 Politics › Re: N4bn Port Facilities Decay In Onitsha 5 Years After by Jaideyone(m): 6:45am On Jun 03, 2018 |
Anambralstson:
Nigeria: How I Was Forced to Give Up N23bn AP Shares to Zenon - Okocha okocho couldn't meet up with the financial obligations of servicing the debts he took over when he bought AP.. if you have half a brain then you should know that you'd take over the debts of any company you buy as the new owner. okocho couldn't pay the debts and the he was forced to resign. hostile takeover remains legal in the world of business. the bigger shark otedola consumesld the okocha that couldn't pay his company's debts . and for the last time. show me Forbes ranking or I'm ignoring your next rant |
| Politics › Re: N4bn Port Facilities Decay In Onitsha 5 Years After by Jaideyone(m): 6:40am On Jun 03, 2018 |
Anambralstson:
Another man from Nnewi Demi and co will enslave 
The $500-Million Survivor
By Forbes Africa min of reading November 1, 2015
In 1967, there was growing divergence between two parts of Nigeria. Biafra, a secessionist state in south eastern Nigeria, at the time represented the nationalist aspirations of the Igbo people, whose leadership felt they could no longer coexist with the federal government. The desire for a separate state led to up to 30,000 Igbos being killed and around a million refugees fleeing to their homeland in the east. Anambra, the eighth most populated state of Nigeria, provided the base for dangerous relief flights loaded with food and supplies for the war-torn Biafran population. The area was also home to Cosmas Maduka, who was only six years old at the height of the civil war.
“We had a bunker outside our house which we ran into during times where the military opened fire and dropped bombs with their fighter jets. We did not know whether we were going to survive to see the following day,”
says Maduka.
Once, while on his way to the market, soldiers opened fire, killing a large number of civilians. Maduka narrowly escaped. In a bid to protect her children, Maduka’s mother sent him away to live with his grandparents before he later embarked on the journey that would see him become one of the most successful entrepreneurs in Nigeria.
Maduka is the President and Chairman of Coscharis Group, franchise holders of over eight automobile brands and one of the largest distributors of spare car parts in Nigeria. The company also has interests in real estate, banking, technology, medical equipment, petrochemicals, elevators and agriculture.
Like his early childhood, getting his business to this point has been tough. While talking to FORBES AFRICA in his gigantic dealership, which houses over 300 luxury car brands, he is quick to credit someone else for
his success.
“My mother was the lady who inspired me to greatness. At a young age in my life, she looked at me and told me I am going to be successful. She said people will always like me and people will struggle to say no to me,” says Maduka.
It’s easy to see why. He is composed as he sports his trademark Jesus broche. He has a quiet confidence about him without being arrogant. His mother’s “indoctrination” would later be the impetus he needed to turn N200 ($1) into a $500-million conglomerate.
On average the company sells more than 400 cars per month with prices around N150 million ($752,787) for the top end of its luxury fleet, which includes Rolls Royce, BMW, Jaguar, Range Rover and Ford. This year, the company partnered with Ford to build one of the largest manufacturing plants on the continent for its pickup trucks.
Coscharis’ medical supplies business represents GE Healthcare, Philips and Siemens in Nigeria. Coscharis also holds the number two position in the ICT market through its own brand, Coscharis Technologies Limited, and their pool of partners which includes HP, Microsoft and Lenovo. Coscharis Technologies provides hardware and software applications to organizations.
Maduka’s success is all the more remarkable when you consider he lost his father when he was a toddler.
“The best I knew of my father was the day I saw a man lying lifelessly in a suit… It was like a festival, people were exceptionally kind to me that day and whatever I asked for, I got,” he says.
The four-year-old Maduka didn’t know it was his father’s funeral. The celebrations ceased immediately after this day. Maduka started street hawking to provide for his family. Every morning at 5AM, Maduka would wake up to sell bean cakes with his older brother, Pius, to generate money for the family. True to his mother’s prophecies, Maduka was a better salesman than his brother. As a result, his mother, who could no longer afford the tuition fees for both brothers, took Maduka out of school at the age of six.
At the age of seven and no longer attending school, Maduka was sent to live with his uncle and serve as an apprentice selling motorcycle parts. It was not a conventional apprenticeship. Firstly, Maduka worked for seven years without pay. Secondly, the shop floor that Maduka traded on during the day would be transformed into his bedroom at night. He would wake up early in the morning to have his shower on the street before customers arrived and then proceed to manage the shop by himself with occasional supervision from his uncle.
In most countries, these conditions would constitute some form of breach of child labor laws. Maduka has a different take on the experience.
“I believe this was the best university any young man can go to because it was a system where there was no contractual agreement. If you did not behave yourself, you were sent back home to the village, but if you performed, your master would give you start-up capital for your own business at the end of your apprenticeship,” he says.
By the fifth year of his apprenticeship at the age of 13, Maduka had already proven that he had what it took to run a business on his own and was consequently placed in a new branch to manage. In Nigeria, as with many African countries, entrepreneurs are trained by trade schools, craft centers and vocational institutes. Proprietors in the small-scale industries also offer training programs based on an apprenticeship system. Whereas the government-established institutions are formal, apprenticeship training in the private sector is often informal. In lieu of this, there is an ongoing debate as to which system yields the best results. Maduka favors apprenticeship.
“I believe apprenticeship is the best university to go to. If you give a formally educated person N1 million and an apprentice N100, 000, I believe in five years, the apprentice will be able to catch up to the university student and overtake him,” he says.
Maduka learned everything about the automotive components industry outside the classroom. He learned about the internal combustion of an engine, carburettors and centrifugal regulators. He also discovered how to provide the best service to clients and where to go to get the best deals as a reseller.
He understood the power of building a trustworthy reputation with your buyers. He knew about cost price and profit margins and ensured the shop was always stocked with the products the customers often needed. That learning process ended when, due to his newly found Christian faith, Maduka closed his uncle’s store so he could fast for three days. He was immediately fired and, to Maduka’s surprise, his severance package after seven years of hard work was less than a mere $400.
“I looked at my uncle in the face and said to him I deserve something better than this, five years from now, you will regret making this decision,” says Maduka.
Adversity is a constant companion for entrepreneurs, but the successful ones learn to push through tough times. Maduka outlined three key targets for himself after being dismissed by his uncle.
“I wanted to get married before I turned 20, have children by 22 and become a millionaire by 24,” he says.
Maduka immediately put his plan into action. He formed a new company, with his brother, called Maduka Brothers, continuing to trade in automobile parts. The pair sourced parts from Lagos and resold them in eastern Nigeria. In just under a year, the brothers went their separate ways due to differing opinions on how the business’ money should be spent. After the split, the siblings became competitors with automotive shops across the road from each other. However, the apprenticeship experience Maduka had gave him an advantage over his brother.
“In business, knowing where to buy is just as important as selling. You need to buy well to sell well and I had a good relationship with all the major wholesalers,” says Maduka.
He used his relationship with large wholesalers to get his supplies at a competitive rate. Within a week, Maduka was selling enough components to get himself a three-bedroom apartment – by the age of 17. With the apartment secured, Maduka set the groundwork to achieve his first goal. At the age of 18, he met a woman who would become integral to the Coscharis empire.
“Her name was Charity and we met in church. I immediately knew she was the one. I asked for her hand in marriage and, after thinking about it for some time, she accepted.”
Maduka got married at the age of 19 and made his first million, as predicted, by the age of 24. The name of his company, Coscharis, was born by combining his name, Cosmas, and the name of the second woman he credits with all his success, Charity. Today, the group has more than 26 branches nationwide, with a presence in Ghana, Gabon and Côte d’Ivoire.
The automobile business of Coscharis Group started in 1983 when the company was incorporated with the business of importation and distribution of automotive parts and accessories of Japanese vehicles. The decision to incorporate the car business provided the breakthrough Coscharis Group needed. At a time where many businesses were choosing to remain sole proprietorships to avoid the bureaucracy and complex framework of a limited company, Maduka decided to break convention. That decision paid off.
“In 1983, the federal government of Nigeria decided to give import licenses only to motor companies and, because I had incorporated Coscharis, they placed me among multinationals like Leventis, even though it was only me and my wife,” says Maduka.
The import licenses granted to Coscharis was crucial. The Nigerian economy back then was dependent on external sources. By 1980, imports had reached a level equivalent to a quarter of the GDP. The federal government deficits had increased from $1.5 million in 1970 to $17.6 million in 1978. Nigeria’s total outstanding debt had reached the $2 billion mark by 1980. These dire economic conditions presented an opportunity for Maduka in a climate where other businesses were closing.
“It was a seller’s market then because there was scarcity of products. In every difficult situation, an entrepreneur knows that his destiny is not in the hands of his state but in his own hands, he creates his own opportunities,” he says.
Maduka was making margins as high as 200% during this time. The import license gave him protection against the military-run government’s scrutiny and he was able to capitalize on this to grow his business. Maduka had a clear vision for his company from the onset. In the early seventies, the Nigerian motor industry had a lot of major players. Coscharis had to find a way to differentiate itself.
“Leventis was one of the foremost automobile sellers, followed by Mandilas, who were known for their excellent service. We also had some Peugeot dealers… By the eighties, almost all these companies collapsed and cars were being sold under trees with no service centers.”
Coscharis was responsible for revolutionizing the automobile industry in Nigeria by building showrooms fully equipped with in-house service centers. A second factor for Coscharis was its philosophy towards its employees. Being an entrepreneur at heart, Maduka only hired individuals with strong business acumen to ensure that the culture of innovation and competitiveness continued with the group. Maduka credits this strategy for the success of the group. The company currently has more than N50 billion ($250 million) in shareholder funds, generated in just under 40 years.
Overcoming adversity has always been one of Maduka’s strengths. Four years ago, he was faced with a scandal that threatened to scupper everything he had worked so hard for. In what he considers his worst day in business, Maduka was left with a devastating financial burden of N22.4 billion ($113 million) when he secured a loan for a business associate. At the time, Maduka was on the board, and owned a 25% equity stake, of Access Bank. He was approached by Ifeanyi Uba, the CEO of Capital Oil, for a loan to import petroleum premium spirit. After sympathizing with Ifeanyi’s inability to raise capital to save his business, Maduka took a calculated risk.
“I have never defaulted on any loans. Every bank works with Coscharis at an open credit and we are one of the few companies in Nigeria who have that relationship due to our strong financial position,” says Maduka.
He guaranteed the loan of $278 million for Ifeanyi to secure his goods, which was never repaid. In what was a huge scandal at the time, Coscharis had to repay the debt.
“I don’t think even Bill Gates can walk away from $150 million without it having an effect on him,” says Maduka.
Fortunately, the investments the organization had already made were enough to absorb the heavy shock.
Today, there is a new strategy in place. Maduka has set his organization the target of turning over a billion dollars in the next five years. Ever the entrepreneur, he has identified key sectors to help him achieve this goal. One of these is agriculture.
“Nigeria spent over $3 billion to import rice; almost 90 percent of Nigerians eat rice and we see an opportunity to create a billion-dollar business in rice over the next three years,” he says.
The current government supports Maduka’s decision and has made attempts to curb the importation of rice by raising the duty of the crop to 100%. Coscharis has acquired more than 3,000 hectares of land in Anambra State and is due to harvest the first batch.
These days, life is very different for Maduka. He has six children, two of whom are involved in the Coscharis Group. His family might not exist, however, if it was up to Charity’s uncle.
“When I told her family about my intentions to marry Charity, her uncle was so annoyed he got his gun and shot at me,” says Maduka. Luckily, he missed.
He is a firm believer in each one of his children receiving a Nigerian education before progressing to the classrooms of the United States. This way none of the children will forget their roots.
Maduka is passionate about the potential in Africa’s largest economy.
“Ten years ago, the Dangote you see today was not the same back then. The government showed goodwill and supported Dangote and today Nigeria will be a net exporter of cement instead of being an importer. Vodacom came into Nigeria and left, and now they are trying hard to return to the market without any success. A subsidiary company of a South African independent company, MTN Nigeria, has more turnover than its parent company. The potential in the Nigerian market is untapped. Saudi Arabia is selling over 150,000 units of Ford with a small population.”
“If we unleash the potential of this industry, and the government handles corruption, the true potential of this market will be unmatched anywhere in the world.”
If Nigeria does reach this potential, Maduka will be on hand to make the most out of it. once again you are foolish for assuming I'll read this crap. you can present a Forbes article but the top 10 Forbes ranking that puts yorubas as 2-4 and puts the richest Ibo man as 7tg is gabbage to you. smh |
| Politics › Re: N4bn Port Facilities Decay In Onitsha 5 Years After by Jaideyone(m): 6:37am On Jun 03, 2018 |
Anambralstson:
according to your little brain Femi Otedola is among the men that will by Nnewi and enslave them
Let me remind you another great man from Nnewi
Cletus Ibeto
Although the Innoson group currently rules the headlines, Cletus’s Ibeto Group was the pacesetter in automobile spare parts trading and manufacturing. Ibeto started out as a spare parts import dealer in the early 1980s, but by 1988, he stopped direct importation of lead acid automotive battery and plastic motor accessories after setting up a factory in Nnewi. His Union Autoparts Manufacturing Ltd is the largest manufacturer of batteries and automotive spare parts in Nigeria.
Cletus Ibeto
Cletus Ibeto was for the first time this year named the 11th richest man in Africa by Ventures Africa with a valuation of $3.7 billion in net worth
The Group’s interests have also expanded across automobile spare parts, cement production, energy, hospitality, petrochemicals, and real estate. The Ibeto Cement Company Limited, a subsidiary of the group, has an ultra-modern cement bagging terminal in Rivers State, in the Niger Delta, with a purpose built Jetty that has a production capacity of 5,400 bags of cement per hour. This facility is currently the biggest in the West African sub-region. The company is also building a cement plant in Ebonyi State, South-East Nigeria, which will produce 5 million metric tonnes of cement annually.
Another subsidiary, Ibeto Petrochemicals Industries Ltd, blends oil lubricants and produces various types of petroleum products for local and international markets. Its 60,000 metric tonne liquid storage facility is one of the largest in Nigeria.
Cletus was for the first time this year named the 11th richest man in Africa by Ventures Africa with a valuation of $3.7 billion in net worth. another irrelevant gabbage. Cletus ibeto has never been among the top 10 richest men in Nigeria according to Forbes ranking |
| Politics › Re: N4bn Port Facilities Decay In Onitsha 5 Years After by Jaideyone(m): 6:36am On Jun 03, 2018 |
Anambralstson:
Mr. Otedola, who in 2014 was listed by Forbes magazine as Africa’s 29th richest people, with a networth of $900 million , had since 2004 owed $16 million to the Pipelines and Product Marketing Company (PPMC), a subsidiary of the NNPC, according to sources who exposed the debt. Mr. Otedola, who owns Zenon Oil, Forte Oil PLC as well as other businesses, accumulated the $16 million debt between 2004 and 2008.
Our sources disclosed that the debt arose from several products lifted by Mr. Otedola’s companies from the PPMC. The companies include Zenon Oil and Fineshade Energy Company Limited.
Mr. Otedola has ignored several appeals by the PPMC to pay off the debt, according to documents obtained by SaharaReporters.
“He has not responded with good faith to many appeals we have made to settle what his companies owe to the PPMC,” said one of our sources.
The source added that the agency could not pursue the debt matter aggressively because Mr. Otedola was a regular guest of former President Goodluck Jonathan at Aso Rock. In what signaled his stature as an insider within the Jonathan Presidency, Mr. Otedola received a nomination from the erstwhile president to be a member of the National Economic Council.
In June 2014, Forbes magazine reported that Mr. Otedola became richer by a whopping $398 million dollars in ninety days after the shares of Forte Oil surged 167%. He was part of a tiny group of Nigerian businessmen and women favored by former President Olusegun Obasanjo in a series of shady deals, often involving questionable transfers of public assets. dude stop spamming my mentions if you can't show is Forbes ranking. you must be really foolish to think I'll read more that the first two lines of all these crap you're posting. you claim someone is worth $900m and he's owing $16m. does that look like such a big debt to you? get a life show us Forbes ranking or I'm ignoring your next mention. we can't keep going round in circles |
| Politics › Re: Vessel Traffic At Calabar Port Increases By 40% by Jaideyone(m): 3:09am On Jun 03, 2018 |
upokafor:
Come, make I ask. Igbo man steal your girlfriend?
If you are a woman, did an Igbo man promise you something and later failed you?
I ask because our your public display of hatred oga ade stop making a fool of yourself. it's common knowledge all your brothers here blame yorubas for lack of traffic at your ports and airports as if it's our duty to force your people to use their own ports. go through the first few pages and see the opinion of your deluded brothers before you start asking mumu questions |
| Politics › Re: Vessel Traffic At Calabar Port Increases By 40% by Jaideyone(m): 3:07am On Jun 03, 2018 |
winnah:
what is the economy benefit of having only one functional seaport in a country like Nigeria.
if calabar and onne port in rivers state could be as functional as Lagos port.
can u picture the great economy benefit that will follow. some of you don't just get it. you think if the north can redirect the flights going to Lagos it wouldn't have been done? as the government you can build the bus parks but you can't force private buses (airlines) to use a particular park when the traffic there is low. traffic is the main problem those other ports are having!!! it's no the government's fault the traffic for those ports are low. your people in the east you start using them more |
| Politics › Re: N4bn Port Facilities Decay In Onitsha 5 Years After by Jaideyone(m): 11:24pm On Jun 02, 2018 |
LaudableXX:
You are welcome. There is also more info about the sale of AP's shares here; ok made to resign cos he couldn't meet up with his financial obligations |
| Politics › Re: N4bn Port Facilities Decay In Onitsha 5 Years After by Jaideyone(m): 11:17pm On Jun 02, 2018 |
LaudableXX:
Well, I don't know if Obasanjo influenced the process, even though there were rumours flying around.  But after the shares were sold to the subsidiary of Afribank, NNPC went back to buy the shares using a debt-equity swap, because AP had been owing NNPC 10 billion before the shares were sold, and the new owners could not settle the bill.
So when the 30% shares got back to NNPC's hands, the National Council on Privatization (NCP) met, with a consensus that the controversial shares be sold by the BPE through a competitive bidding to Nigerians.
President Olusegun Obasanjo however stopped the sale of the affected AP shares to Global Fleet (i.e. Jimoh Ibrahim's company) due to the unsavoury reports received about the firm, at that time. The NNPC had acquired the equity interest through its staff pension fund in 2005 through a debt-swap of over N10 billion AP owed the corporation. This acquisition was subsequently gazetted, and slated for sale to the Nigerian public. Otedola eventually stepped in and bought those shares through his firm, Zenon. He later re-branded AP to Forte Oil. There was a lot of noise made about the sale, though. It was alleged at that time, that Atiku had shares in Sadiq Petroleum. 
Read the rest of the story here: http://www.nigeriavillagesquare.com/articles/the-sale-of-african-petroleum-shares-matters-arising.html thanks for the insight bro. I didn't know the complete story before. at the end of the day the Ibo man lost AP because he couldn't meet the financial obligations not because OBJ just stepped in and stole it away from him. thank you!!! |
| Politics › Re: Vessel Traffic At Calabar Port Increases By 40% by Jaideyone(m): 11:15pm On Jun 02, 2018 |
bigfish3k:
u are just quoting Nnmadi kanu, kanu was just annoyed over past happenings and betrayals. in constitutional conferences we were with u people, in senate we were together with same goal, in house of reps, the same
btw, I don't see anything wrong in breaking up a country that hasn't worked for over 100yrs of its existence. 1914 till date the same kanu majority of your people followed!!! I was in the east when the movement grew astronomically!!! |
| Politics › Re: Vessel Traffic At Calabar Port Increases By 40% by Jaideyone(m): 11:03pm On Jun 02, 2018 |
Throwback:
How did Yorubas rule with Hausa for 52yrs?
Azikiwe was ceremonial president to Tarawa Balewa from 1960 to 1966. He was already governor general before then.
Alex Ekwueme was vice president to Shagari for 4 yrs from 1979 to 1983.
Aikhomu from Edo and SouthSouth was vice to Babangida from 1985 to 1993.
Akhigbe from Edo was vice to Abdulsalami for 11 months from 1998 to 1999.
Jonathan from Bayelsa was vice to Yar'Adua for 3yrs from 2007 to 2010, and president for 5yrs from 2010 to 2015. ibos always want to remove themselves and their slave masters (the south south) when it's time to take responsibility for how we collectively ruined the country |
| Politics › Re: Vessel Traffic At Calabar Port Increases By 40% by Jaideyone(m): 11:02pm On Jun 02, 2018 |
bigfish3k:
we have always been with u people on restructuring, only the north disagrees. and they have a biased and skewed large numbers which they are using to hold the country backwards lie!!! a huge majority of your people call us fools and they just want to break up the country. yorubas are not against breaking up the country but ipob started out by insulting yorubas and calling for yorubas pastors eg kumuyi to be killed if he ever comes to the se. ipob saw us as the enemy instead of reaching out as friends!!! |
| Politics › Re: N4bn Port Facilities Decay In Onitsha 5 Years After by Jaideyone(m): 11:00pm On Jun 02, 2018 |
LaudableXX:
Maybe he is referring to Peter Eloka Okocha of Sadiq Petroleum, which was the first company to buy over African Petroleum's (AP) shares, to take control of the company as a core investor, when the federal govt divested from the firm. But Sadiq Petroleum ran into troubled waters shortly after the sale.
They claimed they did not know the extent of the liabilities on the neck of AP, when they bought over the company. After a while, Sadiq Petroleum could not meet its obligations, as per AP's operations. So they had no choice but to sell it off. They were supposed to inject whooping N5 billion ($50m) into AP, but could not raise the funds. They then sold the 30% stake they had bought from govt to an arm of the defunct Afribank which had financed the acquisition. Those shares were eventually bought by Femi Otedola using his old company Zenon Petroleum and Gas, in a deal worth 17 billion naira in 2007. thank you!!! so the Ibo man couldn't raise money to run AP and the Yoruba man bought it from him WITHOUT the influence of Obasanjo. how Obasanjo influenced the process and stole AP from the Ibo man is what I'm waiting for that clown to come and tell us as if the Ibo man didn't get paid when he sold to otedola |
| Politics › Re: Vessel Traffic At Calabar Port Increases By 40% by Jaideyone(m): 10:57pm On Jun 02, 2018 |
bigfish3k:
jonathan was in charge for 6yrs with an already made biased constitution with higher numbers of legislators from the north that makes it difficult to change anything but only to just just abide by what has already been biasedly laid down
btw, hausa and yorubas ruled for 52yrs and made that biase constitution and we are all suffering it oh really? yet you called yorubas fools for asking for restructuring over the years. |
| Politics › Re: Vessel Traffic At Calabar Port Increases By 40% by Jaideyone(m): 10:56pm On Jun 02, 2018 |
selemempe:
This will be my last reply to u. U are not up to 24 years by ur childish responses.
The international airport wing in enugu is still under construction. Take it or leave it.
Bye ok. the question now the local wing is underutilized. I doubt if Enugu gets more than 2 international flights in a week due to low traffic. why should we waste money on a project that is not viable? tell your people to make good use of what is available first. then you can ask for an upgrade |
| Family › Re: My Wife's Family Has Ruined My Home And My Life by Jaideyone(m): 10:54pm On Jun 02, 2018 |
youngest85:
Which worst will happen?
If you wanna commit suicide go ahead and let's know how many of us remain chai guy you wicked o |
| Politics › Re: Vessel Traffic At Calabar Port Increases By 40% by Jaideyone(m): 10:51pm On Jun 02, 2018 |
selemempe:
they using the local wing...up till now.
I live in enugu. local wing is taking international flight? bros why are you lying now |
| Politics › Re: Vessel Traffic At Calabar Port Increases By 40% by Jaideyone(m): 10:50pm On Jun 02, 2018 |
selemempe:
so i take it that ur lies have been busted and u now resort to childish talks...from he didnt build anything to he built but he didnt consession.
As for the remodelled local wing....thats no fault of gej...that would be d fault of those who handled the projects directly.
Common bro...how old are u? Dont act like a kid even if u are liar!!! local wing my as£ when the first international flight landed in Enugu in 2013 https://www.nairaland.com/1405124/first-international-flight-lands-enuguyou can do better than this. your lies are too easy |
| Politics › Re: Vessel Traffic At Calabar Port Increases By 40% by Jaideyone(m): 10:48pm On Jun 02, 2018 |
bigfish3k:
we blame Yoruba and hausa because u people fashioned the country the way it is now. A SHITHOLE oh really? who was in charge 2009-2015? |
| Politics › Re: Vessel Traffic At Calabar Port Increases By 40% by Jaideyone(m): 10:47pm On Jun 02, 2018 |
|
| Politics › Re: Vessel Traffic At Calabar Port Increases By 40% by Jaideyone(m): 10:41pm On Jun 02, 2018 |
|
| Politics › Re: Vessel Traffic At Calabar Port Increases By 40% by Jaideyone(m): 10:33pm On Jun 02, 2018 |
|
| Politics › Re: Vessel Traffic At Calabar Port Increases By 40% by Jaideyone(m): 10:24pm On Jun 02, 2018 |
|
| Politics › Re: Vessel Traffic At Calabar Port Increases By 40% by Jaideyone(m): 10:21pm On Jun 02, 2018 |
bigfish3k:
when we face the north, are u assuring us that u wouldn't join them again to fight us? this is our only problem with u people.
u always identify our enemies and happily and willingly join forces with them face the north we'll sit on the fence and watch |
| Politics › Re: Vessel Traffic At Calabar Port Increases By 40% by Jaideyone(m): 10:20pm On Jun 02, 2018*. Modified: 2:59am On Jun 03, 2018 |
selemempe:
which is wat we are doing...but will u guys allow us. If u can keep out and let the fight be btw us and aboki, we will appreciate.
Ps gej started building the enugu international. It was about 80% complete in 2015, havent heard much about it now. Also the little progress being recorded in ss ports were majorly championed by gej. Those ports were domant for up to 30 yrs b4 gej came you are a clown what progress was reported in the ports under Jonathan? was it not during Obasanjo's government than the ports in the south south were placed under the care of intels? in what way did Jonathan improve activities at the ports? pls give me news reports to substantiate this claim. btw you said Enugu airport was only 80% completed as at 2015 but Jonathan commissioned it back in 2013 see http://pointblanknews.com/pbn/news/president-jonathan-commissions-remodeled-enugu-airport/you mean he commissioned an uncompleted project two years before he completed his first term and you fell for his 419 scam? yet you are still blaming afonjas? this is a thread where your people jubilated and insulted us in 2013 even when we told them your sister oduah did a poor job you said we were hating. see jubilation thread here https://www.nairaland.com/1483155/remodeled-enugu-airport-picturessee where people started complaining barely 2yrs later https://www.nairaland.com/4140002/enugu-airport-disgraceful-airport-yethttps://www.nairaland.com/3126063/current-state-enugu-airport-runwayhow you are still blaming afonjas instead of calling for your sister to be prosecuted is what is making me laugh right now |
| Politics › Re: Vessel Traffic At Calabar Port Increases By 40% by Jaideyone(m): 10:10pm On Jun 02, 2018 |
Throwback:
And who has stopped you and the most traveled Africans from using Enugu Airport?
Who has stopped your river ports?
Those with sea port are still asking for improved depth, you are asking for river port that will fly over the shallow seaport?
Thankgod Jonathan was president for 5 years without any Yoruba influence in his government.
None of the WestAfrican nations has our population which explains why we have 4 or 5 viable international airports while they have only 1. Or don't you understand?
Our airports do not suffer from excessive traffic and we don't even have an extensive landmass that might warrant littering the nation with international airports even if the traffic is low. God bless you my brother. how they always find a way to blame yorubas for everything is what baffles me |
| Politics › Re: Vessel Traffic At Calabar Port Increases By 40% by Jaideyone(m): 10:08pm On Jun 02, 2018 |
BreakupNigeria:
Why is Enugu having an international airport and Onitsha having a River port that would serve over 40 million people within the East (the most traveled Africans) and nearby areas a problem for you if you guys are not inherently wicked? I ask you again, what is the population of all those West African countries you mentioned earlier?? Continue showing the world how evil you lots are. Jonathan built an international airport in Enugu, there is another in ph Nd there are three seaports in the south south. how have yorubas stopped your people from using them? even the south west you are attacking has just 1 international airport and 1 seaport. so why are we taking the blame? |
| Politics › Re: Vessel Traffic At Calabar Port Increases By 40% by Jaideyone(m): 10:04pm On Jun 02, 2018 |
selemempe:
yoro muslems and talk
Catalonia alone has 6 international airports....with their 7 million population o. We all know that u know the simple truths but lie no go gree una.
Onitsha has a river port already built by the regional govt of the 60s. Why should fg let it die...when fg own water transportation there is Enugu airport and pH airport. the government is not the one stoping airlines from going there. the government can build a bus station but you can't force private buses to use your station. I wonder why you cry babies didn't put pressure on Jonathan to fix all these for you. I know yorubas give you nightmares but we are not the cause of your misfortunes. the ports in the south south are run by intels an aboki man. face the north and fight them pls. leave us out of your cries. |
| Politics › Re: Vessel Traffic At Calabar Port Increases By 40% by Jaideyone(m): 9:54pm On Jun 02, 2018 |
trapQ:
Stupid cunts saying thrash they know absolutely nothing about. My sister has worked in 2 shipping companies one in Port Harcourt and the other in Lagos and told me about some of the restrictions they face with their port Harcourt shipments. Sometimes in those countries they don't have port Harcourt on their list of destinations meaning those shipments must come in through Lagos.
Also most large ships cannot berth in Onne port as it
is obviously too shallow. if you have a bus for transport business and you can easily fill your bus to Lagos in a day or you have to wait for days before you can get complete passenger to port harcourt which location will you pick? traffic is gradual. encourage your people to start using the ports and more companies will be interested in using the port!!! |
| Politics › Re: Vessel Traffic At Calabar Port Increases By 40% by Jaideyone(m): 9:45pm On Jun 02, 2018 |
clarocuzioo:
When I read people's comment on this forum, I weep for the future of this country. People will stay in Lagos say what they know nothing about.
The issue of ports and borders has been on for discuss for so for some time now and I have seen people commenting ignorantly. Am sure a greater percentage of them have not really imported any thing to understand the mechanism, technicalities and systematic politics associated with these ports.
First, I want to remind people of a comment Fashola made when Dangote was about to start the reconstruction of Apapa road where he said other ports in the country should be used. It's no disputable fact that over 80% of imports through sea in this country comes from Lagos,thus making Apapa local government one of the richest local govt because of its revenue generation.
Not until recently, activities in Onne port was brought to ground zero, my family is into importation business in Aba and I know the systematic politics that plays out. There was a time importers in Aba has to contribute over #170m for sorting for them to resume their businesses. There will be a time that no goods will be cleared for over one month, imagine the demurrage that will accrue.
Clearing in Onne seaport is so tedious unlike In Apapa as we have used the both ports. Go and check it most cars are always cleared in Apapa, even the cars that will be used in the south south and South east region.
The transport minister once said that insecurity is why the reason why ports in the south south are not functional. First this is an admittance that the ports in South south are not functioning optimally, yet it is also an indictment on the government for not providing enough security as it is the government's primary responsibility.
If we really want to move on as one, we have to stop these petty politics. onne is being run by a private company!!! intels owned by atiku abubakar. stop blaming the south west. face your masters in the north and slug it out with them. thank you!!! |
| Politics › Re: N4bn Port Facilities Decay In Onitsha 5 Years After by Jaideyone(m): 9:36pm On Jun 02, 2018 |
Anambralstson:
Good Morning Ladies and Gentlemen of the Press: I have facts and data that show without any doubt that Mr Femi Otedola has been Milking African Petroleum for his private gains for the past two years.
I wrote several memos and petitions about this as the Finance Director of AP to all the Directors AP, the DG of the Securities and Exchange Commission, The President of the Stock Exchange and the Police and we have received no response. My lawyer has also written a petition to the EFCC on this issue. I am now compelled to come to the public and state the facts, so that if anything should happen to me, everyone will know who is responsible and why. I am not a wealthy man with friends in high places, but I am a professional accountant and I refuse to be a part of falsehood. I am currently being persecuted because I refused to cook the books as requested by Femi Otedola, I also refused to allow Mr Otedola to continue to siphon money out of AP for the benefit of himself and his other companies. AP is quoted on the Nigerian Stock Exchange and the shareholders need to know what s going on!
Now, please let me fill you in with the facts.
Please bear with me that I may not be eloquent, but the facts speak for themselves.
In 2009, African Petroleum plc made a loss of about N15 Billion, this was due to the fact that the Chairman’s companies (Zenon Petroleum and Gas Company Limited, Platinum Fleet Limited and Fineshade Energy limited) started selling products to African Petroleum Plc at Higher prices than normal, at times higher than the retail pump price at gas station.
In September 2009, the Finance Director prepared a management account where the company made a loss of N9.7 Billion. The loss was not acceptable to the chairman who brought in others to produce an alternative account that showed a profit of N957 million. They also suggested that we warehouse N15Billion as un-reconciled inventories and to seek board approval to amortized it over five years. This was not acceptable to me as Finance Director because the causes of loss making were known.
Prior to this time, I have requested that the companies of the Executive Chairman refund the N15B owed or supply the products as this was the cause of the loss.
The Executive Chairman ensured that his companies supplied products to African Petroleum Plc without contract or agreed prices.
As a result of this and many other issues, the chairman was asked to step down as chief executive officer and he did.
The reasons for the losses recorded in 2009 are:
1. The executive Chairman forced African Petroleum Plc to take products from his companies at prices higher than the normal.
2. The Executive Chairman forced the company to pay for products in advance. The amount outstanding as at 31st December 2009 was N10B
3. The loss on Petroleum Products Price Regulatory Authority (PPPRA) rebate on imported products is N32 Billion because the purchase was from the Chairman instead of direct import that would have been more profitable.
4. The loss due to Chairman’s companies over loaded invoices is approximately N4 Billion.
5. African Petroleum paid rent of N1B for the use of the Zenon house in Victoria Island
6. Mixing up Zenon transactions with Africa petroleum PLC
a. The Chairman forced the company to use his Tank Farms for storage of African Petroleum’s products
b. As at 31st December 2009 the differences on premium motor spirit (PMS) was 28, 347,742 litres valued at 1.9billion. The Union in AP i.e. NUPENG and PENGASSAN have also demanded the removal of the chairman and the black listing of his companies as suppliers to AP.
As the Executive Director, Finance and IT of African Petroleum, I have queried various transactions and this has led to so many suspensions and various allegations without the right response from the authority concerned at this time we are trying to ensure that our values are restored, considering the fight against corruption.
I have made presentations to the board of African Petroleum PLC on these abuses; I have written memos to the Managing Directors and copied all directors of AP on these abuses.
On the 5th of July 2010, there was a scheduled board meeting of AP Plc; the chairman stormed the venue with 150 armed mobile police men. He entered the lift with too many security operatives thereby overloading the lift. Thereafter the lift got stuck and we got a report from CFAO and the maintenance engineer that clearly stated that there was no foul play.
Instead of following the instructions of the rescuers, Mr Otedola was busy banging his head on the lift door and pressing various buttons (we were told). He came out from the lift and he ordered the Managing Director, Mr. Tunde Falasinnu, the finance director, Mr. Clement Aviomoh and the company secretary Mrs. Elizabeth Idigwe out of the scheduled board room. . so? he became CEO without having a lion share in AP? does that make sense to you? he had a lion share so he was chairman. I'm still waiting for you to give the story of how OBASANJO stole AP from the IBO OWNER and gave it to OTEDOLA. the keywords are in caps. give me the details. I'm waiting |
| Education › Re: Covenant University's Stadium Almost Completed (Photo) by Jaideyone(m): 8:29pm On Jun 02, 2018 |
CodeTemplar:
no need begging. I didn't beg the unilag vc to churn out those figures so don't beg me. the VC probably quoted that figure for undergraduate convocation and you assumed it's the total number number of students including MSc PhD |
| Education › Re: Covenant University's Stadium Almost Completed (Photo) by Jaideyone(m): 8:21pm On Jun 02, 2018 |
CodeTemplar:
@the first bold part, use the same goole you have been using to spam the thread to google "unilag fee increase july 2017".
@second bold part, how did I conclude? The Unilag VC did and I quoted him. so because school fees increased you think the students are paying up to the cost? if I indulge you with a long post again and you can't counter it you will claim I'm spamming the forum. pls let it die here  you don win bye |
