China Railway Construction Corporation (CRCC), according to the Lagos State government, was paid $1.5 billion for the Lagos railway project but the Chinese construction company while submitting their records to the Hong Kong Stock Exchange as mandated by Chinese law claimed that that they were paid RMB1,256 Billion ($172.6 million) for the Blue Light Rail project but the Lagos State government claimed the project cost $1.5 billion. Over $1.3 billion has been pocketed by some elements, spearheaded by a wobbly godfather.

Project inflation is not new to the agbado landlord and his urchins but this is taking it to a whole new level. Imagine this klept. as your president, agboro-ism will be imported to the federal level, we'll have budget for settlement for pol appointments and a govt that will tell you to shurrup when you dare to challenge or question then.
If you think bihari is bad then test agbado and see. It will be like frying pan to fire.
Go collect your PVC and vote wisely.

Kasala don burst oh....

Gbege go happen before Bubu handover oh....

Hehe he

Kai....we greedy and wicked sha.....

Wetin these people wan use all these money do?

That's why they sleep on one project. Inflate the costs and drag till the end of the tenure and then disturb us with it

Can you imagine, you can see the reason why they are desperate to hold on to Lagos state in 2023.

Seen this long ago...

Dude, stop peddling debunked rubbish, that $172 million was for feasibility study.

At your age, you still don't know that you can not even buy trains for $172 million talk less a whole 26km rail system with many massive train stations.

You people need to start using your brain and stop embarrassing Nigeria

Handwork of drug lord.

plaindealer:
Dude, stop peddling debunked rubbish, that $172 million was for feasibility study.

At your age, you still don't know that you can not even buy trains for $172 million talk less a whole 26km rail system with many massive train stations.

You people need to start using your brain and stop embarrassing Nigeria

Well the cost of such a project should be btw $15m to $30m per km which at 26km will be running some $800m to $1bn max, like you said the info get as e be.

Really

Sanchez01:
China Railway Construction Corporation (CRCC), according to the Lagos State government, was paid $1.5 billion for the Lagos railway project but the Chinese construction company while submitting their records to the Hong Kong Stock Exchange as mandated by Chinese law claimed that that they were paid RMB1,256 Billion ($172.6 million) for the Blue Light Rail project but the Lagos State government claimed the project cost $1.5 billion. Over $1.3 billion has been pocketed by some elements, spearheaded by a wobbly godfather.

Even if Tinubu is a chronic thief, this is disinformation.

Sanchez01:
China Railway Construction Corporation (CRCC), according to the Lagos State government, was paid $1.5 billion for the Lagos railway project but the Chinese construction company while submitting their records to the Hong Kong Stock Exchange as mandated by Chinese law claimed that that they were paid RMB1,256 Billion ($172.6 million) for the Blue Light Rail project but the Lagos State government claimed the project cost $1.5 billion. Over $1.3 billion has been pocketed by some elements, spearheaded by a wobbly godfather.

Don't talk to what you don't know much about, your conclusion shows you do not have a good knowledge of Financial accounting and Auditing.
In construction accounting, construction companies are only allowed to recognize the proportion of the contract revenue they are handling that relates to the particular accounting year under consideration, in order words, financial statements do not contain the face value of contracts at hand as the period of execution of such contracts will span many years, so you are only allowed to recognize revenues from such contracts for a particular accounting year. For example, Julius Berger Construction Company in Nigeria will not reflect the total value of the contract won/ handles in one single year but spread the revenue over the life span of the contract and depending again on the work done and how much has been paid.
Issues of financial accounting is a professional issue. I hope this explanation helps some dudes out there

Sanchez01:
China Railway Construction Corporation (CRCC), according to the Lagos State government, was paid $1.5 billion for the Lagos railway project but the Chinese construction company while submitting their records to the Hong Kong Stock Exchange as mandated by Chinese law claimed that that they were paid RMB1,256 Billion ($172.6 million) for the Blue Light Rail project but the Lagos State government claimed the project cost $1.5 billion. Over $1.3 billion has been pocketed by some elements, spearheaded by a wobbly godfather.

nyamurin why can't you face whats happening in biafla

Tinubu's Lagos.... Tinubu has the lion share of that loot.

maxnedu11:


Well the cost of such a project should be btw $15m to $30m per km which at 26km will be running some $800m to $1bn max, like you said the info get as e be.

You meant they built the red and blue lines including massive stations and bought trains and coaches, laid 26k, tracks and construct a rail bridge over the Lagos lagoon with just $172 million.

Back to your post.

You sound authoritative with your money figures and how much it should cost, why?

Is it because you drew up the plans and you know all the technical details, you are also a rail construction engineer and expert and you know the cost of rail materials, cost of labor, cost of materials, cost of signalings, power generation, and countless other details.

Beats me why some of you make wild and absolutely ignorant statements without credible facts.

loosecanon50:
Tinubu's Lagos.... Tinubu has the lion share of that loot.

Tinubu.
THE JAGABAN OF BORGU.
THE 16TH PRESIDENT OF NIGERIA GOD WILLING.

For the illiterates,

This is a similar 27km metro rail system in Lahore, it's the same cost, $1.5 Billion..

maxnedu11:


Well the cost of such a project should be btw $15m to $30m per km which at 26km will be running some $800m to $1bn max, like you said the info get as e be.

Sadly for your bogus, ill-informed and uneducated figures, it cost 10 X more per km in Athen and 109 per king in Cairo.

It's very sad and disheartening to read the embarrassing and ignorant things many of you post on NL, you even say ignorant things authoritatively when in fact you sound uneducated.

How hard is it to even google to learn more about the things you say before you embarrass yourself?

Na Tinubu get Lagos, he should fix it.

plaindealer:
For the illiterates,

This is a similar 27km metro rail system in Lahore, it's the same cost, $1.5 Billion..

I dont understand your discomfort we are still saying same thing i said $1bn you fall out $1.5bn after research ��. You have to cool down a bit.

maxnedu11:


I dont understand your discomfort we are still saying same thing i said $1bn you fall out $1.5bn after research ��. You have to cool down a bit.

Half a billion is a huge gap.

Lagos Metro is even cheaper, especially considering the fact that they built a rail bridge over the Lagos Lagoon.

Hehehe

Bobo Chicago has diverted the rest fund while his foot stooge cum miscreants are here roaming and defending him on an empty stomach...

Thank God the rest of Nigerians have seen them for slimmy, deceptive and evil creatures that they are.

plaindealer:



Half a billion is a huge gap.

Lagos Metro is even cheaper, especially considering the fact that they built a rail bridge over the Lagos Lagoon.

I understand all these are rough estimates, i think the cost of projects in lagos and the executions are roughly fair compared to what we see happen in other parts of this country. You will see bills padded by close to 150% in some states but because they arent popular nobody gets to talk about them..lol

The kind of padding and cutting corners, kickbacks are leaders are into is what is engulfing us presently...




Thank God ObiDatti is now to rescue us

plaindealer:
Dude, stop peddling debunked rubbish, that $172 million was for feasibility study.

At your age, you still don't know that you can not even buy trains for $172 million talk less a whole 26km rail system with many massive train stations.

You people need to start using your brain and stop embarrassing Nigeria

Baba face the truth... They have stolen d money... Leave all these long talk..

U dey sell train?

If the trains are so expensive like airplane, then why is d t fare cheaper?

you imagine, can why Lagos ... Hello, check my profile if you need help with your personal statement, statement of purpose, dissertation, thesis, or assignment.

plaindealer:
Dude, stop peddling debunked rubbish, that $172 million was for feasibility study.

At your age, you still don't know that you can not even buy trains for $172 million talk less a whole 26km rail system with many massive train stations.

You people need to start using your brain and stop embarrassing Nigeria

Over $170 million for feasibility study? To be an agbado is a curse

Sanchez01:
China Railway Construction Corporation (CRCC), according to the Lagos State government, was paid $1.5 billion for the Lagos railway project but the Chinese construction company while submitting their records to the Hong Kong Stock Exchange as mandated by Chinese law claimed that that they were paid RMB1,256 Billion ($172.6 million) for the Blue Light Rail project but the Lagos State government claimed the project cost $1.5 billion. Over $1.3 billion has been pocketed by some elements, spearheaded by a wobbly godfather.

A 2010 report

maxnedu11:


Well the cost of such a project should be btw $15m to $30m per km which at 26km will be running some $800m to $1bn max, like you said the info get as e be.

And the trains ? Are they coming for free? The stations and it’s infrastructure?