₦airaland Forum

TundeBricklayer:
The games your men are plying to just to secure more contract from FG all in the name of indigenous company

Kindly read

Is LADOL truly a Nigerian company?

04 September 2019 | 10:21 am
Even with the signing of the Nigerian Oil and Industry Content Development (NOGICD) Act of 2010, many Nigerian investors still exploit the old loopholes in the system to take advantage of this law.

Many Nigerians still parade foreign-owned companies as local entities to take advantage of the opportunities provided by the NOGICD Act at the detriment of the Nigerian economy.

LADOL, for instance, prides itself as a local company and is reaping the huge benefits that accrue to local companies in Nigeria but its shareholding structure appears to question this claim.

It is not an offence for foreign companies to operate in Nigeria.

After all, President Muhammadu Buhari has travelled all over the world to woo foreign investors to come into Nigeria and harness the investment opportunities his administration has created.

Also, the Vice President, Professor Yemi Osinbajo, has also made tremendous efforts to improve Nigeria’s ranking in the World Bank’s Ease of Doing Business to attract foreign companies.

Buhari and Osinbajo’s efforts have paid off by attracting many foreign companies and investments since 2015.

All these investments by foreign companies operating in Nigeria have provided employment for Nigerians and helped to grow the Nigerian economy.

The Nigerian government has also provided benefits for these foreign companies to thrive.

But it is worrisome when some foreign-owned companies parade themselves as local companies because they shortchange both the Nigerian economy and truly Nigerian companies.

Foreign-owned companies, which should enjoy the benefits provided by the Nigerian government for foreign companies have claimed to be local companies to enjoy the benefits in the NOGICD Act.

A peep into the shareholding structure of LADOL, for instance, reveals that the ownership is foreign-dominated because this conglomerate, which claims to be a bona fide Nigerian company, has its substantial 84 per cent shares held by foreign companies.

The two foreign companies that own the 84 per cent stake in LADOL are Sable Offshore Investment Limited, registered in British Virgin Island, and Alsba Ventures, also registered in the British Virgin Island.

While Sable Offshore Investment Limited has 53 per cent stake in LADOL, Alsba Ventures Group has 31 per cent.

When two foreign companies establish a company in Nigeria, the company can be rightly regarded as a foreign company.

So, substantially, and legally too, it can be argued that LADOL is a British Virgin Island company and not a Nigerian indigenous company because it is owned by entities registered in British Virgin island.

If British Virgin Island companies owned by Nigerians establish a company in Nigeria, the company is not a truly Nigerian company because it is owned by foreign companies.

When Nigerians establish companies in British Virgin Island and use these companies to set up a company in Nigeria, their motive becomes questionable and suspicious.

The question is: Why did they not set up the company in Nigeria instead of setting up companies in foreign countries and using these foreign companies to set up a company in Nigeria? What is their motive?

What are they trying to dodge? Which rules are they trying to circumvent?

It is also well known all over the world that British Virgin Island is a tax haven where companies do not pay tax.

These companies are shell companies and regulators and anti-corruption agencies in most countries have had cause to probe the business activities of these companies.

Despite this obviously foreign ownership structure, LADOL is one of the greatest beneficiaries of the opportunities provided in the NOGICD Act.

Indeed, the company has benefited enormously from the local content policy in the oil and gas sector.

The opportunities and benefits LADOL have enjoyed are clearly meant for Nigerian companies. But is it truly a Nigerian company?

Many people have called on the government regulators to probe the ownership structure of LADOL to ascertain if it is truly a Nigerian company.

The earlier this is done the better for the Nigerian economy.

Adeoye writes from Yenagoa

https://m.guardian.ng/opinion/is-ladol-truly-a-nigerian-company/

Shut up
U guys are the biggest beneficiaries of your so called imaginary loopholes
Those companies u parade here,including your innoson are part of this
When I got the list of amcon debtors from a friend and saw everybody on the full complete list,not this partial ones they release to the internet
Imagine a tribe dominating a debt list
With that your nestoil
I was just
Most of those companies u parade here are full in debt
Don't come here with a lecturing
How I see the company is how I will parade it
I don't argue with u at all about all those your 'indigenous' company
Let me parade mine
I don't know what this your epistle is for
Also ladol have their own island in Lagos
Whatever they do with it is not my problem

Eguns and aworis
Nice

Richest pastor in Africa
A true igbomina son

Na the hostel be like where people dey shit?
Toilet

Sussan1:
Anyway, nothing of such. If i may ask, what part of Ekiti are you from?

Aisegba in gbonyi
Y are u asking about where I'm from?

All these useless leaders
Only if ekiti had someone like me as its leader

HiztoryBox:
Independence Of Nigeria In 1960


NIGERIA - OCTOBER 01: The Nigerian Prime Minister Abubakar Tafawa BALEWA, the leader of the Northern region Ahmadu BELLO and the Senate president and Governor General of Nigeria Nnamdi AZIKIWE (from left to right) during the celebration of Nigeria's independence, on October 1, 1960.


These Amazing Men Loved this country to their death...

Why is that our today's leader not doing so?


Check Out HOW NIGERIANS CELEBRATED HER INDEPENDENCE ON SATURDAY, 1ST OF OCTOBER, 1960 [WITH PICTURES] https://www.hiztorybox.com.ng/see-how-nigerians-celebrated-her-independence-on-saturday-1st-of-october-1960-with-pictures/

Read also:- 12 SONGS THAT TALKS ABOUT NIGERIA INDEPENDENCE https://www.hiztorybox.com.ng/12-songs-that-talks-about-nigeria-independence/


Read More Nigeria History on www.hiztorybox.com.ng

Please sir
What's your state of origin

So this guy na kanuri

This Ramsey Noah guy that I thought had sense
I just noticed this guy is a sellout
He disappointed me,seriously
Ay shouldn't have anything to do with sellouts like him
Rubbish

PeaceNexus:
Best quote so far... "An Igbo man sees the world as his village"

Wait! U actually believed obasanjo said that and its not an ipob fantasizing from his 2by2 shop?
Igbos love delusions

Sussan1:
Sorry, I mean have you asked what Ekiti has contributed to my life?

I was aking of your investment in ekiti

Beautiful yoruba girl

myobjective:
I am very familiar with Kwara state and Ilorin because I have one of my parent from there, Kwara is a civil servant state and the Ilorin people dominate the political landscape, the issue in Kwara is not about Muslim and Christian but mostly between Ilorin and others and between the Yoruba and ethnic minorities from the northern part of the state.

Kwara is generally a very poor state with wealth concentrated among some few families, reasons why Ilorin people hate the Sasaki family, he hasn't really used the political goodwill to empower the people of the emirate, despite the dominance of Ilorin, the people of Ofa, and other Yoruba ighomina people are doing very well within the Ilorin municipal areas.

Hmm
Do u think offa and igbomina people are very successful in kwara
And do the igbominas and ibolo have where they dominate in Ilorin, like where they are concentrated

Ttipsy:
this must be d developed part of Ado ekiti

Ok

Sussan1:
Just seeing this, I'm sorry. My contribution? Lol... Am I a politician? No! Neither am i a philanthropist.. You have asked how Ekiti has contributed to my life

Hmm
Ok

selemempe:
let's start by comparing Enugu and heebadan first

Ibadan

Frankdoz5:
afonja

Hmmm
Ok

booscy:
South East rose from ruins after 30 months of constant bombardment and properties lost via the abandoned property saga. With no government intervention but only self help has built Onitsha, Aba, Owerri, Enugu, Abakiliki, Umuahia, even contributed heavily to the development of every other nigerian city.

U really believe this propaganda

selemempe:
let's start by comparing Enugu and heebadan first

Your Enugu

Frankdoz5:
Social Thought: MR. Olusegun Mathew Okikiola Aremu Obasanjo, GCFR, Ph.D. Speaks out on the Igbo Question

“Unfolding why Igbo are ahead of other tribes in Nigeria Former President of Nigeria, Chief Obasanjo has revealed reasons why Igbos are ahead of other tribes in Nigeria. It will be a task impossible to actualise for the Igbos, to follow the Yoruba’s Ideology. The Igbos are more republican by nature, which is why it is very difficult for you to tame such a tribe.

From the extensive research I did on the three major tribes, I find out that the Igbos are the most westernized, most enterprising, most astute, most dynamic, most intelligent (smart), and the most technically gifted tribe found among the black race. The Hausa/Fulani and the Yorubas have limitations. But an Igbo man doesn’t see any limitations.

An average Igbo man is highly competitive, unlike the Yoruba and the Hausa/Fulani. While the Yoruba and the Hausa/Fulani had kingdoms which enabled the British to infiltrate their territories easily, the Igbos on the other hand, had what could be called Chiefdoms” autonomous Communities. These structures made it very difficult to tame the Igbos.

It took the British just 9 months to tame the North and South West but almost 30 years to be able to tame the Igbos. The British had to send a team of anthropologists to the South to understudy the Igbo because, they (the British) acknowledged they hadn’t being up against a black race with such depth and intelligence coupled with the gut to confront the whites and learn from them so, so fast.

While a Tinubu, can have unrestricted influence over the Yoruba tribe, something you can only find mostly among blacks and some poor nations on earth today, an Igbo man can never be tamed by the ideology of one man unchecked, no matter how highly placed he or she is.

That’s why the Igbos are very successful no matter where they find themselves. They don’t believe in putting limitations on their path. You can only find such similarities among the Europeans, the Americans, and developed Asian tiger nations. A Hausa/Fulani man sees Kano as his world. A Yoruba man sees Lagos as his world. An Igbo man sees the world as his Village!”

Seun mynd44 lalasticlala
Which one of the mods allowed this topic to trending section
Please,are u guys supporting propaganda on nairaland?
Where did obasanjo say this
These people don't surprise me any more.

Only awolowo I'm concerned
Obasanjo was a failure

manmen:
Igbos are screaming everywhere
Yorubas are into Yahoo jargons
This report is actually a bad news for ipob statistics

Y are u trying to cause trouble on nairaland
What's the name of your tribe
I know u are not Igbo or yoruba

Nowenuse:
Adamawa is generally a christian majority state. Christians are 60-65% of the state. However, fulanis who make half of the muslim population in the state are the largest ethnic group. This is what helps to ensure that most of the muslim votes go in one direction, while that of the christians are heavily divided and manipulated.

Every of the 21 LGAs in Adamawa state is either 50/50 or predominantly christian or overwhemingly christian. I am yet to find one with absolute muslim majority.

Another thing is that the muslims usually have a stronger population in the towns than in the rural areas, so whereas many towns are 50/50 or muslim majority, almost all the rural areas are dominantly christian.
Mubi town is 50/50, but the rural areas of Mubi north and south LGAs are predominantly christian. Yola (old Yola town in Yola south is a fulani community which of course is a muslim place), but Jimeta the state capital (more like new Yola is a 50/50).

Christians are fairly discriminated in Yola because fulanis own much of the lands and houses. Like I heard in 2011 or 2015 elections or so where fulani landlords evicted their christian tenants cos they did not vote for Buhari.
Discrimination is non existent in Mubi except maybe in the political/job aspect.

However, overall, christians are not seriously or openly discriminated in Adamawa the way it is done in Gombe or Borno because they have strong population everywhere in the state.

As for Borno. Christians doing menial jobs? Christians are more educated and leave the state to get better jobs elsewhere. Muslims may be controlling all the state govt money but cos of lack of education, the majority are still in poverty and I believe should be doing more menial jobs.

Gwoza, Askira Uba, Hawul & Chibok are still overwhelmingly christian, while Biu & Shani LGAs are like 50/50 or slight christian majority, but Biu town is muslim majority.

No, I don't think most women or christian women in Borno are widows. It is exaggerated. Most residents flee from a town to another area before BH captures it.

Marghi are the 2nd largest tribe in Southern Borno after the Buras (4th largest in the state after Kanuris, Buras & Shuwa Arabs). They may be 5th sha. Kibakus (Chiboks) may be more than them. They are 80-90% christian. Mostly found in Uba (Askira-Uba LGA).
The Marghis in Adamawa (Madagali LGA) are 70% christian.

I knew when I quoted u,u wouldn't disappoint me
This is very nice
I very very appreciate this info
Hmm

Nowenuse:
If I may ask/go further in any explanation. What could make a Yoruba man from Ekiti as yourself so interested in the religious demography of Northern Nigeria?

U don't need to know
There is a reason why I'm asking this

horchukoh:
there is absolutely nothing special about ekiti,although ado ekiti has gotten a new look all thanks to the fly over bridge that was built by fayose's administration. ekiti has got a long way to go in terms of development .there is little or no government presence in other parts of the state
the state is facing serious challenges with bad roads, poor drainage system that leads to flood over taking people's home and even major roads etc ado ekiti can only be figured out to be the center of attention for ekiti government nothing special.

Ok
Thank u

AdekunleScience:
The most annoying thing is that the particular ethnic group you're referring to is the loudest as regards secession. More Yoruba youths, especially the "chronic liberals" must realize that the clamor for secession by that group is nothing more than a distraction strategy, while they ensure perpetuation of the unitary system as can be seen from their voting pattern. Please share your findings on platforms like twitter where the bulk of those "chronic liberals" seem to hang out more. We must change this disadvantaged situation even if means through organized violence, but first we need an appreciable percentage of our people to become enlightened on the issue.

Sure
When I see yoruba land
I just cry sometimes, it's really sad
Yorubas are the biggest loosers in Nigeria
Thats the sad fact
Lagos is another huuugee problem yorubas have