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  1. #1
    Join Date
    Feb 2010
    Location
    Germany
    Posts
    2

    Beware of Shayaz Nigeria Limited

    For the past eight months we have been receiving complaints from various companies and individuals related to the false claims and attempts being made by a Nigerian company to lure foreign investors into the country, in the name of syndication of Direct Foreign Investment.

    The company, Shayaz Nigeria Limited, registered in Nigeria, is headed by Alhaji Audu Yaro, who is the company’s President and Chief Executive Officer.

    Some of the unsubstantiated claims being made by Shayaz Nigeria Limited and Alhaji Audu Yaro to would-be investors include:
    • SHAYAZ IS BUILDING REFINERY IN ONE OF THE STATES IN NIGERIA
    While it is true that Shayaz Nigeria Limited has an agreement with the government of Rivers state (one of the thirty-six states in Nigeria) to build and operate a refinery that will process 200,000 barrels of crude oil per day, work on the 3.5 Billion Dollars project is yet to commence more than one year after the project was widely publicized in various news media across Nigeria. According to a statement by Alhaji Audu Yaro in one Nigerian newspaper in October 2008 “the refinery would be the largest in Africa and would commence production by 2010. Our operation will be in modular form consisting of separate units of 50,000 each that would be set in the next 18 months”
    However, as of January 2010, construction work has not even started at the refinery site. And our investigations have revealed that Shayaz Nigeria Limited does not have the financial capability to implement the project, and the company is still courting investors around the world to fund the project.
    • SHAYAZ IS BUILDING ETHANOL PLANTS IN FIVE STATE IN NIGERIA

    The company has been speaking a lot about its ethanol plants in five states in Nigeria. However our investigations have revealed that none of the ethanol plants has started work as of January 2010. The technology and machineries for the ethanol, supposedly to be shipped in from Brazil, have still not arrived in Nigeria.

    • SHAYAZ IS TAKING OVER OIL WELLS ABANDONED BY SHELL

    One of the claims being made by the company is that it is taking over 120 oil wells, 9 oil blocks and 16 flow stations abandoned by Shell Petroleum Development Company in Ogoniland. However this claim cannot be independently confirmed as no one knows the true state of the said oil wells. Furthermore, new developments point to the fact that the oil wells and oil blocks will be handed for operation to an entirely different company, not Shayaz Nigeria Limited.

    • SHAYAZ WILL TAKE OVER NIGERIA’S BIGGEST STEEL COMPLEX

    The company says it is in discussion with the Federal Government of Nigeria to take over the running of the biggest steel complex in Nigeria, the Ajaokuta Steel Company. While such discussions may indeed be underway, there are other companies being considered by the government to do the job. Hence, the claims that Shayaz Nigeria Limited that it will get the nod to acquire and operate the steel complex remain unsubstantiated.

    • SHAYAZ WILL BUILD CEMENT FACTORIES IN TWO COUNTRIES

    The company says it will build cement factories in Nigeria and Ethiopia, with annual production capacities of 1.5 million tons each. However, contrary to claims that the projects are underway, there is yet no proof that the company has the financial capability to execute the project.

    • SHAYAZ WILL MINE URANIUM IN NIGERIA

    The company says it has received license to mine uranium in certain sites in Nigeria. That claim could not be independently confirmed.

    • SHAYAZ WILL BUILD NEW SEAPORT AND NEW AIRPORT FOR CHAD

    The company says it has received contracts to build a new seaport for the Republic of Chad and a new airport. However attempts to get details on these projects proved abortive, leaving us in doubt that such projects actually exist in Chad.




    In light of the above, we are sounding a warning bell to foreign investors that may be contacted by Shayaz Nigeria Limited. You should vet this company thoroughly against all claims being made, before entering into any business relationship with them.

    You are free to contact the author of this article for more information.

    Thank you.
    International Business Transparency Initiative


  2. #2

    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

  3. #3
    Join Date
    Feb 2010
    Posts
    1

    Re: Beware of Shayaz Nigeria Limited

    this is a case of when the scammer becomes the judge of the innocent....unfortunately, you seem to be succeeding in your scam....how can you call urself international biz transparency when you dont even know the definition of business? I am sure that this blogger got paid to smear Shayaz Nigeria...simple truth.

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