₦airaland Forum

eGuerrilla: It beats me how you can continue to speak in riddles when it has been made abundantly clear that the other group has failed to deliver on a much smaller project in Sokoto.
There is absolutely no harm in admitting you are vacant on the question posed to begin with, you know.

eGuerrilla: Just to make matters succinctly clear...

Vulcan Capital Management, based in New York, owns (or has some connection to) the slippery Vulcan entities which continue to evolve between an array of physical states under different names http://www.vulcancapital.com/

Vulcan Capital is housed in Seattle and was founded by Paul Allen in 2003 -- http://capital.vulcan.com/

It is rather interesting, I think, that Paul Allen's crowd has been issuing disclaimers for ventures involving the other Vulcan group for close to 10 years now.


Source

VoodooDoll: For the avoidance of doubt, Paul Allen's Vulcan PE is based in Seattle and not New York. There is a certain clown who can neither read, write nor comprehend (Wesley80, I'm looking at you).

Wesley80, please for the sake of your sanity and your family's shame, go and speak with the FGN for your answers.....

Kobojunkie: I asked earlier if I was speaking in tongues. Sigh!!!
Again . . .

Paul Allen is associated with Vulcan Energy Corp, Vulcan Inc. and Vulcan Capital Corp. However Paul Allen is not associated with the company, if it exists, that the Nigerian Government claims it signed this MOU with.

The link I provided makes that clear by placing a correction there so those reading the article would not confuse the company they are reading about with those affiliated with Paul Allen.


capital.vulcan.com is Affiliated with Paul Allen BUT IS NOT the company we are looking for. Please contact the following

Andrew Cole
Sard Verbinnen & Co
212-687-8080

Christina Siderius
Vulcan Inc. Media Relations
206-342-2000

http://capital.vulcan.com/Contacts/Index.html
And they will gladly provide you with this information.

Kobojunkie: @Kobojunkie DID Not write any articles. I simply posted the article with CORRECTION included.

Vulcan Capital is the private investment group that oversees Paul G. Allen's multi-billion dollar portfolio across diverse industry sectors and asset classes. Investments range from early-stage ventures to public equity value investing, leveraged buyouts, acquisitions, and distressed situations. The Vulcan Capital group also partners with top- tier management teams to bring private equity discipline and operational experience to the investment process, adding value to portfolio companies at all stages by leveraging the investment team's relationships and expertise

VoodooDoll: Where did you see that? And how do you miss the clear correction at the top and then just plain make stuff up.

Do you think that if Paul Allen's Vulcan PE was involved that the headlines would be so lame and tame, and that FGN would not demand or seek to bask itself in the reflected glow of Microsoft. Bloomsberg would have [blown up] with news alerts, news comments, articles. The WSJ, FT and newswires would have jumped that Nigeria is the next China blah blah blah.

Sometimes I do wonder whether computers and smart phones should be allowed for all, as some are clearly to dull to use it as they unleash their immense buffoonery on us all.

(Corrects company name to Vulcan Petroleum, which is not related to Paul Allen's Vulcan Energy)

* Africa's top oil producer refines a fraction of its crude

* Six refineries to be built with 180,000 bpd capacity

By Tim Cocks and Camillus Eboh

LAGOS/ABUJA, July 2 (Reuters) - Nigeria signed a memorandum of understanding on Monday with Vulcan Petroleum Resources for a $4.5 billion project to build six refineries with a combined 180,000 barrel a day capacity, officials said on Wednesday.

Vulcan, an affiliate of New York-based private equity firm Vulcan Capital Corp, aimed to have two of the refineries finished in under a year, they said.

Nigeria is Africa's top crude oil producer but its refineries are in such a state of disrepair that they meet only a fraction of its domestic fuel needs. Its crude is shipped out and costly refined products imported.

"The project is estimated to gulp 697.5bn naira ($4.5b), while two of the refineries are expected to be completed within the next 12 months," Yemi Kolapo, spokeswoman for the trade ministry, said in a statement.

"Each modular refinery, when completed, will refine up to 30,000 barrels of crude oil per day and produce up to five million litres of petrol, diesel, kerosene and LPFO (liquid petroleum fuel oil)."

Nigeria's existing plants have a total capacity of 445,000 barrels per day, but are running at less than three-quarters of that capacity.

Chief Edozie Njoku, chairman of Petroleum Refining and Strategic Reserve, Vulcan's partner in the joint venture, told Reuters by phone the aim was to distribute the sites in different regions of Nigeria.

"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)," he said.

"Two of them are going to be finished in about a year. It's not rocket science - to have all six ready should take about 30 months," he added.

Nigeria has two refineries in its main oil-hub Port Harcourt and one each in the Niger Delta town of Warri and in Kaduna.

Some Nigerians are sceptical about building more refineries when existing ones are under capacity, but Njoku dismissed this.

"The refineries already in Nigeria are on their last legs. They will cost the country millions to turn around. Nigeria needs new refineries," he said.

A lot of MoUs are signed with Nigerian authorities that go nowhere, but Njoku said he was confident the projects would happen.

"The only thing we need for this to be done is our permits from the government ... They have shown enough honesty that they want these refineries to be built," he said. (Writing by Tim Cocks; Editing by Phil Berlowitz)

Sabre Intl. Sec., Ltd. v Vulcan Capital Management., Inc. 2012 NY Slip Op 03513 Decided on May 3, 2012 Appellate Division, First Department Published by New York State Law Reporting Bureau pursuant to Judiciary Law § 431. This opinion is uncorrected and subject to revision before publication in the Official Reports. Decided on May 3, 2012
[b] In the fall of 2004, defendant Vulcan Energy and nonparty Vulcan Advanced Mobile Power Systems LLC (Vulcan Advanced) sought contracts with the Iraqi Ministry of Electricity (MOE) to install, repair and maintain power plants in Iraq. In connection with those efforts, their president, Ford F. Graham, negotiated an oral agreement with David Johnston, a former employee of plaintiff, under which plaintiff would provide security services for Vulcan Energy and Vulcan Advanced's personnel during travel to Iraq, both before and after Vulcan Energy or Vulcan Advanced entered into contracts with MOE. While Graham avers that the parties contemplated that a written agreement would be entered into once Vulcan Energy or Vulcan Advanced obtained a contract from MOE, no such agreement was ever drafted or signed, although Vulcan Energy entered into a contract with MOE on February 21, 2005 for the Mulla Abdulla project.

On December 2, 2004, Kev Gallagher, then plaintiff's Director of Finance, sent Graham [*2]two invoices addressed to Vulcan Power in the amounts of $129,350 and $41,289, respectively, for pre-contract security services allegedly provided by plaintiff to one or more Vulcan entity in October and November 2004. On February 22, 2005, Gallagher sent Graham a third invoice addressed to Vulcan Power in the amount of $76,304 for additional pre-contract security services for that month. While plaintiff did not render any security services to Vulcan Power, it claims that Graham directed that the invoices be addressed to that entity, which is a subsidiary of Vulcan Energy. [/b]

When the invoices remained unpaid, plaintiff commenced this action against Vulcan Energy, Vulcan Power, Vulcan Capital Management, Inc. (Vulcan Capital), and Graham, seeking payment under the theories of breach of an oral contract and an account stated, or, alternatively, promissory estoppel, unjust enrichment, intentional or negligent representation, and fraud. Plaintiff alleged that it had a "legally binding oral agreement" to "provide specific security services for Defendants' representatives in Iraq in exchange for compensation at agreed-upon rates and prices," that it provided such services to defendants in February 2005 and November 2004, and that defendants received and retained the invoices for those services for more than three years without objection.

Defendants moved for summary judgment dismissing the second amended complaint, asserting that plaintiff could not support any of its claims with competent evidence because it had lost its records in Iraq and did not have any witnesses who participated in the original contract negotiations. Alternatively, defendants moved to dismiss the action as to defendants Vulcan Capital, Vulcan Power, and Graham, and to dismiss plaintiff's claims for punitive damages and attorneys' fees. Plaintiff moved for summary judgment on its breach of contract and account stated claims, now claiming that defendants had acquiesced and ratified express writings titled "Vulcan Capital Cost Proposal" and "Sabre Standard Terms and Conditions." Supreme Court granted plaintiff summary judgment on its account stated claim and granted defendants' motion for summary judgment to the extent of dismissing the action as to Vulcan Capital and Graham, and dismissing plaintiffs' claims for consequential and punitive damages and attorneys fees against all defendants. Defendants appeal.

Mandelaguy: Maybe he has a line of action which non of the past committees ever had up his sleeves,don't be too fast,you are not in his brains.

Mandelaguy: If every one of you is told to name corrupt Nigerians you have known,I bet RIbadu will not be on most of your lists and for some die hard critics,he will be on the back page......most of you making noise on this thread cannot stand beside him in the council of people with clean hands. The man has said what he believes he can do and Nigerians should not doubt him,he has a track record and non of your paymasters can hold a light to him.

Jonwesley: The same Aig Imoukhuede is married to the daughter of Bank of Industry Boss, and with BOI ties to the CBN gets CBN fundings and intervention funds/schemes for access bank without any stress as other banks face. No wonder he is being linked to be the next CBN Governor. High level hipocracy of government and sham politikings.God wld expose them, its just a matter off time.

[b] 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. [/b] Interestingly, it is the report commissioned by the finance ministry that President Goodluck Jonathan may have chosen to take seriously. The president, though reluctant, is obviously under pressure to clean up the fuel subsidy scheme and prosecute erring marketers. Accordingly, if the House would only spare a moment, it should be clear to anyone but the blind that what the president has been doing for weeks was to mouth the right platitudes about prosecuting the marketers indicted by the House report, while waiting for the real McCoy. The minute he got what he wanted, the president swiftly set up a presidential panel to verify and reconcile the subsidy payments unravelled by the Aig-Imoukhuede committee, a measure he never took when the House report reached his desk as far back as April.

wesley80: The "good reason" bit obviously flew over your head, too bad!

wesley80: ^^
The "good reason" bit obviously flew over your head, too bad!

elliot777: This thread just sums up †нє short sightedness of nigerians and how succesive govts have managed to loot our treasury blind with fragrant impunity, how can any educated person suggest that nigeria in its current situation should dabble into nuclear generation when even †нє united kingdom have serious reservations about it, there has been countless deliberations about safety due to d volatile nature of nuclear energy and nigeria as we know it can't survive mere natural disasters †нє likes of hurricane katrina in new orleans that would stretch †нє emergency services of †нє most developed countries to its limits, meanwhile people actually believe that involving russia makes its ok ansd acceptable to put nigerian lives at risk and in †нє hands of †нє russians because they have managed to succesfully implement and maintain a nuclear generating programme in their country? Seriously nigerians need to sit back and think about this nuclear issue very well because no nation that cares about †нє welfare of its people ignores †нє risks associated with nuclear energy and delves into it when they have a non existent emergency service, let's think about what our emergency protocols are in a situation where †нє worst happens like what happened in japan, can †нє govt succesfully evacuate people from their homes in time and provide alternative accomodation? Or are we so inept that we can't take reference from †нє russian chernobyl nuclear disaster in 1986, that entire region was evacuated since then and is still inabitable till date.
Anyway my bottom line is that developed countries have managed to provide electricity to their citizens for many decades without using nuclear power so we ought to start from there and @ least walk before we attempt to fly. Thats just my opinion, and i should add that abuja occupants and anyone around †нє proposed nuclear plants should protest against this for †нє sake of their childrens lives incase there's a leak which is inevitable.

Kobojunkie: yippeeee!!!!! clap for nigeria!!! In addtion to the many MOUs signed, the country was visited first.

dayokanu: Most of the people insulting the Oba are from the tribe that wake their father from bed with sliding tackle

If you notice thats the same part that Anthony Onyearugbulem is from. If you are a teenager with money you are the most important man in the community

amodaade: And where is that former governor now?

Nigerian writer Rotimi Babatunde has won this year's prestigious Caine Prize for African Writing. The £10,000 ($15,700) prize was given for his story Bombay's Republic about Nigerian soldiers who fought in the Burma campaign during World War II. "It is about liberation and how a character can have his world widened," Mr Babatunde told the BBC. He was among five writers short-listed for the prize, regarded as Africa's leading literary award.
The chair of judges, Bernardine Evaristo, presented the award at a dinner held at the Bodleian Library in Oxford on Monday evening. "It is ambitious, darkly humorous and in soaring, scorching prose exposes the exploitative nature of the colonial project and the psychology of independence," she said about the winning short story.
Afterwards Mr Babatunde told the BBC's Network Africa programme he felt happy to have his story recognised and privileged to have been on such a strong and diverse shortlist. "The story is about African soldiers who go to Burma and came back with a sense of new realities and new possibilities," he said. The boundaries that the main character, Bombay, witnessed in Nigeria fell away during the heat of the campaign, he explained. "He lost his reverence for the colonial officers," he says. Mr Babatunde, who currently lives in Ibadan in Nigeria, will now be given the opportunity to go to Georgetown University in the US, as a writer-in- residence for a month at the Lannan Center for Poetics and Social Practice. He said he was now working on a novel about migration, choice and love.