seunmsg: Can you mention one instance with credible link where Tinubu mobilized thugs to a party primary?
seunmsg: I am glad you called me out. Now, take it a step further by posting a credible link to where it was reported that Tinubu stormed a party primary venue with thugs. If you can't provide the link, you are a terrible liar and a hypocrite.
Have you pointed out where Makinde stormed a party primary venue with thugs? Iru abosi wo ni eleyi nitori Olorun
Moferere: Says a Governor who is owing salaries. Yẹyẹ old man
For real? He is owing salaries? Maybe he employed too many nurses, pharmacists, doctors, lab technicians, librarians, administrators, teachers etc since 2015?
Xscape1993: We know because the evil, terrorist sponsor and sympathizer, wicked, borrower and less concern party has failed us woefully.
Since Ortom returned to PDP after his 1st term with APC, what has he achieved in health, education, water, roads for people to believe him when he says PDP will be a better option at the federal level in 2023
Shallow mindedness of 200 million mumus on display How has Dangote helped Nigeria, versus the benefits he has received from various governments since 1999? Do you know
ryloy: Dangote Refinery: Roaring to Life on the Lagos Blue Sky
Roaring to life meaning it has been processing how many barrels per day for how many weeks/months already? Or this is just propaganda to justify the NNPC investment into this phantom project since 2013
jerrybone: It was hailed as the best thing to happen in the oil and gas sector especially in Nigeria – a serial importer of crude products. The year was 2013 and in September of that year, Aliko Dangote, Africa’s richest man, announced yet another of his gargantuan projects – the construction of the biggest single train refinery in the world with production expected to begin in 2016. Many delays and postponements later, the project has been bogged down by barely serviceable debts, poor planning, lack of centralized project management, mismanagement and has now become a huge albatross on Nigeria’s neck costing the country lots of FX and creating huge problems in return.
VALUATION
A project that started as a 9billion dollars project is now being valued at over 16 billion dollars, albeit incorrectly. Sampling expert opinion from leading players in the oil & Gas industry, it is estimated that a refinery of that size should ideally cost within the range of 11 to 12 billion dollars to build in Nigeria. Notwithstanding the conflicting figures, it was recently announced that the Nigerian National Petroleum Corporation, NNPC, will be taking a 20% stake in the uncompleted, non-functional Dangote Refinery at the cost of 3.8billion dollars. Whilst this baffled many, NNPC’s actions effectively over-valued the yet to be completed refinery to 19billion dollars.
PROJECT DELAYS OR PROJECT DELAY-ED
As at last count, the completion of the refinery had been moved eight times. Whilst some might say this is in character for Dangote Industries and their numerous projects across different sectors, the problem is deeper rooted. A contractor at the delayed refinery project, speaking under the condition of anonymity said that poor planning, underpayment of contractors, and a lack of proper project management with over 40 contractors on site has led to most of the delays. He also added that of the 40, none is willing to commission as there is no clear delegation of duty and over-decentralization leading to absolute chaos.
With these incessant delays, Banks are already calling in their loans. At the announcement of the project in 2013, Mr. Dangote said he had secured financing of 3.3billion dollars. This debt burden has now risen to 7billion dollars with debt servicing of almost 700million dollars per annum. Whilst Mr. Dangote has been able to restructure the facilities from various local and international banks twice so far, most banks have totally refused to restructure for the third time with principal repayment also falling due - as well as the annual interest payments.
Things have gotten so bad for the billionaire that even income from his other businesses are barely enough to cover the interest rates talk less of the principal. This has led Mr. Dangote to seek innovative ways, including state capture, to prop up his business now that the refinery project has been consistently delayed and he has run out of money to repay. Enter the NNPC Connection, Nigeria’s controversial PIB Amendment and the Crude Swap Saga.
THE NNPC CONNECTION – BAILING OUT THE UNBAILABLE
After taking FX at concessionary rates from the CBN, Nigeria is inexplicably tied at the apron strings to Mr. Dangote’s now-threatened refinery. Estimates by professional industry analysts and those close to the project put its completion date in 2024 or 2025.
Recently, the NNPC announced, under some obscure arrangement, that it was taking a 20% equity in the Dangote refinery at 3.8billion dollars. The NNPC was later to explain that it was giving only 1 billion in cash and the balance in crude.
Whilst this is a welcome development, Mr. Dangote will have a hard time doing anything tangible with the 1billion dollars cash which is barely enough to cover one years’ interest. With some principal payments falling due and the banks’ unwillingness to restructure in the face of an estimated completion timeline of 2024 at the earliest, Messrs. Dangote will need at least 3 to 4 billion to complete the project over the next few years even with this bailout. Both the way the refinery project has been carried out, and this subsequent NNPC bailout for Dangote refinery has turned Nigeria into a laughingstock on the global stage.
As for the controversial PIB bill currently before the Nigerian National Assembly, it is now clear to keen watchers that the reason the government wants to give a monopoly of importation for petroleum products into the country to Messrs. Dangote is so he can make the excessive and extra profits he needs to manage his rising debt profile for the refinery (under the guise of ongoing refinery projects). Guess who will bear the brunt of the higher costs in petroleum products at a time when subsidies are being reduced? The Nigerian people.
With his refinery project costs way overboard, banks breathing down his neck and NNPC’s strange bailout seemingly meagre to take care of the principal and interest payments for his debts, is the Dangote Refinery a dead project even before it is completed, or will time be kind and permit the completion of this project to which Nigeria has mortgaged huge FX from its treasury to see it kick off in good time? The chicken has come home to roost, it may seem.
Finally, with the one billion dollars going towards the repayment of principal and interests which are falling due in August, the manipulations by NNPC and politicians at the National Assembly has now become clear for all to see… As it stands, some government agencies and politicians are more than willing to mortgage the interests of the nation and masses to bail out the unbailable refinery project. Welcome to the Republic of Dangote!
RaisedByWolves: [s][/s]No be by ports.yoruba use propaganda to justify diversifying finds from other regions to theirs.. but like all things everything has an end.. a time will come you will envy my Edo state and all these other states you used lies and propaganda to demarket.
Foreign investors are already seeing through the southwest propaganda machinery. they no longer trust your stats
Time is here ... Lagos will have dormant ports and airport mark it.. then you will be crashing taxes and offering all to have people come there but no one will because of how toxic the tribe is
Time will come, time will come......................same story since before 1960. Una no dey tire. Get your acts together already and stop being empty propagandists.
Greatken007: You’ve been promoted to the retirement stage of your life! Congrats! You indeed served well and so you deserve all the accolades...
Served well by being a Vagabond In Power, VIP to Magodo private estate residents and their guards recently? Was he not one of the olopas who have bastardised our country hence the EndSARS protest against police brutality
dre11: The outgoing Commissioner of Police in Lagos, Hakeem Odumosu, allegedly ordered the arrest of all the security guards at Magodo Brooks Estate, Lagos, on Saturday night after he was delayed at the gate.
Sources said Mr Odumosu visited the estate for a party hosted by an aide of the Federal Minister of Works and Housing, Babatunde Fashola, but he was delayed during the Checking-in process.
The police commissioner subsequently arrested the guards and shut down the gate, making it impossible for residents to go in and out of the estate.
He was also said to have stationed policemen at the entrance, to ensure the enforcement of his orders.
Photos seen by Peoples Gazette also saw a stroke patient being assisted into the estate due to a power show by the outgoing police commissioner.
Both Mr Odumosu and the police spokesperson in the state, Adekunle Ajisebutu, ignored separate requests seeking comments on the matter.
Mr Odumosu was last week promoted to the rank of Assistant Inspector-General of Police.
envoymedia: Actress, Iyabo Ojo And Her Daughter, Priscilla Look Like Sisters In Hot New Photos
Popular Nollywood actress, Iyabo Ojo and her daughter, Priscilla, looked stunning as both teamed up together for a photoshoot session, IGBERETV reports.
The mother and daughter who had always thrilled their followers with stunning photos of themselves, appeared hot in the recent photos they had together which was shared on both their Instagram pages on Sunday evening.
Rocking leather jackets, skimpy tops and lug-sole boots, the duo could easily pass for sisters in the photos.
The photos were captioned;
Why did you omit the age of the mother and that of the daughter? What kind of amateurish journalism is this
JAMO84: Every failed politician is just playing games with the Igbo.
Tinubu kuku know say they will never vote for him, baba just dey concentrate him energy on North and South West.
People that hate Awo and MKO are not expected to love Tinubu.
What % did MKO get in the south east for you to say that he was hated? Of then 3 south east states of Anambra, Enugu and Imo, he got 57%, 48% and 45% respectively. Are you speaking out of an abundance of ignorance or what
godofuck231: It can't be so the elders will assassinate him kn grounds of insubordination, just as buhari rightfully said for not revealing his favorite candidate for 2023
Buhari was just fooling around with that to give Lagbaja's 200 million mumu nation plenty of nothing to talk about.
mysterydude: Not possible. Who remembers this secondary school song 'parents listen to ur children, we are d leaders of tomorrow', when pple like tinubu, obasanjo n buhari refuse to die or retire from politics
What works have you done/are doing with your money and time to force them into retirement becuase the youths have taken over all the political structures? Abi na for mouth
heniford2: When that age bracket is in bet9ja playing virtual or watching BBafrica which you Op spend much of your time conversing here last year abeg that age bracket is full of dummy ask kogi state governor
The OP is asking the wrong question. The right question is whether youths are working/can work to flood APC and PDP to dominate their agenda and dictate things from the local government upwards in legislative and executive offices. Does he think that there is free lunch in anything, including in politics
Viraltrends123: You guys will always complain, those that built the infrastructure, weren't they employed, or if there is work, shouldn't be road to go to your work of place. Someone built your brother a house, he praised the person, but you are here complaining why he did built house only, without giving him job or money
I hope you don't mind that I don't share your low level understanding of what a governor does. Is it shabby understanding of government work why Africa is a dark continent described by Trump as a shithole
Penguin2: I’m sure Elrufai prefers these things to the life of southern Kaduna people.
Rubbish
ignis: Infrastructure and projects, meanwhile the state is facing heavy insecurity.
Misplaced priority.
Exactly. No employment for people to provide water, education, clinics & hospitals, maintain roads etc. How do we make good progress with physical infrastructure only
rickyrex: Agbero the Result of the youth empowerment program by tinubu. Infrastructures everywhere unemployment still remain the same. And somebody will come and tell be it's an achievement
Did JagbaJantis' failure to provide free and compulsory education for children add to this menace of thugs everywhere? Has Ogbeni Ojuyobo turned Lagos and the south west to almajiri empire of beggars waiting for handouts
mema900: They were born in the street and raised without hope in the street. So that value of life you are talking of, they didn’t learn it at any point in their life. Count yourself blessed
Indeed we are blessed and should work endlessly to increase the pool of those blessed like us, to avoid being grouped together as the wretched of the earth on the dark continent. Not so
BluntTheApostle: He never supported Boko Haram, rather he spoke against how unfair the government was treating them as compared to how they treated the Niger Deltan militants.
While the Niger Deltan militants were pampered with goodies running into millions of dollars, the FG was high-handed with Boko Haram.
You cannot deny that the poor managment of the police-Boko Haram crisis of 1990 played a major role in turning Boko Haram into a monster.
What made Yar'Adua treat Niger Deltan militants softly? Did it have to do with increasing oil revenue? Are these conditions present for Boko Haram to warrant Buhari's comparison of the two
Politics › Re: Ekiti2022: Security Agents Arrest 500 Armed Thugs, Recover Weapons by anonimi: 1:42pm On Jan 26, 2022
