First Nation Airlines owned by Bola Ahmed Tinubu, former governor of Lagos State has begun operations. The airline is beleived to have been bought by Bola Tinubu at a fee close to $30, million.

Bellview to First Nation Airlines? Safe Trip!!!

Source: http://www./2011/11/14/bola-tinubus-first-nation-airline-begins-operation/

Good. Hope they offer a better service than Bellview.

^^ giggles
no one wants 2 die

Hpe he learnt frm Marwa(Albarka)and other shoddy nigerian owned airlines dat av rightfully folded up.U don't jst because u av a few billions jump into d airline biz;particularly if u are hoping on using proceeds frm other politically dependent ventures to kp d airline going

local or international

Dyt:

^^ giggles
no one wants 2 die

Did you ever use Bellview? The airline was a disappointment. Can only hope First nation will be better since its an upgrade of bellview.

r231:

local or international

If they are running on Bellview license then it will be both. But they might have to start with local flight operations.

I wonder why some of our politicians are not already in jail.

This Tinubu is really heartless. Over $30b gotten from where? SMH

Is it not the same airline that was rumored to be bought out for $300 million. That's a 1,000% exaggeration. Thank God that the airline was resuscitated finally.

Posted by Beaf
True, and Tinubu's nature is stealing and drug pushing. No? In the meantime, can you prove that you have a billion USD? If not sssshhhhhhhaarrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrap!!!! Tinubu is a thief, and thats all that matters. The other thing that matters is that you are his willing donkey, bruv.

Proof or GTFO! It's easy to make wild and unfounded accusations on the internet.

Why don't you ask yourself how a major leader of the opposition and "proven theif" can still be walking around freely buying airlines and being a thorn in the ruling party's side? Maybe its because there's no serious evidence against him. Or maybe there's evidence but our chief security officer is too busy being rètarded to do anything about it.

Or perhaps GEJ doesn't want to set the precedent of sending a fellow ex-governor to prison. Maybe he knows that his own immunity won't last forever and that his cup (as well those of 90% of his PDP friends) is full to overflowing.

I'll be glad to see Tinubu go to prison for corruption as long as all the PDP ex-governors, ex-ministers, ex-presidents, Turai Yar'Adua and Dame Dr. Mrs. Jonathan go first.

High_Chief:

This Tinubu is really heartless. Over $30b gotten from where? SMH

Dont blame the man because they dont know how to secure bank loans to start business in  your village.

Ignorant people.

Poor Ibori the South-South mugu!
Ya own brodas sell you go jail make dem for become governors without ya interferance. . .even those wey run comot for California with EX-CONVICT record do don berra pass ya. . . .hint-hint!
Mu he he he he he he
See ya mate?

Who say Warri nor dey CAREY last huh?

Eko Ile:

Dont blame the man because they dont know how to secure bank loans to start business in your village.

Ignorant people.

Mr Non-Ignorant and Tinubu babe, so anybody can walk into the bank and secure a loan rite without any criteria. How many people can secure a loan of $30b? Keep deceiving yourself.

BootyOnMe:

Poor Ibori the South-South mugu!
Ya own brodas sell you go jail make dem for become governors without ya interferance. . .even those wey run comot for California with EX-CONVICT record do don berra pass ya. . . .hint-hint!
Mu he he he he he he
See ya mate?

Who say Warri nor dey CAREY last huh?

Blazay wassup with you. You still with them Asia men?

the army we fix him very soon.






The Elephant in the Room – Lagos State’s Exploding Debt

The worrisome part of this development phase of Lagos State is the debt the state is incurring via bonds. This is a potential source of problems in the future.

Specifically, there have been two large debt tranches taken by Governors Bola Tinubu and Babatunde Fashola. The first 5-year bond was for ₦50 billion and was taken in 2008. The most recent bond issue was another ₦50 billion, completed in April 2010.

This effectively makes Lagos one of the most indebted states in the country, with combined bond issues of ₦100 billion. The plan for Lagos calls for another ₦175 billion to be borrowed, to finance all the various projects proposed for the city.
Using our rough calculations, this means that every month, the Lagos state government has to pay bondholders ₦2.3 billion, given that the interest rates on these bond issues is about 13%. Half of that will be paid for the next 5 years, while the other half has three years to go. ₦26 billion a year is a large amount.

To put this in context, the proposed budget for Lagos State this year is ₦429 billion, so one might insist that within the total budget, ₦26 billion is not a great deal to worry about.

This would be a fallacy. Although Fashola presented an Appropriation Bill of N429.596 billion for the 2010 fiscal year to the state House of Assembly.

The key here is that the Fashola administration expects a total of ₦307 billion in the 2010 fiscal year. Of the total budget value, it is expected that ₦204 billion will be raked in through internally generated revenue (IGR); N78 billion from the Federal Allocation; dedicated revenue estimated at ₦20 billion while the extra-ordinary revenue stands at ₦5 billion.

This leaves a budget shortfall of close to ₦123 billion for the fiscal year. During his presentation, Fashola did not explain how this difference would be made up.

This leads to this paper’s warning on borrowing. Although the Governor has indicated ₦17 billion will be spent on debt service this year, next year, it will be significantly higher as the new bond kicks in. If new monies are borrowed i.e., new bonds issued, the number will be higher still.

One suspects that the Governor may see the way to make up the budget as being to issue yet new bonds, but this would only postpone the evil day. The stark reality is that the Lagos State budget faces serious serious issues. The city is in deep trouble fiscally and is using unsustainable tactics to avert a financial reckoning.

The Lagos State government will be tempted to issue new bonds in the near-term both to make up the shortfall and to continue its future ‘mega city’ plans. This is a classic debt trap that will only worsen the longer a real solution is put off.

The only reasonable solution is to reduce State government spending to sustainable levels. However, we are sure this politically difficult due to the large number of beneficiaries from the spending spree.

However, if Lagos State’s true fiscal crisis is not handled by the current administration, any prospect of a financial soft landing for the State will be pushed farther and farther away.

^^^Why bother yourself, Eko Ile & co will not see anything wrong. They will keep worshipin Tinubu even when he drives them away from their various homes. The guy will soon sink Lagos state.

High_Chief:

Mr Non-Ignorant and Tinubu babe, so anybody can walk into the bank and secure a loan rite without any criteria. How many people can secure a loan of $30b? Keep deceiving yourself.


Blazay wassup with you. You still with them Asia men?

Ode, you are not Asiwaju Bola Tinubu.

So where do you think all the big companies in Nigeria get the their investment money from? From the sky? What do you think banks are in business for and how do you think they make mone and who do you think they lend money to,

The former Governor of the the most popular state and the main economic entity in Nigeria is a nobody. What a dumb a.s.s.


I know you people have low self esteem and self worth and you think you amount to nothing, but your misery, sad and negative outlook in life doesn't apply to everybody.


Somebody start a credible business and create jobs for Nigerians from every corner of the country including the ones from you own village and your foolish self is here hating?

I'm sure this airline go dey carry people to and from your states and they have to hire people in your states from flight caterers to ticketing agents, office staffs, cabin cleaners, local marketers and operation managers to service the airline, and lets not even forget the taxes your own states go dey collect from this airline.


This is what governments all over the world bet and lobby people and businesses for, to invest and and create employment, but you losers are too sad and bitter for your own good.


Damn despicable people,



Fcukinnn losers,

Uche2005:

the army we fix him very soon.






The Elephant in the Room – Lagos State’s Exploding Debt

The worrisome part of this development phase of Lagos State is the debt the state is incurring via bonds. This is a potential source of problems in the future.

Specifically, there have been two large debt tranches taken by Governors Bola Tinubu and Babatunde Fashola. The first 5-year bond was for ₦50 billion and was taken in 2008. The most recent bond issue was another ₦50 billion, completed in April 2010.

This effectively makes Lagos one of the most indebted states in the country, with combined bond issues of ₦100 billion. The plan for Lagos calls for another ₦175 billion to be borrowed, to finance all the various projects proposed for the city.
Using our rough calculations, this means that every month, the Lagos state government has to pay bondholders ₦2.3 billion, given that the interest rates on these bond issues is about 13%. Half of that will be paid for the next 5 years, while the other half has three years to go. ₦26 billion a year is a large amount.

To put this in context, the proposed budget for Lagos State this year is ₦429 billion, so one might insist that within the total budget, ₦26 billion is not a great deal to worry about.

This would be a fallacy. Although Fashola presented an Appropriation Bill of N429.596 billion for the 2010 fiscal year to the state House of Assembly.

The key here is that the Fashola administration expects a total of ₦307 billion in the 2010 fiscal year. Of the total budget value, it is expected that ₦204 billion will be raked in through internally generated revenue (IGR); N78 billion from the Federal Allocation; dedicated revenue estimated at ₦20 billion while the extra-ordinary revenue stands at ₦5 billion.

This leaves a budget shortfall of close to ₦123 billion for the fiscal year. During his presentation, Fashola did not explain how this difference would be made up.

This leads to this paper’s warning on borrowing. Although the Governor has indicated ₦17 billion will be spent on debt service this year, next year, it will be significantly higher as the new bond kicks in. If new monies are borrowed i.e., new bonds issued, the number will be higher still.

One suspects that the Governor may see the way to make up the budget as being to issue yet new bonds, but this would only postpone the evil day. The stark reality is that the Lagos State budget faces serious serious issues. The city is in deep trouble fiscally and is using unsustainable tactics to avert a financial reckoning.

The Lagos State government will be tempted to issue new bonds in the near-term both to make up the shortfall and to continue its future ‘mega city’ plans. This is a classic debt trap that will only worsen the longer a real solution is put off.

The only reasonable solution is to reduce State government spending to sustainable levels. However, we are sure this politically difficult due to the large number of beneficiaries from the spending spree.

However, if Lagos State’s true fiscal crisis is not handled by the current administration, any prospect of a financial soft landing for the State will be pushed farther and farther away.

nna, we know all you people do is play bad bele, wayo wayo, lies and ojoro.

1. There is a reason why you left out the link to your worthless rubbish

2. The trash is from a bleeping tabloid for crying out loud

3. The link is not only bogus, it's dead. Click on it and all you get is 404 error

4. We've death with this rubbish in the same ibo bad bele thread you plucked it from last year,


What's this got to do with Airline anyways? I guess it's bad bele by any means necessary,


Damn losers,

Just wondering why some guys keep going after the high-risk, low-margin? aviation business in Nigeria. Why not agriculture or manufacturing? Or is it for ego? How many airlines in Nigeria are financially sound?

^Aero looks healthy,same with Dana.Btw,someone must do it (take that biz risk) or do you expect us to depend on foreign airlines for all our domestic and international flights?

ifyalways:

^Aero looks healthy,same with Dana.Btw,someone must do it (take that biz risk) or do you expect us to depend on foreign airlines for all our domestic and international flights?

Aero is not.

Atleast Tinubu is doing something. He has a airline company that will assist in creating jobs for the teeming population.

What can you say of President Mugun that organised National Awards without medals and certificates. All he knows to do is to sit-down look.

Why isn't this in business/economy?

The good thing about aviation is that done well, you're playing with someone else's money!

Heads you win, tails your creditors lose!!!

anishe:

Atleast Tinubu is doing something. He has a airline company that will assist in creating jobs for the teeming population.

What can you say of [size=18pt]President Mugun[/size] that organised National Awards without medals and certificates. All he knows to do is to sit-down look.

ROTFLMAO!!!

Looting is looting,whether he lends back to you some of the money he stole from you or actually dashes you some,i cant believe our sentiments,how do we vote Leaders into power and instead of them serving the general public and steppin down respectfully in due course,They loot our money and throw it back into our face by flaunting their loots as if that is not enough insults,we are here justifyin their theft and tearng ourselves apart via arguments,A public servant in any capacity shldnt leave the office 1000times richer than he was at inception,This is totally wrong,Wake up Nigerians,Cut the sentiments and wake up,These leaders keep toying with our intelligence.Its my humble and analytical opinion.

Eko Ile:

Ode, you are not Asiwaju Bola Tinubu.

So where do you think all the big companies in Nigeria get the their investment money from? From the sky? What do you think banks are in business for and how do you think they make mone and who do you think they lend money to,

The former Governor of the the most popular state and the main economic entity in Nigeria is a nobody. What a dumb a.s.s.


I know you people have low self esteem and self worth and you think you amount to nothing, but your misery, sad and negative outlook in life doesn't apply to everybody.


Somebody start a credible business and create jobs for Nigerians from every corner of the country including the ones from you own village and your foolish self is here hating?

I'm sure this airline go dey carry people to and from your states and they have to hire people in your states from flight caterers to ticketing agents, office staffs, cabin cleaners, local marketers and operation managers to service the airline, and lets not even forget the taxes your own states go dey collect from this airline.


This is what governments all over the world bet and lobby people and businesses for, to invest and and create employment, but you losers are too sad and bitter for your own good.


Damn despicable people,

 

Fcukinnn losers,

why are u disturbing yourself over a guy that has no hope. You no dey see their village down there? Na beef and nothing else. Guy wey be say na free browsing im dey use browse. How e wan take knw say banks they rally on give person as big as that loan for a business like that? Dem tell u say dangotte no dey owe? They share d loss with d banks you f.ool? That's if there's any sha. But i'm not disputing the fact that few of our cash is there, but doesn't that happen everywhere? Baggar!

anishe:

What can you say of President Mugun that organised National Awards without medals and certificates.

No intention to derail the thread but are u saying the awards of yesterday were without certificates/medals?

dinah777:

Looting is looting,whether he lends back to you some of the money he stole from you or actually dashes you some,i cant believe our sentiments,how do we vote Leaders into power and instead of them serving the general public and steppin down respectfully in due course,They loot our money and throw it back into our face by flaunting their loots as if that is not enough insults,we are here justifyin their theft and tearng ourselves apart via arguments,A public servant in any capacity shldnt leave the office 1000times richer than he was at inception,This is totally wrong,Wake up Nigerians,Cut the sentiments and wake up,These leaders keep toying with our intelligence.Its my humble and analytical opinion.

sharap first! Think and type later! What about those who stole to invest outside thereby developing and feeding other nation's purse?

anishe:

Atleast Tinubu is doing something. He has a airline company that will assist in creating jobs for the teeming population.

What can you say of President Mugun that organised National Awards without medals and certificates. All he knows to do is to sit-down look.

our president na photocopy na!

High_Chief:

Mr Non-Ignorant and Tinubu babe, so anybody can walk into the bank and secure a loan rite without any criteria. How many people can secure a loan of $30b? Keep deceiving yourself.

Where did you get $30 billion from when the article states $30 million clearly? Is this how you inflate figures ridiculously just to malign others?  My friend , if you are to be successful, first be comfortable with the success of others. What you are doing is no different to how other Africans with lower threshold of ambition and self-belief ungraciously call legitimately successful Nigerians "drug dealers" and  "fraudsters" in the UK. They are losers only comfortable with themselves by thinking others have gained what they do not have through criminality.

Let me tell you now that investors abound in the world who can drop $30 million in an environment where profit making is stagnant. It could be a bank, individual, investment consortium, etc.  $30 million is relatively easy to raise with a solid feasibility plan that indicates , beyond doubt, a business with potential to make profit and very low risk of failure. Abeg, save your criticism till you can at least provide objective argument.

Pukkah:

Aero is not.

Proove Please.
Thank you sir.

@Eko Ile: you don't have to make it obvious that you are a beneficiary of the Lagos State government loot. It is wrong for one person to loot state funds and create a business empire and you justify such an act by saying "afterall he's generating employment". That's one of the major characteristics of loosers except you are the Special Assistant to the Governor on social networks who makes a living by replying critics. If you are get a better means of livelihood and if you are not stop looking for cheap government recognition as the thieves you are supporting don't visit nairaland, they are busy monitoring their loot somewhere.

Peace