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Four Shades of Grey-Part 1 - The Economic Angle

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Four Shades of Grey-Part 1
- The Economic Angle
In 2006, The Nigerian Council for Privatization(NCP) Put some of our National Assests for sale in one of the most Revolutionary yet imperfect Economic Turn around decision by The Obasanjo Administration.
Just Like Osibanjo, His Kinsman Obasanjo came here 11 Years ago to commission The Restructured Eleme Petrochemicals.
The Eleme Petrochemicals was first commissioned in 1996, This Company Cost Nigeria over $2 Billion to Build and set up. Despite its great potential and ability to operate profitably, the company was drawing from the Nigerian Treasury to remain afloat. Between 1999 and 2004, it had total liabilities of N210.13 billion(Over $1.5 Billion accumlatively as at then). In fact, it got subvention of N22.45 billion. However, with its privatisation in 2006, which has nursed it back to health, the Federal Government not only is relieved from continuous funding of an otherwise commercially viable enterprise, but has, for the first time, received dividends thereby, on its 15 % remaining equity in the company.
The company was beset by the usual problems that constrain the performance of most "PUBLIC" enterprises— poor plant maintenance, lack of adequate working capital, poor management/bureaucratic approach to commercial business issues, high debt profile, etc— which led to the decision of the Federal Government to privatize it.
The Indian Group "Indorama" got this Establishment that Had Gulped over $3.5 Billion from Nigeria for a Paltry sum Less than $250m in one of the most "TRANSPARENT" Bidding processes Ever. It was a Huge Loss and Terrible Deal for Nigeria but at Least We are still making some Profit After The sale of 75% of our shares at The Instance of Privatization. Nigeria made N3.21 billion in 2008; N3.55 billion in 2009; and N1.69 billion in 2010 (half-year Dividend)
In 2014, The Federal Government made $46m as Dividend to the Federal Government for it's 15% shares.
The Dr.Peter Odili Led Administration saw the Opportunity of privatization and Took it on Behalf of Rivers People. I wouldn't bug you with the too many stories of how his Hard work and commitment secured 10% shares in that company for us.
In mid 2012, Indorama Through their Ever Daring Ability decided to Build the World Largest Fertilizer Plant in Eleme,Rivers State.
By 2013, They started the Project with Rivers State still Retaining the 10% shares in this New project.
This happens to be Odili's Greatest Economic Legacy for Rivers People
I talked about How the Government can make "SMART" Investments and Build Industries that would be Run by Private Investors which in Turn would provide Jobs for Rivers People and improve our Economy as a Nation and Someone started running his mouth like Diahorrrea about How It is Government's duty to provide An Enabling environment for Investors and not invest in Building Industries That can be ran by profitably by Private Investors with little investment from them, Let's say 80-20..
I remember that conversation like Yesterday..
Where would Rivers State have gotten $31m from in 2014 If Odili had not made this Investment 11 Years ago?
Where would Nyesom Wike have gotten the Collateral to Collect a Loan of N10 Billion in 2016 Last Year If Odili hadn't made this Investment 2006?
Where would Rivers State get at least $60m-$70m Annually(From both the Petrochemical plant and the Fertilizer Plant) If Odili Hadn't made this Investment that later built the Largest Fertilizer Plant in the World 11 Years ago?
Today, This Investment provides over 4,000 direct and Indirect Jobs, provides 450 Companies with Raw Materials locally and Globally,Generates Forex for The Nigerian Economy and gives the Manufacturing Sector Bragging Rights.
The Fertilizer plant's Total Potentials is something out of this world
Must we keep shouting "WE ARE CREATING AN ENABLING ENVIRONMENT FOR INVESTORS" When we can decide to swim with The sharks?
Would we have made this kind of Investment in Recent times when the Narrative is Fixated on Creating Enabling Environment for Investors who are leaving this country every day?
We spent N170 Billion on Roads in 2 years..Give me N170 Billion and I would turn Rivers State into SINGAPORE
You that is saying
Who is He? What does He know?
I don't Blame You, You are under and That's How You Rate me..
However, We Rather build a Guest House for the Chief of Army Staff who would come declare an Operation "Owugiri Dance" in 2019 just to chase Nyesom Wike Out of Government House..APC will remain APC
In December 2016, We cried "The Commissioner of Police used the Vans our Governor bought for him to use for Security to disrupt our Pdp National Convention"
In 2019, May Our Governor not cry again saying "The House I built for The Chief of Army Staff was the House He slept inside the Night before They ......."
Why don't we begin to put our money into Profitable ventures that would provide more Revenue for Government,Provide jobs for our people and Grow the dieing Nigerian Economy than projects that will call for Maintainence in Few Years to come..
Eleme Petrochemical is 21 Years Old, With Great Managerial Skills, It's standing strong and Generating Mad Block Money after Privatization in 2006(11 Years ago)..Imagine If Rivers State Government had the 75% shares owned by the Indians?
Show me one Road done by even The Almighty Julius Berger in Rivers State that has lasted for 21 Years without a single maintenance work and I would stop Thinking "GLOBAL" and start Talking "LOCAL"
Lest We forget "Wike is Working"
Okazu Powers


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