₦airaland Forum

Theses guys bought very poor quality debts as assets when acquiring NEPA.
The debts were never altogether real or justified...their staffs that took bribes instead of enforcing payments or collected funds without remmiting are gone with NEPA too.
They bought "lemons"- They should start a fresh accounting system WITH CARD METERS.

SpyAC:
her bill just the learn work where my own dey, when I pack in to where am staying now, I met a bill of 890000.58888 something, by God grace, is now up to 2.3million in the space of 2yrs.

After deducting the commission payable to Seawave by LEKOIL for arranging the facility, and the upfront fee payable by LEKOIL to the QIA as set out above, the net proceeds of the facility available to the company are approximately $174.3 million’’.

@blunt
The only detail necessary is above -
some cool dudes have secured themselves what a Happy New Year really is, in the form of almost $10m commission.

Baby, He didn't use loan to buy aircraft.
Salman is right I believe. Money is coming (stolen) from Nigeria.

Money laundering has 2steps
1. Steal/move out funds illegally = fraud
b. Falsifying biz/Bank documents = fraud too.
2. Invest money the illegally moved funds in legit biz = laundering
Nextstep

If you want to import anything major (not dropshipping o) eg 20kmt of Diesel
You identify a seller abroad and approach your local bank to issue a letter of credit covering the amount you have (or you're being loaned) in the bank.
paying cash upfront might get you duped (never getting your product or money back and going after seller without visa is an issue)
So the LC comes with conditions of price, volume, specifications, delivery etc Seller normally gets cash value of LC after you get delivery & all conditions are met.
So, YOU UNDERSTAND FUNDS normally COMES FROM BUYER NOW I guess.
Now, what's happening is that the seller (Springfields) is also the buyer (Peace Air) !! = that's the attempt at laundering.
The initial funds getting to the foundation & ethnic/peace initiative stuff accounts now BECOMES more suspicious AS STOLEN govt FUNDS as the fraud.
Think just between 2010-13, what did the foundations or peace & ethnic organisation do to get $20m? Folks saying he's rich & a cool guy, What was he doing before then?

We might have stopped questioning sudden wealth with no antecedents. THEY HAVE NOT.

People did rumor & insinuated funds coming from a former first lady all the while....Nigeria will step in to stop this ..ish to protect the former PEP I believe.

5. POLITICAL WILL
after the greed/mistake in debt purchase. comes Nigeria' interesting model of doing business - Quota system & Monopoly.
we just converted govt monopoly to broke, incompetent private monopolies and expect efficient power!!

the companies involved have made it expressly clear, they have no funds (to even provide meters). In their greed they refused to buy from local meter assemblers. Now they've succeeded in forcing the govt to push it unto us without allowing us but from China ourselves (check prices on Alibaba) while they just configure the kwh rate into it. GREED makes them want to have it all.!!!

RESCIND THE SALES - THEY HAVE BREACHED THEIR SPA or we'll all keep waiting for these broke & unbankable entitiesthem forever; OR JUST ALLOW GENUINE PRIVATISATION INVOLVING OTHER CAPABLE PROVIDERS (like the Meter Asset Provider companies brought in when it became obvious the biggest public complaint is metering & they are too broke to be able to provide)

stop the national grid nonsense and let willing sellers supply willing buyers.

4. GREED & INCOMPETENCE
it's public knowledge the new owners are new to energy biz & borrowed to buy the assets & debt.
where are the financial & technical partners that they included in their bid documents today? They gamed the system!
The banks are right not to loan them... Their model, purchase coverups & mistakes are glaring to them. Even if banks won't loan them, what stops them borrowing from the public = stock market - they want controlling shares but can't invest as agreed in the performance MOU/SPA that requires they must invest more funds; not just take over what FG built, wait to bill the public crazy and call that their investment funds!?

3. Bank Loans to power companies
the power companies are not getting bank loans because they are not bankable not because their customers are not paying.

There's nothing wrong in buying a company with debts, but the quality of the debts is key.
So what's the quality of the debts?
They inherited estimated, fake & contested bills debts generated by PHCN who stopped reading meter bills.
How many of these bills are to the account of dead tenants/landlords, actual seating delinquent tenants/users vs tenants that have moved out & moved on?

They should have studied and paid less of the debts when buying; make PHCN that knows the debt history agree to form a unit to remit it to FG after resolving & collecting such since most were under contest even then - issues were "am not the debtor/user then" (why didn't you collect from him/her? why were your staff collecting bribes instead of your bills?); "am a new tenant, I owe you nothing";"go and meet the agent or landlord for past debts, I'll pay for only my own consumption"; "you brought another person's bill to me" etc.

but they too were not coming with clean hands, funds or meters. CURRENT METERING EXERCISE IS SLOW BECAUSE THEY ARE TRYING TO IMPOSE THE OLD DEBTS ON NEW METERS/USERS. BEWARE as they just configure you with debts without your knowledge!!!

2. NO METERS
Google Fashola' figure on registered power users. Yes, we have poor data in this country BUT A BIZ CAN'T USE THAT AS AN EXCUSE EXCEPT THEY ARE TRULY STUPID not to generate accurate figures of customers consuming their products and not estimates after 6years.

Even if people don't pay It's the fault of the DISCOs!!!

Let me explain thus...
They collect a measured quantity from GENCOs, and are billed for it to be paid later, but when they are selling the refuse to sell with any measure!!! Only preferring to dump on the public & expect esp the unmetered to be as stupid as they are not to know fair estimate of what they consumed compared to metered folks to complain and contest their billing (which is based on fake number of hours of power availability 18-20hours & use of equipmentsq11 throughout referenced period)

It's like a kerosine seller that buys with proper measuring instruments from a station and uses hand to sell; then incurs losses and wants to start blaming his customers for his stupidity.

if you were a judge in this case would you call the seller what he actually is - "Oponu" or fool. Of course they will take his/her excess and RIGHTLY contest if short changed. Why do you think estimated bill is the biggest complain from all meetings Fashola had with the public?

THEY SIMPLY SHOULD PROVIDE METERS AND STOP BRUSHING US ALL AS POWER THIEVES.

It's like if a 1.5l car' fuel gauge stops working, but we all have an idea of mile/gallon consumption (of same and similar car engine capacity) to be able to complain if fuel sold/used on a very familiar trip (say Lagos-Ibadan) becomes 5 times what a 5liter engine V12 car/SUV typically uses to justifiably cry foul!!!

Well that's the fraud estimated billing is justifying & trying make us believe should be condoned.

https://en.m.wikipedia.org/wiki/Cost_of_electricity_by_source

pls don't talk about cost of generating power again without reading the link above...

so many interesting issues raised here with lots of misguided opinions about what the problem actually is/are... but we often talk less of solutions. Maybe if we talk more of solutions, we could improve the power situation.

folks are missing the point here...

the assault is because the DSS doesn't want the public to know the sacking, denials & other ongoings are actually true.
not like they did it for/to protect the VP

the VP is under siege of the presidency cabals!!

Till they are ready to come up with the real banking functions (taking money from saved excesses loaned to needing parties) they are just fooling on SMEs with payroll *#s

.

to think there was a time some actually believed you were marked down for each wrong answers from your correct score except you leave the questions!!

they should just let serious folks know how they are graded for a truth...

Why is Nairaland so starved?
Why are the most jumping to conclusions it's over/about t_t_?

Important thing is that the next post days it's been resolved...
Clear your mind & Move on too.
..

It just started.

We are not mad, just too docile.
And then who is going to "Bell the Cat"?

We're not organized or United (if only even in our sufferings) to act proactively against these obnoxious government actions!!

voter's card would have been your best bet; It's free.

now you have NIMC to deal with. You can get the slip immediately or in a few weeks. Most places where your ID is requested would still collect the temporary (green slip), they know a lot of Nigerians are yet to collect the permanent card after a long while.
It's officially free but I won't be surprised you'll be told no light/hence money for generator fuel; or no data/govt provided network is poor/totally down to register you = shake body to use personal mobile etc.

(really wish a lot of peeps here take making Nigeria better serious right from NOW, BY JOINING OR FORMING THEIR OWN POLITICAL PARTIES and be the alternative opposition contributing positively. But no. they will wait till next election and allow the dregs of the society lord themselves over them by rigging again!!!)

I lived in more than four countries before settling down in what l called my country. This is my first time to hear that nationals pay to get idcard, and foreigners do not pay unlike all the countries only the foreigners pay,even some countries pay their citizens for idcard enrollment.
God help us.

true that...
the foreigners to be captured are to be registered free and later given RUGA settlement o

this is the result of every crazy monopoly.
These cards can be produced for less than N200; but they won't give you the licence.
AND THEY'RE GETTING IT WRONG ALREADY AGAIN.
THE FOCUS SHOULDN'T BE THE CARD BUT THE NUMBER. the validity & highlight of their services should be how bodies requesting the cards can verify the identity/number if quoted EVEN WITHOUT THE CARD!

the company is already enabled by law and is going nowhere like prior I'd card projects...
the current staffers are only in a hurry to "loot" their share of the national cake & milking the public before their services expiration.

We've over analyzed enough already. WHAT'S THE SOLUTION/WAY FORWARD?

we are truly poor. yes.

yet you're still missing the issue.

the point is Pareto already analyzed that this 10% owns 90% of the country's wealth put together and they thrive in cash!!!

Hmmm
typical NL with misinformation, tribal slurs ...

I appreciate those who thought about setting up similar plant - keep asking leading questions.

if you remember Adeshina started a rice plan under GEJ.
smart biz men like Coscharis keyed in way back 2016 and GOT CBN LOANS TO BUILD WHAT YOU'RE SEEING TODAY.

https://t.guardian.ng/business-services/money/cbn-to-fund-rice-milling-plant-for-coscharis-farm/

stop the chest beating (it's not about being super smart or rich. Dangote; flour mill Nigeria' Sunti sugar alone got N26b for their sugar factory etc.)
when you see these big boys in agric, they mostly have govt heads up)

take a moment to research what you can get from the CBN government too.
point is these guys know what's available and grab before others making them look like super champions that they really aren't.

who else noticed the serious contrast between the bride and the women surrounding her...do these guys take care of their own differently (separately)?

1. The donor agencies were specifically given brief to focus on the destruction in the north

https://www.premiumtimesng.com/news/top-news/245992-buhari-asked-us-to-focus-on-northern-nigeria-world-bank-chief.html

2. Tony is just a smart guy deceiving Nigerians with this foundation. What's his commitment of the $100m (over 10 years) yet...ever wondered how much exactly of his funds he has put into it?
He is just using the entreprenuers to market his idea while collecting funds from UN & co.

Hmmmn
These guys are interesting...a gubernatorial candidate was to be tried or investigated for the fact that he can only be 5 years old at graduation going by the certificate he presented. Reality is, the family bears same name and use a single certificate (they reason why pay government any extra as fees)

Were the victim's families helped in any way?

I still don't agree with the subsidy storyline!

NNPC IS JUST A CORRUPTION cesspool - recall the subsidy probe...?

You claim no profit for the sellers/importers ; but the pricing template quotes margins for everyone, even bankers (financing costs).
The bridging or transport cost is allocated but we all pay our truck drivers before loading at Apapa, and pls show me how many people gets refunded.

Recall the probe and top executives fumbling on answering questions like how many liters in a barrel; how much of each refined products should come from the barrel; what happened to other products in the crude swap; HOW MUCH IS REALLY NEEDED TO REFINE, yet NNPC WOULD QUOTE HIGHER spot prices as landing cost (with N13-21 margins) and we believe them.

Ask why NNPC engages in SPOT BUYING (and always quoting spot prices as landing costs!) when they have their subsidiary - Duke Oil, to do far lower hedged futures/options pricing?

Ask why NNPC refuses to TRULY liberalize/deregulate licensing - only those ready to go with their lies on landing costs are given licenses!

What NNPC has spent asTAM on refineries is more than Dangote is spending to build a new one.

I followed your link on opera news... Filled a form; till now no response! I am not convinced I will get support when the equipment has issues....

Still why not support the guy?
I would buy his product

What constitutes the 70% - claim is doubtful...without steel & working refineries in Nigeria.
wikipedia is not such good authority - as you can write whatever you want or like there yourself.

The design & IP rights coming from the original companies in the analogy is overlooked.
Apple would not keep going with only outsourcing without competence in product design, marketing etc.

Are we investing in lands or hostels?
You mentioned good returns... Any specific figure(s)? Duration?

Good points @asksteve & tactius

My grouse is what equipment have these DISCOs actually bought? Which new transmission line? Yes, I know some GENCOs did buy stuffs.
After the privatization, the companies involved didn't keep to the terms of investment agreements or bringing in technical partners. They mostly have what they inherited from PHCN.
They couldn't invest in meters till date...

why do they keep bothering us with lies

Yes the big boys bought over priced lemons from FG and they should deal with it

They are ruled by GREED. And they are beastly in nature.
Fela called them beasts of no nation & some said & tot he was the mad man. But no, he's proven right now.

They derive joy seeing needless waste of time to traffic jams; accidents ; losses to mechanics in fact general stress to us.


See list of FG approved road rehabilitation projects blw. https://www.nairaland.com/5169717/fg-approves-contracts-construction-rehabilitation/1#78127811

Question is how much a new road if 4km needs almost N2b and 12 months to complete just rehabilitation?

Am wondering how we can have needed infrastructure if we keep doing projects at this rates - 4km road REPAIRS NOT FRESH CONSTRUCTION O @ almost N2b.
How much will constructing new roads be if we are REHABILITATING at these ridiculous figures/rates?
We can never develop as a nation with this leadership template !!

Check the link below to see how much a reasonable organization (Winners) wanted to repair Ota road & government' cost for the same project...

https://www.nairaland.com/5170008/how-ogun-state-prevents-winners

To think we are just suffering needlessly!
Dis tin dey really painn o.