₦airaland Forum

Like the poor Mambila hydroelectric contract under the Buhari government

Nigeria Defaults On Mambilla’s $200m Settlement Agreement, Incurs Heavy Penalty

For multiple defaults on a $200 million settlement agreement it willingly entered, Nigeria now faces about $500 million in penalty over the botched $5.8 billion Mambilla hydroelectric power project.

The original awardee of the contract, Sunrise Power and Transmission Company Limited (SPTCL), had accepted a settlement offer of $200 million from the Nigerian government in the course of arbitration at the International Court of Arbitration in Paris, France.

Sunrise was also expected to let go of all claims to the project which has been grounded for 14 years.

The original contract was to generate 3,050 megawatts, but later reviewed, to 1,525  megawatts and the cost cut down to $4 billion.
1.5 MW for $4 billion! Only in Nigeria under Buhari and Osinbanjo


Judicial interventions, sought home and abroad, have made it impossible for Nigeria to make any gains from the project and the vacillation of the administration of President Muhammadu Buhari on the compensation is further hurting the country.

In the Terms of Settlement, Nigeria agreed to a sustained halt on the project until the liability to Sunris, is discharged.

The original contract signed on May 22, 2003, became entangled in judicial web following the decision of the Nigerian government to revoke the contract on May 28, 2007 and re-award it to a Chinese company, Messrs China Gezhouba Group Corporation/China Geo-Engineering Corporation (CGGC/CGC).

The 10% per annum, interest rate, agreed to, by parties in the Settlement Agreement, would see a further spike to close to $700 million payable to Sunrise.

If arbitration resumes without the parties staying true to the Settlement Agreement, Sunrise is likely to walk away with close to $700 million, due to negligence on the part of decision makers in Nigeria.

If Sunrise returns to the Nigerian legal system, the earlier $960 million damages will come back into play.

https://tribuneonlineng.com/nigeria-defaults-on-mambillas-200m-settlement-agreement-incurs-heavy-penalty/

inderhappy:
Yoruba and igbos are still busy blaming each others for nonsense reason..... while the fulani from niger and mali continue ruling till maybe they finally get sense one day

There lies the problem, the so-called intelligent Yorubas and Igbos are being ruled by cattle herders from the North.

barrypro:
Interesting, why not tax profits generated in Nigeria

That will require hard work, millions of informal workers like cattle herders, market women, don't pay tax, yet they are chasing tech businesses that don't need to be in Nigeria.

COMPAQ:
Enabling environment doesn't mean a company should not pay tax!

First, try an attract the tech businesses before you start taxing them. This is a country that has poor roads, limited electricity and poor security yet you one to tax investors that can create millions of jobs for unemployed graduates.

COMPAQ:
Because they make a lot of profit from Nigeria. If they become too many, it could also contribute to capital flight.

The oil companies and Indian steel companies are the ones making a killing in Nigeria. Buhari and Osinbajo will take Nigeria into the dark ages.

TheRareGem1:
Big tech companies need to start paying tax seriously, especially those that have huge and massive presence in Nigeria and the financial act is crystal clear. It's high time.

You and the VP are not smart.

Until Nigeria become an enabling environment, the focus should be on bringing these tech giants into Nigeria so that they can support other tech businesses, create jobs, and invest in technology. Flutterwave and Paystacks are hosted on cloud platform based in USA .

Rubbish!

After 60 years we are still talking about unity. Maybe the country was not design yo be united.

nurex01:
Nigeria is blessed with Resources but the people are the problem.

The same people are doctors, scientists and engineers in UK and the USA. Nigeria (Structure) is the reason why Nigeria and Nigerians have failed to evolve

“We have a lot of gas in this country. We have 206 trillion cubic feet of gas reserves.

Yet they can't convert the gas to electricity in 2021.

DonroxyII:
I'm not even coming from perspective of Banditry, kidnapping and Bokoharam .... I'm just saying Northern normal society ... they fvcks but on a low key but in southern nigeria ... Kai... dem rot here ... see hotels and motels everywhere with married, unmarried and see finish...

My friend, what is going on in the North is worst than all the immoral sex going on in the South.

The hypocrite in you and Northern Nigeria is the reason why the North is the most violent, backward and poorest society (region) in the whole world.

If the North tried to focus on fixing their societies, instead of worrying about other people interest, maybe the North will be a better place to live.

DonroxyII:
..... Of course ... Arabs bleeps like dogs but they still have sanest society for now ... whores imported or exported are on very low key but of course popular and every body cash out and goes home .. no story.... whatever happens in Dubai stays in Dubai even if you fvcks their Lion or Tigers


All around the world, there is always one or two sexual saga or the other ..... Even in European countries where the consequences is always devastating to their Career and Families as well as Future Ambitions .... They still get involved in illicit sex here and there ... Unlike Africa where you can be caught and nothing will happen ....

That should tell you Human are Sexual Animals Laws or no Laws... So shelf that your self restraint your put up there ... ....


It's like you are asking Armed Robbers to self restrain themselves from robbing banks or HighWay .... What you need is Riot Police and SARS (special anti robbery sqaud) to combat the menace of Human activities capable of wrecking our society....


To combat sexual tensions ... what you need is Laws and separation of both gender... You may find this extreme and unreasonable but alas! ... Let's enjoy our sexual tensions news and how many man and woman has fallen!!

Look at NYSC where you put human together for 21days ... just 3 weeks and demons, devils will have a field days from married to unmarried.... only few were able to restrain across Nigeria but core Northern Nigeria has little of illicit activities compared to Southern Nigeria .... That should tell you something..... But Northern guys and girls fvcks silly each other and also do drugs on a low key......

The society needs to be helped with laws else human will go to animalistic era but that doesn't mean law breakers won't still operate on a low key.....

If not for CCTV, who will ever know a thing between co.ck and Gina...... They might even have done worst before now that they are not caught !!

Core North is a complete mess, all those school girls that are being kidnaped across the North are being raped.

Once the scandal was linked to Gina brother, the health minister was on the rope.

Why will a millionaire consultant (Gina Coladangelo) decide to work as a health adviser for a meagre of £15,000 per annum?

Brother of millionaire lobbyist who enjoyed passionate clinch with married Matt Hancock is executive of healthcare company awarded series of NHS contracts.
Roberto Coladangelo's firm was awarded £28m contract last year to carry out work for South Central Ambulance Service NHS Trust
Mr Coladangelo, 42, is an executive director at Partnering Health Ltd, a Hampshire-based outsourcing firm helping to run non-emergency line NHS 111
Matt Hancock, who is accused of having an affair with Gina Coladangelo, has been embroiled in a series of conflict of interest scandals

africandictator:
Stealing is not good, but killing this man is terrible. The community should have handed him over to the authorites. Bloody hypocrites

Nigeria and Nigerians are scary. The boy was murdered for trying to steal a Keke , while politicians that have stolen billion are being priased.

The perpetuators now claiming to be victims

Nigeria is not poor, but poorly led

I haven't heard any bank lending money to poor people, they usually lend money to the people that have the capacity to pay back their debt.

Nigeria is blessed with steel plants that don't work, refineries that don't refine, schools that can't teach and security that can't secure. Where is poverty when nothing works?

Karlovych:
Unlawful logging of wood is wicked but open grazing in acceptable and lawful, their government must be mad

Both unlawful logging and open grazing are wicked and destructive to the environment, deforestation is the reason why we have erosion in the south-east and the main cause of climate change.

obembet:
If you give fulani begger #20M, they will still go back to street. I think They have different agenda

To beg you for another N20million, stop giving money to beggars! They will soon learn that the streets are not paved with generosity

sweetshisha:
While we complain, Chinese, Indians and Lebanese are cashing out in Nigeria

You are not losing anything when Chinese, Indians and Lebanese leave Nigeria. These people are the reason why Nigeria is still a import-dependent country. The Indian bought out our Steel industry and instead of producing steel they use it as a front to import steel.

Always be careful with people selling unrealistic opportunities

Tranquillity360:
Yoruba muslims is the problem we yorubas have in southwest.

Yoruba Muslims support the Odua state.

Most of these people are paid actors that are being financed by the Buhari government to create division among the Yoruba Nation, they have no followers and are irrelevant.

In Nigeria, it is a normal day seeing cows roaming the streets, in normal countries, it is considered a national emergency.

Runaway cows escape California meatpacking plant
About 40 cows made a run for it and wandered through the town of Pico Rivera.


https://www.youtube.com/watch?v=X9TIE6pVEdE&ab_channel=CBSLosAngeles

Jeetech01:
For me i think its normal sharing your personal story on linkedin as it might inspire others.

You are on LinkedIn to market your professional abilities, so if you climb Mount Everest, then please share your stories and how you overcame that challenge as it will demonstrate leadership skills and overcoming adversity.

Personal stories about your marriage, the owambe parties you visit and your family accomplishments are not related to your professional accomplishment if they are not linked to your professional abilities.

For example, visiting an event or a seminar can be shared as your ability to engage, network and communicate with the wider public.

folake4u:
I stopped opening LinkedIn cos of the "tensioning" going on in that cyberspace. Gosh, that place was too monotonous for my liking. However now, people have started posting things about Testimonies, birthdays, weddings etc.

Back to the main question, Love can be found anywhere. So if someone meets Career bae from LinkedIn, sure why not post engagement pictures? After all, it's still part of social media.

It is a business platform designed for jobseekers and people that want to maintain engagement with their past working colleagues. Linkedin is designed to sell your best qualities as a professional, post information about your working experience and not your social life

Only an idiot will post engagement pictures on Linkedin. Nigeria need to learn how to behave on social media

OBALOLA55:
THIS PEOPLE ARE SERIOUSLY PREPARING FOR WAR, DON’T ASK ME HOW

You got it!

The Northerners are preparing for war, they know it's inevitable. To ensure that the neighbouring countries have Northerns Ambassadors will ensure that those countries will be future allies of the North.

Bigshoe2028:
I will make this short and understandable

A lot scam is going on crypto currency space
It is called pump and dump

Early investors pump and once they made enough they will dump the coin and run with their profit we are not calling about thousands they chop millions to billions

This scam is world wide since crypto is digital


How to avoid before u buy any coin
Read its white paper find out the real world usage

Find other similar project is it fail to solve the issue of similar existing coin avoid probably a scam

Avoid all shit coins
Safe mooon,safe mars ,elogan feg etc
Don't buy even for free


If u want to buy go for coin which is default in a blockchain example instead to buy wink , go for tron

Make I stop here I will update this thread later

Pump and dump is not a scam, it called trading Bitcoin/Altcoin currencies.

BTW my current loss is -$5,926.66, it was -$10,000 yesterday but I holding to recover my loss.

Only invest what you can afford to lose

lalasticlala:
https://www.thecable.ng/blacksmiths-begin-warning-strike-in-kwara-over-high-cost-of-materials

Lack of FX has stopped the funding of imported iron and steel products, this is the time to fix the available steel plants.

matt97367:
Dear doctors in the house, I'm a third year medical student in a nigerian university, I got an offer to study medicine in eastern Europe, will it be wise to accept to offer and start over again or should I complete my studies here.
My major reason for accepting the offer is the fact that I'm scared that I wont be able to practice (or it would be very difficult) to practice in the country of my choice, because I heard nigerian certificates arent held with high regards compared to others from European countries
I just want to know if it's possible to practice somewhere else after completing my studies here with a nigerian degree

You are in the third year of a 6 year programme, while not complete the Nigerian medical degree and travel to Europe for postgraduate medical study.

ProfAmaben:
Good news. We all know that you can't win cos Nigeria loathes good leaders. Moghalu, I advice you to enjoy your life and forget about Nigeria. It is a huge mess. People that would gladly vote for Tinubu/Ganduje in 2023 are those you're bothered about??

What makes Moghalu a good leader, where has he governed? What industry has Moghalu lead?

He might be well spoken and well educated, but Nigeria politics is designed for a skilled political operator who can manipulate their career beyond Deputy Governor of CBN.

Moghalu will make a brilliant Economic Minister.

Jhayphil:
Isn't that the essence of the post? To join politics and push for change?

You can't change a political system that has never worked.

Is Africa cultural makeup suited for democracy?

Why has democracy failed across Africa?

slimman007:
Are you surprised that is the emblem of an average Nigerian youth just sit behind their keyboard and complain without doing anything..

Paystack, Flutterwave, film industry, music industry all Nigerian youth.

Buhari is still supporting open grazing in 2021.

babyfaceafrica:
Great point... Twitter, Facebook won't bring about any change, only those in power can do that

...and what changes have those in power done for Nigeria...poverty capital of the world.

NewDelhi:
There's a new model in the US fleet which cost $12.5 B. It beats my imagination why a country would spend so much on a hardware that can be destroyed by the push of a button from an enemy. Asides that, $12.5 B on military hardware is damn crazy.. Those guys budget trillion of dollars in military annually. Crazy!

Aircraft carriers are designed to project long-distance power, but in the age of Nuclear Submarine, long-distance bombers, drone, ballistic missiles and intercontinental missiles they have lost their relevance.