₦airaland Forum

CyberG: Is he trying to say that Nigerian Law is more precise while British Law is somewhat lose and a case does not have to be proven so precisely but even by inference, a judge can convict an accused? I hope lawyers who know Nigerian and British law can come clarify this. However, it seems rather ridiculous that the Nigerian legal system that came years after formal legal practice had been successfully practiced would now be more precise than the British one? I doubt it and it is the $5 Million dollar "kangaroo" money that is still "clearing your conscience". Time will tell.

Let me help you out. He is saying that if you are accused of stealing NGN 5MM and they find NGN 4,999,999.99 becauae of the 0,01 you are not guilty because there is doubt on the 0,01. They must think we are really stupid. Could also be he is referring to the JZ album Reasonable Doubt.

Yes yr right. Hey following the Caps (NHL) in DC?

manny4life: PBundles,

If I were you, I'll stay away from arguing with some folks on Nairaland, believe me, it's certainly not worth it. Phantom had warned you, but you did not listen, trust and believe, no matter how much Finance and Economics you teach certain folks on here, it falls on deaf ears. Kudos brother, you tried in the educative part.

YES YOU DID (sigh)

phantom: pbundles ....abi i no warn you?you argue with someone who spells "sadists" and you expect to get your money's worth?
THIS IS NAIRALAND!!

LEADERSHIP WEEKEND
October 9, 2010.
A New City for the Rich in Lagos

http://ekoatlantic.com/press-pr/press_leadership.htm


enuf said,, ,,,,,

phantom: as far as i am concerned this project is just another playground for the super rich in this country.pure and simple! developed countries and emerging economies srive everyday to make that line between the rich and the poor as indistinct as possible but the reverse is the case in this country.

LEADERSHIP WEEKEND
October 9, 2010.
A New City for the Rich in Lagos

http://ekoatlantic.com/press-pr/press_leadership.htm


enuf said,, ,,,,,

Eko Ile: Listen to this villager. Don't worry, ego better for you one day. Your state is 4 times richer than Lagos state, your state's budget is 4 times larger than Lagos state, but what do you have to show for it? Nothing but backwardness.

When was the last time your village governor commissioned anything, even a chicken cage? You should be spending more time worrying and crying over your pathetic state and asking your isi ewu and pami governors what they are doing with your money.


What a loser.

You do care where im from, you asked me remember Mr Tribalist. You know what they do to people like you in the Hague (whats the Hague he ask, LOSER). Its people like you that take part in ethnic cleansing.

More finance lessons, the tax your talking about, um MR PI, dont you pay tax on profits made.,,,, so um the tax you are talking about will be collected once they start making a profit. Pls o smart one when will that be? Im still waiting about the test i gave you earlier. If the land is leased not sold,what does that constitute.

By the way nice try on the auto correct for spelling, so lets get this straight your phone auto corrects with missplelled words. Dude does yr level of stupidity get lower cus every time i think it cant get any worse you surprise me. My Phone you are good,,,,, keep making a fool of yourself.

Eko Ile: I don't even care who you are or where you're from, you just sound so sad and ignorant. You don't even have any clue regarding state, federal, and private responsibilities, yo don't know anything about investments and tax generation as collective benefits for the state the the people so you have nothing better to contribute but the same ignorant statements.

like I said, you are a sadists, a dangerous and ignorant pessimist and a soul with no sense of belonging.

My pleasure. Its a shame though that one cant carry out an intelligent discussion here, even if we dont agree. And then when you catch them fibbing they get angry and start to insult you. I for one hate to be ignorant, so when I dont know I simply ask. The Chinese have a great saying that says ONLY A FOOL CONTINUES TO TRAVEL DOWN A PATH HE KNOWS LEADS IN THE WRONG DIRECTION ONLY BECAUSE HE IS ASHAMED OF TURNING BACK AS HE MAY MEET PEOPLE HE PASSED. A WISE MAN DOESNT CARE AS HE KNOWS AT LEAST HE IS NOW GOING IN THE RIGHT DIRECTION.

TAKE CARE AND I WISH YOU MANY MANY TOMORROWS.

Beaf: Thanks so much for this. I do not possess your indepth financial knowledge to have been able to put it across so beautifully, but this is exactly why I called Gbawe out for saying that he was mortgaging his property as his part in getting the project going.
Thank God we've got brilliant minds like yours with experience in mega projects. Please remain on this thread, your input would be highly valued.

I would take offense but I have come to the conclusion you have no idea of the terms you use. You hear something it sounds interesting and you use it. Help us how does being cultural diverse turn you into a sadist. By the way sadist is not plural. Do you know what it means or will you pull a Private Investor one on us again. Im a nigerian not SW, not SE not Northerner and my blood line makes me feel totally at home at all regions not just SW. You are a tribalist which actually makes you a racist. I bet you thought that was only made for white people, LOSER, uneducated pretender. LIKE I SAID EARLIER I AM MORE WELCOME THERE THAN YOU WILL EVER BE.

Eko Ile: You mean you have no home or any kind of self of belonging?


No wonder you are a perpetual sadists.

Intelligent minds, sorry but does 2 brain cells constitute intelligence. You boy doesnt know finance terminology and got mad because I called him out and made him look silly.

The typical response from a rascist arent you the one that wrote WE would be needing VISAs. Who is we.

And I repeat they will let me in before they let you in, believe me.


[quote author=Rhino.5dm]Dude, you must be high on cheap grass to think intelligent mind among us won't decode the deep coded bigotry driving you to brink of making silly comments in the name of objectivity. If this wonderful project is paining you that much, why don't you apply suicide option?



Recist? Whatever makes you sleep well at night.[/quote]

Depends which one actually, as I stated earlier im mixed. Maternal is Northern and SE and paternal is SW and MW(IKA). So let me know which one I should praise Himler. Adolf will soon be backing you very soon.

Eko Ile: Shouldn't you be looking for something good to say about your village and your village governors? Are you not proud of you village ni? Why are you here crying over other people's wahala?

Once again Im not condemning them, this shouldnt be the first choice thats all Im saying. I think that the Lagos govenment is BY FAR one of the better goverend states if not the best. Anyone can see that the Gov is trying. I think however that he may have ransomed the state away on this but we will see. You can control erosion in less costly manner. I would have liked to see a general expansion if gaining back land was the intention, not just in the rich area but also where the common people reside. Ho wcan you eliviate over population by creating space that only a reserved few can occupy.

You concur its not for the masses, then who benefits at the end of the day then. Lets pray for life, so we will be alive to witness this. For the record, NOTHING WOULD MAKE ME MORE HAPPY THAN TO SEE THAT IT DOES BENEFIT THE MASSES AND I WAS WRONG.

OAM4J: IMO, you have just argued in favour of what any smart government facing ocean surge and financial problem should do.

You don't expect Lagos goverment to leave the problem alone while people die yearly and existing properties/land continuously give way to the ocean on the excuse of lack of fund, do you?

But now a right thinking government just used a stone to kill too birds, stop the ocean surge problem while creating investment/revenue opportunity. You should appreciate Lagos government not condemn it.

What makes you think the project will not benefit the masses in the long run? Agreed such city is not for the masses or low class people, but there will still be jobs for them there and in the long run the tax revenue generated from the rich living and working there can be used to provide more infrastructure and social amenities for the masses.

Let me get this str8 a racist is talking about hate filled. You are a rascist plain and simple. You think because you are black your not. Soon you will tell us Hitler was trying to keep the jews warm.

VISA, dude God knows they will let me in before they let you in.


[quote author=Rhino.5dm]Is it your money? This is our money and we are very pleased with what Fashola is doing and how he is spending it. Your opinion is not needed, so take whatever hate-filled opinion to where the sun don't shine.

Very soon, you will be forced to present entry VISA to lagos. Hypocites![/quote]

Im prosering so dont get it.

Eko Ile: Because that's always your problem Don't get mad because I put it out there.


It's always tribal with you clowns especially when all the rubbish you spew makes no sense to nobody but your tribal a/s//s/s/.

You prosper only when you look, learn and duplicate, not by displaying bad bele and negativity all over the place. Bad bele people don't prosper in life.

ok, nice you have it all figured out.

Eko Ile: Provision of basic infrastructures life electricity is the primary responsibility of the government and Lagos state is not in control of the electricity dynamics in Nigeria and if I might add, Lagos state built the first private power generating plant in Nigeria and it was taken over by the federal government.Mixing a private project like the EAC with a federal responsibility like provision of electricity sounds foolish and ignorant.


The people of Lagos state stands to benefit immensely from this project because with 3 billion dollars worth of real estate and development including activities like restaurants, entertainment, harbor and boats licensing (The list goes on) the state is in for a huge tax bonanza which is the same tax money the state is going to spend n the same things you are losing sleep over. Taxes from the EAC will build roads, will build bridges, will build bridges, will build water and power plants.


This is not rocket science if you have any thinking brain.

I KNEW IT WOULDNT TAKE TOO LONG BEFORE SOMEONE THREW IN THE OLD TRIBAL WRENCH. WOW. I THOUGHT WE WERE ALL NIGERIANS. HOW DO YOU KNOW THAT IM NOT FROM THE SW OR HAVE SW BLOOD. MY BLOOD FAMILY COVERS EVERY REGION, EVERY AND HAS BOTH CHRISTIAN AND MUSLIM. I HAVE ALWAYS SEEN THAT AS A POSITIVE.

I COULD HAVE MISSED IT BUT DID SOMEONE MAKE MENTION THAT THEY DIDNT WANT THE SW TO PROSPER, BUT ITS OBVIOUS THAT YOU CERTAINLY DONT WANT A CERTAIN REGION TO PROSPER. SHAME ON YOU. WHEN SOMEONE ASK YOU WHERE YOU ARE FROM FROM NOW ON SAY SW NIGERIA OK, IT MAY MAKE YOU FEEL BETTER.

I CAN UNDERSTAND AN OYINBOS/WHITEMANS RACISM, BUT THE MOST DESPICABLE IS COMING FROM YOUR SO CALLED BROTHERS/SISTERS.

YOU HAVE REACHED A NEW LOW. ANYWAY I WAS WARNED THAT I WOULD LOSE HOPE IN HUMANITY ON THIS FORUM.

Eko Ile: This pic speaks volume.

Sometimes I just feel sorry for them...


https://i39.tinypic.com/b8l5xl.jpg





SE projects. 42. And most are just internet and news paper projects.

SW 361 Projects...

You have a right to your opinion and I respect that. I also dont mind discussing topics if we can keep it from insults since I think the object is at the end of the day to exchange ideas and hopefully go away with something learned. It may be at the end of the day, we may agree to disagree. What I dont like is when people try and claim they have knowledge on a subject they dont and then when its made obvious resort to insults and belittling.

If you go back and read MY FIRST POST, you will see that I said I thought it was a very commendable project and I still think it is, BUT its not the top priority. The argument of private investors is a double edged sword. Dont take my word but have a look and do some investigating yourself. PIs are known for investments that will yield them hefty returns, BUT these returns do not mean in any way that it will benefit the masses. In other words will the common man profit from this, I doubt it.

The reason for this project in my humble opinion and forgive me if Im offending anyone, is to move away from the issues they are facing. The lease will provide the state with income and the erosion problem will be eased for the time being. Its a known fact that the state is being swalloed by debt. Its also not a secret that VI is no longer able to support the businesses that are there. Also the erosion of the stretch of beach has been immense. In other words, the state is losing its ground to the sea. They dont have have the money to correct this, so in comes the idea of having PIs fund for this. It would have cost the state US 6 BN or alomst NGN 1 TRN to do it. You dont have to be an economist to know they dont have it. Its also no secret that Lagos is overcrowded and will have 25mln by 2015 so they need to expand.

When one sees the prices of land etc, then you need to ask yourself who will be there. I predict you will see a shift of business from VI to Eko, there will some job creation but certainly not in the region that some are claiming. During the building phase there will be without doubt the need for jobs in the construction sector, but what about others. As some one rightfully pointed out, Real Estate expansion has never created jobs in other sectors.

I just wonder why we are focusing on this whereas there are so many BASIC issues that arent solved. Electricty will be guaranteed there, but what about the rest of the state. Cant we provide constant electricty even if its not for 24 hrs ( ie 18 a day to start).

What benefits do you think you (or those around you) will derive personally from this? No matter what, its coming. The future will decide whether it was a just cause or not.

OAM4J: You are not making sense bro. Am not an economist or a financial expert, but your argument doesn't make sense to me as a layman.

Are you saying because Government will have to perform his regular duties in a growing economy, they should shy away from supporting developments and investments that will generate thousands of jobs and millions/billions in revenue for the same government?

Let us even assume that government money is involved in this partnership, this is a viable investment for crying out loud. Or you think the private sector (home and abroad) investing their money on the project will put their penny if they don't see it viable?

Your argument of it not being a priority also doesn't hold ground. When should building a city be of a priority in a continuous growing state? and how does this investment affect provision of roads and power? Lagos state is one of the few states investing heavily in power and transportation?

I have nothing to say to your friend who think financial experts investing billions of their money are dreamers. Both of you are example of pessimists we don't need around government.

I just don't know why it is difficult to commend a good initiative when we see one. Looks like past government administrations have dealt massively on many Nigerians psyches and they just cant see anything good coming from the government again. too bad!

I thought this project would benefit all Lagosians, what am I reading and its off the website. http://www.ekoatlantic.com/press-pr/press_leadership.htm How many Lagosians have US 1.5 Mil. What if your not super rich as claimed below, you should then f...off I suppose.

Thus, many wealthy individuals and corporate bodies have bought plots of land ahead of its scheduled completion. And if you are a super-rich Nigerian, you can still get a plot of land in the new city. It will cost you a little over N200 million; a square metre costs between $825 and $1,600. LEADERSHIP WEEKEND gathered that the fee was denominated in dollars to protect buyers against fluctuations in the Naira's exchange rate.

occam: Of course you won't have specific of any benefit to Lagosians; because it's so insignificant. Just seems odd that the Chief Executive of our state, 15 million people, is actively promoting a project for a select few (just 250,000). And you have the gall to say, it will generate income for Lagos state govt and paycheck for the people. What? you think we grew up in the cornfield?

Let's say what it is: Lagos state Govt sold a highly prized real estate land to private investors for developing a playground for the corrupt elites.
Period. We don't care if it creates any job. All we want to know is how much was paid to the govt coffers? Was a fair price paid to Lagosians?

We try to build "Monaco" in the midst of poverty when all we need are good roads, security, electricity to drive economic growth

Again, go return your PR retainer check; cos we don't fall for all these gimmicks

Now I get your confussion. You see FUNDED and take that to mean it wont COST the state any money. Dude you are hilarious. Have you ever thought of being a stand up comedian that impersonates a finance officer. You would rake in. Funding and costing (read budget) are two different things ROTFLMFAO

Last time I checked expenditure usually amounted to a cost.....BUT....I could be wrong o wise finance expert

Have you heard of the term opportunity costing, bet you havent. Look it up and then let me know if you still think it wont cost them any money.

Just for us the dumb ones in society, what happens if the investors pull out and dont complete the project, who pays for this?

Eko Ile: I don't need your opinion or his opinion. Show me what part of the state budget going towards Eko Atlantic. lol @ 70-80% govt funded.

You are mad. Lagos state will spend 3 billion dollars on EAC and the state's yearly budget for the whole of Lagos state is 2 billion? What part pf private do you not understand? Do you need me to spell it?


Partnership is not always about money on both sides and in this case, it's about the state performing it's regulatory and supervisory duties to make sure things are done right.

Um where did I state huge expenditure in any of my posts? Dude the medicine is wearing off, isnt it time you went to the Pharmacy for a refil. I hear
Schizophrenia does that.

Let me try once again. This a partnership (Im using the states website) in which the private investors do the FUNDING and the state provides the land (via lease) and support, details of which I dont have and I doubt if you do. Support can be in the form underwriting, guarantee on insurances, infrastructure and state assistance ( do you think that place will police itself, the state will need to step in). If Im not mistaken the lagos state goverment issued bonds a while back for N275 billion and in the prospectus sighted EKO City as one of the things it need to support. Hmmm.

Now here is where you may need the assistance of a friend who actually went to school and studied finance. You ready.....

If the land is not being sold, Im assuming you know that it isnt since everyone knows the builders/contractors/PIs are being given a 78 year long lease..... doesnt the contribution of land constitute, since they still own it, mean en equity contribution. Im just saying.

So to answer your question, the amount invested on behalf of the lagos state government is the book value of the 78 year lease contract. YAWN. Im getting sleepy educating you dude. Anymore questions, I heading off to lunch.

Dad was right, education is really an asset. Peace out.

Eko Ile: The highlighted should have clues you in, but you are too dumb to figure it out.


Again, I don't need your silly essays, all I need you to do is show us how much the state budgeted and is spending on this project. Do that or shut your mouth.


I can't believe this clown said huge expenditure by the government? Are you on crack? What part of the state budget is that? The one you drafted yourself inside your Olodo brain?

Thanks for the warning, but it came too late.

phantom: .....looks like you are new to nairaland.....welcome!know this...there are folks in here you just dont bother with (trust me!)...youve just discovered one.brace yourself,there will be more and at some point YOU WILL LOSE HOPE IN HUMANITY...

phreakabit: LOL! LOL! LOL! This thread is so funny. Reality is a dreamers greatest adversary.

;DAahh so there are sane people on this thread. I almost lost hope in humanity

R U Serious or does ignorance come natural to you. You are so proud you cant even be a man and say bro, im wong educate me. I GUESS YOU ARE NOW SMARTER THEN THE LAGOS STATE GOV WHO SAID and I quote FROM THERE WEB SITE http://www.lagosstate.gov.ng/index.php?page=news&nid=158

According to Governor Fashola, the public private sector partnership exemplified by the project represents the way forward.” Demonstrably government alone have shown that they do not always have all of the resources that they need to deliver on the major challenges that face them – social, infrastructural and so many other challenges that require huge expenditure by the government .Every time there is an opportunity to provide a window where the private sector can move in, invest private capital on a sustainable and commercially rewarding basis, it is the way to go,” Governor Fashola said.

Oeeps DONT I LOOK STUPID, I WAS CLAIMING EVERYONE WAS IGNORANT BUT THE MOST CLUESLESS ONE WAS ME LMFAO

Come on give another spin O might SPIN DOCTOR. Watch him now spin partnership to mean something different.

O by the way the gov also seems to like my idea about their involvement in and I quote social, infrastructural and so many other challenges that require huge expenditure by the government.

The fact that you ask it whereas ANY person with a private sector finance background would know this gave you away. You just had the bad luck of conversing with one that did. I forgive you ignorance, but please do yourself a favour, DONT TALK TO LOUD ON SUBJECTS YOU OBVIOUSLY KNOW NOTHING ABOUT.

Later, you made my day actually. Thanks I feel better.

Eko Ile: Instead of this long and boring essay, why not just show us how much the state budgeted and is spending on this so called private project.?

Its always a pity when one receives a response like this. Your response would seem to imply you understand the dynamics of private funding. What makes you think I dont know the project? Or did you assume (you know what they say about assume, it makes an as. of u and me) that I didnt know the project. Yo claim its not a government project because you read PRIVATE FUNDED. SMH . A project like this, is NEVER I repeat NEVER totally private financed. How do I know, Im a director at an investment bank based in London/Amsterdam and have worked on various projects (ie Jorf Lasfar Energy Company (morocco) which I worked on in the 90's to name a few). There will always be municipal/government connection for the simple fact that private investors will not partake, same as credit insurers or even the banks. The latter I know for a fact. Do you think private investors are going to build this city for nothing and the government, as you seem to think will sit back and enjoy it dont think so. I can assure you that the Lagos state government is involved.

But why take my word, you are the expert. Better yet, lets take the word of those involved. I quote (got it from the PR section of the website):

The most ambitious project in recent times in real estate, Eko Atlantic city was conceived by the administration of the former governor of Lagos state, Asiwaju Bola Tinubu, as a Public Private Partnership (PPP) endeavour to regain beach ground lost to over 100 years of sea erosion and surges and build a modern city which Nigeria and Africa would experience for the very first time and be proud of.

Let me guess they made a mistake, how could this be, my friend read Private, SMH.

Many infrastructural projects (electricity, water, roads etc) have been done elsewhere on joint bases or even private. Im personally of the opinion that the private sector is where Nigeria should look towards, but the priorities are wrong. For my part let private individuals build roads and charge toll at least they will be maintained. Same goes for electricity, will cost more but at least you will have it. You claim it will come from taxes, which form. Didnt know we had a reliable tax regime even for so called registered corporations. You are right the money doesnt grow on trees, though some government officials may not agree with you. Remind us how much do we make again per day on petroleum? One would think that would be enough, but I may be wrong. This project how grand, in my humble opinion, is not top priority.

Eko Ile: I understand your points, but they are misguided and shortsighted.


This is a private project and not a government project.

This is what we need. We need investments and and jobs, we need tax money, we need the expertise and development, we need everything this project has to offer from top to bottom.

Money for roads, bridges, schools, electricity and other social infrastructures comes from projects like Eko Atlantic and other investments by private businesses. Money from electricity and water doesn't grown on trees, they come from taxes and taxes comes from people's paychecks and businesses by private investors.

But of curse, you are yet to fully educate yourself about the project to start with. Don't worry about your government spending money on what you know nothing about, this is a private investment.

The project is very commendable without a doubt. If and when completed it will be remarkable BUT...... and i dont want to sound negative but I just want to keep it real. Is this really what Lagos or Nigeria needs? The money, time, expertise being used for this should be used in the provision of Water, Electricity, Solid (maintained) infrastructure, Safety (A reliable, well equipped and educated police force), Proper Schools lastly to train and ensure good Governance. I for one would trade a million of these projects for just 2 or 3, hell for one of the items I mentioned to be looked after. There is saying that well cooked food needs to be served on nice plates. Why build this when the rest is in ruins. 99% of the masses will not enjoy or benefit from this new city. Please dont get me wrong, it will be an accomplishment, but I think we have our priorities wrong. Will the average Nigerian be able to live there? I will go a step furtehr and ask what percentage of the top 1% will even be able to live there. So it seems like a feable attempt to keep the masses out and the good old boys in I suppose. That foreigners and/or investors are involved doessnt say much, they are doing it for a reason and its not for the benefit of the masses, but their own.

Later, stay safe and remember tomorrow is guaranteed to no one.

okemmadu: Take it or leave it. No nation can survive without God.

And you have eluded EXACTLY to the problem at hand. I will not get into a discussion concerning religion or your beliefs as I respect that, but which God are you talking about? You do realise that there are many titles and interpretations for God. So what if those in Government agree with you, that a nation cannot survive with God, but adopt say an Indian God (Shiva) is that ok with you?

Seperation of religion and the state is an intergral component for the development of nation. Furthermore it can even be argued that if not done, is supressive, discrimanatory and counter productive. If one just looks at the christian religion, there are many divisions even among the protestants and catholics. In other words if you choose not to seperate, which religion becomes the benchmark. If Im not mistaken the constitutions gives right to freedom of religion thus how would one incorporate? Even Jesus said give to Ceaser what belongs to Ceaser. Government is one thing religion is another. I perosonally feel that religion has weighed way to heavy in the governance of Nigeria. The main issue there being that many countries who follow Islam have it incorporated in their government, so there is no seperation. So we are at crossroads once again. Certain regions (south and west) may agree where as others (North) may not. Back to square one.