KolaShangOne:


This is spot on. Points to note:
1. Advanced Bank Guarantee or Performance bond is mainly for government sponsored projects or multinationals.
2. It creates a time Lag in project schedule
3. It increases cost of project because the bank will hire a project manager who will be paid as much as 150-300k monthly depending on magnitude of the project magnitude.
4. Nigerian banks love to hold money especially when month end or quarterly assessment approaches.
5. I remember the Ajimobi neighbourhood market project in Samonda sponsored by Wemabod. Our bank rejected their ABG and I can confirm many contractors had to abandon site. It's been 2 years and they are still being owed even with the ABG.

@Egunmogaji Even in Escrow payment, the Payer still holds the ace. What if I complete the job and you don't instruct Escrow to pay me? Or the Payer decides to withold millions of naira just because of a trivial issue?

Mehn, we almost ran mad with especially Zenith bank.

The funny thing is that banks actually love APGs. They get to charge interest like a loan ( amount involved is usually huge); and they get to pay for their staff ( handsomely off course) from the contract sum.


Ours was at a time after the soludo mergers and the banks were looking for money here and there to shore their accounts. They sank their teeth in ours. In one of the cases, the Lagos state commissioner for housing, after intervening, had to warn all contractors on the banks to use for the guarantees. Else everyone was on their own.

Brag3

You are spot on, like I said to a previous poster who was suggesting that a contractor can build with his own money, obtain insurance and all that kind of stuff, in a developed country where there are checks and balances, YES that can work. But this is Nigeria, we need to be pragmatic.

Its like saying that when one goes to Lagos from abroad you don't need to organise car to move around etc, you will be environmentally friendly and you will enter train/tube to go to places like you can do in developed cities like NY, Paris and London etc.

I find that the legal system is fraught with flaws, the security agencies overlap each other and the system is completely KAPUT ! Just pray not to enter it, its the kind of system whereby if Omonile boys are disturbing me and wanting to encroach on a plot of land, Its more effective to carry a bunch of trigger happy soldiers to site than go to court bla bla bla.

Its the kind of system whereby matters are settled using crude methods rather than official methods. That's why you see thief with tyres around their neck and ready to be roasted. Welcome to Nija.....

semitunde:


Mehn, we almost ran mad with especially Zenith bank.

The funny thing is that banks actually love APGs. They get to charge interest like a loan ( amount involved is usually huge); and they get to pay for their staff ( handsomely off course) from the contract sum.


Ours was at a time after the soludo mergers and the banks were looking for money here and there to shore their accounts. They sank their teeth in ours. In one of the cases, the Lagos state commissioner for housing, after intervening, had to warn all contractors on the banks to use for the guarantees. Else everyone was on their own.

You can actually avoid the interests by delivering on schedule but govt projects though. The bureaucracy and bottlenecks is too much.

I always factor the interest and admin charges into my quotes. It's normal thing to do.

helpee:
@brabus, you will recall during the crisis you had with the guy at ile oluji, I fought gettyababy (hope I got it right) defending you. Euromillion too came defending you. I gave you an advice then. Build your reputation offline. I can give segzy a second chance if he does something wrong on my project but with your reputation, I will quickly run to nairaland. You will never get a good reputation on line until you close your account on nairaland and build your reputation upwards. That doesn't mean you don't have issues. Do you know that since I know you, I don't know a single client that ended the project with you peacefully? You can't always be right. If ten people have issues with you, you are the real issue not them. Something is wrong with the way you manage clients

I was the one who had a little bru haha with you. We all end up fighting each other over Brabus until we learn better. I was all in defending him over the portharcourt project until people who had known him longer pointed that it is a pattern of behaviour so that when ile oluji happened it was the 4 or 5th project with complaints.

Afterall as a young man we want him to do well and are willing to forgive the occasional mistake until we realise we are dealing with an ogbologbo.

adeekiti:
oh oh I remember biology but I'm not sure that's what oga 3strike means ma, he said smoke good morning ma

So you actually believed I don't know it?

I got you

KolaShangOne:


This is spot on. Points to note:
1. Advanced Bank Guarantee or Performance bond is mainly for government sponsored projects or multinationals.
2. It creates a time Lag in project schedule
3. It increases cost of project because the bank will hire a project manager who will be paid as much as 150-300k monthly depending on magnitude of the project magnitude.
4. Nigerian banks love to hold money especially when month end or quarterly assessment approaches.
5. I remember the Ajimobi neighbourhood market project in Samonda sponsored by Wemabod. Our bank rejected their ABG and I can confirm many contractors had to abandon site. It's been 2 years and they are still being owed even with the ABG.

@Egunmogaji Even in Escrow payment, the Payer still holds the ace. What if I complete the job and you don't instruct Escrow to pay me? Or the Payer decides to withold millions of naira just because of a trivial issue?

That's not how escrow works.

Escrow companies decided if the contract has been satisfied and pays accordingly. They already have the money in house do they don't have to grovel.

You guys in Nigeris keep coming up with excuses on why things don't or won't work when all the ingredients are right there.

This seems to be the hottest thread on property forum for now.

I have asked for assistance on this link.

https://www.nairaland.com/2525341/what-estimated-cost-flooring-interlocking

It's sad to read from seemingly educated folks who have given up completely.

Nigeria is doomed if what I'm reading is a sectional of the real populace and not just online whimperings.

No wonder the foreign entities are coming in and making a killing financially.

EgunMogaji:
It's sad to read from seemingly educated folks who have given up home completely.

Nigeria is doomed if what I'm reading is a sectional of the real populace and not just online whimpering a.

No wonder the foreign entities are coming in and making a killing financially.

Hello Sir,
Can you be more specific in your reasoning?
When you say giving up home what exactly do you mean?
I am just trying to fly on the same wavelength with you.
You seem to be misunderstanding the reality of what's on ground.
I am sure we have a legal system in place. We also have a police force but do any of them work the way they should?
Trust me if they did we would have many more Nigerians in NIGERIA than we have today.

I don't mean any offence but you seem to be obscuring the reality with what you think and hope it should be.

We all want Nigeria to be a much a better and we hope Buhari will make a difference but for now that's how it is.

Again no offence intended

beedam:


So you actually believed I don't know it?

I got you

u know sey u no be ajepaako like me , how u take know wetin be weed as termed by him?

successmatters:


lemme get this straight, you mean the brabus guy has

scammed ahanohaii
scammed another guy in ph
scammed qci
scammed brag3
scammed 3strike
who again has he scammed?

seun come oooooo this one na ogbologbo fraudster

Dont forget to add Euromillion to the list of the victims

brag3:


Hello Sir,
Can you be more specific in your reasoning?
When you say giving up home what exactly do you mean?
I am just trying to fly on the same wavelength with you.
You seem to be misunderstanding the reality of what's on ground.
I am sure we have a legal system in place. We also have a police force but do any of them work the way they should?
Trust me if they did we would have many more Nigerians in NIGERIA than we have today.

I don't mean any offence but you seem to be obscuring the reality with what you think and hope it should be.

We all want Nigeria to be a much a better and we hope Buhari will make a difference but for now that's how it is.

Again no offence intended

Again, I don't take offence online, shyte ain't that serious.

My reality of what's on the ground in Nigeria is actually very good and has served me well. This has saved me from being taken by other Nairalanders this month, and it's only the 14th

One thing, forget Americana, think of me as you as a Nigerian living in Ibadan and you'll stop a lot of the confusion from my postings. The assumption that I'm a clueless ajebota from Yankee I think is a disfavor. Nigeria is not that unique.

Good day.

brag3:


Why would three siblings, one of whom is in the UK and another that lives in the capital of Nigeria will enter into a N24m real estate deal without a Lawyer befuddles me??

Let me answer this for you please.
Who enforces any of these contracts if things go wrong?
To buttress the point that Maverick made I can understand such things happening in government contracts because we are talking of very huge figures (not the moi moi millions we small clients are spending).
Get a lawyer involved for contract? Yeah right. And if either party goes wrong who enforces it?
Few stories in my own case.
My own sweet mum (bless her). Poor woman bought into a government scheme years ago in Jakande time (Yes that far back). All contracts signed and papers still here(Yeah my mum keeps everything) and till today the woman goes to court almost every week. She is in the news most times as one on the most vocal people and till today they have not got a single thing.
They even won the case and court ordered government to give them something about 4 years and till today one story after another.
Another story (I do have so many of them).
I signed a full contract to buy two plots of Land somewhere around Eleko. Contracts fully signed with a lawyer. This was done over 5 years ago. After so much story I went to ask for my refund because the man refused give us the plots. He kept giving story. After 5 years of waiting and praying I asked for refund and what happened. Another story came in.
Wanted to go to court and was advised that it will cost more and I may not even get anything back. I had to learn from my mum’s lesson and decided to go the jungle way and do things my own way.
After the developer slept in station for 3 nites he realised that fire was really burning so decided to sign undertaken to make my refund. Now this refund is for the exact amount. No interest that will have accrued over 5 years. And to make matters worse police say that have to take 10% of whatever I get back so that’s about 1M going to police.
Now tell me how does a contract help here? Who will enforce any payment for any wrongdoing?
This is Nigeria o. whoever has the most money can do and undo.

My advice is simple. Do all you can to protect your investments and don’t make the mistake of relying on our legal or judiciary system because if you do you are definitely on your own oo

Bros there are other ways to take care such of business and it will not cost you anything. i no believe in police or court system.but we cant discuss it here.....lol don't take me too serious tho.

3strikes!

3strike:





Bros there iare another way to take care such of business and it wont cost you nothing. i no believe in police or court system.but we cant discuss it here.

3strikes!

oga 3strikes where u go since? Na u drop weed for here comot. How are you doing today boss

adeekiti:
oga 3strikes where u go since? Na u drop weed for here comot. How are you doing today boss

I just dey wake sha...still booting...................@.5% now.... well asper the weed thing, I read some of your comments and i have no doubt in my mind that what you smoke before those comments na original. hook me up with your supplier abi make i call you?

3strike:





Bros there are other ways to take care such of business and it will not cost you anything. i no believe in police or court system.but we cant discuss it here.....lol don't take me too serious tho.

3strikes!

Oga 3Strike. I no get Liver for your style ooooo.
Level pass level and your own pass my own well well

EgunMogaji:


Again, I don't take offence online, shyte ain't that serious.

My reality of what's on the ground in Nigeria is actually very good and has served me well. This has saved me from being taken by other Nairalanders this month, and it's only the 14th

One thing, forget Americana, think of me as you as a Nigerian living in Ibadan and you'll stop a lot of the confusion from my postings. The assumption that I'm a clueless ajebota from Yankee I think is a disfavor. Nigeria is not that unique.

Good day.

Bro, I dont make assumptions.
I know you are in Yankee but clueless? haba why will I think like that?
Afterall we all have guys abroad and trust me they are much harder than my guys here so lets no go there.
I was only responding to the contents of your message.
Nothing else oo. Na for NL we meet so I cant afford to make assumptions about anyone here unless we meet for real

brag3:


Bro, I dont make assumptions.
I know you are in Yankee but clueless? haba why will I think like that?
Afterall we all have guys abroad and trust me they are much harder than my guys here so lets no go there.
I was only responding to the contents of your message.
Nothing else oo. Na for NL we meet so I cant afford to make assumptions about anyone here unless we meet for real

Egunmogaji,

What part of big Texas are u @? I dey DFW side......

3strike:



Egunmogaji,

What part of big Texas are u @? I dey DFW side......

I dey Ojulegba Side ooo. Thats the Texas of Lagos

brag3:


I dey Ojulegba Side ooo. Thats the Texas of Lagos

Brag,

you dey ojuelegba 'Texas of lagos" and Mr Cowboy dey treat you like this? Aint you suppose to be a cowboy?

3strike:

Egunmogaji,
What part of big Texas are u @? I dey DFW side......

Me, I dey for Ikorodu, close to Brabus.

Hajji M.

3strike:



I just dey wake sha...still booting...................@.5% now.... well asper the weed thing, I read some of your comments and i have no doubt in my mind that what you smoke before those comments na original. hook me up with your supplier abi make i call you?

oya wake up first make u know sey i no sabi weed, call me na my oga

Oga Adeekiti,

please i need your quote for the following

1200 x 1200

780 x 950


for casement and sliding aluminum window respectively.\

Thanks

3strike:



Egunmogaji,

What part of big Texas are u @? I dey DFW side......

I was there for 5 years but regained my senses and fled back to SoCal

But I was in your side there in North Dallas and worked in Grapevine.

brag3:


I dey Ojulegba Side ooo. Thats the Texas of Lagos

Brabus must be from Isale Eko or Mushin Olosha then.

Nah joke I dey joke o

brag3:



Oga 3Strike. I no get Liver for your style ooooo.
Level pass level and your own pass my own well well

Especially if the adversary happens to be on the same level too.

The judicial system is the way to solve this. I go into every contract with the preparation that I may have to enforce it so I dot all my i's and cross my t's.

EgunMogaji:


I was there for 5 years but regained my senses and fled back to SoCal

But I was in your side there in North Dallas and worked in Grapevine.

Na Big man dey stay CALi o .....Nice 1..Salute!

EgunMogaji:
It's sad to read from seemingly educated folks who have given up completely.

Nigeria is doomed if what I'm reading is a sectional of the real populace and not just online whimperings.

No wonder the foreign entities are coming in and making a killing financially.

Theory is different from practice. The legal framework is just not there. Difficult to get justice via the Nigeria legal system. Almost impossible to enforce contracts.

Do you know any other part of the world where workers go unpaid for 8months? Any part of the world were workers go on strike for 6months? Those are the reality on ground. In Nigeria, agreements are hardly worth the paper they are written on.

Oga 3strike Na u be dat?

adeekiti:
Oga 3strike Na u be dat?

egbon mi long time sir

wanaj0:


Theory is different from practice. The legal framework is just not there. Difficult to get justice via the Nigeria legal system. Almost impossible to enforce contracts.

Do you know any other part of the world where workers go unpaid for 8months? Any part of the world were workers go on strike for 6months? Those are the reality on ground. In Nigeria, agreements are hardly worth the paper they are written on.

I disagree. My reality is different from yours.

Employees have no contract with their employers.

Employment departments of the state should work on behalf of the employees. But then maybe they're not getting paid too.

PS: I know many parts of the world where employees were not paid temporarily, Nigeria is not on Mars and thus not unique.

California has issued IOUs before.

Aminat508:
egbon mi long time sir

hello madam minat, na u be dis .. It's been a while since we help u vote for subbie, u no remember us again, how re u doing today?