Osu pigs hiding their pain behind irrelevant threads

Bragalane:
Don't mind them, the construction should have been left to construction engineers from upper iweka so you can exhibit your foolishness to the fullest.

Your comment shows you're an economic illiterate.
You don't know shishi about Economics, that's why you see nothing wrong in borrowing money from someone for a project and still paying that same person you borrowed from to do the work for you.

You have a beggarly mentality.

Two people are unsung heroes of this project:

1. Rotimi Amaechi
2. Bola Tinubu ( for kickstarting the free trade zone in 2006)

Patriotsleague:

It's even 30%
In Nigeria, the Corporate Income tax rate is a tax collected from companies. Its amount is based on the net income companies obtain while exercising their business activity, normally during one business year. The benchmark we use refers to the highest rate for Corporate Income. Revenues from the Corporate Tax Rate are an important source of income for the government of Nigeria.
Actual Previous Highest Lowest Dates Unit Frequency
30.00 30.00 30.00 30.00 2006 - 2022
https://tradingeconomics.com/nigeria/corporate-tax-rate#:~:text=Corporate%20Tax%20Rate%20in%20Nigeria%20is%20expected%20to%20reach%2030.00,according%20to%20our%20econometric%20models.

This project was driven by Lagos state government, Asiwaju Bola Tinubu, is one of the people that birth this vision, Nigerians from other states should vote in men with business acumen, intelligent men, that create commercially viable cities, rather than these greedy dummies they vote in. Such investment will touch the lives of millions of Lagosians and Nigerians, this is why Tinubu is great, not about importing and selling but creating economic viability, and boosting IGR for the state, providing quality service for Nigerians and increasing the volume of Nigeria's economic capacity. This is how you create national prosperity.

Corporate or company tax is how nations make money.

Do you know they charge some black footballers in Europe up to 30% in taxes on earnings?

What the government is doing is very intelligent, because government can't run companies, a good example was NEPA, and government run organizations, very corrupt, inept and inefficient. Allow private companies invest, tax them, because government don't have enough money to engage in all the profitable ventures, why allow it waste, when the government, economy and people benefits, these are companies that will last hundreds of years.

So your analysis it means that nigeria is taking 55% of the earnings from lekki deep seaport while the Chinese company and Tolaram group take 45% every year? I think thats a bad business for china and would they invest over a billion dollars if they earn less. Would u make such a deal?

Blaze14k:


So your analysis it means that nigeria is taking 55% of the earnings from lekki deep seaport while the Chinese company and Tolaram group take 45% every year? I think thats a bad business for china and would they invest over a billion dollars if they earn less. Would u make such a deal?

Use your brain, stake and taxes are different. Please understand how business works, before you talk, you sound ignorant. These figures are facts. It's open knowledge. It clearly stated, government stake, and company taxes in this case are known by all, let's talk intelligently. Am not arguing here am trying to enlighten. The figures are open for all to see.

Patriotsleague:

Use your brain, stake and taxes are different. Please understand how business works, before you talk, you sound ignorant. These figures are facts. It's open knowledge. It clearly stated, government stake, and company taxes in this case are known by all, let's talk intelligently. Am not arguing here am trying to enlighten. The figures are open for all to see.

Bro we are saying the same thing.. someone invested 75% in a company at the of the day he was taxed 30% of his earnings, obviously he is left with 45%. What is hard to understand its a simple math😂😂

EdoBoy90:
.

Even in PPP, FG is entitled to own 40 or 45%. I think you need to read local content law or trade law

1. FG is not entitled to own anything.

2. He who has the money more or less dictates the terms (well, to a large extent).

3. Foreign investors will usually not invest in such projects unless they have majority shareholding. You either accept it or they go elsewhere.

4. This is largely a Lagos State-driven project. The Federal government only took a token 5% interest because they probably want a seat on the Board of the company so they can monitor its dealings.

5. Most Foreign investors do not want Federal or State government domination in their Joint Venture.

6. Chinese do not own 75% of the port. That share is owned between a Chinese company and Tolaram. Tolaram is a Singaporean company, not Chinese. They are the makers of Indomie in Nigeria.

7. The port will be run on a BOOT basis for 45 fears, after which its ownership will transfer to Lagos State and the Federal government.

8. The Foreign investors will make a lot of money. But they also took the risk of investing their money. If they didn't, the port would probably not have been built in the time and to the standard it was built.

9. If it becomes the hub port for West and Central Africa as planned, it will bring better efficiency to our economy and generate lots of money for all parties, including the Federal Government through customs and other revenue. Think of all the employment it will generate too and the PAYE that goes to Lagos state government.

It is a win win for all involved.

Blaze14k:


Bro we are saying the same thing.. someone invested 75% in a company at the of the day he was taxed 30% of his earnings, obviously he is left with 45%. What is hard to understand its a simple math😂😂

45% in a critical sector as maritime is huge. Companies are in it for a long haul. Do you know how much deep sea ports make daily?

Nigeria is a high value market, investors know, that's why they rush us. Companies look at marginal profits, not rate. It's better to make 10million 1 billion times, than make 100 million a thousand times. This is a fast paced high profit market and sector.

Patriotsleague:

45% in a critical sector as maritime is huge. Companies are in it for a long haul. Do you know how much deep sea ports make daily?

Nigeria is a high value market, investors know, that's why they rush us. 45% profits is a profit margins. Companies look at marginal profits, not rate. It's better to make 10million 1 billion times, than make 100 million a thousand times. This is a fast paced high profit market and sector.

Did Nigeria have the money to develop the port.

It is not even about money alone, does the country have the expertise to develop and run a super-efficient port. Look at Apapa, Tin Can, and the rest. Has it not been chaos for decades?

I think you are focusing too much on what the private investors will make, and not the benefit to Nigeria.

Yes, in an ideal world where Nigeria has the resources and the competence to develop and run an efficient port, one would hope the country would own a majority shareholding in a project like this. But, Nigeria's situation is currently not ideal.

DeLaRue:


Did Nigeria have the money to develop the port.

It is not even about money alone, does the country have the expertise to develop and run a super-efficient port. Look at Apapa, Tin Can, and the rest. Has it not been chaos for decades?

I think you are focusing too much on what the private investors will make, and not the benefit to Nigeria.

Yes, in an ideal world where Nigeria has the resources and the competence to develop and run an efficient port, one would hope the country would own a majority shareholding in a project like this. But, Nigeria's situation is currently not ideal.

I enumerated that, am just trying to tell that guy that both parties benefits in the deal.

Patriotsleague:

45% in a critical sector as maritime is huge. Companies are in it for a long haul. Do you know how much deep sea ports make daily?

Nigeria is a high value market, investors know, that's why they rush us. Companies look at marginal profits, not rate. It's better to make 10million 1 billion times, than make 100 million a thousand times. This is a fast paced high profit market and sector.

If i have a company overseas and the government take 55% of my profit i wont bother investing😂😂

Blaze14k:


If i have a company overseas and the government take 55% of my profit i wont bother investing😂😂

You dont have liquidity, these type of investment are funded by a consortium of financial houses, and big time investment portfolios, not one man business.

To be given to lagos/fg after 45 years

Funny how people argue over what they know nothing about out of spite and envy

The deal is build operate and transfer

The port will be transferred to Nigeria 100% after 45years
Investors own 75% and Nigeria 25% with respect to the Port business FOR 45YEARS . This doesn't capture duties the Customs will make
The investors have to make their money
Remember a 45year investment is a long-term deal how many individuals will invest in a 45year deal how old would such a person be at the end?
Imagine Dangote cement enjoying Obajana
How much equity does Kogi or the FG?

Patriotsleague:

You dont have liquidity, these type of investment are funded by a consortium of financial houses, and big time investment portfolios, not one man business.

Stop engaging that nuisance abeg
He's here to troll . His opinion is driven by sheer hate

please change your heading to "The Lekki Seaport majority Owned By Chinese Company"

00FFT00:
please change your heading to "The Lekki Seaport majority Owned By Chinese Company"

They do not own the Port whether majority of minority
They have 75% ownership of a business that has a 45year concession
The same model exists in property development
Families that do not have money to develop their family home give it to a developer to upgrade and sign to allow the developer enjoy the building for 20years 30 years etc.
This doesn't mean that the developer owns the house
British took Hong Kong from China for 99years and handed it back at the end
.

Ownership is eternal not 45years

omonnakoda:
They do not own the Port whether majority of minority
They have 75% ownership of a business that has a 45year concession
The same model exists in property development
Families that do not have money to develop their family home give it to a developer to upgrade and sign to allow the developer enjoy the building for 20years 30 years etc.
This doesn't mean that the developer owns the house
British took Hong Kong from China for 99years and handed it back at the end
.

Ownership is eternal not 45years

Please, don't lecture me on what I am over qualified to tutor you about. That said, you're obviously an urchin, therefore cannot be reasonably expected to tell a self-respecting truth.

Default on the conditions of that majority shareholding and experience the other side of Chinese global mercantilism. Happy weekend.

00FFT00:


Please, don't lecture me on what I am over qualified to tutor you about. That said, you're obviously an urchin, therefore cannot be reasonably expected to tell a self-respecting truth.

Default on the conditions of that majority shareholding and experience the other side of Chinese global mercantilism. Happy weekend.

Your father is an urchin

omonnakoda:
Your father is an urchin

And your deranged papa wey born a super deranged urchin like yourself is a deranged super urchin

YeeboMuslim:

Stop engaging that nuisance abeg
He's here to troll . His opinion is driven by sheer hate

Sometimes it's good to spend a little time to enlighten people, so we know better.

but why are some people pained with this Lekki port, I don't understand

While the Lekki seaport may seem like something laudable, let's consider the downsides for a moment.. Nigeria through the Lekki ports will become flooded with Chinese products made and packaged in China.What happpens to our young graduates? Which industries will they work in when sooner or later, the industries go extinct from ihigh nflation rate, high costs of diesel etc.

The Chinese TV is right about job creation in China because of the over 200 million Nigerians that will have no other options than to embrace China-made goods in the future. See where corruption has landed us in Africa.

China had nothing when Nigeria discovered oil and started production in Oloibiri.. Same China today is gradually colonizing not just Nigeria but Africa as a whole.

Patriotsleague:

Sometimes it's good to spend a little time to enlighten people, so we know better.

You cannot enlighten him.
He has no interest in being enlightened

Has anyone in this thread put out a source detailing what what stake china has on the port? Also where to get more news on infrastructure projects.

Maazieze:
Has anyone in this thread put out a source detailing what what stake china has on the port? Also where to get more news on infrastructure projects.

Go and do your own research
Do not be lazy
Who did you employ do that for you?

omonnakoda:
Go and do your own research
Do not be lazy
Who did you employ do that for you?

Its important people share the sources they use when talking about this subject otherwise onlookers will be confused where people are pulling percentages from. Its not laziness

Patriotsleague:

You dont have liquidity, these type of investment are funded by a consortium of financial houses, and big time investment portfolios, not one man business.

Well those companies are owned by individuals. My concern is 75% by these companies cos they have the upper hand in terms of the agreement. They would endeavour to make there profit so i really dont think the federal government will have the control over what is being imported into the country and that will very devastating to our economy. Its like we didnt learn from the oil subsidy yet.

flokii:
While the Lekki seaport may seem like something laudable, let's consider the downsides for a moment.. Nigeria through the Lekki ports will become flooded with Chinese products made and packaged in China.What happpens to our young graduates? Which industries will they work in when sooner or later, the industries go extinct from ihigh nflation rate, high costs of diesel etc.

The Chinese TV is right about job creation in China because of the over 200 million Nigerians that will have no other options than to embrace China-made goods in the future. See where corruption has landed us in Africa.

China had nothing when Nigeria discovered oil and started production in Oloibiri.. Same China today is gradually colonizing not just Nigeria but Africa as a whole.

Why are Iboes so spiteful and envious?
There is nothing linking this port or its ownership to obligation to buy Chinese products
On the other hand there is nothing to say existing ports do not facilitate flooding with Chinese products
Countries without Chinese ports are flooded too.

China is an INVESTOR in the port just like the US,Netherlands are investors in our oil and gas
sector
The port will be OPERATED BY A FRENCH COMPANY NOT CHINESE.

This is the major port in Nigeria designed for export processing.
If we do not want to be flooded we must manufacture
MTN presence in Nigeria has not made us slaves of SA

Blaze14k:


Well those companies are owned by individuals. My concern is 75% by these companies cos they have the upper hand in terms of the agreement. They would endeavour to make there profit so i really dont think the federal government will have the control over what is being imported into the country and that will very devastating to our economy. Its like we didnt learn from the oil subsidy yet.

Federal Govt is still the regulator through the Nigerian Ports Authority that will ensure compliance with regulatory standards. Unless NPA doesn't do its job there is nothing to worry about

Maazieze:


Its important people share the sources they use when talking about this subject otherwise onlookers will be confused where people are pulling percentages from. Its not laziness

There is no secret just research
Even on Nairaland there are threads that have addressed that issue

flokii:
While the Lekki seaport may seem like something laudable, let's consider the downsides for a moment.. Nigeria through the Lekki ports will become flooded with Chinese products made and packaged in China.What happpens to our young graduates? Which industries will they work in when sooner or later, the industries go extinct from ihigh nflation rate, high costs of diesel etc.

The Chinese TV is right about job creation in China because of the over 200 million Nigerians that will have no other options than to embrace China-made goods in the future. See where corruption has landed us in Africa.

China had nothing when Nigeria discovered oil and started production in Oloibiri.. Same China today is gradually colonizing not just Nigeria but Africa as a whole.

what have we built by ourselves? we keep complaining about foreigners when what we have we can't even maintain for profitability. Don't we have refineries and ports where our people can work, how have we maintained them? We are too corrupt as a people to build stuff, if we have to outsource, let it be as we can't continue to lag behind because of our usual sentiments