izzou:
The quality of Gold circle has reduced drastically.

Na wa

DissTroy:


El Rufai on how he stopped Bola Tinubu from ripping off the federal government:


"One of my memorable early experiences in BPE was a political baptism of fire – an encounter that opportunity to cash in on that misfortune. They did something similar in India in the 1990s and it went really wrong but they learnt some lessons and came to Nigeria with a more refined approach. What

Enron proposed was to supply second-hand, barge-based generators (moveable and easy to relocate in case of payment defaults) using diesel initially, to be supplied by Wale Tinubu’s Ocean & Oil Ltd. (now Oando) [b] until gas pipelines are extended from Egbin to the barges’ location, to provide initially 90MW and expandable to 540MW of electricity exclusively for Lagos State.


[b]
The Lagos State governor, Bola Tinubu, his finance commissioner Wale Edun, budget commissioner Yemi Cardoso, Gbenga Oyebode of Aluko & Oyebode, Wale Tinubu and Tunde Folawiyo, all of them friends or acquaintances of mine, were involved in the transaction at various levels and capacities. There were only three hurdles that needed to be crossed. First was the legal reality of the time: that only federally-owned National Electricity Power Authority (NEPA) could buy, transmit and distribute power so the cooperation of the Federal Government (FGN) was needed.


Second was that NEPA was notorious for not paying its bills (even to government-owned companies like the Nigerian Gas Company which supplies it with feedstock), so some payment security arrangements needed to be put in place in anticipation of NEPA’s default, and finally Enron would require a sovereign guarantee in the event that NEPA fails to pay and the security arrangement fails to crystallise or is exhausted by multiple defaults. Enron and Bola Tinubu found a way by getting Chief Bola Ige, a fellow opposition AD party leader working in a PDP administration, to get Obasanjo to sign off on the transaction without any cabinet review or rigorous inter-agency discussions. Bola Ige also obtained the president’s consent to sign a sovereign guarantee on behalf of the Federal Government of Nigeria something only the Minister of Finance was legally authorized to do.

There were no loud protest from NEPA management who could foresee the dangers of potential corporate insolvency because they all believe resistance was fruitless since Minister Bola Ige had the ears of President Obasanjo. Everything was signed, sealed and delivered and we all read about it in the newspapers. I was concerned that this could negatively impact the future privatization of NEPA and requested the VP to obtain copies of the agreements signed for our review. This was barely two weeks after I resumed, and then early in December 1999, we received the ‘power purchase agreement’ (PPA) of over 100 pages including annexes, annexures and other attachments.


We could not make any sense out of it. We approached Norton Rose of the UK, and two local law firms, A B Mahmoud & Co. based in Kano and George Ikoli & Okagbue of Lagos to undertake a review of the power purchase agreement. Norton Rose needed several weeks, and instinctively I knew we had to figure this out before it got too late, and several weeks night be too late. The local law firms submitted the outcome of their reviews within a short period, but what we got were not very helpful in isolating the potential impact of the PPA on our power sector reform programme.

The agreement was highly technical with enough equations and integrals to scare all but the most mathematically proficient of lawyers. At this point, I approached the World Bank country office for assistance. Trevor Byer, the country director who fortuitously had been involved in power sector reforms elsewhere before his posting to Nigeria, was very very helpful, proactive and immediately responsive. Within a couple of weeks, we received a summary of the agreement, its impact on privatization, what the equations and annexes meant in terms of tariffs, security arrangements, dollar payments and contingent liabilities. I immediately briefed the Vice President who was alarmed at the findings, and he instructed me to draft a memo for onward transmission to President Obasanjo.


Within five weeks of taking over the headship of BPE, I drafted the first of many memos which would be forwarded to the drawing attention to surreptitious steps being taken by line ministries to frustrate sector reforms and privatization.
The Lagos State-Enron case was particularly dangerous as it would have bankrupted NEPA almost overnight! The president immediately put the transaction on hold and commended the vice president for briefing him on the implications of the deal.



The VP set up a ministerial committee chaired by Minister of State Danjuma Goje, with BPE, the Federal Ministry of Finance,and Lagos State Government represented as members,to review the agreement. Enron immediately hired GoodWorks International, the global advisory firm co-founded by former US Ambassador to the UN, Andrew Young, to influence the outcome of the review, while Bola Ige and some sections of the South-West media got busy attacking me, the vice president and the BPE for depriving Lagos and Yoruba people of steady electricity’.

We declined to respond, focusing on fixing what we saw as a potential stumbling block to reforming and privatizing our electricity supply industry.


I am glad we truncated the original deal, but even the better and arrangement which reduced tariffs from 8.5 cents per kilowatt – hour to just 1 cent a kilowatt – hour ended up placing huge financial burdens on NEPA years into the future – and the undertaking we extracted from Lagos State to share part of the burden was subsequently challenged court, and remained in dispute until we left office.

My Enron experience was an education of sort. I learnt many new lessons that dispelled my naivety. Well-informed and trusted friends put pressure on me to look the other way because they were advisers or consultants to Enron, or were potential; beneficiaries in the transaction. My explanations and passionate representations that the transaction was inimical to national interest, negatively impacts the long-term viability of NEPA and threatened the reforms of the electricity industry were neither nor relevant to their position.


I saw starkly how government officials were willing to prevent the interest of the country to impress foreigners, or obtain preferences for those they thought were their kinsmen.
It was an early sobering experience and an appreciation of the reigning dictum of every one for himself, and no one for the country."


~ Source: The Accidental Public Servant (Page 81 – 84) by Nasir El Rufai

BlueRayDick:


I will try and check for the hard copy of this book in any of the popular bookshops . I want to read Elrufai’s mind before he became a career politician .

Donjazet2:


Honestly reading that piece made me realize how the saying that power corrupts holds true.

DissTroy:

Well, I can agree with you. You should also agree with me. Donjazet, I want to identify as Tony Elumelu. Do you have a plug for that?

If that is not possible, I want to identify as Otedola so I can get countless gallons of fuel from Forte Oil. Do you have a sure plug or not?

BlueRayDick:


Portable my man . Wotowoto dey bring money !

I watched the interview on TikTok about a week ago. Portable weyrey say all those people wey help am no help am, he say na rip dem rip am

There was a part he mentioned that anytime he wants to apply for visa they will just find people join body add am and dem go deny am visa . The guy mouth no get filter at all

Donjazet2:


Honestly reading that piece made me realize how the saying that power corrupts holds true.

Itsrm:


And if El Rufai indeed believes what he has written about Tinubu to be true, you wonder why he now trusts him with the number one seat in this country. Has Tinubu changed overnight? What is stopping him from doing the same thing Rufai prevented him from doing by the time he wins the election?

This is why it appears some people have totally lost hope in our politicians and in their quest to "save" the country. All of them, every single one of them are anywhere belle face politician. No single conviction.

Itsrm:


And if El Rufai indeed believes what he has written about Tinubu to be true, you wonder why he now trusts him with the number one seat in this country. Has Tinubu changed overnight? What is stopping him from doing the same thing Rufai prevented him from doing by the time he wins the election?

This is why it appears some people have totally lost hope in our politicians and in their quest to "save" the country. All of them, every single one of them are anywhere belle face politicians. No single conviction.

izzou:


Rather than sit down and see how these guys are using our heads, we will be arguing and defending their actions or inactions.

Just yesterday, Obi was/is the sponsor of IPOB here.

Today, a sitting APC senator and Senate president hopeful is about to stand as a guarantor for the leader of a proscribed terrorist group.

Dem just dey use us play.

Donjazet2:


I just never give in to the defeatist mindset that nothing can ever be done to get the country working again.

Yes a high number of our politicians are evil and heartless but when searched well within, there are still some who still care about the masses and i believe soo strongly that Obi falls within the category of politicians that actually care about governance and his subjects. I believe that he is the most down to earth of the top3 candidates.

We can't surrender hope and fold our arms, don't you agree? February 25th, You and i will walk down to that polling unit and thumbprint Obi for presidency inshallah.

izzou:


Rather than sit down and see how these guys are using our heads, we will be arguing and defending their actions or inactions.

Just yesterday, Obi was/is the sponsor of IPOB here.

Today, a sitting APC senator and Senate president hopeful is about to stand as a guarantor for the leader of a proscribed terrorist group.

Dem just dey use us play.

ShaqFu:
easterners or not, Hero beer is in Lagos. If it's your brand, whoever owns the joint will get it for you. You're only talking about your locale. I used to think like you, until I asked for Hero and Life Lager, and to my surprise, they brought it.

Which new brand did Nigeria Brewery create in the South East? I hope you don't mean Life Lager beer.

Bro I give up. Cheers and enjoy.

DriveByKiller:
that fool you quoted said for every beer of Heineken or Budweiser taken , it is two bottles of Hero or 33 . And I wonder if that fool drikks beer at all. The difference between Hero or 33 and Heineken or Budweiser is 100 Naira.

Also the first time I ever tasted Hero beer was in Lagos Iyana-ikpaja.

Nairaland just keep spawning dimwitted idiots looking for cheap validation

Itsrm:


Will you blame him? The last time he jumped bail what happened to the person who stood as guarantor for him? Was there any penalty whatsoever?

If the appropriate sanctions/forfeitures have been enforced on the previous guarantor, this one will think twice before running his mouth.

DriveByKiller:
that fool you quoted said for every beer of Heineken or Budweiser taken , it is two bottles of Hero or 33 . And I wonder if that fool drikks beer at all. The difference between Hero or 33 and Heineken or Budweiser is 100 Naira.

Also the first time I ever tasted Hero beer was in Lagos Iyana-ikpaja.

Nairaland just keep spawning dimwitted idiots looking for cheap validation

izzou:


For every bottle water taken, 2 satchets of pure water have been drunk.

You can use a calculator to deduct the difference. It is what it is.

If you like, drink Hero in Igbogbo, Ikorodu. It doesn't change the fact that their targeted market is the SE Nigeria. Of all beers in Lagos, Hero is amongst the few doing any ad.

BlueRayDick:


U get energy gan o. Why u dey give people like that attention ?
Just a click on his profile and his post history shows the account is a troll account dedicated to throwing insults . Why waste time replying people like that ?

Segedinho:

Oga sharrap and read like someone with brain....

My izzou gave you a realistic point of why people purchases more heros which are less expensive beers in comparison with others ....

I was once into breweries and I can assure u that for every 2 crates of Heineken Budweiser and Desperados that goes off,there are up to 10 crates of heroes n 33s and maybe 5 crates of Goldberg ..


You don't jump into a convo like a big frog with no head.

izzou:


Na troll account.

Save your data, bros

Itsrm:


Will you blame him? The last time he jumped bail what happened to the person who stood as guarantor for him? Was there any penalty whatsoever?

If the appropriate sanctions/forfeitures have been enforced on the previous guarantor, this one will think twice before running his mouth.

Segedinho:

Oga sharrap and read like someone with brain....

My izzou gave you a realistic point of why people purchases more heros which are less expensive beers in comparison with others ....

I was once into breweries and I can assure u that for every 2 crates of Heineken Budweiser and Desperados that goes off,there are up to 10 crates of heroes n 33s and maybe 5 crates of Goldberg ..


You don't jump into a convo like a big frog with no head.

izzou:


I did not even check.

Maybe it was because I just came back from evening mass, after confessing my sins.

izzou:


For every bottle water taken, 2 satchets of pure water have been drunk.

You can use a calculator to deduct the difference. It is what it is.

If you like, drink Hero in Igbogbo, Ikorodu. It doesn't change the fact that their targeted market is the SE Nigeria. Of all beers in Lagos, Hero is amongst the few doing any ad.

BlueRayDick:


Did u confess the coitus wey Gold circle nearly cast on top too ?

BlueRayDick:


U get energy gan o. Why u dey give people like that attention ?
Just a click on his profile and his post history shows the account is a troll account dedicated to throwing insults . Why waste time replying people like that ?

izzou:


I did, tearfully

The Lord was merciful unto me again

BlueRayDick:


Tomorrow we go again !