₦airaland Forum

Eze Promoe: [color=crimson]A good development for Nigeria.
Bloomberg will set the pace for other International TV stations, because it seem like all these TV stations have chosen South Africa as their media hub in Africa.
E.g CNN, Vox, MTV, TRACE, Telemundo etc.
It's high time they came to recognize the fact that Nigeria is more African than than the pseudo-white Mzansi populace.[/color]

Exactly!!!

Many more of these International Companies are beginning to make Nigeria their African Hub, in stead of South Africa and even Kenya, as was usually the case. A case in point is GE.

Says a lot.....

OLODO, @OP...

blink182: Dude will most certainly still blow the money away.

You can be Sure of that....

Good.....

Good....

Jbluv55: I think that shouldn't be the point but the fact that our (this) government seems fond of not honouring agreements just like it did with ASUU and that makes it a pity. You could be any of them you know.

And BTW the same government has money to assist other countries and to sponsor itself on pilgrimage but no money to pay staff? That is unfair.

Plz, learn to SHUT that yr mouth UP wheneva you do not know what you are talking about...

From d story, this man is at best a middle-level staff, yet he got #6m Severance package (minus his lump Pension Sum that wud be paid to his Pension account).... Kai!! These PHCN Staff don hammer, BIG time..

jmaine: They should have been severely whipped as well .

Nice development

Hehehehehehe..... They haven't seen anything yet, and them dey e-cry like this

texazzpete: I know you're a child, but those of us who are old enough remember that Obasanjo scrapped the toll gates as a concession to increasing the fuel price.
Can you now explain why - with no commensurate reduction in pump price - are the tollgates coming back?

It's not about what money 'is your problem'. it's about not being unfairly asked to pay.

Anyway, to borrow your words, if the FG is able to put together billions of naira on political jamborees and a harebrained plan to spend tens of billions on a centenary celebration next year, putting together billions of naira to fix the roads shouldn't be their problem.

The FOOOLISHNESS and Unbelievable IGNORANCE that some of you Kids spew on this forum almost regularly is truly Astonishing... I know that by now I shouldn't be surprised (and, am usuali not) but there are times when it just gets to me..

PHIPEX: I don't care if I will start getting banned after this comment but the level of political hypocricy by moderators of Nairaland these days is mind blowing. How can we explain how flimsy threads hit front page such as Oduah's pictures in Isreal but threads like this are hidden from the public. If I may ask, has nairaland been bought over? Whose interest is this forum representing, the ruling party, the opposition or the masses?

Let those hidding threads like this be reminded that selective justice will kill the reputation of this much loved forum. If you want to expose corruption be bold at it or you overlook all of them altogether.

It is better that ten guilty persons escape than one innocent suffer... William Blackstone (1723 - 1780)

They wud only do as much.... The TRUTH always comes out, eventuali. I wud be here, on this, till it does..

omenka: And if I don't

Just say AMEN na, Plzzzzz ......

hercules07: Haba, what kind of addition is that, I tell JB build me a house and collect rent for 30 year, JB builds the house and collects rent for three years, I feel I could get a better deal and ask JB how much have you spent, JB says 30M, I say okay, I will pay you 23M because you have collected rent, the cost to me is 23M and the rent collected not, 30M of JB, Rent Collected and 23M I am paying JB, hope that helps.

Yea, that would be the Cost to YOU (in this case, the LASG). BUT to calculate the Cost used to construct and acquire the house (if you like, the total amount put on the house b4 you acquired it), you would need to ADD the 30M JB used in constructing the house, the 23M you used in acquiring it and the House Rents already collected (esp if this Rent was been collected whilst the house was been constructed).

The importance of considering the TOTAL GROSS Cost of the building (in stead of just your own cost in acquiring it) is not only so as to be able to compare its true cost with other similar projects But also so as to get a fuller picture of everything that actuali went on in the building and sales of that house. And, those are exactly the MAIN CONCERN in this largely Secretive Scheme.

Hope that helps...

hercules07: Your arithmetic is funny, you are adding the amount made to amount spent on the road, so you are telling me that when the FG spends 167B on Lagos-Ibadan expressway, you are going to add that to whatever revenue they make to be the final cost?, abeg stop that nonsense. Let me break it down for you, we are looking at how much LASG is going to spend on the road, 87.5Bn loan plus existing money spent, existing money spent is 29.5BN, add that together and LASG will be spending 117BN. Your fraudulent maths is adding 35Bn spent by LCC to LASG cost when the bulk of LASG cost is to pay back the concessionaire, is the concessionaire going to spend the money being paid by the LASG on the road? You are also adding the tolls which is revenue to cost, so when you are drawing up your profit and loss sheet, you are going add revenue and cost on the same side of the sheet?

-- I had to add the amount already gotten from the TOLLS since 2011 cos the Concessionaires in an UNPRECENDENTED move for an incomplete Concession (which is part of the Fraud by the way) started collecting monies from LAGOSIANS clearly as part of an effort to raise capital for a Project the Concessionaires weren't ready nor competent for, meaning Lagosians already contributed whatever sum was collected from them as Cost to the 'construction' of the road. The FG would NEVER collect Tolls on the ongoing Lagos-Ibadan Rd; but if they did, I would count it as part of the Cost of constructing the road.
Of course, the whole scheme is shrouded in deep SECRECY so we do not know exactly how much has been made or would be made as Toll fees; but if one follows the rather conservation Survey done by the Concessionaires themselves in 2011, that comes to about #4.2billion Annually from just ONE Toll Plaza ie bw #10-#12billion in almost three years (and this is not even counting the additional Tolls that would be collected b4 the road is finally completed, esp if those other 2 Toll Plazas become Operational b4 then)!!!


--- I am considering ALL the COSTS that would eventually lead to the completion of the Road, whether it is from the LASG, the Concessionaires or even ordinary Lagosians who would be forced to pay towards the construction in the name of Tolls b4 the road is complete.
That is why I added the #35billion the Concessionaire ALREADY spent so far on the road TO the #25.3billion which the LASG just gave to the Concessionaires as 'buy back' and payment for the loans they (Concessionaires) took(imagine that!!) TO the #87.5billion the LASG would borrow as Bonds in other to complete the road.
ADD the Interests on the Bond and the money already gotten from Tolls (as well as those to be collected b4 the completion) and talk to me again about how the TOTAL COST would not exceed #200billion (for a Project that was initially meant to cost about #50billion).


Cheers......

As long as those loans are Foreign loans with very low Interest Rates (and as long as the FG keeps a lid on them), I reali don't have much of a problem with it. What I generally have a problem with are Local loans with their high Interest Rates and hellish shorter Repayment period.

Institutions, Govt and Private, would need to borrow from time to time. They just need to be extremely Cautious and Smart, though; and, must make sure the monies borrowed go to only those Project for which they were met, which should be Productive Projects ab initio...

revomind: Bola Tinubu
Adebayo Alao-Akala
Gbenga Daniel
Olagunsoye Oyinlola
James Ibori
Ahmed Muazu
Ahmed Yerima
Saminu Turaki
Orji Uzor Kalu
Peter Odili etc

Chairman, himself. NUMBER ONE. And, na Grand Master for the Game.

Who would have been able to organise this 'legally' and is almost getting away with it:

[size=16]LEKKI-EPE EXPRESSWAY CONCESSIONINIG/'UN'CONCESSIONING FRAUD[/size]

Smoothest FRAUD in this country's history. Period...

[b]A road that is suppossed to cost #50bn (already abnormally costly at #1bn per km, sm would say) to be constructed by d Concessionaires who are then expected to recoup their costs AFTER they must have finished construction tru tolling. After 7 years the road is no where near completion, yet d Concessionaires started collecting tolls illegally in d last 3 years (at an average of #4.2billion annually according to results from Survey conducted by the Concessionaire in 2011). Suddenly, in stead of d LASG terminating d contract Or, at least pressuring d Concessionaire to implement their own terms of d contract, the Govt is amazingly paying them #15bn to 'buy back' this failed Concession, #6.8bn and #3.5bn to pay the Debts and 3rd party liabilities incurred by the failed Concessionaire (yes, LASG is willing to even pay these people's debt!!!) ie more than #25bn in total.

This is apart from d #5bn the Govt initiali paid to d Concessionaires at d start of d scheme. And, WAIT for it: LASG also intends borrowing #87.7bn by raising a bond to then build d road itself . That is more than #103bn in total. This is from a project that was suppossed to cost #50bn (which was considered even too expensive at this figure then)!!! And to make d whole mata worse, d LASG wud still retain this same failed Concessaire, and apparently STILL PAY THEM either to collect tolls on d road or continuing building d road!!![/b].


THE QUESTION IS: WHO IS BEHIND THIS LCC CONCESSIONAIRE?? Who is chopping these humongous money from Lagos State Tax payers, with impunity? And why the UNIMAGINABLE Hypocritical SILENCE from peeps?

http://www.tellng.com/business/question-over-lekki-concession-buy-back

http://allafrica.com/stories/201308300319.html

UPDATE:

#sorry, the total amount that wud eventuali be spent is more than #130bn, and not even the #103bn I initiali thought: #15bn to 'buy back' d FAILED Concession; #6.8bn and #3.5bn to pay the Debts incurred by the FAILED Concessionaire; #5bn initiali paid by d LASG to d Concessionaire at d start of d project; and of course, d #87.7bn the LASG wud borrow tru placing Bonds to 'complete' d road. Adding all these, plus the monies the Concessionaires have collected since 2011 as Tolls, shld begin to give d fuller extent of d amount involved in this Fraud!!!....

Oh! Shiit: I also forgot to add d #35bn d Concessionaires said they already spent on the largely unfinished road. Adding everything will lead to a total of bw #170- #180bn spent on a 49km Road.
Also, at an Interest rate of bw 10%-15% that the LASG would have to pay (annually?) in order to access the original Principal Bond sum of #87.7billion, the total cost that would be spent to construct this fraud of a road would then certainly cross the #200billion-mark![/color]

I feel SICK in the stomach right now

manuch: am surprised no one has mentioned Lucky for eight years he did nothing in Edo state

[size=16]OMG!![/size]

That one na THIEF Extraordinaire....

The guy stool Edo State Sillly..

apoti: 1. Obj, (baba no dey carry last)
2. Ibori and family
3. Alamesigha (Bayelsa)
4. orji Kalu
5. Atiku

I will not pick IBB because he was not a politician when he [b]stole his money [/b]

lol ....

hercules07: You keep repeating this thing, the total cost is #116B for 70Km, it is marginally better than what the FG is spending on Lagos-Ibadan Expressway.

Stop saying what you don't know, K?

The newly Updated amount is now over #200billion!!
Read, and tell me what you disagree with here:

[size=16]LEKKI-EPE EXPRESSWAY CONCESSIONINIG/'UN'CONCESSIONING FRAUD[/size]
Smoothest FRAUD in this country's history. Period...

[b]A road that is suppossed to cost #50bn (already abnormally costly at #1bn per km, sm would say) to be constructed by d Concessionaires who are then expected to recoup their costs AFTER they must have finished construction tru tolling. After 7 years the road is no where near completion, yet d Concessionaires started collecting tolls illegally in d last 3 years (at an average of #4.2billion annually according to results from Survey conducted by the Concessionaire in 2011). Suddenly, in stead of d LASG terminating d contract Or, at least pressuring d Concessionaire to implement their own terms of d contract, the Govt is amazingly paying them #15bn to 'buy back' this failed Concession, #6.8bn and #3.5bn to pay the Debts and 3rd party liabilities incurred by the failed Concessionaire (yes, LASG is willing to even pay these people's debt!!!) ie more than #25bn in total.

This is apart from d #5bn the Govt initiali paid to d Concessionaires at d start of d scheme. And, WAIT for it: LASG also intends borrowing #87.7bn by raising a bond to then build d road itself . That is more than #103bn in total. This is from a project that was suppossed to cost #50bn (which was considered even too expensive at this figure then)!!! And to make d whole mata worse, d LASG wud still retain this same failed Concessaire, and apparently STILL PAY THEM either to collect tolls on d road or continuing building d road!!![/b].


THE QUESTION IS: WHO IS BEHIND THIS LCC CONCESSIONAIRE?? Who is chopping these humongous money from Lagos State Tax payers, with impunity? And why the UNIMAGINABLE Hypocritical SILENCE from peeps?

http://www.tellng.com/business/question-over-lekki-concession-buy-back

http://allafrica.com/stories/201308300319.html

UPDATE:

#sorry, the total amount that wud eventuali be spent is more than #130bn, and not even the #103bn I initiali thought: #15bn to 'buy back' d FAILED Concession; #6.8bn and #3.5bn to pay the Debts incurred by the FAILED Concessionaire; #5bn initiali paid by d LASG to d Concessionaire at d start of d project; and of course, d #87.7bn the LASG wud borrow tru placing Bonds to 'complete' d road. Adding all these, plus the monies the Concessionaires have collected since 2011 as Tolls, shld begin to give d fuller extent of d amount involved in this Fraud!!!....

Oh! Shiit: I also forgot to add d #35bn d Concessionaires said they already spent on the largely unfinished road. Adding everything will lead to a total of bw #170- #180bn spent on a 49km Road.
Also, at an Interest rate of bw 10%-15% that the LASG would have to pay (annually?) in order to access the original Principal Bond sum of #87.7billion, the total cost that would be spent to construct this fraud of a road would then certainly cross the #200billion-mark!

I feel SICK in the stomach right now

By the way, you seemed to have 'forgotten' other aspects of the Scam. Wonder why??

@ OP, am still waiting for you to say: 'Amen' o.....

Reptyle: Bros the statement from the "local" ASUU union leader is a verifiable fact! But let's even say for the sake of argument that Vice President GEJ being powerless in 2009 was forced to advice the FG to sign a hash of an agreement, was President GEJ of 2012 also powerless?

Reali?? How so?? I have asked you to tell me what role GEJ played in that 2009 Agreement?

In any case, regardless of whatever role he played, the MAIN ISSUE here is whether the Agreement in its current form is implementable Or makes any sense to you?? I hope you have read the Agreement: http://premiumtimesng.com/dev/wp-content/files/2013/10/FGN.ASUU-INITIALED-AGREEMENT-JAN.-2009.pdf . Plz go tru it, and I wouldn't mind discussing it with you.

As for the 2012 MOU, have you seen it or at least Excepts of it?? Cos what I see is a subtle way of Govt trying to raise doubts on an Agreement which they inherited by insisting on some conditions (like conducting a NEEDS Assessment for Infrastructure and Biometric Registration for the Workers Allowance) without having the stomach to repudiate the Agreement in the face of a strike that year. But maybe the Govt should have been more forth-coming then and just tell ASUU the damn truth (I would be the 1st to admit that Govt- this one and the previous one- have reali messed up in the way they handled the Agreement); although, Govt was this time around forthcoming with ASUU and told them at the beginning of this strike that the Agreement was Unimplementable and provided new terms.

Long and short, I think the Real issue now is not the Govt did or did not do with respect to signing the Agreement (whether GEJ was involved in the Govt's foooolishness or not) BUT what should we as a nation do now in order to move forward. Maybe starting to tell ourselves the TRUTH would be a smart starting point, No?

yelsew80: Are you aware that ASUU refused to take part in any verification exercise to substantiate claims of deserved allowances? Are you also aware that ASUU directed its members not to participate in a biometric exercise requested by the fg to substantiate their claims?
If you want to fight the corruption with the Nigerian system, by all means do so but pls pls pls dont use corruption in other sectors to justify this madness from ASUU. Only a mad man digs a hole to cover a hole

Very well said....

I haven't responded to most subsequent comments cos as a principle I usuali do not debate SENTIMENTS. When people abandone Reason and Common Sense for pure Emotional RANTS in order to assuage certain preconceived Persuasions of theirs, what is best done is to let them be..

Reptyle: Seems even Mr. president and Mr Senate President were all parties to the 2009 agreement and also played a key role in its review last year.

http://thenationonlineng.net/new/ASUU-jonathan-party-pact/

Strange to see all these key players feigning ignorance of the content of that agreement barely 5 years after agreeing to it. Perhaps GEJ did not know at the time that the onus to implement it would fall on him at the time.

Poetic justice

So you believe what a local ASUU Union leada says, abi? What do you expect him to say b4?

So which role did GEJ play in the 2009 agreement?? As Negotiator Or the guy that gave the approval?? What powers do you think a VP has in rejecting or approving an Agreement that his principal wanted signed??

In any case, you seem to have completely 'forgotten' the main issue here: that Agreement CANNOT be implemented the way it is. Just IMPOSSIBLE. So what do we do??

Demdem: [b]If not for Foolish and miserable leaders of which Jonathan was a chief player when the agreement was signed we wouldn't be where we are today.

As beautiful as the agreement is i have always been uncomfortable with FG funding States universities (that is my only issue with the agreement). I wont Blame ASUU because as a Union, the interest of its members and constituencies comes first.
In our individual lives, when we negotiate, we make sure we position and present ourselves on a positive footing to get the best and that ASUU simply did and should be praised for doing a good job. They caught the killer party by the balls.

Having said this, an agreement is an agreement. The idea that its not implementable is pure rubbish. As long as our govt continue to have enough resources for frivolities like food, cars, gates, foreign trips, presidential jets, NASS expenses, executive recklessness running into billions yearly, only the extremely foolish will believe such crap.
UNICEF recommends 26% of a country's budget to education, as it is today we are not even close to half of that. For me, 20% to education should be the starting point.

Here to me is the ay foward from this stalemate.

1) Considering the fact that our govt has to live to his words and responsible, Jonathan should immediately implement the full details of the agreement since day 1 when it as signed till Oct 31st 2013. The govt is bound to abide by its signed agreement

2) ASUU should immediately call off the strike as soon as (1) is done.

3) Jonathan should immediately call for re-negotiation of the FG/ASUU agreement to reflect current global practices.

(3) should never be implemented before (2) because it ill cause a very bad precedence and (2) should never be considered before (1) because the FG will term his citizens has fools. they all should follow sequentially as i have proposed.

Hopefully by the time we get to (3) Jonathan will ensure that far more smarter peeps than him will be employed to negotiate on behalf of the FG. ASUU will always have good representations no doubt.[/b]

Why do you feel the need to always write you comments in BOLD whenever you want to write here? Why do you always feel the need to SHOUT?? Do you somehow believe that makes the fooolishness you usually spew more Sexy and maybe even a little bit Reasonable?? Cos it doesn't. It only enhances it.

By the way, GEJ was NEVER a part of the Negotiating team that drew out that 2009 Agreement Nor was the one that approved it. I know you can possibly sleep without GEJ Nor properly function without him, but keep him out of this your RAT this morning....

omenka: Woe betide anyone who raises a voice in suport of this blatant theft!

AMEN.

Similarly, Woe betide any person who keeps SILENCE in respect to this:

[size=16]LEKKI-EPE EXPRESSWAY CONCESSIONINIG/'UN'CONCESSIONING FRAUD[/size]

Smoothest FRAUD in this country's history. Period...

[b]A road that is suppossed to cost #50bn (already abnormally costly at #1bn per km, sm would say) to be constructed by d Concessionaires who are then expected to recoup their costs AFTER they must have finished construction tru tolling. After 7 years the road is no where near completion, yet d Concessionaires started collecting tolls illegally in d last 3 years (at an average of #4.2billion annually according to results from Survey conducted by the Concessionaire in 2011). Suddenly, in stead of d LASG terminating d contract Or, at least pressuring d Concessionaire to implement their own terms of d contract, the Govt is amazingly paying them #15bn to 'buy back' this failed Concession, #6.8bn and #3.5bn to pay the Debts and 3rd party liabilities incurred by the failed Concessionaire (yes, LASG is willing to even pay these people's debt!!!) ie more than #25bn in total.

This is apart from d #5bn the Govt initiali paid to d Concessionaires at d start of d scheme. And, WAIT for it: LASG also intends borrowing #87.7bn by raising a bond to then build d road itself . That is more than #103bn in total. This is from a project that was suppossed to cost #50bn (which was considered even too expensive at this figure then)!!! And to make d whole mata worse, d LASG wud still retain this same failed Concessaire, and apparently STILL PAY THEM either to collect tolls on d road or continuing building d road!!![/b].


THE QUESTION IS: WHO IS BEHIND THIS LCC CONCESSIONAIRE?? Who is chopping these humongous money from Lagos State Tax payers, with impunity? And why the UNIMAGINABLE Hypocritical SILENCE from peeps?

http://www.tellng.com/business/question-over-lekki-concession-buy-back

http://allafrica.com/stories/201308300319.html

UPDATE:

#sorry, the total amount that wud eventuali be spent is more than #130bn, and not even the #103bn I initiali thought: #15bn to 'buy back' d FAILED Concession; #6.8bn and #3.5bn to pay the Debts incurred by the FAILED Concessionaire; #5bn initiali paid by d LASG to d Concessionaire at d start of d project; and of course, d #87.7bn the LASG wud borrow tru placing Bonds to 'complete' d road. Adding all these, plus the monies the Concessionaires have collected since 2011 as Tolls, shld begin to give d fuller extent of d amount involved in this Fraud!!!....

Oh! Shiit: I also forgot to add d #35bn d Concessionaires said they already spent on the largely unfinished road. Adding everything will lead to a total of bw #170- #180bn spent on a 49km Road.
Also, at an Interest rate of bw 10%-15% that the LASG would have to pay (annually?) in order to access the original Principal Bond sum of #87.7billion, the total cost that would be spent to construct this fraud of a road would then certainly cross the #200billion-mark![/color]

I feel SICK in the stomach right now

Plz, say AMEN too.

mayorall: All looking beautiful with our money except Madueke. Hope she still gatt husby?. Nice one at Op. They only have power when we have a weak president.

SHOW me a man who is attracted to and surrounds himself with Strong Women and I will show you a Strong and Confident man.

Talk to me about Weak and Chicken-hearted men (like yourself, apparently) on the other hand, and I will SHOW you one who is Intimidated by Strong Women; who need Weak Women to assuage their bruised Egos.

I am highly impressed by Prof Adeyeye; and it is honestly relieving that my faith in the Sane-ness and objectivity of the opposition in Nigeria has not been completely destroyed. That a few persons can still put the nation before other Considerations and Persuasions.

Like Prof Adeyeye, I was an early supporter of ASUU both here on NL and offline, cos of a longstanding Principle of mine: parties should keep AGREEMENTS freely entered into by both parties. But I have had to change my view in the last one month as I began to realise the details off this truly INCREDIBLE Agreement and Govt's concessions to ASUU.

And, 2 things have become clear by now: those Govt officials who openly signed that Agreement the way it is are truly IJIOTS of the very 1st rate; AND, as I was telling someone recently, the only difference between today's ASUU and Boko Haram is that one of them kill (apart from that, both are EXTREMIST in their demands and outlooks).

May God help this country.

Boss13: @PointB the fraud was conceptualise from beginning of the project. Have you observed the slow rate of work by LCC. For one year they have not left a particular spot. True, the government should have revoked the agreement for failure to deliver. An interesting thing is that the state government is even willing to pay the debt of a company (like who does that?) and also retain them as toll collectors. If LASG is taking over, the fair thing to do is to stop the tolling because public funds will be invested to complete the road.

Honestly, this project is unfair and we need people to voice their disagreement over this. For me I am not going to vote APC because I just don't get the idea of using my money to provide social infrastructure and still tax me for to enjoy these infrastructures.

Now APC claims to be a political party with conscience. However, I do not see any here.

There are just many aspects of this Scam, apart from the figures, that blows the minds.....

Boss13: You forgot to include the interest the state govt will pay for the bond.

You are damn right!! How could I have forgotten that??

At an Interest rate of bw 10%-15% of the original Bond sum of #87.7billion (annually?), the total cost that would be spent to construct this fraud of a road would then certainly cross the #200billion-mark!!

[size=16]OMG!!![/size]

Beautiful, Strong Women.......

Well, the people in that area no get money. So Tinubu and his Cohorts wud not get any returns on their investments if they construct a bridge there and Toll it. Simple mata.

Ikoyi and Lekki looks like a bera deal; and that's where they are 'developing'...

The reali SICK thing in this ridiculous-cy is that this is exactly how a plurality of Muslims from d far north of this country, think....that is what reali gets to me; I cudn't care less what a thoroughly Extremist Muslim 'Cleric' think or believe. Afterall, since when does one expect even d slighest logic from an Extremist?

PapaBrowne: TOPIC CORRECTION

[size=14pt][s]NEW TAX LAW: Lagos to lose N6.25Billion monthly[/s][/size]

[size=16pt]NEW TAX LAW: TINUBU to lose 6.25 Billion Naira monthly[/size]