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Nairaland Forum / Nairaland / General / Politics / How Diezani Alison-madueke Plans To Sell Refineries To Fronts (2297 Views)
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How Diezani Alison-madueke Plans To Sell Refineries To Fronts by Etumgbe(m): 7:41am On Nov 27, 2013 |
The planned sale of Nigeria's four refineries next year is a well-designed scam calculated to hand over the country's premium downstream assets to associates and fronts of the Minister of Petroleum Resources, Diezani Alison-Madueke, who is also representing the financial interests of President Goodluck Jonathan in the deal, SaharaReporters can report. According to several senior officials at the ministry, four of the minister's friends have been penciled in to emerge as preferred bidders by “any means necessary” even as the Bureau for Public Enterprise (BPE) has announced its readiness to commence the sales next year. Top on the list of the “preferred” buyers is Mr. Jide Omokore, the multi-billionaire PDP figure who has received numerous juicy deals since Ms. Alison- Madueke was made Minister of Petroleum Resources by President Goodluck Jonathan in 2010. Mr. Omokore is the chairman of Energy Resources Group, whose subsidiary, Atlantic Energy Drilling Concept Limited, was involved in a highly scandalous operatorship take-over of the oil mining licenses (OMLs) of the Nigerian National Petroleum Corporation (NNPC) in 2011. Mr. Omokore, whose private jet is regularly put at the disposal of Ms. Alison-Madueke (as do jets by her other fronts and associates), famously funded an obscene wedding in Dubai for his son, Oluwatosin, last June. Some estimates put the cost of the wedding, which was attended by state governors, ministers, senior civil servants, senators, former governors and political godfathers, at $10 million. Oluwatosin’s bride is Faisal AbdulKadir-Fari, a daughter of Ambassador Abdulkadir-Fari, then the Permanent Secretary in the Ministry of Petroleum Resources. Another “preferred” buyer, Kola Aluko was also involved in the controversial OML operatorship deal through his company, Septa Energy, a subsidiary of Seven Energy. While Mr. Omokore's company got oil bloc numbers 26, 30, 34, and 42, Igho Salome's Taleveras got OMLs 4, 38 and 41. In the questionable deal, Shell divested its operatorship in the OMLs. By law, the ownership automatically reverted to the NNPC which manages oil assets on behalf of the Federal Government of Nigeria. At first, the NNPC had transferred its operatorship to its exploration subsidiary, Nigerian Petroleum Development Company (NPDC). But in a curious twist, the NPDC said it did not have the financial resources to operate the OMLs. The group then organized a “strategic loan” deal with Atlantic Energy and Septa Energy to provide the funds. Under the questionable deal, Mr. Omokore and Mr. Aluko's companies were to receive crude oil allocation of over 40,000 barrels per day as “loan repayment.” An oil industry expert told SaharaReporters that the deal, which was officially called “strategic alliance and service contract,” will cost Nigerian taxpayers billions of dollars. Another NNPC insider told Sahara Reporters, “Where in the world would you own seven lucrative oil blocks and then claim you do not have the finances to operate them? Those are enormous bankable assets. There is no bank NPDC will approach in the world that will not jump at the opportunity to finance the operations. Remember these are not mere oil prospecting licenses (OPLs). They are OMLs. Oil had been found there. Shell had been producing oil from the wells. It only decided to relinquish its interest to focus on in its offshore wells.” Several of our sources questioned NPDC’s claim that it needed to bring in Atlantic Energy and Septa Energy to finance the production. “It all had to do with the minister’s financial stake,” said one of them, insisting that Ms. Alison-Madueke had a reputation for tailoring oil policies to benefit her pocket. “The same NNPC that claimed it could not secure the finances to operate the oil blocks later took out a loan of $1.6 billion to pay dubious debts owed to shady oil dealers,” another insider told Sahara Reporters, further highlighting how greedy and selfish government officials strangulate the country. He said the minister cannot come up with any satisfactory justification for her scandalous policy of mortgaging the country's oil assets to her friends. Meanwhile, our sources identified the other two “preferred” buyers for the refineries as Talevaras, a firm owned Mr. Igho Salome, and Sahara Energy, owned by the trio of Tonye Vole, Tope Osinubi and Ade Odunsi. Talevaras has increasingly come under the spotlight because of its sudden rise to prominence in Nigeria’s business scene. The firm was recently declared the “winner” of the bid for the Afam Power Plant, despite its lack of any experience in the power sector. The Afam Power Plc was among 18 assets of the Power Holding Company of Nigeria (PHCN) which were put up for privatization. Initially, none of the bids received for Afam Power Plc was deemed qualified. But the government suddenly announced Taleveras as the winners of the bid. “I can assure you that the same style will be adopted to hand over Nigeria’s refineries to the minister's fronts, usually referred to as preferred buyers,” an official of the Ministry of Petroleum Resources said. He continued, “It is not a coincidence that the minister went to announce to the whole world that the refineries would be sold first quarter next year even when there were no such plans disclosed to the BPE. It should be of interest you that the BPE made its own pronouncement a week after the minister's, just to rubber-stamp it. BPE indirectly exposed her plot when it said the process would commence first quarter next year, rather than the refineries being sold first quarter next year as pronounced by her.” Sahara Energy was also indicted in a report by a Swiss non-governmental organization, the Berne Declaration. The report revealed that Nigerian oil marketing companies perpetrated widespread subsidy fraud running into several billions of dollars. Titled “Swiss Traders’ Opaque Deals in Nigeria,” it also accused the NNPC of colluding with international oil traders to defraud Nigeria. The report revealed that Sahara Energy, Rahamaniyya Group, Aiteo Energy Resources Limited, Ontario Oil and Gas Limited, Tridax Energy, Mezcor Limited and MRS Group had established subsidiaries, also called "letter-box" companies, in Geneva, Switzerland, with no real business activities. The report disclosed that these companies established the subsidiaries primarily for tax advantages, and also for easy access to international capital. But four of the companies, namely Sahara Energy, Rahamaniyya, Aiteo Energy and MRS, were investigated by the House of Representatives Ad Hoc Committee and cleared in a widely discredited report that culminated in the infamous $620,000 bribery scandal involving the chairman of the House probe committee, Farouk Lawan, and billionaire businessman, Femi Otedola. According to the Swiss NGO report, the opaque partnership between NNPC and the Swiss oil traders ensures that the profit generated escapes state coffers. Describing this as “not trivial,” the report stated: “By way of example, in 2011 the amount withheld from state coffers came to $8.739 billion. The public coffers were directly penalized. The same year, the revenues from oil fell by 39 per cent against the amount budgeted. And this is despite a rise in the price of oil.” http://mobile.saharareporters.com/news-page/how-diezani-alison-madueke-plans-sell-refineries-fronts
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Re: How Diezani Alison-madueke Plans To Sell Refineries To Fronts by KillMoves: 7:46am On Nov 27, 2013 |
That's Naija 4 u... Ish happens & goes unnoticed. |
Re: How Diezani Alison-madueke Plans To Sell Refineries To Fronts by Pangea: 7:54am On Nov 27, 2013 |
We know naa! Naija drama! The more you look, the less you see! The more you think you are out of prison, the deeper you find yourself with heavier chains! Naija Magic |
Re: How Diezani Alison-madueke Plans To Sell Refineries To Fronts by lovat(m): 7:56am On Nov 27, 2013 |
Nigeria will be left without oil one day and most of this bourgeoise will be long gone, I think its high time we all rise and say NO to this fraud being perpetrated on us |
Re: How Diezani Alison-madueke Plans To Sell Refineries To Fronts by bigtt76(f): 8:03am On Nov 27, 2013 |
Abeg make she sell if that would make the refineries work. After all if the fronts invest into buying it and hike fuel price and no one can afford it, who loses? Not me and of course with the importation of fuel still going on, then no qualms. |
Re: How Diezani Alison-madueke Plans To Sell Refineries To Fronts by Pangea: 8:18am On Nov 27, 2013 |
bigtt76: Abeg make she sell if that would make the refineries work. After all if the fronts invest into buying it and hike fuel price and no one can afford it, who loses? Not me and of course with the importation of fuel still going on, then no qualms. Your point maybe valid in a non monopolistic environment, but naija is a different ball game entirely, what works to the benefit of the people in other clime have a way of failing woefully in this country. For example we are yet to enjoy the benefits of privatisation of cement companies, even the telecoms companies are having a pseudo monopolistic arrangement and the people are paying the highest call rates in the world. There are many other examples, so what is the guarantee that the most important economic commodity - fuel will not be subject to these same evil pattern? |
Re: How Diezani Alison-madueke Plans To Sell Refineries To Fronts by Gbawe: 8:20am On Nov 27, 2013 |
Nigerians are so politically unsophisticated that they even deny the obvious to themselves. It was ages ago I logically predicted this development given the corrupt character of GEJ and his inane actions that were the opposite of the solution needed to aid the quest for Nigeria to refine her crude optimally . Much like conceding pipeline protection contracts to militants, an action we now all know to be a ruse to allow oil theft proliferate massively, it was always obvious to pragmatic folks and critical thinker that this was the crude plan of GEJ from day one. Anyway, Nigerians enjoy. Many Nigerians fully deserve whatever befalls them for being prejudiced to the point they are not simply able to tell right from wrong any more. https://www.nairaland.com/946811/nnpc-oil-thieves-hijacked-political/3 Very well-said Sir. Let the mischief makers and ethnic jingoist try their best effort at spin. There are many intelligent adults here not taken in by such crude and weasel-like tactics. The fact, for anyone not into self-deception, is that GEJ is is a corrupt player in the oil and gas sector and he is deliberately destroying the ND. https://www.nairaland.com/1101930/nigeria-refineries-rated-worst-africa Sad sap. Were you not aware of how one of the first actions of GEJ , after winning the election, was to consign our Refineries into the hands of the NNPC for "turning around" over a 2 year period? Who does not know that the NNPC is perhaps the most corrupt and most inefficient government parastatal in Africa capable of delivering only failure? Why would "fresh air" and the "transformational crew" continue down the failed route? https://www.nairaland.com/628482/jonathan-unveils-gas-agenda-power/1 Can you still say the above today? It is going to be a pleasure watching GEJ disappoint those of you who voted for him based on sentiments and ethnic bias. We told you guys , non-stop, that GEJ is all talk. There is no way on Earth he will ever deliver because the numerous deleterious and anti-people AGIPs (any government in power) who helped GEJ win are not just going to disappear into thin air !!! 4 Likes |
Re: How Diezani Alison-madueke Plans To Sell Refineries To Fronts by omenka(m): 8:23am On Nov 27, 2013 |
bigtt76: Abeg make she sell if that would make the refineries work.Stop dreaming brother. They told us privatization is the antidote to the perenial electricity problems we had. Now that it has been done what we've ended up with is a comatose power sector that cannot suply nigerians 4hrs of electricity in a day! The planed and eventual sale of the refineries would finaly nail the fate of our strugling economy, consigning the lives of ordinary nigerians into the hands of their oppressors. |
Re: How Diezani Alison-madueke Plans To Sell Refineries To Fronts by abu12: 8:31am On Nov 27, 2013 |
Those are the real people enjoying the so-called Fresh air, I don't give a dam |
Re: How Diezani Alison-madueke Plans To Sell Refineries To Fronts by takedat(m): 9:25am On Nov 27, 2013 |
Privatization in Nigeria has fostered the worst manifestation of crony capitalism. I won't be surprised if those who are going to win the bid for these refineries are the same characters who recently bought off the privatized GENCO's and DISCO's. The on-going privatization of state owned assets to cronies reminds one of Russia, a place where large scale privatization of state owned assets resulted to a situation where a good deal of National Wealth fell into the hands of a relatively small group of so called Business Oligarchs, and the wealth gap increased dramatically. These forces of high privilege and regression who should be in jail for accumulating public wealth at the expense of the people and their fraudulent business tycoon allies who have committed heinous economic crimes against the people of Nigeria in the past are the ones buying these state owned assets. The Forbes promoted fraudulent billionaires and corrupt Government officials will keep on getting richer while ordinary Nigerians continues to feed on hopelessness. 3 Likes |
Re: How Diezani Alison-madueke Plans To Sell Refineries To Fronts by awodman: 9:35am On Nov 27, 2013 |
take dat: Privatization in Nigeria has fostered the worst manifestation of crony capitalism. I won't be surprised if those who are going to win the bid for these refineries are the same characters who recently bought off the privatized GENCO's and DISCO's. The on-going privatization of state owned assets to cronies reminds one of Russia Nigeria, a place where large scale privatization of state owned assets resulted to a situation where a good deal of National Wealth fell into the hands of a relatively small group of so called Business Oligarchs, and the wealth gap increased dramatically. These forces of high privilege and regression who should be in jail for accumulating public wealth at the expense of the people and their fraudulent business tycoon allies who have committed heinous economic crimes against the people of Nigeria in the past are the ones buying these state owned assets. The Forbes promoted fraudulent billionaires and corrupt Government officials will keep on getting richer while ordinary Nigerians continues to feed on hopelessness.What's your alternative to making the best out of this Moribund Government corporations? |
Re: How Diezani Alison-madueke Plans To Sell Refineries To Fronts by awodman: 9:39am On Nov 27, 2013 |
take dat: Privatization in Nigeria has fostered the worst manifestation of crony capitalism. I won't be surprised if those who are going to win the bid for these refineries are the same characters who recently bought off the privatized GENCO's and DISCO's. The on-going privatization of state owned assets to cronies reminds one of Russia Nigeria, a place where large scale privatization of state owned assets resulted to a situation where a good deal of National Wealth fell into the hands of a relatively small group of so called Business Oligarchs, and the wealth gap increased dramatically. These forces of high privilege and regression who should be in jail for accumulating public wealth at the expense of the people and their fraudulent business tycoon allies who have committed heinous economic crimes against the people of Nigeria in the past are the ones buying these state owned assets. The Forbes promoted fraudulent billionaires and corrupt Government officials will keep on getting richer while ordinary Nigerians continues to feed on hopelessness.What's your alternative to making the best out of this Moribund Government corporations? |
Re: How Diezani Alison-madueke Plans To Sell Refineries To Fronts by nwaibagwa(m): 10:04am On Nov 27, 2013 |
This woman don kill us. I wonder wetin all these women ministers use hold GEJ. Abi na their bottom power? |
Re: How Diezani Alison-madueke Plans To Sell Refineries To Fronts by takedat(m): 10:23am On Nov 27, 2013 |
awodman:I am not against privatization in its purest form. I am only afraid of how this relatively small cabal of fraudulent businessmen that have exploted and deprived Nigerians over the years and their abettors in Government are gradually selling the whole of Nigeria to themselves using our collective wealth to buy them. 2 Likes |
Re: How Diezani Alison-madueke Plans To Sell Refineries To Fronts by feelamong(m): 10:58am On Nov 27, 2013 |
awodman: One thing you should understand is that Privatisation on its own is a means to an end and not an end in itself... If its not well done with the transparency that is required of it then we are all back to squre one...was Ajaokuta not privatised? what has come out of it..litigations and litigations.. 2 Likes |
Re: How Diezani Alison-madueke Plans To Sell Refineries To Fronts by MidasT(m): 10:59am On Nov 27, 2013 |
Do we really have refineries in Nigeria? Nigerians forget things easily, especially this our generation. Do u know how many billions of dollars that have been poured into these refineries in the name of turnaround maintenance; and the status quo remains? Of a truth, the refineries are drain pipes in several was and are one of the reasons for the perpetuation of subsidy fraud because they are non-functional. If nigerian nationals have the resources to purchase these refineries, i think it is more preferable and better than indians and chinese buying them. What we should guard againts though is not getting good value for our national assets |
Re: How Diezani Alison-madueke Plans To Sell Refineries To Fronts by Gbawe: 11:06am On Nov 27, 2013 |
feelamong: Precisely. Besides, as with Russia, what we have in Nigeria is the zeal, from one PDP President to another since 1999, to create an Oligarch class who control State assets that bring vast wealth. These Oligarchs, in Nigeria's case, are cronies and pals of the political class they act as a front for. To the end 'privatisation' is aberrantly and cynically undermined and transformed into a tool of enrichment for the same set of AGIPs who have always taken Nigeria for a ride while things remain precisely the same. 2 Likes |
Re: How Diezani Alison-madueke Plans To Sell Refineries To Fronts by awodman: 11:27am On Nov 27, 2013 |
take dat: I am not against privatization in its purest form. I am only afraid of how this relatively small cabal of fraudulent businessmen and their abettors in Government are gradually selling the whole of Nigeria to themselves using our collective wealth to buy them.But this power Privatization was to a very large extent very pure...The rules were tough and strictly adhered to..alot of check and balances was introduced..all this can be evidenced by the minimal or no Litigations that have trailed the process... 2 Likes |
Re: How Diezani Alison-madueke Plans To Sell Refineries To Fronts by awodman: 11:33am On Nov 27, 2013 |
feelamong:But you can't say that the only privatization carried out by the Jonathan administration(which is the Power privatization) wasn't transparent...little or no litigations have trailed the process 2 Likes |
Re: How Diezani Alison-madueke Plans To Sell Refineries To Fronts by revolt(m): 11:39am On Nov 27, 2013 |
sincerely don't care who wins the bid as long as that sector leaves fg control. next govts to come will surely break the monopoly if it exists. after all the NCAA contractors are saying goodbye |
Re: How Diezani Alison-madueke Plans To Sell Refineries To Fronts by taharqa: 11:45am On Nov 27, 2013 |
take dat: I am not against privatization in its purest form. I am only afraid of how this relatively small cabal of fraudulent businessmen and their abettors in Government are gradually selling the whole of Nigeria to themselves using our collective wealth to buy them.@take dat, go and bid for d Refineries yrself abeg. Is anybody holding you??..... As long as d Process is Open and Transparent like was d case of d Privatisation of PHCN (I hope so), I do not care who wins d bid. SR can shove whateva other shenanigans of theirs, if it doesn't address d Process itself, down its azzz.... |
Re: How Diezani Alison-madueke Plans To Sell Refineries To Fronts by takedat(m): 11:57am On Nov 27, 2013 |
awodman: http://www.punchng.com/business/business-economy/reserved-bidder-sues-bpe-ncp-over-enugu-disco/ A briefcase company can meet the guidelines and outbid established firms as long as it is being promoted by top government officials. Insider information will surely give the briefcase company an edge. 2 Likes |
Re: How Diezani Alison-madueke Plans To Sell Refineries To Fronts by takedat(m): 12:30pm On Nov 27, 2013 |
taharqa: @take dat, go and bid for d Refineries yrself abeg. Is anybody holding you??..... As long as d Process is Open and Transparent like was d case of d Privatisation of PHCN (I hope so), I do not care who wins d bid. SR can shove whateva other shenanigans of theirs, if it doesn't address d Process itself, down its azzz....What a fo0lish post. You see no wrong in handing out our public wealth to the same forces(past and present government officials) that have deprived and plundered Nigeria and the well-connected fraudulent entrepreneurs who started from nearly nothing but got rich through participation in the market via connections to the Government and have continued to perpetuate heinous economic crimes against the people of Nigeria? Why don't we just legalize corruption then, if we don't see any wrong in using looted funds to acquire public assets? Some of these men ought to be in jail if Nigeria was a serious country. We are merely producing a group of businessmen whose ties to the state and political establishment put them in position to take advantage of the system for 'Personal Gains'. Privatization is only a means to an end and not an end in itself. When folks like Emeka Offor who never showed 'any sign of competence or capability' in his past dealings, such as the TAM of refineries, fraudulent gas pipeline deals and many others is still allowed to buy off public assets all in the name of privatization, should we then expect efficiency? 2 Likes |
Re: How Diezani Alison-madueke Plans To Sell Refineries To Fronts by MidasT(m): 12:56pm On Nov 27, 2013 |
Pangea:Mumu, ur scale is one sided. The gains of privitization u have tactically avoided. because u can speak and write english, u think u can talk gibberish and be applauded. |
Re: How Diezani Alison-madueke Plans To Sell Refineries To Fronts by Nobody: 1:07pm On Nov 27, 2013 |
MidasT: Do we really have refineries in Nigeria? Nigerians forget things easily, especially this our generation. Do u know how many billions of dollars that have been poured into these refineries in the name of turnaround maintenance; and the status quo remains? Of a truth, the refineries are drain pipes in several was and are one of the reasons for the perpetuation of subsidy fraud because they are non-functional. If nigerian nationals have the resources to purchase these refineries, i think it is more preferable and better than indians and chinese buying them. What we should guard againts though is not getting good value for our national assetsAll of the refineries are working at over 60% capacity. |
Re: How Diezani Alison-madueke Plans To Sell Refineries To Fronts by Nobody: 1:13pm On Nov 27, 2013 |
take dat: Isn't this how we all have encouraged corruption? You see no wrong in these well-connected fraudulent entrepreneurs who started from nearly nothing but got rich through participation in the market via connections to the Government and have continued to perpetuate heinous economic crimes against the people of Nigeria? Some of these men ought to be in jail if Nigeria was a serious country. We are merely producing a group of businessmen whose ties to the state and political establishment put them in position to take advantage of the system for personal gains. When folks like Emeka Offor who never showed any sign of competence in his past dealings, such as the TAM of refineries, fraudulent gas pipeline deals and many others is one still allowed to buy off public assets all in the name of privatization, then there is something wrong with this Nation.You can say this stuff about virtually every country on earth. Those who win in these deals are always close to political power. In the US, George Bush, Dick Cheney etc had links to companies that benefitted from supplying weapons for the Iraq war. Bill Gates can walk into the White House anytime he wants without invitation, unlike the average American. It's the way of the world! |
Re: How Diezani Alison-madueke Plans To Sell Refineries To Fronts by awodman: 1:38pm On Nov 27, 2013 |
take dat:Since then have the case been heard for the 1st time by the presiding judge?..Prolly this guys saw they had no Case..maybe you need to read this www.thisdaylive.com/articles/dikki-fg-reserves-the-right-to-take-back-phcn-assets/164044/ |
Re: How Diezani Alison-madueke Plans To Sell Refineries To Fronts by takedat(m): 3:37pm On Nov 27, 2013 |
ROSSIKE: You can say this stuff about virtually every country on earth. Those who win in these deals are always close to political power. In the US, George Bush, Dick Cheney etc had links to companies that benefitted from supplying weapons for the Iraq war. Bill Gates can walk into the White House anytime he wants without invitation, unlike the average American. It's the way of the world!Americans are still groaning under the strangulating jackboot of Crony capitalism, in fact, crony capitalism was one of the factors that led to the 2008 financial crisis. Crony capitalism goes hand in hand with higher unemployment and it expands the gap between the rich and the poor. We need to decide if what we want is crony capitalism or a free market capitalism. The difference between Nigeria and the US is that, in the US the companies/investors that receive such benefits/favors are often well established and technically competent but in Nigeria, excluding a very few genuine investors, briefcase companies or businessmen who have never shown any competence(both financial and technical), and who have no track record of excellence in past endeavors order than pocketing our wealth through well-organized fraudulent schemes in cahoot with their promoters in Government are most often the favored ones. 1 Like |
Re: How Diezani Alison-madueke Plans To Sell Refineries To Fronts by takedat(m): 3:52pm On Nov 27, 2013 |
awodman:I have no means of knowing if they've assigned a jugde to the case or not and we both know that our judicial process is slow, and perhaps both parties may have settled for an out of court settlement. I really do not have a problem with the privatization exercise rather my objection is based on the character of some of the investors who are no-gooders eg Emeka Offor. |
Re: How Diezani Alison-madueke Plans To Sell Refineries To Fronts by awodman: 5:34pm On Nov 27, 2013 |
take dat: I have no means of knowing if they've assigned a jugde to the case or not and we both know that our judicial process is slow, and perhaps both parties may have settled for an out of court settlement. I really do not have a problem with the privatization exercise rather my objection is based on the character of some of the investors who are no-gooders eg Emeka Offor.But Offor didn't come alone..he is in partnership with a reputable electricity company with a proven track record from Turkey... |
Re: How Diezani Alison-madueke Plans To Sell Refineries To Fronts by taharqa: 8:39pm On Nov 27, 2013 |
take dat: What a fo0lish post. You see no wrong in handing out our public wealth to the same forces(past and present government officials) that have deprived and plundered Nigeria and the well-connected fraudulent entrepreneurs who started from nearly nothing but got rich through participation in the market via connections to the Government and have continued to perpetuate heinous economic crimes against the people of Nigeria? Why don't we just legalize corruption then, if we don't see any wrong in using looted funds to acquire public assets? Some of these men ought to be in jail if Nigeria was a serious country. We are merely producing a group of businessmen whose ties to the state and political establishment put them in position to take advantage of the system for 'Personal Gains'. Privatization is only a means to an end and not an end in itself. When folks like Emeka Offor who never showed 'any sign of competence or capability' in his past dealings, such as the TAM of refineries, fraudulent gas pipeline deals and many others is still allowed to buy off public assets all in the name of privatization, should we then expect efficiency?I honestly do not hv d time to be debating Sentiments (I hv already stated parts of my view on this mata), but I thought it was important I made some Clarifications: When I said I didn't care who wins a bid AS LONG as d Process was transperant and fair, it didn't include acceptance of a corrupt bidder. However, I bliv that those persons who are corrupt shld be treated as Individual, and reject this Sentimental nonsense of a blanket declaration of sm persons as corrupt cos they supposedly hv links to Govt and you (I mean SR) don't like their faces Or just wants to use their as pawns in d increasingly Roforofo battle, with 'fight against corruption' is used as a TOOL to grap Power.... |
Re: How Diezani Alison-madueke Plans To Sell Refineries To Fronts by Nobody: 9:33pm On Nov 27, 2013 |
take dat: Americans are still groaning under the strangulating jackboot of Crony capitalism, in fact, crony capitalism was one of the factors that led to the 2008 financial crisis. Crony capitalism goes hand in hand with higher unemployment and it expands the gap between the rich and the poor. We need to decide if what we want is crony capitalism or a free market capitalism. The difference between Nigeria and the US is that, in the US the companies/investors that receive such benefits/favors are often well established and technically competent but in Nigeria, excluding a very few genuine investors, briefcase companies or businessmen who have never shown any competence(both financial and technical), and who have no track record of excellence in past endeavors order than pocketing our wealth through well-organized fraudulent schemes in cahoot with their promoters in Government are most often the favored ones. That's inevitable given the paucity of ''well-established, technically competent'' firms in the country. The fall back is to favour those connected cronies who in turn align with foreign firms who act as their technical partners and come in to execute the projects. It's like what's going on in the power privatization process. I really don't see anyway around it. Whoever comes into power in Nigeria is bound to operate the same way. |
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