₦airaland Forum

That is what Politicaleconomistng.comis exclusively reporting. Find report below...
Barely one year after Nigerians stopped him from turning the National Theatre into a hotel, the Minister of Culture and Tourism, Edem Duke, secretly jetted off the country to the United Arab Emirates, UAE, where he traded off the nation’s cultural pride to Mulk Holding, a diversified UAE-based conglomerate with interests in retail sector and other businesses.

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The secret deal which was successfully shielded from the Nigerian media, in spite of a subsisting concessioning arrangement with the Bureau of Public Enterprises, BPE, was signed and sealed in December , 2014 between a delegation led by Duke, the General Manager of the National Theatre, Kabiru Yar’Adua and representatives of Mulk Holding, said to be ploughing the sum of $40 million (about N7.5 billion) counterpart fund into the project.

According to GulfAfrica Review, in its December 10, 2014 edition, Sharjah’s Mulk Holdings, a diversified UAE-based business conglomerate, “has announced its entry into the retail sector in West Africa through a $40m joint venture to develop Nigeria’s National Arts Theatre in Lagos into a duty-free shopping centre in partnership with the Suzanne Group.

“The interior of the National Theatre will be redesigned and renovated into a modern duty-free and retail shopping mall. The project will convert approximately 30,000m2 of the existing space in two 15,000m2 phases,” said Kabir Yaradua, CEO of the National theatre.

The report continues: “The National Theatre has been the hub of cultural activities in Nigeria since 1976, and this will kick-start a master re-development programme for this area.”
The report quoted Ambassador of Nigeria to the UAE, His Excellency Bashir Yuguda, as saying: “The National Theatre has been the hub of cultural activities in Nigeria since its establishment in 1976, and this development will compliment and kick-start a master re-development programme designed for this area.”

The National Arts Theatre was originally built for the Festival of Arts and Culture in 1977, and later underwent a controversial privatisation after 2001 under President Olusegun Obasanjo.
Fresh plans further anticipate leasing the land around the theatre in a 30-year concession.
Minister of Tourism, HE Edem Duke, noted: “As part of the continuous drive to promote culture and tourism, the federal government is making necessary arrangements to transform the land into a modern mixed-use commercial and business hub of global standards.”

Arif Hafiz, Managing Director of Suzanne Group, praised the “milestone contract” Mulk Holdings as “one of the major global business groups in the UAE”, while Shaji Ul Mulk, chairman, Mulk Holdings, elaborating on the details of the project, noted that is expected to be completed in 2016.
“Mulk Holdings is adopting aggressive strategies to expand its core business, involving serious investment into existing businesses and diversification into sustainable industries,” Ul Mulk added.
According to a report by audit firm Ernst&Young, Africa’s retail and consumer sector received about 17% of all foreign direct investment that came into the continent in 2013.

Mulk Holdings and its joint venture partners own and manage a group of 20 companies with a sector focus on construction and fit-out manufacturing, as well as diversified business interests in trading, commodities, real estate and energy, spread across 48 countries.

Based in Dubai, the Suzanne Group caters to duty free shopping outlets in international airports and seaports, and is a registered supplier of services to the offices of the United Nations.
Though the theatre had been a victim of public sector incompetence, its final descent into the ignoble hall of shame of failed public institutions started in 2001 when the Obasanjo civilian government served notice of its intent to privatize the monument. Converting a public institution into a successful private enterprise has never captured the fancy of Nigerians. Many of such previous attempts at privatization of public institutions have failed and the case of the National Theatre was not different. Between 2001 and now, the theatre has remained a mere ball for government ping-ponging. It is yet to be sold or concessioned, worst still the federal government which is the original owner of the facility is behaving as though it is the least of its worries: unserious.

A staff of the theatre told our correspondent that the employees are more confused than anybody. ”We don’t know our fate. Today we hear they want to privatize it and build a 5-star hotel here, tomorrow we hear a different story. This is confusing and it is affecting our morale and commitment because nobody, not even our senior staff can say categorically that this is the true situation of things.
“We believe the management of the theatre is doing this deliberately to give the impression that the theatre cannot function effectively if left in the hand of government. We believe it is a cheap way to arm-twist government to sell the national pride. But some of us have travelled far and wide and we have seen equivalent institutions in other countries being managed by the public sector and they are efficient”.
Political Economist investigation showed that the theatre has become a victim of power play orchestrated by the Tourism Minister, Edem Duke, in concert with the General Manager of the Theatre, Mallam Kabiru Yar’Adua both of whom, stakeholders allege, are intent on disposing of the national monument for peanuts. The Theatre, they argue, was set up by a decree just like the National Troupe and other parastatals of the Ministry of Tourism and they see no reason why it should be sold off on the whims of a minister and a manager. They cited the case of the United States where certain monuments are still held in custody of government.
For instance, the United States government enacted a law in 1846 to support and preserve the Smithsonian Institution and its 19 museums across the country. In UK, the Royal National Theatre and Royal Shakespeare Company are publicly funded theatre outlets and they are still relevant till this day. The case of the National Theatre cannot be an exception, they warned.
The National Theatre has been a victim of government policy flip-flop. The BPE commenced the concession transaction of the National Theatre in 2001 following the conclusion of World Bank-financed diagnostic study and Transaction Advisory service in line with international best practices. The first concession transaction in 2001 led to the pre-qualification of the following prospective concessionaires:
Jadeas Trust Consortium, and
Lloyd Anderson Investment Limited.
In January 2003, the pre-qualified concessionaires conducted data room and physical due diligence. The transaction was stalled, however, owing to the inability of the Ministry of Culture and Tourism to provide relevant documents such as Power of Attorney as well as building and floor plans of the National Theatre.
The BPE did another concession transaction of National Theatre in 2006. Eight Consortia responded when the Bureau advertised for Expressions of Interest. This led to the financial bid opening on May 17, 2007 where Infrastructica Consortium emerged as the Preferred Bidder with a bid price of ₦35, 560, 000,000 and Jadeas Trust Limited as the Reserved Bidder with an offer of ₦28, 902,948,593.23.
Following the approval of the results of the financial bid by the NCP, an offer letter was sent to the Preferred Bidder on May 18, 2007 and a timetable to complete the concession agreement by May 28, 2007 was drawn. Unfortunately, the Preferred Bidder, Infrastructica Consortium, failed to meet the terms of the offer, leading to the termination of the offer. The Reserved Bidder, Jadeas Trust, was thereafter invited for negotiation to pay for the enterprise.

However, the process to conclude the transaction with Jadeas Trust was stalled.
The NCP at its first meeting on January 22, 2013 approved the resumption of the concession transaction by the BPE with a view to bringing it to conclusion. The BPE has consequently invited the reserve bidder, Jadeas Trust Consortium with the offer of N28,902,948,593.23 to present a revised technical and financial proposal. The N28.9 billion bid offer, which is not yet concluded as it will form part of the renegotiation with Jedeas Trust, comprises both Entry fee and yearly lease fees to be paid over a 35-year period. This is different from the investment capital to be based on approved Post Concession Business Development Plan from which the Concessionaire is to recoup its investment and return the enterprise to the Government after 35 years in the event that the concession is not renewed.

The NCP, in line with its practice to carry along ministries whose enterprises are being privatized/concession, also approved that the BPE should invite the Honourable Minister of Tourism & Culture to participate in the NCP’s technical sub-committee that will evaluate the proposal of Jadeas Trust.

Jadeas Trust Consortium has submitted a revised Technical and Financial proposal to BPE. In accordance with NCP’s decision, the BPE has written the Ministry and the Management of National Theatre to send two nominees each to join the evaluation committee that will assess Jadeas Trust Consortium’s Technical and Financial proposal.

The BPE is awaiting the response of both the Ministry and Management of National Theatre for the evaluation of the Technical and Financial proposal to begin in earnest. The result of the evaluation team will be presented to, first the Technical Committee of NCP for consideration before the Technical Committee presents its recommendations to the NCP for approval or further directive.

At the Federal Executive Council’s meeting (FEC) held on Wednesday June 26, 2013 an Inter-ministerial Cabinet Committee was set up to consider the parallel concession transactions being carried out by the BPE and the Ministry of Tourism, Culture and National Orientation.
With the new development being spearheaded secretly by the minister, it is not clear what has become of the earlier concessioning arrangement and the status of Jadeas Trust.




http://lindaikeji..in/

Agip want to use stomach infrastructure formula on Nembe people. Nembe ain't Ekiti people

Thank God 4 GEJ for giving us opportunity to chose our leader. Obasanjo wanted 2 settle his political friend (Andy Uba) with Anambra state treasury. I pray Abia state will get it right this time around by voting Alex Otti

Obasanjo is a foolish man

Datolee. aka Barcanista nemesis

I hope will keep the promises

It's no longer news that APC and northern elders are the one frustrating effort to wipe out Boko Haram. Every right thinking Nigeria will be wondering how come boko haram became more equipped immediately Ihejirika was removed as COAS with weapons mostly stolen from Nigeria barracks

Good 4 them

Niger deltans are losers anyhow you look at it

Mynd44:
When top government officials were busy slandering Islam you people cheered them on. You all walked around smiling while your leaders make silly statements about religion and it was okay to all of you abi?

I guess next the FG will blame Sauidi Arabia

You need brain transplanting. Tomorrow somebody will tell us that BH are not Islamic organization?

GEJ will win in whatever way they want it...... Am with Asari on this one. Master and slave gang up shall fail in 2015

PassingShot:
We the Yorubas reject him on the basis of performance and for calling our leaders rascals smong many other blunders.

I don't think you Yorubas will have problem if GEJ called your leaders "rascals" because that is what they are. The same way you and your leaders do not have problem with Tinubu calling your Oba's f00l

Obiagelli:
Amem.

This your derail tactics no get rival.

Not derailing d thread. Just hailing my co hustlers

Leaders of the Peoples Democratic Party from the southwest region of the country met in Akure, the Ondo state capital on Saturday to develop strategies that would ensure victory for President Goodluck Jonathan in the region in 2015.

They also reached a conclusion that Gen Muhamadu Buhari was not fit to rule Nigeria against the backdrop of his past political antecedents.

In a communique issued at the end of the meeting, the leaders stated that, “the change the opposition mouths is indeed a change from democracy to totalitarianism and dictatorship as represented by the presidential candidate of APC, General Muhamadu Buhari.

“That judging by his temperament, political antecedents and intellectual capacity, General Muhamadu Buhari, the APC candidate is unfit to be the president of Nigeria.”

The communique, read by the Ondo state governor, Dr. Olusegun Mimiko, commended the President for developing structures and institutions through which the country had evolved cashless financial system, “dismantled the fertilizer corruption cartel, improved food security, democratise access to education through the establishment of additional universities, polytechnics and Al-majiri schools and conduct successfully the 2014 National Conference.”

The meeting agreed to go beyond zonal planning and be more focused in micro planning at the state, local government, ward and polling units levels.

The leaders also noted that conscious efforts should be made to ensure genuine reconciliation of aggrieved party leaders and members towards ensuring that the party approached the presidential and other campaigns in unity.

The meeting held under the aegis of PDP national campaign council also resolved that efforts should be made to educate the people, particularly the younger generation of the history of the main opposition presidential candidate.

Speaking earlier at the opening of the meeting, which lasted for about five hours, Mimiko, said it was high time the PDP leaders rose to challenge the propaganda machinery of the APC.

According to him, Nigeria should not be allowed to regress as the only change being clamoured by the All Progressives Congress and its leaders could only return the country to the dark old days.

Mimiko said the APC presidency would spell doom for the southwest and Yoruba race, saying Gen. Muhammadu Buhari at 72 cannot change and what made him lose in the three previous presidential elections would still repeat itself in the next year general election.

The governor said a Yoruba man was to be Speaker of House of Representatives in 2011 but was denied and the slot given to Northwest geo-political zone with the connivance of the leaders of the defunct Action Congress of Nigeria.

He further said the position of Minority Leader in the Senate was to be given to a Yoruba person but was also taken to the North central which already had the senate presidency.

Mimiko argued that a vote for Buhari was a vote against the sensibilities of journalists who were jailed by the military regime and the Yoruba leaders who were sent to jail for being governor of their respective states.

The governor said Jonathan’s presidency had improved the lives of the people based on the United Nation’s report which stated that life expectancy had risen from 42 years to 52 years, just as the income of the average Nigerian had moved from low income to middle income nation.

The meeting had in attendance the Ekiti state governor, Ayo Fayose, Minister of state for FCT, Jumoke Akinjide, PDP governorship candidate in Osun state, Iyiola Omisore, Oyo state governorship candidate, Teslim Folarin, former Minister of state for Defence, Musiliu Obanikoro, Senators Lekan Balogun, Hosea Agboola, Ayo Adeseun, Hon Muraina Ajibola.

Others were Alhaji Shuab Oyedokun, Chief Kolapo Ogunjobi, Alhaji Tajudeen Oladipo, Yinka Odumakin, and Femi Fani-Kayode.

http://www.punchng.com/news/south-west-pdp-plots-buharis-fall/

It's only a foolish man will believe that APC will win Lagos

My Shout Out Goes To All Igbo Men In Alaba, Ladipo, Oyinbo, Trade fair, Onitsha Main Market etc Who Started With Nothing (Oso ahia) but Today They Own Shops, houses and cars through hussle....
My Shout out Also Goes To Every Igbo Student Who Engaged Himself/herself in a menial job to pass through schools.. The students That Run Barbing saloon, Photocopying Machine, Phone accesories, Computer for typing project for other students, kiosk owners etc!
These Pple Never Allowed Their Challenges To Weigh Them Down But They Stood Up For Victory! There's No Excuse For Failures!
2015 Will Be a Great Year For All.. Amen

My Shout Out Goes To All Igbo Men In Alaba, Ladipo, Oyinbo, Trade fair, Onitsha Main Market etc Who Started With Nothing (Oso ahia) but Today They Own Shops, houses and cars through hussle....
My Shout out Also Goes To Every Igbo Student Who Engaged Himself/herself in a menial job to pass through schools.. The students That Run Barbing saloon, Photocopying Machine, Phone accesories, Computer for typing project for other students, kiosk owners etc!
These Pple Never Allowed Their Challenges To Weigh Them Down But They Stood Up For Victory! There's No Excuse For Failures!
2015 Will Be a Great Year For All.. Amen

My Shout Out Goes To All Igbo Men In Alaba, Ladipo, Oyinbo, Trade fair, Onitsha Main Market etc Who Started With Nothing (Oso ahia) but Today They Own Shops, houses and cars through hussle....
My Shout out Also Goes To Every Igbo Student Who Engaged Himself/herself in a menial job to pass through schools.. The students That Run Barbing saloon, Photocopying Machine, Phone accesories, Computer for typing project for other students, kiosk owners etc!
These Pple Never Allowed Their Challenges To Weigh Them Down But They Stood Up For Victory! There's No Excuse For Failures!
2015 Will Be a Great Year For All.. Amen

My Shout Out Goes To All Igbo Men In Alaba, Ladipo, Oyinbo, Trade fair, Onitsha Main Market etc Who Started With Nothing (Oso ahia) but Today They Own Shops, houses and cars through hussle....
My Shout out Also Goes To Every Igbo Student Who Engaged Himself/herself in a menial job to pass through schools.. The students That Run Barbing saloon, Photocopying Machine, Phone accesories, Computer for typing project for other students, kiosk owners etc!
These Pple Never Allowed Their Challenges To Weigh Them Down But They Stood Up For Victory! There's No Excuse For Failures!
2015 Will Be a Great Year For All.. Amen

My Shout Out Goes To All Igbo Men In Alaba, Ladipo, Oyinbo, Trade fair, Onitsha Main Market etc Who Started With Nothing (Oso ahia) but Today They Own Shops, houses and cars through hussle....
My Shout out Also Goes To Every Igbo Student Who Engaged Himself/herself in a menial job to pass through schools.. The students That Run Barbing saloon, Photocopying Machine, Phone accesories, Computer for typing project for other students, kiosk owners etc!
These Pple Never Allowed Their Challenges To Weigh Them Down But They Stood Up For Victory! There's No Excuse For Failures!
2015 Will Be a Great Year For All.. Amen

My Shout Out Goes To All Igbo Men In Alaba, Ladipo, Oyinbo, Trade fair, Onitsha Main Market etc Who Started With Nothing (Oso ahia) but Today They Own Shops, houses and cars through hussle....
My Shout out Also Goes To Every Igbo Student Who Engaged Himself/herself in a menial job to pass through schools.. The students That Run Barbing saloon, Photocopying Machine, Phone accesories, Computer for typing project for other students, kiosk owners etc!
These Pple Never Allowed Their Challenges To Weigh Them Down But They Stood Up For Victory! There's No Excuse For Failures!
2015 Will Be a Great Year For All.. Amen

My Shout Out Goes To All Igbo Men In Alaba, Ladipo, Oyinbo, Trade fair, Onitsha Main Market etc Who Started With Nothing (Oso ahia) but Today They Own Shops, houses and cars through hussle....
My Shout out Also Goes To Every Igbo Student Who Engaged Himself/herself in a menial job to pass through schools.. The students That Run Barbing saloon, Photocopying Machine, Phone accesories, Computer for typing project for other students, kiosk owners etc!
These Pple Never Allowed Their Challenges To Weigh Them Down But They Stood Up For Victory! There's No Excuse For Failures!
2015 Will Be a Great Year For All.. Amen

My Shout Out Goes To All Igbo Men In Alaba, Ladipo, Oyinbo, Trade fair, Onitsha Main Market etc Who Started With Nothing (Oso ahia) but Today They Own Shops, houses and cars through hussle....
My Shout out Also Goes To Every Igbo Student Who Engaged Himself/herself in a menial job to pass through schools.. The students That Run Barbing saloon, Photocopying Machine, Phone accesories, Computer for typing project for other students, kiosk owners etc!
These Pple Never Allowed Their Challenges To Weigh Them Down But They Stood Up For Victory! There's No Excuse For Failures!
2015 Will Be a Great Year For All.. Amen

My Shout Out Goes To All Igbo Men In Alaba, Ladipo, Oyinbo, Trade fair, Onitsha Main Market etc Who Started With Nothing (Oso ahia) but Today They Own Shops, houses and cars through hussle....
My Shout out Also Goes To Every Igbo Student Who Engaged Himself/herself in a menial job to pass through schools.. The students That Run Barbing saloon, Photocopying Machine, Phone accesories, Computer for typing project for other students, kiosk owners etc!
These Pple Never Allowed Their Challenges To Weigh Them Down But They Stood Up For Victory! There's No Excuse For Failures!
2015 Will Be a Great Year For All.. Amen

By Amaka Abayomi
16 year- old Justin Ifeanyi Nwaoha, an SS3 student of ISOLOG College, Ojodu, Lagos State, has won the second edition of the PZ Cussons Chemistry Challenge (PZCCC).
Justin, with a cumulative score of 72 per cent in both theory and practical sessions of the intensive final, was rewarded with N700,000 cash, a laptop, a trophy and gold medal. His Chemistry teacher, Mr. Mayowa Adeoti, went home with N100,000 and a plague, while Chemistry books worth N100,000 were also presented to his school.
In second place is Jamiu Abayomi Animashaun, an SS3 student of Federal Science and Technical College, Yaba,. With a total score 62 per cent.
Animashaun was presented with a cheque of N500,000, a laptop and silver medal. His Chemistry teacher, Mrs. Ann Ajisafe, was given N80,000 cash and a plague, while his school got Chemistry books worth N80,0000.
With a cumulative score of 51 per cent, Azeez Balogun of Kingston High School finished as second runner-up and was rewarded with N400,000 cash prize, a laptop and bronze medal, his Chemistry teacher, Mr. Obiora Onyilagha, won N70,000, while his school received N70,000 worth of Chemistry books.
Third runner-up Jeremiah Onu of FESTAC Senior College pulled a total of 40 per cent and had a cash prize of N300,000, a laptop and a consolation medal, his Chemistry teacher, Mr. Oluwaleke Animashaun, got N60,000 and a plague, while his school had N60,000 worth of Chemistry books.
Relieved at the end of the rigorous final stage, Justin expressed gratitude to God, his parents, teachers and the organisers, as well as other finalists who he said gave him stiff competition.
Admitting that the practical session was the most challenging, Justin said: “I was shivering during the practical and while mixing the chemicals, I did something that would have messed everything up but I quickly made up for it.”
http://www.vanguardngr.com/2014/12/16-year-old-wins-pz-cussons-chemistry-challenge/

You are a big foool! ain't you?

T9ksy:
Thanks! The bolded part above is answer enough to your question as to why it was retained. It's also the reason why Ironsi and his ibo advisers foisted this form of govt on us with even consulting us beforehand. It's for this reason also that you ibos were all for one nigeria even as it's obvious that your so-called potential nigerians especially from the north, hate your guts and want nothing whatsoever to do with you greedy covetous beings.

They slaughtered you lot with gusto to emphasis how much they dislike you ibos but yet you insisted on been one with them hoping that eventually you will outsmart them and enslave them in their own region. Afterall, they are not as educated and hence not clever as you guys. They had their first graduate in 1953! You have forgotten that one does need a masters degree in Human Biology to know when you are been sodomised.

After killing most of their leaders whom they have willingly chosen to look out for their interest in the new nation, you "smart" ibos now want the northerners to accept your own definition of "united" Nigeria. You thought, the ibo domination you promised us in 1949 was here but alas! you did not bank on the northerners paying you back in your own nasty coin.


Bottomline is, the ONLY reason why you guys wanted One Nigeria with the northerners was because you thought you can outsmart them and over-run their region but your insidious plans failed, ojukwu then 419 you emotional beings into fighting a secessionist war that you were not fully prepared for.

Lordlexyy:
Orchestrated tribalism, ego, over ambition and self centeredness by the Igbos was the genesis of corruption, tribalism, robbery, regionalism and the love for money that spread to other region. I agree that the North was power hungry and was marginalising other region but a diplomatic and subtle approach could have contained and subdue their excesses. The fall out of the Biafra war amplified the gross vices that wasn't really a threat at that time. We started witnessing all manner of social ills after they Igbos were integrated into Nigeria. This remains contageous up till this present day.

In that case Shino Rambo, Dr Oyenusi etc must be an Igbo man, ain't they?