₦airaland Forum

BankeSmalls:
Stop lying to yourself, not us.

You are the definition of lies.

BankeSmalls:
So you want to copy the US in killings only?

Every country has its challenges. We are working through ours and we will overcome. What else is new Mr Undertaker?

BankeSmalls:
Human life is sacrosanct. Its more important than anything else, even investments. Tell your principal to protect human lives and stop playing deaf.

Army. police and other securities have been deployed . Some arrest has been made . The country will eventually overcome its security challenges. What else are you going to sing and dance about then, Mr undertaker?

BankeSmalls:


Tell that to primary 2 pupils, Buharri wey never ensure a little improvement in power supply is trying to wean who off importation? Buharri imports everything he uses, shoes, watches, clothes and even pampers

We are going to start importing yam and cassava soon, as herdsmen slaughter farmers continually.

But we have been exporting Yam lately. Im sure that news makes you sad as usual.

USA citizens turns the gun and kill each other daily but their citizens don't wake up every morning singing and dancing about it. In the name of opposition, you are gradually turning into a monster.

BankeSmalls:
How you want to support the killings going on unchecked and still be talking investment on top of human blood spilling everywhere is just, sick.

Get help.

The person that needs to get help is you as you go about sniffing for news of killings. That makes you look like a vulture.

BankeSmalls:
Notice that the stock market which started 2018 well took a dive for the bottom as soon as 93 Benue citizens were slaughtered. The herdsmen may kill the stock market investors.

As a vulture that eat carcass I can understand if news of killings is how you get your high / fix. You wake up every morning, sniffing around for news of killings.

Redoil:
domelo et al clowns in Yoruba uniform check the activities of ur stock market which is a typical reflection of ur economy you will see that investors a pulling out their fund enmass

Check the DOW, NYSE etc. Its all gone down generally lately. Its a global thing at the moment and it keeps bouncing up and down lately. But it will rebound eventually. But you did not jubilate earlier in the year when Nigeria stock was doing so well and it was described as one of the best performing stocks in the world. Are you a sadist? One day, you will be okay.

Source?

SoNature:
Oga, go and rest!

A million of your type and your Buhari can never stop an Igbo man from excelling...not on your lives!

Your obsession with IPOB, months after their unceremonious prescription, beats the imagination of every rational human

Look around you, and you will definitely see an Igbo man doing so well...even in the farthest part of an isolated forest.

And if you think that what Buhari is giving Nigeria is the true leadership deserving of a country of intellectuals, which control many world’s leading universities, you have another think coming.

Yea right. We see how well they are doing in Asian and other prisons all over the world. Keep deceiving yourself.

HtwoOw:
I just replied another one of them that claimed an article is fair but drew the conclusion that Buhari shouldn't be re-elected / shouldn't be allowed to recontest from a " fair article"

Their brain is wired to read only negativity , that's why they talk about hersdmen kidnapping millions of Nigerians on a thread there Bureau os statistics is showing us economy is growing tremendiously


Na their way ...

They are unhappy with Buhari administration for two reasons.
1. They are mainly importers and Buhari is trying to wean us out of importation into a productive economy.
2. Buhari is not their choice candidate for President, so they will do everything to validate that position and to feel vindicated .

HtwoOw:
One wailer already complained about economic good news


They literally hate good news


You better die now , because Nigeria is getting better and Buhari has 4 more years




Kee Yasef

Badbelle LiePobiaFraudians

They have a way of reading negative meanings into all situation.

Igbos see themselves as slaves and defeated people. That is the choice they've made. They are either slaves or chest beaters. Nothing in between. Normal does not define them.

SalamRushdie:
You can't even drive on our Federal roads without Fulani herdsmen taking pot shot at vehicles and trying to kidnap occupants yet this one says this is a good time to invest in Nigeria ..The best time to investbin Nigeria is when Buhari is out of that seat for good and contained

That is an exaggeration. Millions of Nigerians travel on Nigeria roadways / engage in farming daily without being attacked by herdsmen. Moreover, the situation was worse under your hero. We will overcome our current security challenges.

On the economy front, the current administration is doing a lot on the ease of doing business, increase in tax base (number of tax payers), infrastructure and overall diversification of the economy.

Yemi Kale: Why Nigeria is now investors’ best destination

ByYemisi Adeolu -May 26, 2018



The immediate post-recession period when the fundamentals of the economy are at the early stages of recovery is the best time to invest in Nigeria, the director general, National Bureau of Statistics (NBS), Yemi Kale, has said.

Mr Kale, who was speaking at the “Direct Investors’ Summit Nigeria’ organised by the Nigerian Investment Promotion Commission (NIPC) in Abuja on Wednesday, also said the primary reason the country’s economy went into recession in 2016 was the crash in global oil prices in 2014.

Latest data on the economy released on Monday by the statistics agency showed gross domestic product (GDP) growth improved consistently since the third quarter of 2016 from -2.34 per cent to about 2.11 per cent in the fourth quarter of 2017.

Although the rate slipped marginally by 0.83 per cent from the level attained in the last quarter of 2017, it remained in the positive zone in the first quarter of 2018 with a rate of 1.95 per cent.

Also, inflation has declined for 15 consecutive months from a high of 18.72 per cent in January 2017 to a two-year low of 12.48 per cent in April, within the target set in the Economic Recovery and Growth Plan (ERGP).

Trade balance and balance of payments have remained positive, while exchange rates have been stable, with foreign reserves at about $48 billion as at May 18.

Besides, capital importation in 2018 has maintained the increasing trend set in 2017 over 2016, with inflows at over 500 per cent higher than in the first quarter of this year.

“As these signs of recovery have emerged, foreign investment flows have started to return,” Mr Kale, noted.

“In Q3 2017 when the country’s exit from recession was announced, significant portfolio investment inflow was immediately recorded. It is a clear vote of confidence in the Nigerian economy post-recession that capital inflows have returned to 2014 levels.”

The DG, who is also the Statistician General of the Federation, said these improving indices have helped to restore investors’ confidence in the economic management process, while the various reforms being implemented would ensure the economy continues on a more sustainable path from recovery.

“These reforms are aimed at improving the business environment, simplifying tax administration, facilitating one-stop investment destinations, improving port operations.

“The best time to invest is now, when our economy, whose good fundamentals haven’t changed, is on at the early stages of recovery,” he said.

On how the economy went into recension, Mr Kale blamed it on the inability of the economy to withstand the low revenue stream as a result of the crash in global oil prices in 2014.

He said although the country’s economy rests on three main pillars, including the oil sector, “an import significant consumption-driven non-oil sector” and “an Investment-driven, non-oil sector,” the first pillar was the most dominant.

Despite contributing only about 10 per cent to the country’s economy, Mr Kale said the oil sector accounts for about 80 per cent of total government revenue for development and 95 per cent of foreign exchange.

The consumption-driven non-oil sector, which account for 52 per cent contributions to the economy relies on the oil sector for foreign exchange and other capital inflows to finance imports of intermediate/finished goods.

It also relies on the sector for funding for imported services to meet domestic demand in manufacturing, real estate public administration, trade, construction and financial services.

On the other hand, the investment-driven non-oil sector, which accounts for about 39 per cent direct and indirect contribution to the economy, he said at does not rely on the oil sector or on foreign exchange remittances for agriculture, arts & entertainment, administration, support services and some manufacturing.

Rather he said the sector harnesses local inputs of raw materials, intermediate goods and domestic labour as factors of production to meet domestic demand as well as exports.

While the first two pillars (or 61 per cent of the economy) depend on the unpredictable and volatile international crude oil prices and the peace in the Niger Delta region, the third pillar (or 39 per cent of the economy) depends on issues of security, ease of business, weather and (good or bad) policy decisions.

“All these mean, in reality, that the Nigerian economy is 61 per cent directly and indirectly dependent on crude oil,” he noted.

“This means, we have essentially been building our house (economy) on one pillar, supported by two other shaky, but more dominant pillars that we did not have control of.

“As long as the main oil sector pillar remained firm, our house (economy) continued to stand. But once that pillar became unstable, shaken by the developments in the global economy that are beyond our control, the house was prone to collapse.

“This was primarily why the economy could not withstand the low revenue stream that prevailed when oil prices crashed in 2014,” Mr Kale said.

The Executive Secretary of NIPC, Yewande Sadiku, said the theme of the summit was “Investment meets opportunities!”.

She said it was organised to provide opportunity for prospective investors to showcase their comparative and competitive advantages to foster development and growth.

https://www.today.ng/business/economy/yemi-kale-nigeria-investors-best-destination-117335

EMMAUGOH:
Hahaha I laugh in our oil people language

Laughter is good ..

Achuwa1:
God bless GEJ..

GEJ right? Nsogbu adiro..

Achuwa1:
U snap a photo of panel & post here with tht funny caption.
Anyway,we might have believed 'change' then coz we never knew your Baba was coming to inflict us with hunger & poverty by rendering us jobless but we won't swallow this ajaokuta lies coz our eyes have opened.

Click the link below, you will see video of some of the equipment working... though looks rusty.

[BREAKING] FULL VIDEO:

AJAOKUTA ROARS TO LIFE AFTER 40 YEARS!

Engineers at AJAOKUTA STEEL PLANT power up the engines that have been inactive for years! 👏👏👏 WATCH👇👇

👉Thank you @NGRPresident @MBuhari 🙏 @kfayemi @GarShehu @abikedabiri @FMICNigeria @Omojuwa @BashirAhmaad pic.twitter.com/DdhHGhVtkg

— Renewed Hope United Kingdom (@RenewedHopeUK) May 25, 2018

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Abuja Metro on Test Run

“A risk I see is that public debate in this country is strongly influenced by opinion rather than by facts. Facts are the basis for decision-making in society and business. They ensure predictability rather than ambiguity.”
- Bayer CEO Werner Baumann

Jesu kristi

vedaxcool:
PDP years of locoust continue to haunt Nigeria

PDP.g nearly bankrupt this country. It will take years to pay the debts and for the country to recover. Unimaginable level of looting and financial recklessness.

Donald95:
keep changing my words just to get cheap likes.

Change your words?? Cheap likes (Dem dey take likes buy garri for market)? You have the wrong guy..

Donald95:
Buhari abeg, biko, It is time to go. WE CANNOT COME AND GO INTO BAD ECONOMY AGAIN. Your body odour is crashing our dear economy

Did you read the content at all? These are debts incurred before Buhari took over as President

"The fines emanated from the contractual actions of three previous administrations – the Olusegun Obasanjo, Umaru Yar’Adua and Goodluck Jonathan regimes."

EXCLUSIVE: Nigeria in big trouble as N2.7 trillion fine threatens collapse of economy
May 24, 2018

Bassey Udo


Even as the Nigerian economy is struggling to maintain stability after managing a recovery last year from one of the worst recessions in its history, Nigeria appears to be sitting on a tinderbox that could wipe off a sizeable chunk of its foreign reserves, derail the 2018 budget and plunge the economy back into recession.

Two arbitration awards totaling over $8.9bn (about N2.7 trillion at CBN’s N305.4 as of May 22) have been made against the country and it does appear efforts by the Muhammadu Buhari’s administration to dodge payments have failed, leaving it with no option than to honour the judgment obligations.



The fines emanated from the contractual actions of three previous administrations – the Olusegun Obasanjo, Umaru Yar’Adua and Goodluck Jonathan regimes.

On March 20, 2013, a three-man arbitration panel, constituted under the rules of the Arbitration Act 1996 (England and Wales) and the Nigerian Arbitration and Conciliation Act (CAP A18 LFN 2004), awarded $6.6 billion in favour of Process & Industrial Development Limited (P&ID), an engineering firm registered in the British Virgin Island (BVI).

That award has since attracted additional $2.3billion in accumulated interest at 7 per cent rate per annum over more than five years it remained unsettled. The amount due for enforcement today is about $8.9 billion.

The dispute between the engineering company and Nigeria went into arbitration after the firm accused the Ministry of Petroleum Resources of breaching a gas supply and processing agreement (GSPA) it signed in 2010 on behalf of the Nigerian government.

The second award of about $21.24 million (N6.5 billion) was in favour of ENRON Nigeria Power Holding (ENPH) Limited, which signed an agreement with the Lagos State government for the construction of power projects in the state

The federal government guaranteed the agreement and has now been held liable after Lagos was accused of breaching it.

The award in favour of ENRON, which has been affirmed by both high and appeal courts in the United States, has been awaiting settlement for more than a year and 26 days, since April 26, 2017.

The Attorney-General of the Federation and Minister of Justice, Abubakar Malami, did not answer calls to his telephone when PREMIUM TIMES called to seek his comment for this report. He also did not respond to text and WhatsApp messages sent to him.



But the Minister of Petroleum Resources, Ibe Kachikwu, told PREMIUM TIMES the federal government was aware of the outstanding obligations and was doing something about them. He did not provide details.

Minister of State for Petroleum Resources, Ibe Kachikwu
“We (federal government) are aware,” Mr Kachikwu said in a terse message in response to an enquiry. “The Attorney-General is handling them.”

Public commentators who spoke on Tuesday on the potential impact of the two awards on the country’s economy were alarmed that apart from its potential threat to the country’s assets abroad, the enforcement of these awards could clean out a significant portion of the country’s foreign reserves.

The Governor of the Central Bank of Nigeria, Godwin Emefiele, said on Tuesday at the end of the Monetary Policy Committee (MPC) meeting in Abuja that the current external reserves balance stood at about $47.79 billion as at May 18, 2018.

A senior official of the bank who commented on the issue on condition of anonymity said any unforeseen development at the moment that might have a direct consequence on the country’s foreign reserves would spell doom for the economy.

“I cannot imagine what would happen,” the official said. “All I can say is that the country would not be able to survive it. Remember, it did not take yesterday to build the level of reserves we have today. So, pulling out a staggering $11.3 billion in one fell swoop would be too much to bear.”

An investment analyst, Xavier Austin, said such awards could pose damaging consequences to the country’s economy at this time, particularly as the economy is still standing on wobbly legs barely a year after exiting recession.

The National Bureau of Statistics (NBS) said in its latest Nigerian Gross Domestic Product (GDP) Report that the economy recorded a -0.16 percent marginal decline in the first quarter of 2018 after attaining about 2.11 percent growth in the fourth quarter of 2017.

Apart from the immediate impact on the country’s economy, Mr Austin said enforcement of the awards against Nigeria could whittle down the country’s rating and chances of securing lending abroad.

The Director General, Debt Management Office (DMO), Patience Oniha, gave the country’s public debt profile as N21.7 trillion as at March 2018.



Director-General, Debt Management Office, DMO, Patience Oniha
“You can imagine where Nigeria will find itself if the N3.4 trillion (the correct amount is N2.7 trillion) award is paid. It means the country’s debt profile will swell beyond imagination,” Mr Austin noted.

The Chief Executive Officer, Economic Associates, Ayo Teriba, opted not to comment, apparently trying not to weigh the enormity of the impact on the already battered economy.

“This sounds strange to me. I don’t have enough facts about it and cannot think about what could happen. That’s why I want to refrain from commenting on it,” Mr Teriba said on telephone on Tuesday.

For Lead Director, Centre for Social Justice (CENSOJ), Eze Onyekpere, “If this is true, this will be absolutely a calamity and disaster for the country, considering that we already have almost N2 trillion deficit in the current budget and debt portfolio that is growing every day.

“The entire 2018 federal budget is equivalent of about $29.9billion. If someone has an arbitral award of about $11.1billion to collect, what will remain for the entire country of almost 200 million people?

“It means they have taken more than one-third of the 2019 budget. The truth is that the Nigerian economy cannot afford to pay that to anybody and still survive. That’s why I say it is a calamity,” Mr Onyekpere said.

HOW WE GOT HERE
On January 11, 2010, P&ID signed a gas supply and processing agreement with the Ministry of Petroleum Resources on behalf of the Nigerian government.

Under the terms of agreement, P&ID was to build and operate an Accelerated Gas Development project to be located at Adiabo in Odukpani Local Government Area of Cross River State.

The federal government was to source for natural gas from oil mining leases (OMLs) 123 and 67 operated by Addax Petroleum and supply to P&ID to refine into fuel suitable for power generation in the country.

Addax Petroleum [Photo: Africa Oil & Gas reports]
Initial volume was about 150 million cubic feet of gas per day, and eventually to ramp up to about 400 million cubic feet per day during the 20-year period.

However, P&ID alleged that after signing the agreement, the federal government reneged on its obligation after it opened negotiation with the Cross River State government for allocation of land for the project.

P&ID said the failure to construct the pipeline system to supply the gas frustrated the construction of the gas project, thereby depriving it the potential benefits expected from 20 years’ worth of gas supplies.



The company said attempts to settle out-of-court with the federal government failed.

In August 2012, P & ID served the Nigerian government a Request for Arbitration.

The federal govenment argued before the tribunal that “the failure of P & ID to acquire the site and build Gas Processing Facilities was a fundamental breach and that no gas could be delivered until this has been done.”

But the tribunal ruled that the Nigerian government’s obligations under Article 6B were not conditional upon P &ID having constructed the gas processing facilities.

In July, 2015, the arbitral tribunal found that Nigeria had repudiated its obligations under the GSPA and that P & ID had been entitled to accept the repudiation and claim damages for breach.

On December 23, 2015, the government asked for the award to be set aside. That was after earlier committing that the arbitration decision shall be final and binding upon parties.

So, on February 10, 2016, the application was dismissed, paving way for the hearing on July 22 to 24, 2016 to determine the damages.

In the tribunal’s opinion, the damage suffered by P&ID was the loss of net income the company would have received if government kept its side of the contract.

Two members of the three-man tribunal, Lord Hoffmann and Anthony Evans, held that P&ID’s expenditure and income should have been about $6.597 billion if the GSPA was duly performed by government.

Both officials said the award should be paid together with interest at the rate of 7 per cent from March 20, 2013.

The other member, who is Nigeria’s former Attorney-General and Minister of Justice, Bayo Ojo, in his minority ruling said although P&ID was entitled to compensation for the breach, its damages could not have been more than three years from the date of the alleged breach.

Apart from being a new company incorporated in 2006, Mr Ojo noted the project could not have started yielding benefits earlier than 2015.

On January 31, 2017, Mr Ojo said the highest amount payable as damages to P&ID should not be more than $250 million.

However, considering that the final award remained unsettled since 2013, it attracted additional $2.3 billion in uncollected interest as of March 2018.

The tribunal said damages were calculated as the present value of 20-year income, minus certain capital and operating costs incurred from building and running the refining facility.

Although the federal government challenged the award, P&ID said Nigeria was bound by a treaty to pay up, having waived its right to immunity as a sovereign nation when it signed the agreement.

“The final award is governed by such a treaty — the New York Convention. So, Nigeria’s status as a foreign sovereign does not deprive this court of jurisdiction to confirm the award,” P&ID said in its March 16, 2018 application seeking enforcement of the award.

Following its failure to stop the arbitration, PREMIUM TIMES learnt the federal government opened initial negotiations for the settlement of the award. But, the effort was unsuccessful.

ENRON NIGERIA Vs NIGERIA
Enron International had indicated interest to work with the Lagos State government to construct a power project.

It incorporated ENRON Nigeria Power Holding (ENPH) Limited, a special-purpose vehicle for that project.

In 1999, ENPH signed a Memorandum of Understanding with the Lagos State government for the construction of the first and second phases of the project to be operated along with Yinka Folawiyo Power (YFP).

Another agreement was signed with the National Electric Power Authority (NEPA) – Power Holding Company of Nigeria (PHCN) – as power purchaser and regulator; ENPH as owner of the power plants, and Nigerian government as guarantor.

Exactly nine days after signing the PPA, court papers showed that NEPA wrote to inform ENPH about the suspension of the project till further notice.

That came five days after the World Bank wrote to Nigeria criticizing the draft of the PPA.

In January 2000, President Olusegun Obasanjo wrote to the Lagos State government to inform it that his Attorney General had declared the PPA invalid under Nigerian law and proposed its renegotiation.

Former Lagos State governor, Bola Tinubu
Following the collapse of Enron International in November 2001, the company sought bankruptcy protection under Chapter 11 of the U.S. law.

The law allows companies to reorganize and restructure their debts, costs, personal assets and other obligations to continue normal business operations.

On the same day, ENPH wrote to the Nigerian government to say the bankruptcy situation in Enron International would not affect its ability to perform its obligations under the contract.

No response came from Nigeria until November 2005 when it confirmed the project remained suspended.

On June 13, 2006, ENPH filed a request for arbitration before the International Chamber of Commerce in London, alleging breach of contractual obligations.

On November 19, 2012, the London tribunal awarded ENPH $11.22 million in damages, in addition to two per cent interest, from June 13, 2006, plus legal costs and expenses.

However, after several attempts to get the Goodluck Jonathan administration to renegotiate the contract failed, ENPH on July 19, 2013 petitioned the United States District Court for the District of Columbia to demand confirmation of the award. The request was granted on October 16, 2015.

But the Nigerian government filed an appeal and again lost. On December 27, 2016, the U.S. Court of Appeal affirmed the award and issued a mandate for enforcement.

The final award against Nigeria in favour of ENPH stood at $11.22 million in damages, plus interest of $7.5 million; $1.14million in legal fees as of November 19, 2012; cost and expenses incurred in connection with the arbitration;

In addition, $870,000 for costs paid the ICC towards the costs of arbitration, and $529,003.52 in prejudgment interest covering the period of November 20, 2012 through April 7, 2017. The total award stood at $21.24 million, including 6 per cent interest per annum.

https://www.premiumtimesng.com/news/headlines/269541-exclusive-nigeria-in-big-trouble-as-n2-7-trillion-fine-threatens-collapse-of-economy.html

stiyke:
The Enugu - Onitsha express road is currently no where close to the picture you post claiming Buhari fixed it. Stop spreading falsehood! There is work going on, on just one lane and that one lane is not even up to 20% done. Those that ply that road can testify to it.

Hope you have the data to watch this 10 mins video. Pay particular attention to Ejike Ndu from 6 mins of the video.

No time for gimmicks. This is reality..


https://www.youtube.com/watch?v=Ot4sW4zEIc4

igahdavid:
GOD bless you my brother

God bless you too my brother..

Where is the Power: We asked Obasanjo for power, he said we should plug to page 41, volume 3 of his book.

Na so o

What you see is what you get. Those who paid lips service to development for 16 good years are the first to call any current developmental stride, propaganda. God know una address...

abokibuhari:
Tell that deji17 nazo them flaunt ogonni clean up, till date has anything been done?

I hope you have the data to watch this video. It shows progress been made on the clean up. This is a Govt that keeps its promise. No gimmick. What you see is what you get.


https://www.youtube.com/watch?v=3azn4fyCWTU&list=PLzGHKb8i9vTwf4VKQg3bU9iOBjuzqpdz_&index=1[s][/s]