seguno2:
A private company hikes tolls on a concession that the government has bought back and you are saying Lagos is working?
Is stealing and working the same thing

Lekki-Epe Road: LASG Restructures LCC Loan, Saves N10bn
June 29, 2016

* Secures 21.16% loan reduction from international leaders

The Lagos State Government on Wednesday disclosed that it had effectively restructured N25.3 billion credit facility, which local and international lenders granted it to buy back the Lekki Concession Company (LCC), the concessionaire of the Lekki-Epe expressway.

Also, the state government revealed that it was able to secure 21.16 percent reduction through the restructuring of the credit facility, which the Securities and Exchange Commission (SEC) granted it in November 2013 during the administration of former Governor Babatunde Fashola (SAN).

The state government disclosed the credit restructuring in a statement by its Commissioner for Information & Strategy, Mr. Steve Ayorinde, who noted that the State Executive Council had finally approved the deal.

Ayorinde explained that the administration of Governor Akinwunmi Ambode “has paid a total of N9.8billion in full and final settlement of LCC’s indebtedness to its international lender, which granted a 21.16 per cent reduction to the State.”

Consequently, the commissioner disclosed that a whopping sum of N3.15 billion had been saved from the restructuring of the credit facility the Fashola administration obtained about one year and six months to the end of his second term.

He said that in addition, local lenders, whose interest rate was 18.5 per cent at the consummation of the facility, “offered a 12 per cent haircut and also fully paid with a restructured loan at 13.5 per cent, thereby creating a savings of N8.7 billion for the state government.”

https://www.thisdaylive.com/index.php/2016/06/29/lekki-epe-road-lasg-restructures-lcc-loan-saves-n10bn/

pisolution:
Aug 28, 2013
In a dramatic turn of event, the Lagos State government is buying back the concession rights it granted Lekki Concession Company (LCC) to reconstruct the popular Lekki-Epe Expressway.

The concession right which would have seen LCC reconstructing the road towards Epe, with three different tolling points, had been a subject of controversy from the beginning – trailed by agitations and mass protests by the residents of the Lekki corridor, backed by civil rights groups.

The concession agreement, which underpins the “Lagos Infrastructure Project”, was to involve upgrading and creating new road infrastructure along the first 49.4km of the Lekki-Epe Expressway (Phase I). Additional private sector finance was also to be deployed towards developing the first 20km of the coastal road with an option to do the Southern Bypass as well (Phase II).

In keeping with the globally established BOT model of infrastructure delivery, the concessionaire was to operate and maintain the road for the full 30-year term of the concession, and then hand over the assets to Lagos State in good condition at the end of the concession term.

In this way, Lagos State was to enjoy new world class infrastructure as a direct consequence of the agreement and users of the road would positively experience the service-based approach that was to be adopted by the concessionaire to deliver certain benefits to the people.

The benefits were to include convenience – traffic decongestion, easier access to and from the Lekki-Epe corridor, breakdown and recovery assistance, ambulance service, and customer call centre.

Other were shorter journey times, reduced wear and tear on motor vehicles, reduced fuel consumption by road users, security – law enforcement, better street lighting, reduced risk of “go slow robbery among others.

Although there was official explanation on why the state government is buying back the concession rights, BusinessDay, however gathered that it may not be unconnected with the difficulty of sourcing funds to prosecute by LCC.

There have been complaints in several quarters over the decision of concessionaire to start collecting tolls on the road when the construction is still ongoing. Many watchers of events in the state had argued that tolling amounted to collecting monies from the citizens to build road as against sourcing funding elsewhere and completing the road before commencement of tolling.

Governor Babatunde Fashola in a letter dated August 19, 2013 sent to Adeyemi Ikuforiji, the Speaker of the state House of Assembly, seeking to amend the 2013 budget size of N499.105 billion to accommodate additional N7.5 billion. This will increase the budget to N507.105 billion, in what is intended to fund the buying back of the concession rights.

Fashola said in the letter, that “the proposal for further amendment is largely predicated on the need to fund the acquisition of existing concession rights and toll revenue benefits held by the Lekki Concession Company, the concessionaire for the Eti-Osa-Lekki-Epe expressway. This will effectively accelerate the transfer of ownership of the road to the state, leaving the state with wider policy options with regards to that important road infrastructure.”

In order to address these issues, we have proposed a two-prong approach; namely, re-ordering some expenditure provisions and also direct supplementation of the year 2013 budget. These will entail an increase in the overall budget size by N7.5 billion. This is against the a background of a projected shortfall of N22.5 billion in budgeted internally generated revenues (IGR) which now needs to be covered by additional borrowings,” the governor said.

Fashola stating further in the letter which was read on the floor of the House on Tuesday, said “we also need to restructure our borrowing plan as the N30 billion World Bank DPO II will no longer materialize in 2013. In effect, we will need to issue bonds totaling N87.5 billion this year, instead of the N35 billion originally envisaged, in order to cover the shortfall in the IGR and the delay in disbursement of DPO II, so as to be able to finance the acquisition of the concession rights and take control of the toll regime for the benefit of our citizens.

The re-ordering and direct supplementation being proposed have brought the budget size to N507.105 billion from N499.605 billion and the capital/recurrent ratio to 58/42 as against 54/46 in the approved budget,” Fashola said. BusinessDay recalls that the 2013 budget earlier passed by the House was assented to by Governor Fashola on January 2, 203.

Meeanwhile, in a swift action, the House of Assembly has approved the governor’s proposal to acquire the existing 5v 6 concession rights and toll revenue benefits held by the LCC and the supplementary budget proposal read on the floor by the Clerk of the House, Ganiyu Abiru.

Source: http://www.magazine.believersboard.com/lagos-buys-back-concensioned-lekki-epe-expressway/

LaudateII:


You are the one deceiving your ungodly self. What do the Apapa or Tincan ports in Lagos, have to do with the toll-gates in Lekki? What exactly do the ports, have to do with govt increasing toll-gate fees in Lekki? Do you even know where Lekki is located in Lagos?? Must you show everyone how many clueless comments you can dish out?

Your sister Kemafor Chikwe was Minister of Transport under OBJ, she did nothing about Onitsha Port. Your brother the late Ojo Maduekwe was also a former Minister of Transport, what did he do about Onitsha port? Now, your fellow man Rotimi Amaechi is the current Minister of Transport. And the ports fall squarely under his brief, what has he done about Onitsha port?

For your information, Onne port is working very well, but importers from your region would rather consign all their shipments to Lagos ports. Did anyone hold a gun to their heads, to do so?? Abeg, swerve go one side, if you no sabi wetin dey happen!

If the other 4 or 5 Nigerian ports in Nigeria are active n if Kogi n Benue had river ports, Goods worth billions of dollars needed/purchased by SE, SS n NC n NE won't dock n clear in Lagos n then get transported thru road to those areas, It will go straight to those areas n this will decongest Lagos in a few years.



Onne Port is not working very well, It's mostly a naval base for the Nigerian navy, OBJ singlehandedly did that. Wen Onne port was active, the SS, SE n parts of middle belt do not buy tokunbo cars, "okrika" clothes, electronics, etc in Lagos state, We buy them in rivers state n we buy plenty of stuffs in okrika. U have never been to rivers state in ur entire life talk more of visiting Onne n Ur here dabbling into spheres u have no knowledge about.


Your brother fashola has been minister for power, works n whatever for 3 years now, what has he done for the SW? How many power plants has he built in the SW? Ur here telling me nonsense about Igbo minister for works.

I really wander why Yoruba people sitting in far away Ogbomosho n Ibadan will stick their mouth on matters across Nigeria. The average Yoruba Man has never left the SW for his entire life so i wander what gives them the guts to talk in public.

nurshah:



Trust me even if govt reactivate those routes population wrong drop.. Population of Lagos isn't as a result of sea ports

Virtually everything needed by over 150 million people come in thru Lagos. There's nothing else to discuss.

PrecisionFx:




Virtually everything needed by over 150 million people come in thru Lagos. There's nothing else to discuss.

Read to understand dear you are arguing out of Point you.. Read to understand and until you do you can't grow mentally
Have a wonderful weekend

Wickedness in high places. They never even considered the hardship in the land foisted on us by the same party at the national level. Everything in this country I am Beginning to believe is actually designed to frustrate the hell out of the docile sheeps called the citizens.

nurshah:


Apart from that the increment isn't even on just the cleaning sef... Its sha not fair that pple are made to pay for a loop hole in government

For me the increment is too much, in fact me no dey pay toll, I take the alternative route

nurshah:



Read to understand dear you are arguing out of Point you.. Read to understand and until you do you can't grow mentally
Have a wonderful weekend

There is nothing to understand. Any country on earth with one seaports ALWAYS gets over populated. It's basic 1 + 1.

cbrass:


For me the increment is too much, in fact me no dey pay toll, I take the alternative route

U use gasoline or bicycle to take the alternative route?
.

Please what is fine about lekki exp way that they have to increase the toll fare for, Nigerians and mediocrity and eye service! In 1976- 1980's other countries were celebrating underground tunnels and state of the art bridges etc and here we are being asked to pay extra, more than those countries pay for government to simply tar the road!

How can anyone say LAGOS is working the rate of lawlessness in Lagos is unprecedented, people driving the wrong side of the road is the new normal in Lagos state, ambode can't even handle the refuse which make me wonder why he stopped a system that was working. Please eko ti baaje tan! l

Bossontop:

Heheh.....i lyk fyn tin i lyk fyn tin u forget say better soup na money kill am abii....price ov development....lagos iz realy working
Hahah!!!

We are all cowards in LAGOS including LALASTICLALA(na joke oo)..we can either behave civilized SUE the LASG or demolish the toll gate ...make THOR hammer do am

daamazing:
Na so all of Dem broke reach and Dem dey buy car

This mentality is what makes the country remain bad, suffering and smiling . It's not about being broke, it's about government exploitation and people need to stand up and speak. Lagos has more than enough internally generated revenue, this is senseless.

Zoharariel:
Today, it took me 3hours to get to Victoria Island from Lekki via the alternative route due to maddening traffic.

To make it worse, a truck carrying building blocks got stuck on that Oniru Market Road. I thing I noticed today was that the usual traffic on that alternative route quadrippled.

Speaking for myself - As Ambode & Tinubu (The owner of LCC) have decided to frustrate me due to their insatiable appetite for greed, all the visible & the invisible irunmoles shall frustrate you & your families including close associates by the authority of Obatala, Ogun Lakaaye Oshimale & Eshu Laalu Ogirioko.

Tinubu - Lagos State shall slip away from your grip & all the evil you have perpetrated in Lagos shall be exposed to the world.

As for Ambode, with that his ugly ninja-turtle head, you shall be replaced with Jimi Agbaje come 2019. Every source of joy in your life shall turn to sorrow henceforth.

May Ogun Laakaye Oshimale bath with the blood of any bastard that speaks in defense of these thieves!

Are you okay at all? You sound depressed and suicide like.

ipobarecriminals:
I dnt have apology for campaign for this APC govt..Abeg,somebody shud tell Ambode that lagosian are suffering. .The sufa wey i sufa in traffic from lekki to Ayobo last weekend nor be here .I pity peep that shuttle between ikeja to iyana ipaja

Egbon me. Na only you fit understand wetin I dey pass through to get Marina everyday from Ayobo. Wahala ti poju...

Our Prophet has prophesized, sit and watch as all he sad unveils
1. Fulani herdsmen killings n creation of cattle colonies to strengthen the blood sucking demons.
2. Islamizing the conquered colonies.
3. But God been on our side we will overcome.
Nnamdi Kanu is a true Prophet.

Our Prophet has prophesized, sit and watch as all he said d unveils
1. Fulani herdsmen killings n creation of cattle colonies to strengthen the blood sucking demons.
2. Islamizing the conquered colonies.
3. But God been on our side we will overcome.
Nnamdi Kanu is a true Prophet.

PrecisionFx:
If the other 4 or 5 Nigerian ports in Nigeria are active n if Kogi n Benue had river ports, Goods worth billions of dollars needed/purchased by SE, SS n NC n NE won't dock n clear in Lagos n then get transported thru road to those areas, It will go straight to those areas n this will decongest Lagos in a few years.

Onne Port is not working very well, It's mostly a naval base for the Nigerian navy, OBJ singlehandedly did that. Wen Onne port was active, the SS, SE n parts of middle belt do not buy tokunbo cars, "okrika" clothes, electronics, etc in Lagos state, We buy them in rivers state n we buy plenty of stuffs in okrika. U have never been to rivers state in ur entire life talk more of visiting Onne n Ur here dabbling into spheres u have no knowledge about.

Your brother fashola has been minister for power, works n whatever for 3 years now, what has he done for the SW? How many power plants has he built in the SW? Ur here telling me nonsense about Igbo minister for works.

I really wander why Yoruba people sitting in far away Ogbomosho n Ibadan will stick their mouth on matters across Nigeria. The average Yoruba Man has never left the SW for his entire life so i wander what gives them the guts to talk in public.

You know your problem? You are empty. And only empty people jump to wrong conclusions. The more you talk, the more you expose the emptiness in your mind. I asked you earlier: What does the increase in the toll-gate at Lekki, have to do with the Apapa or Tincan ports? Instead of giving a logical coherent answer, you embarked on a rant that was long on words, and meaningless in content.

You have been wired to see everything from the point of view of import and export. That is why you keep chanting "port, port, port...." like a two year old toddler. Is your name Saka? Lekki toll gate is quite far from the Apapa & Tincan ports, and it is NOT even a market for goods, or merchants. Onne port that you mentioned, is quite functional and it is NOT a naval port. Merchants, companies, logistic firms etc., import and clear their goods from there on a daily basis. Ask Erico2k2, who has done so several times in the past. Only Sapele port is a naval port. Kindly get your facts right. Here are some people who know wht is going on at Onne and Warri ports:

https://www.nairaland.com/4277863/gelegele-seaport-development-begin-obaseki/3

erico2k2:
Now this is for you lot who dont know the port of ONNE is functional plz go fru this link.Thank me later
https://www.marinetraffic.com/en/ais/details/ports/803/Nigeria_port:ONNE.
that site is in real time and will tell you what and waht is at the Port right about this moment to the nearest second
cc..

erico2k2 post=64036873:

Oga I have just one question for you. Have you ever in your life been to Onne port ? ??have you been to the Onitsha ports ?
You lot will just come on line open that Gutter you call mouth and type craaaap . I shipped my 40 ft Container frm China to Onne port Feb last year . The traffic at Onne port is available FOC online to see what vessels arrive and depart . Make una get sense small .

sunbreaker:
You are crying that Warri port is not open after you people kidnapped 50% of port official,offshore workers and wake up overnight to block the entrance to the port in the name community royalty fund(community boys wan collect money).Whom do you think it will be fooled to bring its importation/exportation to the region? Better go and reorientate your people

As for you saying Fashola is my brother, it shows how clueless and myopic, your ability to reason has become. How on earth is he my brother? Do I come from the SW? Why do you people think that everybody who disagrees with your perspective, comes from the SW? If you want anything to be done about the ports, write a petition to Rotimi Amaechi your Ikwerre brother, who is the current Minister of Transport, and has the power to turn things around. Don't come and wail on NL.

For your information, I have worked in Port-harcourt and Aba. My former office was on Trans-Amadi road. So stop making wrong assumptions. Assumptions are the mother of all fvck ups. Your rant about a Yoruba man sitting in Ogbomosho sounds ridiculous. You need to tell us who the Yoruba man is, and why you feel so offended by people from that ethnic group. Did one of them steal your wife?

The former transport ministers from your region, failed woefully to turn the ports around. Let us hope Amaechi would not be like them. Now, biko kindly take your rants away from my mentions. Daalu zi!

nurshah:
Trust me even if govt reactivate those routes population wrong drop.. Population of Lagos isn't as a result of sea ports

You dey listen to that mumu?

LaudateII:

Stop that! If you own a car and you pay 300 naira x 2, in order to pass through the Lekki-Ikoyi toll gate every day, won't it add up to something substantial, at the end of the year? And there are 2 toll gates on either side of Lekki Phase 1. The 1st one is right on the road that leads to Victoria Island, and the 2nd one is on the bridge that leads to Ikoyi. Either way you must pass one or both at least twice a day, if you live or work inside Lekki.

Why didn't they put those same toll gates at Apapa, Ikeja, Ilupeju, Gbagada, Surulere, Yaba, Ebute Metta, Magodo, Eko Atlantic, Epe or even inside Old Ikoyi itself? Dem talk say na only Lekki people dem fit exploit?

The other part that is truly annoying, is the hopeless traffic jam that has bedevilled both toll gates. To ascend or descend the Lekki-Ikoyi bridge, you cannot help but spend 30 - 45 minutes in traffic every single day, before you get to the toll-gate. The same thing goes for the V/I end. It is a classic case of suffering and smiling. Were these toll-gates created to make life difficult for people in that area? Na wetin?

You are very right,i don't reside in lagos anyways.Here we don't do toll gates.

LaudateII:


You know your problem? You are empty. And only empty people jump to wrong conclusions. The more you talk, the more you expose the emptiness in your mind. I asked you earlier: What does the increase in the toll-gate at Lekki, have to do with the Apapa or Tincan ports? Instead of giving a logical coherent answer, you embarked on a rant that was long on words, and meaningless in content.

You have been wired to see everything from the point of view of import and export. That is why you keep chanting "port, port, port...." like a two year old toddler. Is your name Saka? Lekki toll gate is quite far from the Apapa & Tincan ports, and it is NOT even a market for goods, or merchants. Onne port that you mentioned, is quite functional and it is NOT a naval port. Merchants, companies, logistic firms etc., import and clear their goods from there on a daily basis. Ask Erico2k2, who has done so several times in the past. Only Sapele port is a naval port. Kindly get your facts right. Here are some people who know wht is going on at Onne and Warri ports:



As for you saying Fashola is my brother, it shows how clueless and myopic, your ability to reason has become. How on earth is he my brother? Do I come from the SW? Why do you people think that everybody who disagrees with your perspective, comes from the SW? If you want anything to be done about the ports, write a petition to Rotimi Amaechi your Ikwerre brother, who is the current Minister of Transport, and has the power to turn things around. Don't come and wail on NL.

For your information, I have worked in Port-harcourt and Aba. My former office was on Trans-Amadi road. So stop making wrong assumptions. Assumptions are the mother of all fvck ups. Your rant about a Yoruba man sitting in Ogbomosho sounds ridiculous. You need to tell us who the Yoruba man is, and why you feel so offended by people from that ethnic group. Did one of them steal your wife?

The former transport ministers from your region, failed woefully to turn the ports around. Let us hope Amaechi would not be like them. Now, biko kindly take your rants away from my mentions. Daalu zi!

Oh my, What an elongated epistle. Sincerely I couldn't read much of it.

Ur only problem is that ur fuul, So fuul to the brim with trash dat ur brain doesn't allow any new information to seep in.


Toll gate n other services in Lagos always experience steady price increase over the years n this is because of the extremely high n steady rise in Lagos population.
Toll gate fees has to increase because Lagos state govt needs money to run the state n the bill keeps increasing n Lagos cannot afford it. Some years back it was announced that LASG were heavily owing WAEC, they couldn't pay up for the residents residents Lagos they registered waec for on credit.

The prices of very other service in Lagos keeps increasing steadily because everyone in Nigeria wants to come to Lagos n establish their business, get a job or even move permanently to Lagos with no job or money.

Until Nigeria is run like a sane country where every region would have for example "A seaport/river port", Lagos will bear the brunt of this shithole n life will remain uncomfortable for everyone in Lagos.

PrecisionFx:
Oh my, What an elongated epistle. Sincerely I couldn't read much of it.

Ur only problem is that ur fuul, So fuul to the brim with trash dat ur brain doesn't allow any new information to seep in.

Toll gate n other services in Lagos always experience steady price increase over the years n this is because of the extremely high n steady rise in Lagos population.
Toll gate fees has to increase because Lagos state govt needs money to run the state n the bill keeps increasing n Lagos cannot afford it. Some years back it was announced that LASG were heavily owing WAEC, they couldn't pay up for the residents residents Lagos they registered waec for on credit.

The prices of very other service in Lagos keeps increasing steadily because everyone in Nigeria wants to come to Lagos n establish their business, get a job or even move permanently to Lagos with no job or money.

Until Nigeria is run like a sane country where every region would have for example "A seaport/river port", Lagos will bear the brunt of this shithole n life will remain uncomfortable for everyone in Lagos.

Guy, each time you raise a point, and your points are roundly debunked, you digress and shift the goal post. Earlier on, you alleged that the toll fees were increased, because the govt failed to provide a functional sea port in your region. This assertion was roundly refuted, and examples were cited to show it was untrue.

Now, you are saying that "Toll gate n other services in Lagos always experience steady price increase over the years n this is because of the extremely high n steady rise in Lagos population." Guy, tell us how many times have the toll gate fees been increased in Lagos, with dates and proof. Kindly do not attempt to substitute facts with propaganda.

Yes, some other services provided by the Lagos State govt have increased over the years, but toll gate fares were not increased, because right from the onset, people felt the initial toll charges were rather high, at the time they were fixed. Population is increasing in Lagos, because state governors of other states have failed to make their states conducive for employment and investment. They also failed to develop corresponding infrastructure, to improve the lives of citizens and small businesses, within their territories.

You cannot blame Lagos state govt for the influx of people on a daily basis, because right from the days of Mobolaji Johnson who once governed the state, to the time of Tinubu, Fashola and Ambode the current governor, the state has made massive investments to upgrade the infrastructure and improve the ease of doing business, (to a certain extent), within its' domain.

Every year, Lagos state hosts Ehingbeti Summit to attract international investors and foreign businesses to the state, and portray it as the best place to do business. If state governors in other regions especially your own, can do similar things to what Lagos is doing, or set up projects to adequately employ, train and engage people, then the exodus from your area, would greatly reduce.

Finally, you keep calling this country a "shithole." Yet you live within it. Since you already live inside a "shithole", what does that make you? Shiit?