₦airaland Forum

Vincent 4: ..


Nigeria is such a uselsee country dat notin last...1 month of constant light might result in 6 months of Darkness

Donmams: It just confirms what we already know. GEJ is working for, and only for the SS/SE! I hope you people have enough votes to return him to power in 2015. Else it's curtains for the fool

guonno: That is what we are making u bigoted dumb heads to understand. Its unfortunate that bigotry and ur quest to stigmatize the envied race in nigeria has made u so blind that u cannot differentiate real and fake kidnap. Anyone who pays money to have that man ki
dnapped is only wasting his money, bc we in anambra politics knows that the man will not even win in his village. I wonder why this is so hard for u all to know, bigotry has really eaten u all up.

floxyjerry70: the death of my husband after 2 years and six month of marriage may his soul rest in peace

lolaxavier: Just like yesterday. I lost Bayowa, my younger brother, our last born. He travelled home on a saturday to pick up his secondary school credential as part of what he is to tender at KPMG after passing their test and first interview. He complained of headache when he got home and my mum and dad took him to a hospital and he was attended to.
My parent came back from church on Sunday and he asked my mum for a cup of tea. He drank it and vomitted. My dad took him to the bathroom and from there, he slumped. Rushed to the hospital, there was no response from him. His heart kept beating but no tiny, single response from him. My elder brother, a doctor at UCH Ibadan, rushed down that same day to Ondo state and got an ambulance which was used to convey him to UCH. At 1:00 am in the morning of Sunday, they got to UCH and was immediately placed on life support machine in their Intensive care unit.
With my mum, dad and siblings all present, all making journey down to Ibadan from our various destinations, we kept hoping and praying. Well, believe me, the eyes that Bayowa closed from the bathroom was the last. He never opened those eyes. Bayowa passed away about 2.30am on the following Tuesday, barely 13 days after his birthday. He died right in my presence. This memory has stuck with everyone and truly, his demise has shattered a lot.
CT scan done before he died revealed that he has bled seriously into the ventricles in his brain and that all the time he was complaining of headache, he was already bleeding seriously in his brain. At the end he was diagnosed to have leukaemia (a form of cancer of the blood). No visible signs or symptoms.
This happened on May 2, 2012, barely three months after finishing NYSC. He studied Elect Elect from FUTA.
Bayowa, I miss you, we all miss you. The exit of a genius. He was 24 years old.

cashkid: mr man, who told u national conference will take u out of the wilderness, cos u are talking as if u av done one b4 and it yielded positive rsult. dnt get me wrong here, am nt in anyway against it but dnt cnclude that this is d solutn to wat we are currently xprencing in Nigeria.

Ediss: The death of my dad my mum and my younger brother. I still cry till date and will not stop untill God bring them back to me. Now I m just left with my two brothers only on this earth.

Afam4eva: Ohh, so now it's trolling. I was just trying to give some of you a taste of your own medicine. if it was Jonathan, you folks would have had a million and one negative things to say about his return. You guys should take it easy on the president. He's human and is by no means perfect.

Btw, I want to use this opportunity to specially welcome back the Jagaban of Borgu Kingdom and the Asiwaju of Lagos. This man is a great man irrespective of what some people may say.

Afam4eva: Ohh, so now it's trolling. I was just trying to give some of you a taste of your own medicine. if it was Jonathan, you folks would have had a million and one negative things to say about his return. You guys should take it easy on the president. He's human and is by no means perfect.

Btw, I want to use this opportunity to specially welcome back the Jagaban of Borgu Kingdom and the Asiwaju of Lagos. This man is a great man irrespective of what some people may say.

shachris03: Jonathan is always good at playing the vulture. Most of this projects were initiated and almost completed by the previous governments. What he merely did was to sell it out to a private company, then when the company finally completes it, he comes to commission and pose as if the put any thing into the project. What original project has Jonathan really completed? He has spent 4 years in the office already. Yar'dua merely spent 2 years.

shachris03: A subsidiary of the China Machinery Engineering Corporation, CMEC-Pacific, has been offered the Omotosho Power Plant at a price of $217.53m.

A statement issued by Head of Public Communication, Bureau of Public Enterprises, Mr. Chigbo Anichebe, in Abuja on Wednesday, however, said the company would pay a net value of $82.34m.

Anichebe said BPE had transmitted an offer letter to CMEC-Pacific in respect of a Power Purchase Agreement for the sale of Omotosho power plant, adding that the transaction was through a debt-equity swap process.

He said, “Presenting the offer letter to the Chairman of CMEC-Pacific, Adeleke Adedeji, the acting Director-General of BPE, Mr. Benjamin Dikki, said it was in fulfilment of the decision of the National Council on Privatisation, which approved the sale at its last meeting, which held on February 28, 2013.

“NCP had approved that CMEC-Pacific pays $217,531,507.79 for the power plant. However, the net total amount accruable to the Federal Government for the plant would be $82,336,179.42 given that $30,325,386 would be deducted from the capital cost for the construction of a switch yard for the Transmission Company of Nigeria.”

The phase one of the Omotosho Power Plant, which has a capacity to generate 335 Megawatts of electricity, was completed in 2002. The total cost of the turnkey contract was $166,724,578.

The Federal Government funded 35 per cent of the cost, while the balance was funded through vendor financing provided by the China National Machinery and Equipment Import and Export Corporation at an interest rate of six per cent per annum.

It was initially conceived that the plant would, after completion, operate commercially and the proceeds from the sale of the electricity it would generate would be used for the repayment of the vendor financing and the interest.

However, the delay in the completion period coupled with limitation in gas supply and paucity of funds at the Power Holding Company of Nigeria resulted in a default in the repayment of the debt, leading to the accumulation of unpaid invoices to CMEC.

The responsibility for repayment was taken over by the Debt Management Office, which informed the BPE that it had paid approximately $104.3m to CMEC for the plant as of September 30, 2012, Anichebe said.

He added that based on the approval received by the Ministry of Power from President Goodluck Jonathan on July 18, 2010 to proceed with the proposed divestiture of Federal Government’s investment in the plant, BPE sought and received NCP’s approval for the divestiture of Omotosho Power Plc through debt-equity swap during its meeting of May 12, 2011.

According to him, NCP also approved the transfer of assets to the project company – Omotosho Power Plc – which was incorporated on November 10, 2006 as a vehicle to own the assets of the plant.

http://www.punchng.com/business/business-economy/fg-offers-omotosho-power-plant-to-cmec-pacific/

@bolded 1, obasanjo started and completed the 1st phase under 3 years with no money borrow from any body.

@bolded 2, even with just a 30% responsibility of an almost already completed project, jonathan still had to place the project on a loan and sell off the long to another company putting Nigeria on a Long and unhealthy debt row, which you and I and your children children will keep on paying.

So much for fresh air.

shachris03: A subsidiary of the China Machinery Engineering Corporation, CMEC-Pacific, has been offered the Omotosho Power Plant at a price of $217.53m.

A statement issued by Head of Public Communication, Bureau of Public Enterprises, Mr. Chigbo Anichebe, in Abuja on Wednesday, however, said the company would pay a net value of $82.34m.

Anichebe said BPE had transmitted an offer letter to CMEC-Pacific in respect of a Power Purchase Agreement for the sale of Omotosho power plant, adding that the transaction was through a debt-equity swap process.

He said, “Presenting the offer letter to the Chairman of CMEC-Pacific, Adeleke Adedeji, the acting Director-General of BPE, Mr. Benjamin Dikki, said it was in fulfilment of the decision of the National Council on Privatisation, which approved the sale at its last meeting, which held on February 28, 2013.

“NCP had approved that CMEC-Pacific pays $217,531,507.79 for the power plant. However, the net total amount accruable to the Federal Government for the plant would be $82,336,179.42 given that $30,325,386 would be deducted from the capital cost for the construction of a switch yard for the Transmission Company of Nigeria.”

The phase one of the Omotosho Power Plant, which has a capacity to generate 335 Megawatts of electricity, was completed in 2002. The total cost of the turnkey contract was $166,724,578.

The Federal Government funded 35 per cent of the cost, while the balance was funded through vendor financing provided by the China National Machinery and Equipment Import and Export Corporation at an interest rate of six per cent per annum.

It was initially conceived that the plant would, after completion, operate commercially and the proceeds from the sale of the electricity it would generate would be used for the repayment of the vendor financing and the interest.

However, the delay in the completion period coupled with limitation in gas supply and paucity of funds at the Power Holding Company of Nigeria resulted in a default in the repayment of the debt, leading to the accumulation of unpaid invoices to CMEC.

The responsibility for repayment was taken over by the Debt Management Office, which informed the BPE that it had paid approximately $104.3m to CMEC for the plant as of September 30, 2012, Anichebe said.

He added that based on the approval received by the Ministry of Power from President Goodluck Jonathan on July 18, 2010 to proceed with the proposed divestiture of Federal Government’s investment in the plant, BPE sought and received NCP’s approval for the divestiture of Omotosho Power Plc through debt-equity swap during its meeting of May 12, 2011.

According to him, NCP also approved the transfer of assets to the project company – Omotosho Power Plc – which was incorporated on November 10, 2006 as a vehicle to own the assets of the plant.

http://www.punchng.com/business/business-economy/fg-offers-omotosho-power-plant-to-cmec-pacific/

@bolded 1, obasanjo started and completed the 1st phase under 3 years with no money borrow from any body.

@bolded 2, even with just a 30% responsibility of an almost already completed project, jonathan still had to place the project on a loan and sell off the long to another company putting Nigeria on a Long and unhealthy debt row, which you and I and your children children will keep on paying.

So much for fresh air.

wola44: OBJ start the project o

Controversy: Who be that mumu woman with her big mouth open answering call inside church?