₦airaland Forum

fitzmayowa:
Fear not PMB's body language to the rescue, in the fullness of time...

Earlier, Rivers State youths, under the auspices of National Youth Council of Nigeria had issued a seven-day ultimatum to management of the NLNG to rescind its decision to site the $1.5 billion dry dock project in Lagos.

August 24, 2015
THE SECOND NIGER BRIDGE PROJECT UPDATE
The Nigeria Sovereign Investment Authority (NSIA) through its Nigeria Infrastructure Fund is
committed to the development of infrastructure in Nigeria. Acting through its wholly owned subsidiary, NSIA Motorways Investment Company (NMIC), NSIA is collaborating with the Federal Ministry of Works and Julius Berger Investments (JBI) as joint sponsors on the financing, development and construction of the Second Niger Bridge project (the “Project”).
KEY HIGHLIGHTS
o The Second Niger Bridge and adjacent roads will be 11.9km in length.
o The project is structured as a Public Private Partnership (PPP) and will be constructed and operated on a Design, Build, Finance, Operate and Transfer (DBFOT) basis.
o It is expected that the Bridge would be constructed and delivered in 48 months. When completed, the Bridge and adjacent roads will have six (6) lanes with three (3) in each direction.
o The Project was initially estimated to cost N108billion excluding duties and VAT, (if duties and VAT are included, the Project cost is N117.9billion). This was equivalent to US$700million at the then prevailing exchange rate of N154/$. The final project cost would naturally be affected by exchange rate fluctuations and other variables.
o The Federal Government of Nigeria (FGN) made a N30billion commitment to the Project. The consortium would raise the remaining funds for the project from Nigerian and international lenders and equity providers.
o The Federal Government has released N18.3billion so far of which N10.4billion has been disbursed on early construction works.
NSIA’S CONTRIBUTION
o NSIA assembled a team of Nigerian and international advisers with proven capabilities and global experience in PPP infrastructure projects to ensure the Project get first- class advisory services. These consultants were engaged through a rigorous and competitive procurement process.
o To date, NSIA has spent a total of US$2.21million on consultancy services on the two phases of the Project – US$247,586 on the due diligence phase; and US$1.96million on the project development phase. These services have included work in the following areas: Legal, Financial, Technical & Engineering and Environmental & Social Impact Advisory, provided by various credible and well-recognised Nigerian and international professional services firms.
o Total consultancy services cost so far is less than one percent of the estimated project cost. Whilst there is no standardized benchmark for transaction costs, the European Investment Bank’s Economic and Financial Report No. 3 of 2005, indicates that, on the average, the level of transaction cost for the procurement phase of PPP projects is over 10 percent of the capital value of the relevant project in Ireland, the Netherlands, Portugal, and the United Kingdom. This EIB survey estimate does not include costs related to contract monitoring and renegotiation in the operational phase of the relevant projects.
o NSIA’s technical consultants on this Project have been instrumental in value- engineering the Project and reducing the initial project cost to the current level.
o NSIA has put in place a multi-stage approval process for all disbursements, under which all payments involving construction are made only after approval by a third- party engineering firm, which matches work completed against amounts due.
o NSIA has had promising engagement with potential lenders, which include many international investors.
o NSIA is rated by the US-based Sovereign Wealth Fund Institute as one of the most transparent sovereign wealth funds in the world.
o NSIA continues to uphold and abide by the highest standards of corporate governance, accountability and integrity. In this regard, NSIA’s accounts are audited by PricewaterhouseCoopers (PwC) and made publicly available within the first 90 days of the new calendar year. The 2013 and 2014 Annual Reports are available on NSIA’s website, www.nsia.com.ng.
o Attached is the table indicating the list of consultants engaged so far for the assignment.

About NSIA
The Nigeria Sovereign Investment Authority (NSIA) was established in 2011 under an Act of the National Assembly, the Nigeria Sovereign Investment Authority Act. The objective of the NSIA is to promote fiscal stability, build a savings base for future generations of Nigerians and enhance the development of Nigeria’s infrastructure. The NSIA’s investments are made through three distinct funds: the Stabilization Fund, the Future Generations Fund, and finally the Nigeria Infrastructure Fund, through which the NSIA’s investment in the construction and development of the Second Niger Bridge Project is being made. The Nigeria Infrastructure Fund aims to invest in infrastructure projects in Nigeria that contribute to the development of essential infrastructure in Nigeria in addition to meeting the NSIA’s targeted financial returns. For more information, please visit the NSIA’s website at www.nsia.com.ng.
Signed: Management

A commentator on Nairaland, identified simply as [size=15pt]Erunz, [/size]queried if Northerners were more competent than people from other regions of the country, adding that, “No one should complain because when we wailed, they told us Buhari’s appointment is based on competence. So, the northerners are more competent. No one should cry, especially my people from the South-West.”

Also, [size=15pt]Sincere9gerian[/size] said, “It is only people who have sold their souls to the devil that will overlook Buhari’s tribal bigotry and dictatorial tendencies. His actions are simply indefensible. At this point, the few Southerners that have been appointed so far should resign immediately.”

erunz:
owiaba nothing do u, we stand for wat we believe. An average esan man is a warrior, we hate injustice. Am from uhiele in Ekp where u have d only seminary in esan land. Puck buhari police or dss

easyaccess123:
AKUGBE AHU!


LOL

Lewisj:
. Are you the OP of this topic? Its funny the way quote and insult people, all in a bid that you love your tribe, bt instead your giving them a reason to buttress their claim and for other tribes here to believe them. At times its best to just look by or correct them and not insults. Am a proud Bini and no matter what, the Binis and Ishans are the closest in Edo and will always be 1.

simeonii:
See finishing....una get quarrel b4 ?

blizard44:
Roger that!

Stay covered.

Joavid:
Why are esan guys ugly?

Its either an abnormal looking forehead, nose, eyes or something.

blizard44:
Mogidi ni Ahu.
Atalakpa no zaghi itu APC ia.

From what end art thou from?

Idumuose44:
La wa ooo

Are you Esan? And is it true what they say about Esan men?

He called on Oshiomhole to ”for the sake of our
collective national interest, tell Nigerians the
source of his information
about his alleged N140 billion consultancy cost
for a project with a total cost of N108 Billion.

Idumuose44:
really??

Idumuose44:
lol

Akugbe-Ahu

Languages are funny. Op do you know what Akugbe means in Yoruba language?

DDeliverer:
I wan talk something...i go talk true, i no go lie..

ESHAN people too wicked.

In 2013, i did business with one Eshan man....till date the man no gree pay my money.

My last GF na ESHAN.....make i no go into the details of my life...but the truth remains if you see a snake on your right and then see an Eshan woman on your left, just kill the ESHAN woman first b4 you reason the snake.

Maybe there are some good Eshan people, maybe the OP is one of them...Maybe..

But truth be told, i have never met one Eshan person that is good. NEVER.

NgeneUkwenu:
What do the Igbo TANIODs really want? They want to partake in a Boko Haram govt headed by a brain dead old man sipping Gworo?

atlwireles:
My own is even good, I am fluent in Kanuri and Hausa. I will fit in just fine. Just need to update my fashion.

francizy:
Barcanister - Babanginista
Mogidi - Mohammagidi
Altwires - Alhaji Waya Sani
DearPreye - Danjuma Praya
Kabonnic - Kabiru Osama
Whynotthetruth - Walahi Truthmana!
Truckpusher - Taliban Puda
Please add more...

koife:
Do your worst.....I really don't k. He cancelled construction of Niger bridge like he did to Lagos in the 80's.....shipped terrorist suspect to south,now this acutely skewed appointment. ....more to come for the 97% ...the sw, ss, se had beta start calling truce n work together to stem this biase ruler ship by north.
Now who r those that said I shouldn't wail!

dearpreye:
The zombies will wickedly avoid that part of the story. It's their modus operandi.

Thanks for highlighting it, brother.