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Old 02-16-2010, 08:25 AM
ontheground ontheground is offline
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Join Date: Feb 2010
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Re: Beware of Shayaz Nigeria Limited

biztransparency,

While the information you have accumulated doesn't speak negatively of Shayaz, let me bring to light so additional insight:

1. The delays with commencement on the Rivers State refinery project fall completely on the Rivers State Government. The agreement you speak of requires that Rivers State provide all the necessary licenses and permits.

2. Shayaz placed (as is public knowledge) the $1M USD deposit requirement. Of all those attempting to build refineries in Nigeria, Shayaz is the only company I am aware of to have met this requirement. Most have used political influence or worse to expedite the process. Shayaz should be commended for sticking to its guns and continuing to hold the higher ethical line.

3. Regarding Ethanol plants, Alhaji Yaro's trip to Brazil last year concreted plans to bring ethanol production to the Northern part of Nigerian. As with this and other projects, they are PLANS. I have yet to hear from any Shayaz employee or partner that anything has progressed past planning.

4. Regarding Ajaokuta Steel Company, you have rightly said that Shayaz is seeking to complete a public/private arrangement with the Federal Government of Nigeria. Shayaz has hosted several technical and financial partners to ensure its ability to perform SHOULD it be awarded the facility.

In short, the CEO of Shayaz seems to be quite ambitious. No one should fault him so long as he remains honest in presentation.

I hold to your thoughts that potential investors, as in any investment, should proceed with caution and full due diligence. In this case, they will find the facts stack up on the side of Shayaz. To condemn a project because of a delay of a year given the magnitude of the project is absurd. Gov. Amaechi himself in his public address December 26, 2009 confirmed the States commitment to Shayaz and the completion of the refinery.

Thank you,

OntheGround

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