₦airaland Forum

BedLam:
Haha! It is funny how you think having a huge population is enough to build more airports. No, it's not and MMIA is not fully utilized in its current state, capacity wise.
privatization, yes but not building newer ones for now because we are still very poor and people build more airports not just because of the citizens but for purpose of tourism and business travelers and we need to own at least 3 standard carriers with hubs in different parts of the country or it's just another waste.

This is why Qatar with less than 300k citizens have an airport that is busier than all international airports in Nigeria, it's not the citizens that make use of them!

Airports are used and busier because they are hubs.

SarkinYarki:
How do u improve visibility? The best thing to do is to fix the ILS in the airport and no claiming you will make weather better

So as a minister of aviation you don't know why Airlines choose to reroute to Ghana other than Abuja ..okay then let me list the reasons out for you .

1 .Kotoka Airport Ghana is closer to Lagos than Abuja and so will save the airline more fuel

2. The ILS service in Abuja airport is epileptic and obsolete CAT 1 while Kotoka has CAT 3b where an aircraft can land with even just 50 ft of visibility

3 .the cost of aviation fuel is cheaper and more accessible than Nigeria

4 Kotoka airport Ghana has better runway service than any airport in Nigeria

So Mr minister you can see why any reasonable crew will opt to reroute to Ghana than head to Abuja

Olalan:
The man is unfair.......the trauma rape victims go through is crazy

budaatum:
Add my favourite recent one, David Cameron, and my soon to be one on my wish-dream list, Netanyahu.You'd note none of these just resigned because some wailers wailed resign though. And the pressure on bubu is nowhere near what made those on your list resign.

But just in case you are right, I love pudding. You test pudding by eating some, and not by dreaming about it's taste. Do let me know when bubu resigns so I can say, "By golly! You are so right and I was woefully wrong! See how wailing made bubu resign!"

Following the country’s widening budget deficit and growing debt profile, Nigeria is reported to be making moves to return to the international debt markets with a $3.3bn Eurobond issuance.

According to reports from the research unit of the African Export-Import Bank (Afreximbank), $2.8 billion of the bond could be used to finance the 2020 budget while $500 million for debt refinancing.
https://businessday.ng/news/article/nigeria-could-use-84-8-of-eurobond-issuance-to-finance-2020-budget/

“We have to do it quickly because we want to make sure we have enough funds for the implementation of the budget,” Finance Minister Zainab Ahmed said in an interview on the sidelines of a regional International Monetary Fund conference in Dakar, Senegal, on Monday.

Nigeria’s economy is expected to expand 2% this year, a far cry from average growth of 7% a year in the decade prior to its recession in 2016. Bank of America Merrill Lynch said in September it expected the government to issue at least $2.6 billion in Eurobonds in the last quarter of the year, before the state ruled out further borrowing for this year.
https://www.bloomberg.com/news/articles/2019-12-03/nigeria-weighs-eurobond-market-return-as-early-as-next-quarter

Blue3k:
The finally found something in the borno basin. Let's hope they start producing soon. They can use the new funds to rebuild. Their new headache is deciding if the want to build a pipeline through Niger delta or not. Niger Republic avoided Nigeria all together for their oil pipeline.

Ps: The reason to break up because have a coastline is valuable. Lol why leave money on the table.

budaatum:
You want to give me an example of this please?

ManirBK:
It's a real fact I concur with Mr
President. Boko Haram can't
strike without the cooperation of
the borno There is
always an insider that Spoiled the party!

WATCHOVER:
Jonathan once made such a statement but buhari and his supporters started calling him a weakling.
Now is their turn to suffer.
Jonathan is a righteous man curse be on anyone who curse him but blessings to those who supported him

You must not fight too often with one enemy, or you will teach him all your art of War. . ...Napoleon Bonaparte.

Righteousness89:
Governor Dickson has Tangible things to Show for his Tenure in Government...

We Hope The Incoming Governor follows suit

budaatum:
They need to be educated that you vote people out in a democracy and not just stand there wailing "resign"!

thundafire:
can u compare wat is happening now to PDP government?

As Abacha’s oil minister, Etete had cultivated a fearsome image –keeping a lion in the extensive grounds of his Abuja mansion. More squeamish visitors would try to avoid feeding time when Etete’s servants would bring in two live goats for the lion to chase and devour.

But holding on to OPL 245 was not a done deal. In a submission to the national assembly in Abuja, Etete said he had been asked to dinner by vice-president Atiku Abubakar, whom he said had asked him for a stake in the block in return for not cancelling the licence. On top of that, Etete produced tapes of conversations involving Atiku’s intermediaries as well as some Shell executives offering large bribes. Shell and Atiku dismissed the tapes as proving nothing.

Negotiations continued, according to Etete, with a fixer claiming to represent Atiku – who ran for the presidency in February of this year and lost – demanding Malabu sell its stake in the block. Meanwhile, Shell had offered to buy a 40% stake from Malabu.

The government cancelled Malabu’s licence in 2001 and held an auction for the block. Shell bid $210m, some $150m more than ExxonMobil, and won the licence.

At the same time, Nuhu Ribadu, the lively chairman of the EFCC, started investigating some of the more heinous deals linked to Abacha and his family. Shortly after his father’s death, Mohammed Abacha was arrested on charges of conspiring to murder opposition activists. With some chutzpah, Etete pushed Abacha junior out of Malabu, then started suing the Obasanjo government for illegally seizing the oil block, which he insisted was his company’s property.

By 2006, the pendulum had swung back. A plan to get Obasanjo a third term in office had put him at odds with Atiku. Obasanjo pushed Shell out from OPL 245 and gave it back to Malabu, asking for a $210m signature bonus.

‘Unwarranted interference’
Shell’s regional vice-president, Ann Pickard, was quoted in a conversation with US ambassador John Campbell in leaked diplomatic cables saying that Etete was close to Obasanjo, having supported him against Atiku. She added that Etete had also played a role in “neutralising” former military leader General Ibrahim Babangida. She said Shell would fight the transfer of the block back to Malabu in the Nigerian courts.

Meanwhile, Etete hired two experienced fixers: ex-Soviet diplomat Ednan Agaev and investment banker Emeka Obi. A few months later, in February 2007, Obi brokered a meeting between Etete and Lionello Colombi of Eni at the Four Seasons Hotel at London’s Hyde Park Corner, a favoured meeting place for Nigeria’s nomenklatura.

After a convivial chat, Etete offered Colombi access to the data on OPL 245 for a “returnable” fee of $2.5m. News of the meeting leaked, prompting Shell’s Pickard to call Claudio Descalzi, Eni’s chief in Africa at the time, warning that any further negotiations with Etete would be regarded as “deliberate and unwarranted interference with Shell’s contractual rights”.

In fact, Etete carried on talking to Eni but opened another channel to Shell at the same time. In a minor setback, the French courts convicted Etete of laundering payments from Addax, an oil-trading company with extensive interests in Nigeria. Etete, who had an extensive property portfolio in France, appealed the conviction. It was eventually thrown out on a technicality.

Then Shell’s political adviser, John Copleston, who was formerly posted in Nigeria for Britain’s Secret Intelligence Service, met Etete for lunch to come up with a new deal in October 2009. According to leaked emails sent from Copleston to his colleagues Peter Robinson and Guy Colegate, a former officer in the British army, Etete asked Shell to make an offer for 40% of OPL 245.

“Malabu planned to bring in two new investors to form an operator consortium,” reported Copleston, although he was sceptical about where Etete would find the money. “We said that Shell figures suggested $16bn capex [the investment needed to bring OPL 245 into production] and if Malabu no longer wanted to be carried they would have to find their 60% share. […] No real reply to this.”

Etete told Copleston that if they reached an agreement, the Nigerian government ‘would not be allowed’ to derail it

With some confidence, Etete told Copleston that if they reached a successful agreement, the Nigerian government “would not be allowed” to derail it. Copleston added that Etete seemed in good spirits as the lunch had involved “lots of iced champagne”.

Colegate was convinced that Etete would agree: “Etete can smell the money,” he wrote in an email that was forwarded to Shell’s then chief executive Peter Voser. “If at nearly 70 years old he turns his nose at $1.2bn, he’s completely certifiable.”

Yet Etete kept up the dialogue with Shell’s rival, Eni. In February 2010, he agreed to meet Claudio Descalzi at the five-star Principe di Savoia Hotel in Milan, a ten-minute drive from the Palazzo di Guistizia, where both men now face trial for grand corruption.

Along with Obi, they discussed what Eni would have to pay for the block. Etete exuded confidence about the future, based on a sense that politics in Nigeria was moving his way.

Three months later, Etete’s friend Goodluck Jonathan took over the presidency in Nigeria after the death of Umaru Yar’Adua. Jonathan had been a tutor to Etete’s children and the two had stayed in contact.

Fractious talks, fraught dealings
Just weeks later, the government confirmed Malabu as the rightful owner of OPL 245, prompting a crisis meeting between Eni and Shell officials. Taking a deep breath, the officials agreed to offer $1.3bn for OPL 245.

A team of emissaries was sent to see Etete, who was holding court at Le Bristol, a stylish hotel near the Champs Elysées in Paris. Etete was outraged by the offer, dismissing it as “totally unacceptable”. On Le Bristol’s headed paper, he wrote that Shell’s involvement in the offer was a “gross insult” and that he would refuse any dealings with the company. He insisted he would accept nothing less than $2.2bn.

It took another six months of fractious talks and then national elections giving Goodluck Jonathan another four years as president before a deal between the oil companies, the Nigerian government and Malabu could be sealed. It was more or less the deal that was offered in Le Bristol and previously thrown out by Etete.

Drawn into some awkward discussions with President Jonathan and his close colleague, oil minister Diezani Alison-Madueke – nicknamed “Fortunato and the lady” – the oil executives spelt out the details. Shell would pay the $210m signature bonus to the government, then Shell and Eni would pay a further $1.1bn to the government, which would be then paid to Etete and an array of middlemen. Company officials described it as a “safe-sex transaction”. The government was to be the prophylactic between the oil companies and Etete.

Was it worth a decade of fraught dealings and a risk of prosecution for grand corruption? At that stage, the companies seemed to think so. Shell had spent hundreds of thousands, probably millions, trying to win the block. And it looked to be one of the most valuable in Africa. Eni, which operated an oil block nearby to OPL 245, expected a high return on the deal because of the size of the block, the promised tax holidays and the lack of a requirement that it would have to share the revenue with Nigeria’s national oil company.

Shell said that it had made payments only to the Nigerian government and insisted that “it had not acted in any way that is outside normal global industry practice”. Eni said its payments to the government were made “in a transparent way through an escrow arrangement with a major international bank”.

Within days, the companies’ version of events raised doubts. Just after the signing, Nigeria’s attorney general Mohammed Bello Adoke, who had been closely involved in the negotiations, told the national assembly that the companies “had agreed to pay Malabu” while the government had acted as “facilitator”.

Behind the scenes, the deal was already running into trouble. The Nigerian government could not find a way to transfer the $1.1bn from its London account to Etete after the transaction was flagged by regulators as suspicious and a Lebanese bank refused to make the transfer.

Jets and mansions
In the end, JPMorgan, which operated an account for the Nigerian government in London, sent over tranches of $400m and $401m to Malabu’s accounts with two banks in Lagos. It later emerged that about $520m of that money was to be distributed to politicians and officials who had helped cut the deal. “Malabu’s shareholders”, as Etete described them, would choose where to invest the remainder.

Soon after the transfer landed in Lagos, a company associated with Etete called Rocky Top put a $54m down payment on a Bombardier jet, according to records obtained by Finance Uncovered, a London-based research group. The company also sent $34m to Dubai to a local company called Gunes General Trading, which bought an apartment in the Marina Residences complex. It also bought a mansion in the Emirates Hills district, where Pakistan’s Bhutto family and India’s Gupta brothers, having fled South Africa, own property.

None of this might have raised alarms had it not been for Etete’s failure to pay the middlemen in the deal – Obi and Agaev – their agreed share of the winnings. Both men said they had arranged meetings for Etete with senior officials at Shell and Eni, and without these, there would not have been a deal.

So they took their claims against Etete to court in London. Justice Elizabeth Gloster awarded Obi “at least $100m” for his fixer role. Agaev went to arbitration seeking a $75m fee and reached a settlement for an undisclosed amount.

This changed everything. Graphic details about the pay-offs and financial shenanigans around the deal piqued the interest of European prosecutors and anti-corruption activists, led by London-based Global Witness. It launched a campaign against Malabu, targeting the oil companies.

In March 2016, Dutch financial police, in coordination with their Italian counterparts, raided Shell’s headquarters in The Hague. A year later, Italy’s public prosecutor in Milan charged Shell and Eni with corruption.

Back in Nigeria, after Jonathan lost the 2015 elections, campaigners wanted the new government under Muhammadu Buhari to take a more robust line over the Malabu deal, but it is divided on the issue. The EFCC wants to cancel the deal, which it considers corrupt and bad value. But attorney general Abubakar Malami, a close associate of Buhari’s and formerly a lawyer for the Abacha family, disagrees. He and minister of state for oil Emmanuel Ibe Kachikwu want the OPL 245 deal to go ahead and work to start as soon as possible.

For now, that looks unlikely with an expanding list of corruption charges. Two of the fixers, Emeka Obi and Gianluca Di Nardo, were convicted and sentenced in Milan by judge Giuseppina Barbara last September to four years each for international corruption. Neither was in court. The whereabouts of both men are unclear. But friends of Obi say he was watching Arsenal from his box at the Emirates Stadium in London two days before the trial.

Picking up speed
Since then, the pace of the Milan trial has picked up. Italy’s Colonel Alessandro Ferri has explained the evidence gathered from wiretaps on the oil company officials and the raid on Shell’s headquarters. Following him, Debra LaPrevotte, a former officer with the US Federal Bureau of Investigations, produced numerous charts describing the bribe system set up around the oil block. She said about $280m had gone to Rocky Top, a company linked to Etete, and about $520m to Abubakar Aliyu, a well-connected businessman close to Goodluck Jonathan who is accused by the Italian prosecutors of distributing the bribes.

LaPrevotte’s evidence, from analysing financial transfers and intercepts, bore out Judge Barbara’s statement at the trial of Obi and Di Nardo that the payments to Aliyu were intended for members of the government and other public officials. The bribe scheme allowed Shell and Eni to secure a prized asset at a bargain price. It would also enrich business people and politicians who had been, according to Judge Barbara, “circling their prey like hungry sharks”. As politics and business change in Nigeria, the small and close-knit elite that has dominated the country for two generations has been pulled apart, mainly by greed.

The defendants in the main trial protest their innocence and both sides suggest they are likely to appeal the verdict if they lose, eventually to Italy’s supreme court, a process that could take years. As the legal arguments grind on, plans to develop the rich oil block are on hold.

It is a test case for Buhari. If his government puts its anti-corruption rhetoric into practice, the Nigerian courts should try the case at the same time as their Italian counterparts. And with pressure mounting for a renegotiation of the fiscal terms – even ownership – of the fabled block, the point at which it produces oil is receding into the distance.


Since this article was first published in late March, President Buhari’s government has begun stridently pursuing its national interests in the matter. It is now demanding at least $1bn in damages from Shell, Eni and Malabu Oil and Gas.

In April, Nigeria called on a London commercial court to invalidate the agreement that awarded the OPL 245 block to Shell and Eni because it claims the agreement was corrupt. It added that those who benefited from the illicit payments in 2011 included then-president Goodluck Jonathan, attorney general Mohammed Adoke and petroleum resources minister Diezani Allison-Madueke.

Furthermore, Nigeria is suing the two intermediaries, Emeka Obi and Ednan Agaev, who have already been convicted in a separate criminal case in Italy. It wants $200m from them.

Finally, Nigeria is sueing JP Morgan, the US investment bank that managed payments to Malabu Oil and Gas for the OPL 245 deal for financial negligence.

All the accused deny any wrongdoing in the OPL 245 transactions which they present as a legitimate business deal.
https://www.theafricareport.com/12999/shell-eni-and-the-nigerian-corruption-quagmire-of-opl-245/

Dereformer:
One useless law maker bragged that he has 4 wives and 27 children and still counting.

That was when i knew that North is irredeemable.

Very soon Nigeria will disintegrate and will see what is called poverty and cannibalism in the North.

Commenting on the report, prominent northerners, including ex-Vice-President Atiku Abubakar; Alhaji Balarabe Musa and Junaid Mohammed, called for emphasis on education and a change in some cultural practices.- What cultural practice will need to be changed?

We should change culture that militates against poverty alleviation – Junaid

Mohammed said, “I have no doubt in my mind that while it is important to concentrate on the economics of fighting poverty, it is important also for people to be sincere and confront those aspects of their culture which are counterproductive in the fight against poverty.What needs to be done is for government to be sincere in tackling poverty.

The statement said it was noteworthy that throughout Jonathan’s tenure, he made practical efforts to combat the alleged oil cabals, including directing the stoppage of further payment of fuel subsidy claims to oil importers, and the setting up of the Aigboje Aig-Imoukhuede-led committee which had high level representation from all the intelligence agencies, including the EFCC, with a mandate to thoroughly investigate the scandals in the industry.

According to him, the project was handled by Dantata and Sawoe at the cost of about N60bn, adding that by the time compensation were paid to landowners in the five communities who provided space for the airport, the total cost would be close to N65bn.

Dickson said the report that the state government spent between N120bn and N150bn on the project was not true.
https://punchng.com/bayelsa-govt-opens-n60bn-airport/

TRENDING: #ShameOnNTA: Nigerians slam poor NTA coverage of Super Eagles match
https://www.premiumtimesng.com/sports/football/362778-trending-shameonnta-nigerians-slam-poor-nta-coverage-of-super-eagles-match.html

MelloJelly:
no gentrification is usually caused by moving into poorer neighboorhoods

Officialgarri:
It's quite a shame on you to be among the people who affirms a belief that social media might have come too early to Nigeria.
Everyone child wants to comment even on matters they are totally ignorant about. What do you know about TV stations both analogue and digital? I mean can you even afford a TV set?

Did you and the 'first to comment crew' even try to read the report to the end? No. You just read "$500m" and then your adrenaline pushes you type whatever...

No doubt, the proposed social media regulation would have helped a lot.

Go to Quora or other educative websites and you'd see it will cost about $850m to setup a TV station. But you didn't even read the part where Lai said....

... the loan was aimed at establishing the media and culture industry centre at the cost of $245m, digitise all NTA stations at $11m and construct integrated television services to infuse on network, .......

Instead you were bent on making bold every letter you need to expose your ignorance.

African Reliance on Foreign Debt is ‘Madness,’ Warns Credit Suisse CEO Tidjane Thiam
Credit Suisse Group AG Chief Executive Tidjane Thiam says it is “madness” for African nations to rely on loans in foreign currencies to fund vital infrastructure including roads, power and clean water.
https://www.wsj.com/articles/african-reliance-on-foreign-debt-is-madness-says-credit-suisses-thiam-1444125696

COMPAQ:
El Rufai has one of the most modern brains of all the 36 Governors in Nigeria. more so than even Sanwo olu and Makinde in my view.

He typically does things properly, unlike most of his peers who just sign contracts but do not have the wherewithal to ensure that roads and other infrastructure are designed and executed properly.

FactBoyz:
.. My problem is Nigerians and how they think. From 2015-2019, it was crystal clear nothing was working under Buhari yet some people voted him in again in 2019 as per let the suffering continue.. Nigerians can be so dumb when it comes to making choices for the right leader.

If 2023 comes now, and perhaps Akinwunmi Adesina, the brainy Yoruba genius who has ideas comes out now, some people will still go ahead and prefer to vote MC OLUOMO's godfather.
Perhaps its time to give igbos the chance to rule the country, but a northerners would rather vote a northerner who is a shoemaker for president than an Igbo man with working ideas and education to move the country forward..

We are JUST too backward in this country. Tribalism, Religion is still dealing with us. Thanks to Buhari who made more people hate others from other tribes more than ever before simply because he is too tribalistic.

Baroba:
"You do not build a mega city by hiding the poor" powerful quote..

dallyemmy:
How about electoral reform?

Aidejay:
Today Toyota motor company is worth $236 billion.
They started small like innoson. One day innoson will employ the children and grandchildren of these myopic senators cause no matter what those foreign cars can't live as long as a legacy that is innoson motor company.
"Anybody that eats anyhow will die anyhow"...

oluwaahmed:
Except you don't own a vehicle, if not you would have seen this ban coming. Do u know that there was a study carried out that said 600 okada accidents happened in a month in Lagos. I have lived in Lagos all my life & I have Neva seen an influx of aboki bike men the way they did after 2019 elections. I believe this is the coded reason why Amotekun was formed. Sanwo couldn't just ban aboki bike men and leave them gokada so it won't look like persecution. I believe he will bring back gokada and co. But he should have left keke.

frankmoney:
Okada was also banned in ph during amaechi tenure but he restricted them to some LGA , and also Keke is allowed to operate on Street and smaller roads not express . I think Lagos should consider allowing them operate in smaller roads . Although Keke is better than okada