₦airaland Forum

yommy2sure: dont know abt the original arguement but no be uche act onome...its kate henshaw...abeg check again

Thundebaba: can some1 remind me the title of that jaguar drama,dat man with white beard.my belle o my head o...

mrs lecturer: The lagos fry-over was not played by Kate Henshaw. It was played by Uche Osotule.

Kobojunkie: You have a committee setup to essentially[b]JUDGE [/b]the involvement of oil marketers in defrauding Nigerians. This one is trying to offer up brain-fart-filled arguments from all sides of his mouth and you come in to say I made a U-turn?

bayooooooo: Anyone reading your comment above would assume Aig is a thoroughbred Auditor with a solid professional background to safeguard what is in your opinion a threat to self interest. That begs the question. Like the example I cited, Judges are equally professionally trained to be fair and objective. But they don't rely on self applying tools of safeguards to wriggle out of conflict of interest encounters. They simply recuse themselves. Conflict of interest either in law or auditing is the same. Conflict of interest is conflict of interest. There is no difference.

micklplus: I was a victim once and I don't pray to be a victim again. I was given a toyota corolla in the office on friday and the car was stolen sunday morning!(Oct 2011) Funny enough, I saw the car 6:30am and by 7:45am, the car was gone! So sad but then I got other car and I am still paying for the car till today.

I am wiser now oo. Pedal lock, steering lock, demobiliser!!! They are always in place even inside my compound.

bayooooooo: It does not matter if a judge has had a century old history of impartiality or objectivity, it does not feel right adjudicating on a matter involving your relations. Such a judge would simply be asked to recuse himself. Did the Aig Snr give detailed disclosure before his appointment to chair the committee?

bayooooooo: Nevertheless, there is conflict of interest.
There is a reason why company running promos tell workers that their family or relations can not participate.

In contrast to the Lawan-led committee of the House, the Aig-Imoukhuede committee conducted its investigation with professional restraint and was devoid of the public shenanigans that charactersised the House probe on the same subject. It entailed the sequestering, for weeks, at the Transcorp Hilton Hotel, Abuja, a retinue of Central Bank of Nigeria examiners, experienced bank auditors and chief compliance officers of banks who scoured through piles and piles of documents before arriving at their conclusions.

No member of the Aig-Imoukhuede made a spectacle of being pressurised by oil marketers and importers to influence the outcome of the probe. And to boot, their work was carried out in record time and was devoid of fanfare. What was more interesting was the near-thoroughness of the committee’s findings, which contrasted sharply with that of the House. The Aig-Imoukhuede committee painstakingly highlighted the infractions committed by oil marketers and importers, the Nigerian National Petroleum Corporation and Petroleum Products Price Regulatory Agency, and listed all the marketers and importers that had purportedly committed the infractions without fear or favour. Indeed, no marketer was shielded from the embarrassment of having to clear its name from the findings of the committee.

texazzpete: PLease someone should tell that wesley80 clown that contrary to what the laptop wielding GEJ apologists will tell you, refineries are most often a low profit margin business that many reputable oil companies are fleeing from. Anyone who says building a refinery in Nigeria is a 'goldmine' is in urgent need of psychiatric evaluation. There's a reason why the likes of Shell, Total, Mobil, Chevron et al will not touch refineries with a 10 foot pole.

debosky: Again, if you refrained from copying and pasting things from the net without taking time to understand the context then you wouldn't keep showing up your lack of understanding.

Your initial assertion was talking about providing refined products to replace imports in the local market, because 'profit from 150m consumers will keep 'ANY' company in business' now you've switched to exports? Did Vulcan indicate they were aiming to export?

This is what was said:

“We have to look at where the crude pipelines are. We need to plant them so that everyone is favoured, but in the north the pipelines only go to Kaduna (in central Nigeria),” “The refineries already in Nigeria are on their last legs. They will cost the country millions to turn around. Nigeria needs new refineries,”

Now I ask you - are those comments showing an intent to build export oriented refineries all over Nigeria(in Kaduna for example) or for local consumption?

Any tool can come on nairaland and talk about 'opportunities' and 'venture capital' after reading something off wiki. What wiki can't teach you is how to relate what you've read to the specific situation being discussed.

ow11: 'Vulcan f**kever' is not a genuine investor shikena! The fraudsters can't even get a bloody identity; cowering behind Paul Allen's company name to decieve unsuspecting people and attract fraudulent bedfellows like themselves.

debosky: I'm not going to get into a lengthy exchange with you. When bland comparisons are made between telephony (in which there were smaller private operators existing) in a deregulated market and refinery development in a price-controlled environment, the individual's abysmal grasp of the fundamentals involved is made plain.

Throwing out words like 'adventurous' or 'venture' changes nothing - your comments still indicate an underlying lack of understanding of how the oil industry works.

Alternatively, if the terms of the M.O.U. allowed for total export of their refined products, subsidy would be inapplicable, as the owners of the refineries would be free to export their output at more profitable international benchmark prices. Although such a scenario may be perfect for investors, it may not resolve our challenges of constant fuel availability, if subsidy remains in petrol pricing structure.

debosky: I'm not going to get into a lengthy exchange with you. When bland comparisons are made between telephony (in which there were smaller private operators existing) in a deregulated market and refinery development in a price-controlled environment, the individual's abysmal grasp of the fundamentals involved is made plain.

Throwing out words like 'adventurous' or 'venture' changes nothing - your comments still indicate an underlying lack of understanding of how the oil industry works.

Kobojunkie:

During yesterday's hearing at the house committee on Foreign Affairs, Johnnie Carson mentioned that the reason American owned companies were not rushing to set up refineries and gas pipelines is because currently they do not think them viable investments.

U.S Policy Toward Nigeria: West Africa's Troubled Titan
http://foreignaffairs.house.gov/hearings/view/?1453

The video of yesterday's hearing should be available, for those who missed it yesterday, by end of day today.

debosky: If it is such a 'goldmine', how come established O&G companies with operations in Nigeria such as Shell, Exxon and others are NOT interested in building refineries in Nigeria? Ponder that for a few moments.

debosky: One more to ponder - how come the over 20 private refinery licensees are yet to take off despite this 'goldmine' status?

Debosky; I do not have sufficient understanding of the basic workings of the refined products/downstream sector of Nigeria's oil industry to be making such generalised comments.

Kobojunkie: I discussed this with someone here yesterday and was told there was probably a Nigerian behind all this.

I just got SaharaReporters phone number in NY. Probably will call them when I am wide-awake, to see if someone will go down there today to check.

Edozie Njoku, chairman of the Nigerian partner, said Tuesday that all the funding for the project would come from outside the country. He said they opted for modular refineries because there are many local challenges to building a refinery from scratch. Each refinery will be built in the U.S., disassembled for shipping and reassembled in Nigeria, he said.

“Our job as the local partner is to make sure that the government does all we asked of them,” Njoku said, “that they approve all the permits, etc.” He said the U.S. partner company was a venture capitalist that would be bringing investors as well as technical know-how. The company could not immediately be reached for comment.

The government has shown a lot of will to make this happen, Njoku said. “They really want to start refineries in this country, they are committed to it.”

Gbawe: My brothers reasonable folks are left with no other conclusion.

If we have decided to go the PPP route with our refineries then, if an ambitious Nation now under progressive-minded leadership, why not naturally initiate a transparent and public process to gauge interest considering that every time similar ideas has been mooted in the past, the reaction from many established and reputable operators was "very positive" to put it lightly?

What prompted this "shotgun" marriage Aganga has now come up with and the FG has quickly put pen to paper on? Vulcan Capital Management is listed primarily as a "private equity investment firm" with offered products to include leveraged buyout, mergers and acquisition, Venture capital, Growth capital and Mezzanine capital.

Aganga (another crook in my opinion) and the FG's real intentions must be called into question with how they settled quickly and highly non-transparently on assets and funds managers, albeit with interest in oil and gas, as preferred partners when an established core Engineering firm with specific interest in building, running and maintaining refineries would be a far better fit. Remember we are talking about the 7th biggest producer of crude in the entire world and not some outpost African nation with a population of 1 million !!!!

Vulcan's traditional commitment and scope of operation (look below) saw them, by their own admission, always happy to invest $10-$300 million. How has Vulcan made the jump to dabbling in multi billion dollar schemes? Why the massive difference for them once Nigeria is involved? Is it "jackpot"? Would it have anything to do with planned future scams since this deal involves a very corrupt Nation that shuns transparent and very accomplished companies to deliberately seek out those with chequered histories?

Is it not obvious that Aganga, with a background in hedge fund management, may be operating according to a brief of finding a vehicle/partners he understands (same background) and can work with to facilitate the corruption and 419ning of Nigeria that the GEJ Government is now becoming famous for? A Private equity company when the search should be for a core engineering concern?

Does anyone seriously think Vulcan will get a look in , let alone be a preferred partner to Nigerian, if a public declaration of interest was the only method used to select the best and most capable , [b]on merit, to build refineries for the 7th largest producer of crude in the world? [/b]


http://www.vulcancapital.com/investments.html



http://en.wikipedia.org/wiki/Vulcan_Capital_Management

Demdem: Aig is stained likewise his miserable report. Its meant for the bin.

Gbawe: Vulcan Capital Management , founded in 1997 by Ford Graham and Kevin Davis, has absolutely nothing to do with Vulcan Inc founded in 1986 by Paul Allen !!! Indeed, Wikipedia makes this crystal clear:

eGuerrilla: You are more than capable of setting out your stall, by responding directly to some of the concerns raised on this thread.
If you've got useful information to pass on - to assuage minds - then please feel free to do so.

Though I may be wrong, since your preference appears to be as obtuse as possible, I will indulge you just this once but won't do so again.

Four years after huge investment Lagos power plants scarcely work

Source

thegoodjoehunt:
We want the report thorough and no one should be spared. What about if there is an attempt to quickly sweep some names out of the list. Is that what you want? We want this done the right way, with the right people.