₦airaland Forum

Is it the same Expressway that now has houses and shops on the left and right and middle of the road?? Ok o. This would mean massive demolition. I hope the people there know that there is setback limit which has been contravened, so likely no or very little compensation. They shouldn't come and start shooting when it happens o.

benzmatic:
Typical Nigerians, they can never think of the common good whenever their bellies are involved. The government means well indeed! Is this the next best thing for this government to do? With the aggressive taxation policy the LASG is pursuing, what in real terms has it done for the inhabitants? Is it water or power supply? How many affordable housing units have they developed so far? When they build any infrastructure, they are always on the lookout to profit from the same, is this ideal public service? The Government means well indeed! We will be watching.

The problem is that most of those who pay it will never see the benefits.

Still too complicated in my view. It should simply have been CR*RR*MV.

This doesn’t look like a car that has just done 5000km. I suspect foul play!!!

Sweet looking car I must confess!!

Icon4s:
I am glad you have an idea of where I am coming from.

But let me clear this, no government gave anybody any Oil Block as a gift!

Do you know why they are regarded as a gift? Because of the cost of acquiring those blocks as compared to the huge revenues later recovered from them. This thing you guy think are gifts were worth hundreds of millions in Dollars.

Prio to the discovery of huge fields like Agbami, Bonga and Erha, the deep offshore were no go areas. No business man would want to invest his money where they knew there were several limitations ranging from lack of available detailed Geological data to Lack of technical expertise and experience among others.

The government had to give out those offshore blocks to potential investors at a cheaper price compared to those onshore as an incentive to attract them towards it and then which in turn will boost our Oil reserves. Which is a win-win scenario.

Let's even say (as you guys think) she was given the block for free. Do you know the amount of Capital investment (CAPEX) that will go into such a block before you will get to the stage of Drilling the first well? What if after spending so much and then drill wells and the wells are dry? And you say she has nothing to lose? Do you know how much it costs to even drill wells offshore?

Please if we don't know about certain issues let's ask questions before making comments

Folorunsho Alakija's story cannot be beneficial to every entrepreneur. It is for only those that understand the nitty gritty of the Oil business.

I would like to sit with her and share from her success story on that Oil Block.

In all likelihood she probably didn't pay any money for it from her own pocket. Knowing Nigeria and IBB, I am 100% sure it was simply ALLOCATED to her.

With respect to the Capex that you talk about, Chevron took all the risk to invest. The structure is Chevron invests and if they strike oil, chevron uses oil to repay themselves of the equity she ought to have provided upfront. Only when it is fully paid back in oil will she now begin to reap rewards. So the initial risk is 100% to chevron and 0% to her. It is a risk chevron would have been willing to take because of their huge size.

There is another block I know off owned by another shadow Nigerian company. They have aJV with a multinational oil company who has not yet decided whether to develop that block. Do you know that the IOC pays that company millions of dollars every year just to remain as partner even though no work is going on?

Another Nigerian billionaire oil and gas person adding no value.

ggoldmine:
While others made their wealth by doing something spectacular; cc Warren Buffett, Bill Gates, Jeff Besos, Jack Ma, Aliko Dangote, Mark Zuckerberg, she made hers by faith!…doing something unembellished and still competing with these men. Well, it's for those that have regards for her wealth Coz I don't. She doesn't even deserve to be counted among the richest women in Africa, a title she didn't work for. Imagine comparing her with the likes of Oprah Winfrey…naa, she doesn't deserve it.

I totally agree with you. Abroad billionaires are made because they created something - either a new product or service that millions bought, but in Nigeria billionaires are made because they have a friend in Aso rock!
Alakija owns no technology, likely owns no rig etc. She doesn't even have that many staff like a proper oil and gas company. All she did is to invite chevron to come and do all the work and then she takes her share.

For that purpose she doesn't have my respect and u wonder why people call her to talk on entrepreneurial matters. For her fashion label maybe, but for famfa oil and gas, there is nothing entrepreneurial there.

Story!!!

Nigeria news is always future tense "I will...", "I propose to....". Never "I have....", "We have commissioned".

Brainless people.

Probably a former militant. Or does oil bunkering. Or fronting for someone in government.

And from the first picture, we can see where all our police men are.

Someone should audit the busses in 2020 and let's see what state they are in. Aa

I think that area is a bit overrated. But anyway it makes sense to buy land there as an investment, but I certainly would think twice about building there. If I were working in dangote refinery, it doesn't mean I want to go and live in the middle of nowhere. I'd rather live around Lbs, with access to good schools, modern amenities.

4g LTE in Nigeria is slower than 3G in other climes. My Smile 4G Lte at best does 8mbps and its not at all consistent, while whenever I'm out of the country 4g lte does 12mbps that is very consistent.

I've always heard this issue about MTN 'illegally' transferring money out of Nigeria, but I've never heard it explained anywhere exactly what that means. Last I checked, foreign companies operating in Nigeria are free to repatriate profits to their home country, so I've never quite understood where the illegalitg comes from.

looking more like Nicky Minaj

okerekeikpo:
They never see anything, Nigeria is worst under Buhari and we are not even complaining. Buhari is a failure

Don't be silly. How is Nigeria worse than Venezuela? Use the Google on your phone to find out about Venezuela.

That's what happens to countries that spend all their money subsidizing petrol to ridiculously low prices instead on investing in infrastructure and the people.

Whenever Nigerian government wants to remove subsidy, most people say the government is useless and they should go and see how low petrol prices are in Venezuela. Shey na im be that na!!!

evexx1:
Same way South Africans can't live without Nigerians.
Nigeria alone is DSTV's biggest market.
Imagine if dstv gets kicked out of Naija?

I won't miss dstv- overpriced bullshit!

DSTV premium is Zar735 in SA which is N22k!! So how is it over priced?? Use Google small na.

Gerrard59:
Why should it be the same when the cost of operations is bigger in Nigeria than SA? Why should it be the same when the rights to shows, channels and programs are bought in dollars using revenues obtained in naira as opposed to rand? Why should it be the same when the technologies used is imported as against locally sourced?

Don't mind them!! Funny enough I've checked the SA dstv site and the prices aren't very different.

Same way we Naija people say internet abroad is so cheap. The reality is that internet in Nigeria on the GSM platform is just as cheap if not cheaper than what you have in UK. Speed might be slower here, but that's another issue.

https://www.vodafone.co.uk/index.htm?mboxSession=6609f68e507448a999a4c8c9c4ef9101

For eg check the link above. Voda phone is offering 20GB for £20 which equates for about N10k. Some providers here offer more Gb for N10.


http://www.ipnxnigeria.net/products/fos-3af084bf-7adc-41dd-830f-69e64e363867

Ipnx offers 40Gb for N10.5k at 20 Mbps 'guaranteed' over Fibre optic.


Same way we make it seem like education is free in UK. While that might be true for primary and secondary, at university level even UK students pay about £10k.

Is that Omoni Oboli on his right?

What exactly does the guy do?

BTT:
Edited.

No. This is wrong information.

Most importantly, what we need is a refining vessel. That is what our mediocre leaders should focus on.

Can't the government legislate that our oil multinational and trading countries have (at least) one refinery HERE in Nigeria as one of the prerequisites for doing business?

We must solve this refinery embarrassment.

That is actually a brilliant idea!! Why not have a floating refinery? Could of possibly be cheaper than a land based one?

On second thought, it would very likely be much expensive. FPSOs and floating LNG only make sense because the resources the are after are in deep water.

Fhemmmy:

Awesome stuff!! I need to start saving. Make dollar stable for 2018 o!!

Waste of money!!

Brimmie:
I still don't understand why they all use Eko Hotel??

Is it that we don't have a bigger and more secured Event Center in Lagos??

Simple answer, No!!

I wonder if we all notice that they are paying Toll o!!

[quote author=chronique post=63624949][/quote]Of course I know that. It doesn't change the fact that the PMS output from a 650k barrel a day refinery will be sufficient for our needs.

modik:
I'm surprised to hear that "there is anything like fuel subsidy at all"

APC told us that fuel subsidy is a scam, that there is nothing like it. What has changed?

That was propaganda to win an election. Same way we all exaggerate at interviews to get the job. Let's stop being fixated on that.

modik:
Moral of the story :

He who watches from the sidelines plays better and smarter than the real player in the field, till the ball is headed over to him and he becomes DAZED!

ONE CHANCE!

True, but the guy contested 3 times. Abi na 4. Didn't he have any economic strategy he wanted to come and implement. The guy fall hand no be small. Totally clueless on what he was focused on achieving in government. The mumu thought govt was by fiat and order.

Yankee101:
Oil prices have not changed significantly in the last few weeks.

Yet oil subsidy has changed dangerously in just a few days.

Election monies are being accumulated. God is watching us all in 3D Extraplex.

Contracts for supply of pms from refineries are entered into in advance. You don't just take a ship to a refinery and say you want to buy petrol today This is not buying indomie from the aboki across the street!!!

So if takes some time for the swings in crude prices to reflect in the prices if petroleum products we see in Nigeria.

If you notice, there was some lag between crude prices going back up to when diesel prices started going back up here from N160 a few months ago to N200 now.

9jakohai:
Whoever you vote....he or she is going to meet the import price of fuel at N171....and he or she is going to have a choice

1.Continue with N145 or go to N87 and waste millions on subsidy....

2.Or deregulate...yes people will pay N200 and above, but eventually investment and competition will bring prices down.

But you people want cheap fuel....even at the expense of the jobs of nigerians in the petrol sector.

GEJ tried...you people protested....so we went back to a bad policy to keep people like you happy. Now...oil is at $65...we need it at $123 to afford your subsidy

Here is why we should deregulate. The diagram below was made in 2015...

Now this is someone who obviously really went to school and understands economics. Not the majority of half baked people who comment up and down but have no clue about how things work.

Like I always say, you can't cheat the simple laws of economics.