₦airaland Forum

JimohMomoh:
Nigeria is like MTN, everywhere you go. Nigerians both male are female are much in Libya, many are inside camps awaiting dangerous trips across the sea to Europe. The youngs girls are raped and impregnated by Arabs before sending them into the sea.
If you watch Aljazeera you will weep for migrants.
Last month a bomb landed in one of there camps and many Nigerans were killed but no one cares, Nigerians are still migrating there.

I pray God give us good leaders because the two major polical parties in Nigeria has already been hijacked by cabals who will never want the country to progress just because they want to protect their interest.

ednut1:
This is no longer migration but escape. Seun kuti 2019

HaryoBamex:
These south Africans are fucking lazy mehn ..

They can't work for money but they can loot people shop...

Foolish bastards

slimjosh231:
So much boldness not to use a face Mask. They’ll be caught it’s just matter of time, except it’s staged.

And in case you thought El-Rufai couldn’t plumb further depths of hypocrisy, the diminutive governor jumped on his high horse on national TV this week to dismiss politicians calling for “restructuring” the country as “opportunists” and “irresponsible”. This was exactly what the opportunistic El-Rufai did when in opposition he called for “restructuring” and the issue of “true federalism” to be addressed before Nigeria could move forward.

frowland:
Na dstv he come there to watch with all those remotes.

JimohMomoh:
I know he stole billions when he was governor of Akwa Ibom but he also worked especially in providing quality infrastructure, most of his projects where done by Julius Berger they are durable and will stand the test of time, he made AkwaIbom a business and tourist destination and removed that houseboy and housegirl mentality from them.
I hope he continues to use Julius Berger for the provision of infrastructure in the NigerDelta region, the area is swampy and rain fall almost 9mths in a year, the indegenous contractors are all scammers they still need to be schooled.

Congrats to him.

Onlyonebuhari:
The man is very highly respected globally. Only wailers and enemy of progress hate himalayas

chrisxxx:
Profile of Saleh Mamman and Why He May Not Succeed.
Saleh Mamman, from Taraba, is now the minister of power while Babatunde Fashola is now the minister of works and housing

Below Are Few Things You Need To Know About Engr Saleh Mamman, New Minister Of Power

Saleh mamman is now the new minister of Power in Nigeria after Babatunde Fashola who was the Minister of Power, Works and Housing was stripped of the Power sector.
Mamman Kwagyang Saleh from Agricultural Extension and Rural Development, Ahmadu Bello University does research in Agricultural Plant Science, Food Science and Animal Science.
Saleh mamman was the former Minister for water resources.

He has a B. Eng. (Hons.) Ahmadu Bello University, Zaria, 1984· M. Sc. (Project Management) Univ. of Reading, UK, 2004.
With this profile how can someone who knows nothing about electrical or mechanical succeed as power minister?

Nigeria Has Become Africa's Money-Losing Machine


-In five years, the Nigeria ETF has blown up, now down over 74.5%.
-Equity investment between 2013 and 2018 has fallen from around $2.9 billion in 2013 to just $139 million in 2018.


“Perhaps most worryingly of all, the damage being done by a range of investor disputes where basic property and contractual rights are being violated seems to be on the increase,” says Shanker Singham, CEO of The Competere Group, a legal and trade advisory firm in London. “The erosion of Nigeria’s commitment to the rule of law is highly worrying, both from a political and an economic perspective,” Singham says.

The most notable disputes are with South Africa telecom MTN Group, an energy project with Process & Industrial Development (P&ID), and a hydroelectric contract between Sunrise Power and Chinese investors.

Buhari with Xi Jinping. The Chinese government allegedly reneged on a hydropower plant in favor of a solar project, a project rejected by Buhari in 2017. GETTY IMAGES
In the P&ID case, a London court in January 2017 said Nigeria owed the company $6.6 billion plus interest, a significant percentage of Nigeria’s $44 billion of foreign currency reserves.

Both P&ID and Sunrise have been a thorn in Nigeria’s side, with Nigeria’s government on one side saying they were duped by P&ID as far back as 2012, and courts ruling against their defense on the other. So far, these two disputes alone have easily led to more than $11 billion in international legal awards against the Buhari government.

As for the P&ID saga, the company’s main complaint relates to the government’s failure to complete a pipeline and other critical infrastructure. The project would have generated annually up to 2,000 megawatts of electricity for residential and commercial use. The company initiated arbitration proceedings in 2012, the standard legal set up for international investor disputes.

“Whether its calculations regarding its supposed investments and foregone profits are plausible is a different matter—but the government never made any effort to challenge them anyway. Nor is it surprising that Nigeria failed to show up to court hearings in the case,” says AKE Group’s Bruckmeier. “This is exemplary of the unprofessional and nonchalant attitude Nigeria often displays in such matters.”

P&ID is in limbo.

“We are well aware of the government’s efforts to characterize P&ID, and its founders, as frauds,” Brendan Cahill, the company’s founder, told Nigerian daily This Day Live on May 15 in a Q&A published on its website.

“The arbitrators in London spent five years carefully reviewing the written agreement and all the facts surrounding the deal, and in the end, they unanimously concluded that Nigeria was to blame for the deal’s collapse and had to pay damages to P&ID,” he says. “Not once during those five years did Nigeria present the courts with any evidence that there had been some kind of fraud—because there wasn’t one.”

That battle continues in the courts.

Then there is Sunrise Power.

Sunrise recently brought Nigeria and its Chinese partners before the International Chamber of Commerce in Paris. Nigeria faces another $2.3 billion fine in arbitration over breach of contract. Sunrise was behind the Mambilla hydroelectric dam project. It would have been Nigeria's biggest hydropower plant, capable of generating 3,050 megawatts of power.

There have been no new developments in the arbitration case as of May 20.

Nigeria’s energy woes are costing it a fortune. It is also making some bond analysts nervous , judging by an article in the Financial Times recently saying Nigeria was facing “a looming external debt crisis.” Its external debt increased $12 billion in three years, going from $10 billion to $22 billion between 2015 and 2018.

“Their debt service eats up 60% of their government revenue and is rising according to the IMF,” says Andrew Roche, managing partner at Finexem in Paris. “If they do not raise revenue, and if they can’t continue borrowing for whatever reason, then we are looking at a potential default or at least a period of dried up financing for Nigeria.”

A woman selling cassava flour in Lagos. This year, six power outages hit the country. Two major energy projects that were supposed to increase the nation's power supply are in multibillion-dollar disputes with foreign investors. photo: Sunday Alamba ASSOCIATED PRESS
The economy is expected to grow at just 2% this year, according to Fitch. They have Nigeria’s credit outlook as stable. Its bonds are rated B+, a low-tier speculative grade credit.

Nigeria’s general government debt is expected to rise to 292% of revenue, well above the historical B-rated credit, thanks in part to the government’s lack of progress on raising government revenue. Debt-to-GDP is below 30%. But interest payments on the debt owed to bondholders—which includes local banks—is estimated to be around 20% of general government revenue, more than twice that of average B-rated countries.

“Nigeria’s markets are broken, but not in the sense that they don’t work,” says Jan Dehn, head of research for the Ashmore Group, an emerging and frontier market investment firm with holdings in Nigerian stocks and dollar-denominated debt. “Opportunities rise, get exploited, and then they end,” he says, noting that Nigeria was kicked out of the Barclays global bond index due to capital controls in 2015. Much of Wall Street’s institutional client base left.

“I’ve had positive experiences with officials at the central bank and in the banks,” Dehn says. “But the quality of the (federal) government varies.”

Buhari was reelected in February. Investors hope he can signal a new direction for economic policy in the months ahead.

With regards to Nigeria’s investor disputes with the two energy projects, Singham estimates that the P&ID dispute can cost Nigeria nearly 40% of their foreign reserves, calling it “a significant threat to investor confidence” if not settled. Nigeria has yet to pay the settlement.

“P&ID is a bigger deal than MMT and Sunrise,” he says in a phone interview from London. “If I was the Nigerian government trying to signal that we were back in business, I would do something about that case first,” he says.

Global capital moves quickly. These little signals can be a powerful mover in a country that most investors believe is heading in the wrong direction. On the other hand, there is a consensus that Nigeria can transform itself pretty quickly.

“Is there the political will in a new Buhari government? It might just be more of the same,” says Singham. “Change is not always about one leader. When you want to get a country to improve, you need to give oxygen to the reform-minded people in the country. I think we at least have something we can work with Buhari.”


©2019 Forbes Media LLC. All Rights Reserved.
https://www.forbes.com/sites/kenrapoza/2019/05/28/nigeria-has-become-africas-money-losing-machine/

makewetalk2:
The problem is that there are divisions in Islam. Muslims do not want to highlight it. They always ask why there are many churches of Islam. This Zakzaky has done nothing to Buhari and his cohorts but identifies as a Shia Muslim. The hatred the Sunnis have for Shiites is ingrained. The sanctimony taught to Sunnis and the presumptuous ardour against the Shia that have been inculcated in the hearts of the Sunnis have blurred their realistic vision and emptied their fundamental thought tank.
This is racism. Sunnis are racist toward Shiites. They are being racist toward a sect in Islam because they feel presumptuously sanctimonious. This man has done nothing to Buhari or the Sunnis. El Zak is just trying to practice his religion as he has been taught. The faith of thousands of Shiites rests on him since they are a minority in ALL of the Islamic dominated territories in the world.

pocohantas:
Don't blame us, we are Nigerians living in Nigeria. Things that should be the standard, are like a wonder of the world to us.

Iamgrey5:
Blood is thicker than water, they say



See how the two Fulani men from two different countries look alike

michelz:
I have observed that most Nigerians - not minding age or literacy level- are ruled by sentiments rather than common sense.

How can some one wake up and call for revolution; that an elected government should be over thrown,and yet people still support him?
It's just crazy.
What would have happened if Sowore had succeeded and the entire nation degenerated into chaos,with criminals taking advantage of the situation to unleash mayhem to innocent citizens, killings and looting everywhere?

Then again you'd be probably happy and blame the government yet again.

realnas:
Further proof that government has no business being in business ,these losess would have been avoided if these refineries were privatized.

azikiweironsi:
Some people just come online and criticise every good development just for the hatred for some region.
The question is what have you contributed to the benefit of Nigerian and the people in general like Dangote.?

Refineries post losses in 13 months

Nigeria’s four refineries under the management of the Nigerian National Petroleum Corporation have not made any profit since May 2018.

Instead, the refineries posted losses consecutively between May last year and May this year.

The country’s refineries comprise Warri Refining and Petrochemical Company, two plants at Port Harcourt Refining Company and Kaduna Refining and Petrochemical Company.

Latest data obtained from the NNPC on Monday showed that the WRPC, the KRPC and the PHRC ran deficits for 13 straight months, as they recorded no operating surplus.
https://punchng.com/refineries-post-losses-in-13-months/

josh123:
We are getting there

Djshyne007:
Ok na

MyMouth:
It is obvious from comments above that some people are seriously praying for problem to erupt in this country. How on earth would any reasonable peace loving person support the activities of this group? Am a Muslim but will never support fanaticism. You guys want the government to treat these guys with kid gloves right? Just like the government treated Boko Haram but the became what they are today. The thing I have come to realize is that, most of those supporting these people are igbos(ipob) who pray and hope the issue would escalate and destroy the north so they can have their biafra. You guys will continue to fail just like will continue to fail in your quest to lead this country. Have NEVER seen such terrible, hateful people before

musicwriter:
Indeed, I said Germany ''lost their African colonies, except Namibia.'' That should tell you they had colonies.

Talking about brutality, Germany was actually the most humane of them all, and that's why they lost their colonies because they didn't rule people into submission with iron hand like Britain. If Germany unleashed the same brutality as Britain and France, you'll probably have been speaking German now. Its for that reason that they maintained Namibia, when they realized to rule the natives, maximum savagery must be unleashed on them to bring them to submission. But it was already late.

The rule of thumb: The more brutal an empire, the more colony they acquired. The more humane an empire, the less colony they acquired.

taiyeayodeji:
before we condemn, its good to do a research to know how much electriciry all countries in Africa generate.then cross check with population of nigeria.the more the population,the more electricity is needed to be generated. electricity is not just what you take money and generate within one day.some people just think that we have money and to generate electricity is just a day thing.i think our people need to be educated,electricity production involve lots of money and takes a continuous effort to reach the required production.its bad when some people are trying to build and some people are destroying.just like crude oil production can drop, electricity production can drop through vandalization and sabotage

musicwriter:
Germany never colonized Nigeria. They didn't have much interest like other European countries in colonizing Africa, instead they were interested in ruling fellow Europeans, and as a result ruled Europe but lost their African colonies, except Namibia.

Germany will indeed keep their side of the bargain but your very fantastically corrupt politicians would mess up everything over the coming years.

martineverest:
they are also constructing 5000mw mambilla dam by Chinese-nigerian companies..that will be 16000mw plant under construction

Sunrise recently brought Nigeria and its Chinese partners before the International Chamber of Commerce in Paris. Nigeria faces another $2.3 billion fine in arbitration over breach of contract. Sunrise was behind the Mambilla hydroelectric dam project. It would have been Nigeria's biggest hydropower plant, capable of generating 3,050 megawatts of power.
https://www.forbes.com/sites/kenrapoza/2019/05/28/nigeria-has-become-africas-money-losing-machine/

Quorax:
bros, we are currently oscillating between 3k-5k mw... and what is bad about 11000mw which will be added to the one oscillated MW we currently have, bringing it to 14 or 16K MW, which is an improve me. I hope they do it but you know APC likes to lie a lot ... Yuan deal enter voice mail since, Nigeria Air run enter sambisa...

Natoski5:
Good move!!!

LadySarah:
His grammar sad,the situation sadder and the 20k forcefully taken by the police saddest.
Can Nigeria change?

Onlinealaba:
Major general Hakeem Oladapo Otiki... Hope it won't lead to a court martial that will be catastrophic on his career. By the way war/insurgency is lucrative

President Muhammadu Buhari has condemned the killing of 37 persons by bandits in Goronyo Local Government Area of Sokoto State.