Agabusta's Posts
Nairaland Forum › Agabusta's Profile › Agabusta's Posts
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Kyase:Is collation still ongoing? How many more local govts still to be declared pls? |
engineerboat:Is this part of the grand total so far you earlier did? |
DUNKA:Thanks for the update. Any info from Bauchi and Benue? |
Ecash1:Have you added all the votes gotten by the political parties together? |
gidgiddy:Disappeared where? ![]() |
Interesting development. |
alizma:Voided votes may sum them up. |
Wiseandtrue:The INEC Chairman is not the returning officer for state elections. |
Spark2:Let them be rejoicing over the fake news released by their commrades. If accurate results is announced now that is not to their favour, they will start screaming “rigging”. |
I hope they’ll listen. That is how they will start rejoicing over social media results of few polling units, only to be disappointed when the main results are released. They will now start the cry of rigging up and down. |
spacepappy:I wanted to reply that person but just changed my mind that its not worth it. |
AfonjaBoston:This is highly distasteful. You dont have to go this extreme. |
Aminu Yaminu (Tashaku), a known Boko Haram terrorist, was employed by and paid from the Benue State Government account under the pretext of being the commander of the Livestock Guards. Tashaku has been arraigned for the gruesome murder of 17 worshipers in a heinous crime that was initially attributed to “killer” herdsmen.This is a punch report to support the above. Soldiers arrest key Boko Haram suspect linked to Benue attacks |
“Gana is responsible for scores of deaths, including many that were initially attributed to herdsmen. .This is an area a lot of people relying only on social media information get confused. That is why they are still dumbfounded at the votes received by Buhari in Benue. The people in Benue knows that the killings are not perpetuated by herdsmen alone. |
I hope Ambode's parting gift to Lagos will not be a long legal tussle emanating from this Visionscape misadventure. |
EXCLUSIVES What Visionscape’s bond default means for Lagos ...as firm misses coupon payment of N4.5bn...States' borrowing costs set to rise Visionscape’s bond payment default has some consequences for its guarantor, the Lagos State government, and companies without a strong financial history seeking to raise debt capital will not be spared. Lagos may not be the primary obligor for Visionscape Sanitation Solution’s bond, but it guaranteed investors who lent money to the waste management company employed by outgoing Governor Akinwunmi Ambode to rid Nigeria’s economic hub of festering waste dumps that marred its street corners, that it would step in to bear the cost in the event of a default, drawing from its Internally Generated Revenue (IGR). To this end, an Irrevocable Standing Payment Order (ISPO) was issued by the State Executive Council March 2017. It provided that Lagos State would dip hands into its IGR to settle investors if Visionscape reneged on its debt obligations. It meant the Lagos State government was agreeing to be on the hook for the bond programme the Visionscape Group, through its Special Purpose Vehicle (SPV), was set to issue. With the backing of Lagos State, Visionscape sold the first tranche of its proposed bond issuance, a N27 billion, 17.5 percent, fixed rate 5-year bond due 2022, to high net worth individuals. Investors lapped up the bond which had been rated A+ by credit ratings agency Agusto & co and Global Credit Rating agency, largely on the back of the Lagos State guarantee. Agusto estimated that the duly executed ISPO on Lagos State’s revenue account constitutes sufficient security for the issue as the remittances…will be adequate to cover the cumulative obligations (coupon payments and principal repayments) of the Series 1 Note 1.03 times. Enter 2019 and the plot has gone terribly wrong. That’s after Visionscape defaulted on an initial coupon payment of N4.5 billion due March 5. The Lagos State government has distanced itself from the bond, causing investors to panic. An official of Lagos State and member of Governor Ambode’s cabinet told BusinessDay that the state government has no obligation whatsoever to bond holders in respect of Visionscape because it never issued the bond. “We never issued the bond, Visionscape did, so we don’t have an obligation to the bond holders,” the source said on condition of anonymity. According to the official, what the state signed with Visionscape was a contract to pay the municipal waste managing company an agreed amount for lifting up to 12,000 tonnes of waste per month. “Agreed that the political situation in the state among other issues worked against that contract, in the last seven months, Visionscape has not lifted waste to warrantee that payment,” the source said. He, however, said talks were ongoing to resolve the issue with Visionscape. “We expect Visionscape to resolve theirs with its bond holders. There’s what they call political risk in business and I think Visionscape must have factored that in,” the official said. Other sources familiar with the matter say Lagos State has gone cold on its contract with Visionscape following the unexpected exit of Governor Ambode, who lost his bid for a second term in office to fellow party member, Babajide Sanwo-Olu, at the primaries in October 2018. Soon after Ambode’s loss, Simon Reading, chairman, Board of Investors of Visionscape, announced plans to shut down the company’s operations. He said the decision was reached following “heightening political tension in the state” and reported cases of attack on its employees, destruction of its operational vehicles and equipment. “Of utmost concern are the recent developments surrounding the turbulent political environment wherein it was reported that the opposition in the upcoming gubernatorial race used subversive language about the residential collections contract and called it ‘a misadventure’,” Reading said. “After Visionscape suspended its operations, Lagos State lawmakers made it illegal for any payment to be made to the waste company,” a source with knowledge of the matter said. “The implication of this is that going forward, any ISPO against IGR is worthless,” said the source who spoke anonymously. The brewing impasse threatens to jack up borrowing costs for Lagos State when it goes seeking to refinance an N80 billion bond this year. It also sends a signal that contract enforcement in Lagos is fickle and unpredictable. Because the state government sets the tone for borrowing costs in Lagos, it means companies seeking to raise debt capital would also be incurring higher borrowing costs. States seeking to raise debt capital would also face a similar challenge. Visionscape was handed residential waste disposal, a turf that was prior to this run by Private Sector Participants (PSPs), by Governor Ambode. Critics say Visionscape did a sub-par job in handling waste disposal in Lagos and that it fell short of the standard set by the previous operators. Visionscape’s management responded by saying that after necessary infrastructure was in place, their services would improve. The Lagos State-backed bond was supposed to deliver that infrastructure. In the information memorandum of the bond programme, the waste management company projected that about N16.3 billion of the proceeds would be used to acquire fleet for the transfer loading stations, strategic acquisitions and related infrastructure, expected by September 30, 2017. Containers and operational equipment were to cost N3.13 billion. Waste facilities upgrade was estimated to take up N2.58 billion, while working capital would gulp N2.5 billion. LOLADE AKINMURELE & JOSHUA BASSEY https://businessday.ng/exclusives/article/what-visionscapes-bond-default-means-for-lagos/ |
Good. Intels about to receive govt hammer for good. Nobody should shout political witch hunt oh. Any company used for fraudulent and criminal acts will be severely dealt with. |
naptu2:He may be asked to go on three months terminal leave. |
stonemasonn:One funny thing I noticed is that the important National Identity Number is not actually on the National ID card! Too much confusion in this country. The NIN is actually on the temporary slip given to applicants, but not on the actual card after it is printed. |
Dynamo1:This is damn funny ![]() |
seanfer:Nobody is saying the contrary. We just went a little further into his political life to let you know that he was even PDP ab initio before going to the APC and then later returning to the PDP. |
seanfer:He was formally of PDP before defecting to APC before the 2015 elections. |
theoldpretender:He defected from the PDP to the APC during the GEJ/Buhari 2015 battle. So he still has a lot of influence in the then PDP as at the time the house was convened. He equally had some influence in his new party then, the APC. He was able to win through the support he gleaned from both PDP and APC. This time around, he will only get minimal support from the APC. At most like 15 - 20 renegades since he did not come in as APC. The APC candidate will also get some renegades from the rank of the PDP, maybe like 5-10. The numbers does not favour Dogara. 100 plus PDP reps to 200 plus APC. Some northern Reps that voted him then, because of ethnic considerations, will not do so now, because of the way he has been attacking the Buhari regime. There's no way he can clinch that ticket, except if APC is enmeshed in serious crisis or if the party candidate is very unpopular. Hon Gbajabiamila will be the party's candidate and he's very intelligent and sound. He will comfortably defeat Dogara this time around. |
chriskosherbal:Was the South not the Senate President during Obasanjo's reign? |
PresidoAtikuGcf:How else do you think the SS can influence the laws in Nigeria of not too have their son as a Senate President? |
ola6:Assuming Magnus Abe has played a good party man and returned to the senate, it would have been automatic for him. |
shakmati:Yes pls! Burutai for CDS. |
ogawisdom:Since she is expected to give 2 months notice before she resigns, it also implies that they are to give her 2 months salary for sacking without notice. |
You are very right. Ignoring the politics of NASS leadership at the initial stage and appointing his cabinet late affected the performance of his administration. |
CodeTemplar:Buhari in his own case is trying to clean up the system. Many tainted judges have been sent packing. Including the controversial CJN, who conveniently forgot to declare some accounts as required of a public officer. |
kotv:Ha! This is how fake news starts oh. Where did you read/see results of election that was more than registered voters?? People will just be talking ignorantly up and down. |
dunkem21:The forum has died because a member posted news carried on Vanguard and Premium Times. Smh |
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