1967 by not allow any economic development in the south south/ south east region,


#biafra is the only solution for nw

we have calabar seaport and onii seaport but this guys don't want to development.

Chaii..... What a shame?

barcanista:
Well, haven read the Press Statement from NLNG denying that they had no hand or interest in the dock project, I have to say that our people should sheath their swords and we should really investigate whether or not NLNG has a hand.

Xetima:
Good. After Samsung and Hyundai finish the project, they can use it for coconut oil like someone mentioned.

owobokiri:
Let's fight corruption without fear or favour. Let's start from either 1966, or 1970, or 1999. That makes sense. Starting and ending with Jonathan is nothing but a witch-hunt. You can NEVER discourage corruption that way. Uptill now, I can't understand why we have to spare Obasanjo and Yaraduas administrations while hounding jonathan.

sarris:
Can u hear yourself talk,d project its not theirs so who its financing d project ?mr literate.

Just in from NLNG:
Go to the link to read the PUBLIC STATEMENT ON DRY DOCK: NLNG NOT OWNER OF DRY DOCK
http://www.nigerialng.com/Media-Center/Pages/Press-Release.aspx

PUBLIC STATEMENT
Nigeria LNG is not owner of Dry Dock

The attention of Nigeria LNG Limited (NLNG) has been drawn to recent media reports on the proposed Badagry Dry Dock Project which purport that Nigeria LNG is the owner of the project.

This is not true as Nigeria LNG is NOT the owner and is not investing in the building of any dry dock.

Nigeria LNG has a singular business focus, namely processing and exporting LNG. It has no interest in investing in a dry dock anywhere in the world.

The owner of the proposed dry dock in Badagry is a consortium of other Nigerian companies under the name of Badagry Ship Repair and Maritime Engineering Company (BSMEC) and which NLNG is NOT a part of.

NLNG’s only interest was and still remains, encouraging investors to consider building dry docks in the country to save the nation’s foreign exchange and save local ship owners, like ourselves, the trouble of having to go overseas for dry dock services.

Nigeria LNG would thus be pleased to see more dry dock projects emerge in different parts of the country, but will not be investing in any. It is thus fair to add that not being an investor in dry dock, NLNG cannot dictate to investors where to site their projects.

Nigeria LNG therefore appeals to those who are issuing threats based on wrong information, to review their position in the light of this clarification. Besides, threats can only discourage other investors from coming to the region.

Please be assured that NLNG remains a good and valuable corporate citizen helping to build a better Nigeria.

Thank you for your kind attention.

Signed
Dr Kudo Eresia-Eke
General Manager (External Relations),
For NLNG.

owobokiri:
The much vaunted "war aganst corruption" has developed tribal marks and sectional fangs. You are no more corrupt because you corruptly stole. Mba! . . In these buhari days, you are are corrupt only when they say you are corrupt or otherwise. And so Amaechi and Tinubu are saints while Jonathan and Deizianni are evils. . Essentially, there is no more a general yardstick for measuring corruption. Ethnic and religeous sentiments are holding sway. . The mutants here call this "chanji". .

HopeAtHand:
You want to make me belief GEJ would ask that Jadesinmi relocate to Bayelsa without Bayelsa being part of the original plan..does it work that way?

NDeltans didn't wake up and suddenly become hostile.They have been cheated and neglected over a period of time and that breeded the hostility..They should be made to believe they are a part of the Nigerian project. Their fears and frustrations should be addressed.And this seemingly unjust relocation isnt the perfect way to go about it.

And this seemingly unjust relocation isnt the perfect way to go about it.

HopeAtHand:
Jadesinmi took his project originally sited for Bayelsa to Lagos.

Lagos press purposely paint the Niger Delta/SS in bad light with a view to making lagos the perfect destination for investments.

its a shame.

oduastates:
Go and tell Jonathan , patience ,omokri,Askari, tompolo ,apkabio ,odili and others to go and build their own shipyard if they want it so much

President Goodluck Jonathan has directed that a $500 million oil and gas investment project be relocated from LADOL Free Trade Zone (FTZ) in Lagos to Agga in Bayelsa State, The Nation learnt yesterday.

The project is a partnership between LADOL Integrated Logistics Enterprise and Samsung Heavy Industries, Korea.

The two companies are to build fabrication and integration yards for Egina Floating Production Storage and Offloading (FPSO) facility for the use of local and foreign-owned oil companies.

The multi-million dollar project is in phases, and billed to be completed in the next five years.

The project is said to have reached an “advanced stage” before Jonathan issued a directive that it should be relocated.

The directive, contained in two letters dated April 27, was signed by Mr A.B Mohammed, a general manager with the Nigerian Ports Authority (NPA).

Mohammed signed the letters on behalf of the NPA Managing Director, Sanusi Ado Bayero, who is believed to be a stakeholder in Intel, an oil and gas logistics firm in Rivers State– an allegation he has denied in newspaper advertorials.

The letters read: “Pleased be informed that Mr President has vide PRES/99/MT/2/22 of April 20 approved the FPSO project be relocated to Agga in Bayelsa State when the facilities to handle such operations are developed.

“In addition, the project can be conveniently located at any designated oil and gas terminal. Please be informed that Mr President has approved, henceforth, all oil and gas related cargoes must be handled only in the designated terminals in Onne, Warri and Calabar Ports.

The letters added: “In view of this, vessels coming to Nigeria with oil and gas related cargoes, excluding petroleum products, are advised to first go to the appropriate concessioned terminals to be cleared by Customs and other relevant authorities, terminal operators and shipping firms.”

The Managing Director, LADOL Integrated Logistics Enterprise, Dr Amy Jayesinmi, said the timing of the letters was wrong.

She said the directive was ill-conceived, and capable of destroying the gains made by the partners in the project.

She said the directive to relocate the project to Bayelsa was part of efforts to destroy the potential local operators who are bent on deepening their participation in the oil and gas sector.

She said the letter was diversionary in content, advising stakeholders not to allow their attention to be distracted.

Mrs. Jayesinmi said efforts were being made by oil and gas operators to build one of the biggest floating vessels in the world, as well as making Nigeria the oil and gas hub in West Africa, adding that nothing would frustrate that efforts.

She added: “We got the two letters the same day: a day after the appointment of the new MD of NPA. I want to make it clear that we (LADOL) do not have problems with NPA because they are using our facility.

“NPA has an office in LADOL Free Trade Zone. NPA had severally said LADOL is the largest private investor in its facility. By the end of 2017, LADOL would have invested $500million in NPA facility. Technically, it is not appropriate for the project to be relocated to Bayelsa, the President’s home state.’’

chetaraph:
Correction taken! But still siting such a project in other regions that has d capacity of offshore business is not a bad idea.

niyogeol:
At the last check, Dangote refinery is for lekki and not Badagry.

HopeAtHand:
Sure this is him?

goddamit mehn..WTFs wrong with him.

Jadesinmi has done his, so NLNG better reconsider their stance.

StOla:
What is the problem with a refinery in Kaduna?

Is it not to refine petroleum products for consumption by users in that region?
Do you expect tankers to be transporting from the South to the North? Or you think it is safer and cheaper to transport the individual volatile fractions individually after refining in the South?


Concerning the belaboured topic, it is the private investment of an individual Nigerian. The NLNG is only an interested investor. The primary investor will site his project wherever he so desires, considering his investment outlook is even beyond the Nigerian market.

Kingspin:
Is Lagos the only city Nigerians lives? Why not take it to Akwa Ibom too. Dangote refinary i guess is in Ondo state. I mean Lagos have everything but the experts that drill the oil reside in the Niger Delta states, so whats wrong in having the shipyard where the real raw materials/resource can be effectively supervisor and management to save cost too. We all known little about industrialization of industries. Lagos and co plotters cannot sit all the time on other cities and expect Nigeria to be peaceful.

anigold:
am not surprise even mobil plc has its headquaters in Lagos, but theres no iota of oil in Lagos..
How will the country develop where all the corporate headquarters are all located in Lagos thanks to the monster called 'TRIBALISM' where a person from another tribe wont want anything good to go to another tribe...
Lagos is already congested....

Symphony007:
I let's stay on topic! This is about a shipyard where ships that transport liquefied gas will be built, repaired, maintained,etc and it should be built in the nigeria delta. Home of all the gas plants, oil rigs and oil terminals, the federal government of nigeria should invest or seek partners to develop it's ports and not encourage injustice. There is no single argument to justify this. Bonny island even has a better access to the Atlantic than lagos so what is this apart from a calculated attempt to rip off niger delta's of their jobs. It should be noted that all this is happening when the first batch of maritime academy students trained in the jonathan administration revamped maritime academy in warri are to graduate. This will not stand.

chetaraph:
The issue is not who owns d project but who d beneficiary is. NLNG is the beneficiary of the project hence the ND oil is the primary resources. Let Samsung nd hyundai set up their project in the ND region, it won't stop all business. It's oil, people will cum from wherever they are to do oil business irrespective of the location. Check out diamond business na. Meanwhile, ure also spreading development across the nation. Not just Lagos, Lagos, Abuja Abuja,.

Chiaka:
Here we are talking about oil related industry. You can go to sleep and keep your hate to yourself you have finally exhibited hate factor. I don't discuss with haters!

Chiaka:
Forget the Investor Bullshit talk! its some Nigerians pushing them to do otherwise.

Symphony007:
bonny gas transport(BGT) the LNG subsidiary responsible for this shipyard has been operating from bonny all this while along with other ships from shell oil terminal and other companies. Bonny island is not a spring chicken in the shipping buisness, it's facilities can rival and beat anything lagos has to offer. An island that has been shipping bonny light crude since the 70's. As I said defending this indefensible is grasping for straws.

Chiaka:
Lagos was not built in a day. The state is already too congested other regions should be encouraged to develop as well.......

Chiaka:
Those are political talks. The project should move rightly to where it ought to be. Enough of all these....

Pierocash:
The Lion of Ubima, d slayer of GEJITES, and d killer of Tanoids.d Spartacus of Nigeria and d slayer of Nigeria Tiokoles-PDP
SAI AMAECHI!!!

MasterMinister:
I only read the first and last paragraph of your comment and concluded that you are a fool.

ydass:
Going too far with this money laundry policy don't forget there are genuine Nigerian business persons who needs DOM acct. for their business.

I think the government should rather focus attention on creating identity for every Nigerian to enable traceability of any money laundry act.

[size=14pt]War against money laundering: Banks, PDP kick against CBN’s policy[/size]

By Gabriel Omoh, Babajide Komolafe & Henry Umoru


LAGOS—Banks and the Peoples Democratic Party, PDP, have kicked against the decision of the Central Bank of Nigeria, CBN, to bar foreign currency deposits into domiciliary accounts.

The PDP described the decision as illegal, unlawful, void, archaic and communist in nature, stressing that the President should be reminded that as a country, Nigeria was in a democracy and not military administration as in 1984.

A senior bank treasurer and executive member of Financial Market Dealers Association of Nigeria, FMDA, also described the policy as a knee-jerk measure, which was not sustainable, adding that banks’ decision to stop dollar deposits into domiciliary accounts was in protest of the new policy.

In a statement signed, yesterday, by PDP National Publicity Secretary, Chief Olisa Metuh, the party said that President Buhari’s regulations of the foreign exchange transactions in Nigeria where the administration was making it impossible for honest Nigerians to engage in free trade and regulate their personal activities as guaranteed by the constitution, was clearly an agenda to illegally impose a communist economic regime on Nigerians.

The party noted that the absence of an economic team at the moment, especially in the third month of the administration, was leading the country into economic quagmire and doldrums.


The statement read: “The Peoples Democratic Party (PDP) wishes to bring to the notice of President Muhammadu Buhari that the apparent absence of an economic team in the third month of his administration is leading the country into economic quagmire and doldrums.

“In the past, we had given examples of the devastating effect of lack of an economic team and a clear-cut fiscal policy by this administration as evidenced in the lull and painful decline in the stock market, spiral rate of inflation, the disastrous outing of the government team in bilateral talks during the recent visit to the United States of America and the shambolic state of our economy at present.

“This confusion has been extended to operations and regulations of the foreign exchange transactions in Nigeria wherein the government is making it impossible for honest Nigerians to engage in free trade and regulate their personal activities as guaranteed by the constitution, and this is clearly an agenda to illegally impose a communist economic regime on Nigerians.
“The most disturbing aspect of this communist economic agenda is the illegal and unlawful attempt to repeal the provisions of the Foreign Exchange Monitoring And Miscellaneous Provisions Act, otherwise known as Decree No 17 of 1995 and replace it with unilateral imposition of new regulations.

“This Act remains the subsisting law regulating the operations of domiciliary accounts in Nigeria and by its provisions therefore, Nigerians are empowered to freely open and operate domiciliary accounts.
“As such, any enactment and or regulation inconsistent with the provisions of this Act are deemed void. Thus, the recent foreign exchange transaction restrictions by this government are illegal, unlawful and void. Besides the provisions of the law, the PDP declares this administration’s archaic communist economic agenda as unworkable and unsustainable.”

Naira bounces back

Meanwhile, the tough monetary policy stance of the CBN on the exchange rate of the naira has started yielding result as the local currency appreciated weekend to a band of N225 to N230 to the dollar, compared to N240 to the dollar at which it sold in the last few weeks.

The apex bank had barred 41 items from access to foreign exchange. It had directed that as from August 1, all foreign exchange transactions in any Bureau de Change must have the BVN of applicants as foreigners were said to have invaded the nation’s foreign exchange market.

Banks last week, in a bid to stem the increasing trend of the dollarisation of the economy, started rejecting deposits of foreign currency in local banks.

Forex dealers attributed the naira’s gain to excess supply of the greenback in the market, even as it looked like a lot of speculators would lose out in the new trend.

It was gathered from the CBN that commercial banks that currently had dollars in excess of $1 billion in their vaults, have started taking desperate measures to mitigate currency risk. Bureaux  de change (BDC) operators disclosed that banks have stopped accepting dollars because they have too much cash in their vaults.

As a result of the development, banks have been rejecting dollar deposits into domiciliary accounts, but customers are allowed to withdraw cash from their accounts.

“The reason the banks have too much cash is due to speculation and money laundering. A lot of people have been speculating against the naira and amassed so much cash.

“Then there are those who have been amassing dollars obtained illicitly and want to launder them.”

Banks protest

A senior bank treasurer and executive member of Financial Market Dealers Association of Nigeria, FMDA, who spoke to Vanguard on condition of anonymity, said the decision by banks to stop accepting foreign currency deposits into domiciliary accounts was in protest of the new policy.

He said: “There was no official communication from CBN that it would no longer collect dollar cash from banks. The whole thing started when two or three banks took their dollars to the CBN for swap on Thursday, and the CBN rejected the cash.

“As a result, banks now found themselves with huge volume of dollars that are practically useless to them. To protest this development, banks have stopped accepting foreign currency deposits across the counter into domiciliary accounts.

“The reality is that accepting such deposits is useless to banks. They cannot trade the currency and they cannot transfer it. So it is useless.”

He said the new CBN policy implied that everybody who wanted to deposit into domiciliary account was a money launderer, which was not possible.

“This  negates the purpose of banking. It is a knee-jerk policy, which is not sustainable, though it might force appreciation of the naira in the parallel market in the short term.’’

Importers divert businesses to neighbouring countries


President, Association of Bureaux De Change Operators of Nigeria, Alhaji Aminu Gwadabe, told Vanguard that the policy had started impacting negatively on the economy as importers had started diverting their businesses to neighbouring countries.

He said the protest by banks had, however, started impacting negatively on the economy.
“The surplus dollars in the street market is unavailable to the local importers as they cannot transact with it through their bankers.

The neighbouring countries are having a field day mopping up the excess cash dollar liquidity, a very cheap rate for the use of their imports to the detriment of the local importer.
“Our local importers divert the payments of their imports to those neighbouring countries. The local importers also divert their consignments to the ports of the neighbouring countries.

“The current market situation is enabling business activities to flourish in the neighbouring countries,” he said.

CBN explains rationale for policy

Although the CBN did not officially announce the new policy to banks, it on Saturday issued a press release, titled: “Renewed Vigilance to Prohibit Illicit Financial Flows in Nigeria’s Banking System.”

The release, signed by Ibrahim Muazu, Director Corporate Communication, CBN, stated: “The Central Bank of Nigeria (CBN) notes with concern a recent report by the Global Financial Integrity group, which ranks Nigeria as one of the 10 largest countries for illicit financial flows in the world.

“Although we do not have an independent confirmation of this assertion, the report estimates that about US$15.7 billion of illicit funds go through our system annually.”

It added that “CBN will increase its vigilance to ensure that Nigerian banks are not used as conduits for illicit fund flows, especially in foreign currencies.

“We note and applaud that in line with global best practice, Nigerian banks have started to curtail the acceptance of foreign currency cash deposits, much the same way as customers in other countries cannot just walk into banks and make foreign currency cash deposits without proper documentation.

“We wish to assure all citizens seeking foreign currencies for legitimate personal and/or business interests that there remains ample opportunity to do so within the law. The CBN’s Foreign Exchange Rules have many windows for accessing foreign exchange for legitimate business as well as for personal commitments.”

DEGREE2466:
And Buhari has been doing what?

It is obvious Mr. President does not know economics when he made that statement "I will make one naira equal one dollar".

It is the forces of demand and supply that determine the purchasing power parity (PPP).

OVI75:
MY TOP 6 MOST HATED WORDS ON NAIRALAND.

1.PRESIDENCY

2.PRESIDENTIAL SPOKESMAN

3.BUHARI

4.ALHAJI.....OR MALLAM NORTH

5.FEMI ADESINA

6.TIMAYA,RAPE.