NewStats: 3,259,774 , 8,170,884 topics. Date: Monday, 26 May 2025 at 12:15 AM 4k1o52

So there is commercial quantity oil in Niger state too? Goodnews.

We had this discussion some months back, do it already!

We should have done the borrowing months back . . . this is the sluggishness and knack for making simple procedures turn rocket science I was complaining about . . . now they will go to the house, and those ones will start some other selfish and st00pid agenda, after first taking a century to convince the President about how this is the better way to go.

We are lacking hundreds of billions of dollars in infrastructure, especially income generating investments -- we need all the serviceable loans we can get, to play catch up.

Borrowing is the not the problem, identifying and utilizing/implementing such credit facilities for lucrative income generating projects is the meat of the matter.

gartamanta:


[s]Why would the Ijaws want to represent Nigeria in any sports? Would Ijaws want to be part of Nigeria if they had a choice? That's the question you need to ask. Personally, I think that Ijaws as a people and a nation would have been a much richer nation if Lord Lugard had not made them part of Nigeria. Ijaws don't really need Nigeria for anything, if anything, it is Nigeria that needs them.[/s]

This won't end well.

The truth is, Jibrin's testimony proving conspiracy to divert padded funds is the most lethal weapon that can get a conviction against Dogara.

They will be after him, no doubt, but I guess Jibrin is well aware of that. And, if anything happens to him, apparently Dogara must be involved.

Hopefully, the whistle blower has gotten himself adequate protection.

frankman365:

[s]Wait which part of SW is developing? Is it Ibadan with all the RED ZINC? Only Lagos, which is heavily dominated by Igbo millioniers, has something to offer. Make no mistake I don't any tribe (no be tibe de give me food)[/s]

tg4all:
.[s]SSHHHHHHIIIII...! SILENCE.
NOW, IBORI IS OUR LEADER. THE ONLY GOVERNOR IN DELTA STATE THAT WAS FREE FROM COMPLAINTS COMING FROM THE GOVERNMENT WORKERS.
TALK OF GOOD ROADS, BUILDING BRIDGES TO CONNECT PATANI AND BOMADI (DELTA STATE'S RIVERINE LGAs ) TO DRY LANDS.
TALK ABOUT EMPLOYMENTS.
TALK ABOUT YOUTH EMPOWERMENT.
DO YOU EVER KNOW THE MEANING OF 'CHOP I CHOP'? NA IBORI BE THAT.
A COURAGEOUS AND GENEROUS LEADER. DO YOU KNOW WHAT IT MEANT FOR ABACHA A MILITARY RULER TO MAKE IBORI A CIVILIAN HIS RIGHT HAND MAN? --DISCIPLINE.
WORKERS WERE PAID AS FROM 27,28,29TH IN A MONTH.
NOT THESE YOUR GOVERNORS WHO NOW PAY AROUND 12-15TH OF THE NEXT MONTH. MEANWHILE, THAT'S IF THEY EVER PAY YOUR SALARY.
GREEDY GOVERNORS THAT SAY THERE'S NO MORE, YET THEY BUY BRAND NEW RANGE AND LAND ROVERS OF HOW MANY MILLIONS.
GREEDY LEADERS. DO YOU KNOW HOW MANY WORKERS HAVE BEEN RENDERED JOBLESS IN THIS NATION IN IS CURRENT ISTRATION? DO YOU KNOW HOW MANY WORKERS OUR BANKS HAVE SENT PACKING?
DO YOU KNOW EVEN SOME PUBLIC SCHOOL TEACHERS HAVE STOPPED WORK?
DO YOU KNOW THAT ONE OF THE STATE GOVERNORS TOLD STUDENTS TO GO SELL GROUNDNUTS IN THE STREETS IF THEY ARE WAITING FOR GOVERNMENT TO AWARD SCHOLARSHIPS TO HELP THE POOR?
NOW, DO YOU KNOW IBORI INCREASED BURSARY AND SCHOLARSHIP SCHEME FOR UNIVERSITY STUDENTS DURING HIS TIME?


IBORI IS ONLY A VICTIM OF CIRCUMSTANCES. IT WAS HIS VICE PRESIDENTIAL AMBITION THAT BROUGHT ABOUT THE ESCALATION OF HIS TRIAL. THE KNEW HE WAS SOMEONE THE CAN'T JUST CONTROL IF GIVEN POWER.

ALL YOU PEOPLE WHO PICK UP YOUR PHONES TO WRITE YOU JUST LIKE. MAY GOD HAVE MERCY.

I'M NO POLITICIAN. JUST A SIMPLE MEDICAL DOCTOR.
I FELT I SHOULD JUST EDUCATE SOME FEW.

IBORI IS WORTH CELEBRATING![/s]

Obviously, your education/miseducation is a colossal waste. SMDH

#hopelesslyshamelessanddisgraceful

damon222:
[s]Very foolish. Pain has finished you completely. You have not seen anything yet. You will now know the difference between good leaders and brainless leaders like Buhari. Am sure by the time Buhari is through with his four year tenure, most of you will never be the same any more because of this severe pain you are going through. As usual, continue to clap, dance and sing in appreciation of Buhari's leadership. You will experience suffering arising from the dumbest leadership styles. The heat from your hate description of the Ijaws are enough increase you bp level multiple times.[/s]

If logistics and transportation is cheaper and safer, and that will make KD refinery go full steam (after reconfiguration to process more of 'light crude'), why not? No more subsidy, it is same oil, same price.

We were bringing in 'heavy crude' from Venezuela at a time for KD (even though we have abundance untapped in Ondo). We can sell off KD's allocation to international buyers.

What is the problem? 'Mafish'.

CuteTj:
What is budget padding?

Budget padding is cornering projects or allocating more projects to a constituency (especially to self's constituency or friends constituency) which in itself is not a crime.

When it becomes a crime is when the intent is not to carry out project but as a conduit to divert the money differently from the purpose it was stated for in the budget.

My verdict - From a legal point of view, Dogara is correct that budget padding is not corruption. Although morally it is. It is only corruption when you can prove that the intent was to syphon the money or if the intent is not even to syphon money but if the money has been actually syphoned (which in this case it hasn't been syphoned).

The trruth is Dogara may remain on that seat throughout the tenure of the 8th assembly as lawyers may find it hard to prove to the judges that what he did was corruption. The only way Dogara will cease to remain Speaker is if 2/3 of his colleagues remove him (or even if a few since we have had many cases of where quorum wasn't formed but the decision of a few still carried the day over the majority).

The best breakdown so far.

And, the part in bold is the 'whole truth'.

The major problem Dogara will have is, Jibrin and other witnesses testifying against him as co-conspirators to pad and defraud . . . especially if they have any tangible evidence to back it up -- that fries Dogara!

We are so good at turning every little procedure into rocket science. #underlyingselfishinterests

nnachukz:
No source

I am not allowed to post links . . . you can google it.

July 20, 2016.

The House of Representatives committee on Privatization and Commercialisation yesterday stopped the planned bid by the Nigerian National Petroleum Corporation (NNPC) to acquire a $400 million loan for the upgrade of the four refineries in the country.

The committee headed by Hon. Ahmed Yerima said the NNPC was breaching Section 11 (g) of the Public enterprises ( Privatisation and Commercialization) Act 1999, which gives the National Council on Privatisation the power to do such
of the committee said the NNPC should suspend outrightly the proposed restructuring/Privatisation of the four refineries because of the breach of the regulations in the Bureau of Public Enterprises (BPE) as well as the Presidency’s delay in inaugurating the National Council on Privatisation (N).

The committee said it would formally communicate President Muhammadu Buhari on the need to adhere to due process and avoid pitfall of commercialisation and privatisation exercises that were made in the past.
It noted that breach of policy guidelines and extant regulatory framework and undue rivalry among Government agencies is giving investors concern.
According to NNPC document submitted to the Committee and obtained by our Correspondent, “in 2015, the refineries posted combined losses of N82 billion and processed only 8 million barrels of crude in total.”
At the meriting yesterday, the failure of the NNPC management to present documents showing the approval allegedly given by the President for the proposed improvement of the refineries’ capacity utilisation to 80% within one year on the basis of the subsisting ownership structure, made of the committee angry.
Also the $50 million agreement signed by NNPC with a Chinese company, without any clear work plan got the disapproval of the lawmakers.
Group Executive Director (Refineries) Anibor Kragah, who spoke for NNPC, said the report on the privatisation of the refineries, was not true.
According to him, the “proposed investment proposals do not involve commercialisation or any transfer of ownership, assets, shares or control of the three refineries NNPC owed refining companies and are fully aligned with the current istration’s drive to ensure that the midstream and downstream sectors of the Nigerian Oil and Gas industry become self-sufficient in refining of petroleum products in the shortest time frame to ensure the country’s economic growth.
ment


“The need to rehabilitate the refineries is also in alignment with the aspirations of the National Assembly as communicated to NNPC at several engagements.”
The refineries, he said, have recorded very poor performance over the last decade (30 per cent average capacity utilisation vs. global benchmark of 90 per cent ).
He said NNPC does not need to subject the process to BPE approval, adding that that “BPE also shared its concerns on the viability of utilising JV arrangements for the rehabilitation exercise and the potential implications of the proposed activities on any FGN privatisation plans in future.”

The exercise, Kragah said, has been put on hold in line with the directive of the House, adding that the Corporation has so far placed tender for investors to expressed interests.
Vincent Akpotaire, BPE acting Director General however denied knowledge of the process, saying the privatisation of the refineries has always been part of the Bureau’s work plan tagged ‘potential transaction’.
According to him, due to the political mood at the time due to the death of late President Umaru Yar’Adua, previous exercise for privatisation of 51 per cent equity stake of both Kaduna and Port Harcourt refineries to Bluestat Oil Services Limited (preferred bidder) for $561 million and $160 million were truncated.


Sales of the refineries were cancelled and the bid money refunded with accrued interests paid to the two bidders.
He said there is the need to review the funding challenges in the oil and gas sector,
“The glaring inefficiencies in the sector coupled with the bureaucratic nature of NNPC that the JV model has a gloomy future is very unlikely to succeed given the that it is the same agency and people that have been unable to run the refineries that will be called upon to regulate and supervise the t venture operations.” Akpotaire said.
Chairman of the committee on commercialisation and privatisation, Ahmed Yerima in his ruling directed BPE to take over the process and also directed NNPC to suspend all the activities put in place.

He said without the relevant regulatory agencies, the committee House will not the project.

While refining capacity fell to a new low, the corporation lost N26.505 billion in June but paid N55.96 billion into the federation .



According to NNPC’s June financial statement, NNPC lost N4.69 billion to the country’s underwhelming refineries.

Warri and Port Harcourt refineries produced at 24.4 percent and 11.8 percent capacity, while Kaduna refinery produced at zero percent, for the month of June.

The report indicates “a deficit of N26.51 billion as against trading surplus of N274million reported in May, 2016. This trading surplus does not represent net profit as there are other expenses that should ordinarily have been captured”.



“The deficit in the month of June 2016 was majorly due to decrease in revenue generation as a result of decline in PPMC petroleum products sales by 13.30% or N14.9billion and increase in products distribution costs.

“Also June 2016 operations witnessed the major impact of incessant vandalism, during the month more than 261 vandalized points were recorded.

“In NPDC a substantial portion of crude oil sales for the month estimated to be in excess of the deficit could not be realized due to Force Majeure declared by SPDC as a result of vandalized 48-inch Forcados export line.”

NNPC attributed its poor performance to a rise in vandalism in the Niger Delta region.

“Poor performance is attributable to upsurge in attack and sabotage of oil facilities in the Niger Delta.

“At Forcados Terminal alone about 380,000bopd were shut in since February 2016 following Force majeure declared by SPDC. A number of crude oil Liftings were deferred until the repair is completed.

“Other major terminal affected by the renewed spate of vandalism includes Bonny, Usan and Que Ibo terminals. Total export crude Oil & Gas receipt for the period of July 2015 – June 2016 stood at $3.42Billion.”

NNPC said work is ongoing to run the refineries at a minimum of 70 percent capacity utilization within the next six to eight months.

“Co-locating smaller but cost efficient modular refineries within the existing refineries premises to boost the nation’s refining capacity from 445,000 barrels per day to 650,000,” it said.

Abuja, Aug. 4, 2016 (NAN)

Italy says it wants to contribute and invest in the diversification of the Nigerian economy.
Mr Vincenzo Luca, Director General for Cultural and Economic Promotion and Innovation, Italian Ministry of Foreign Affairs and International Cooperation, made the promise in Abuja on Thursday.
Luca, leader of delegation from Italy, spoke during an investment forum with the Nigerian Investment Promotion Commission (NIPC).
Luca said the companies are specialised in oil and gas sector, infrastructure, aerospace and defence industry, airways and some important food industries.


“We think we can have a very useful and win win partnership between Italy and Nigeria in the agriculture and aero business sector because we have plenty of resources.
“We can create employment here with our Italian technology as one of the most advanced in food processing in the world’’, he said.
Luca said they would want to build a sustainable partnership in a long term perceptive with Nigeria.
He said Italy was already devising the means of fully exploiting the potentials of Nigeria as well as the prevailing opportunities that the present istration presents.


Luca said Nigeria would be a major strategic partner for development and that they would do everything it takes to sustain and improve on it.
Mrs Ladi Katagum, Acting Executive Secretary of NIPC, said the visit was a vote of confidence because of their intention to invest in Nigeria.
Katagum said that the Italian companies in the country were also with them to show their commitment to reinvest in Nigeria.


She said Eni, Italian multinational oil and gas company promised to invest 11 billion dollars over the next four years.
Katagum said the country was investor- friendly hence they were willing to invest in the country.
She said the commission would be on hand to assist and provide hand holding services to any of the Italian company.
She said lot of foreign investors had shown interest to invest in Nigeria adding that it would take a long time to materialise.
“This is so because no investor will just come and start investing immediately, it is a process and we will soon start to see the dividend of all the delegations’’, Katagum said.

Meanwhile, Dr Maikanti Baru, the Group Managing Director of NNPC, says Nigeria and Spain have expressed their readiness to strengthen their bilateral relations in the oil and gas industry.

He made the statement in a statement signed by Alhaji Garba Deen Muhammad, Group General Manager, Public Affairs, of NNPC in Abuja.

Baru, who spoke when he received the Spanish Ambassador to Nigeria, Amb. Alfonso Barnuevo, in his office, said that the strengthening of bilateral ties in the sector was for the benefit of the two countries.


He said that NNPC, as an integrated oil and gas company, was currently undergoing some transformation, which partly involved pragmatic efforts to improve the corporation’s refining capacity.

He pledged that NNPC would work closely with the Spanish National Oil Company, REPSOL, to improve the technical capacity of its refineries.

“As you know, we have challenges with our refineries and with REPSOL refining about 900,000 barrels of crude oil per day; we can collaborate on that in our efforts to go forward.

“While we are fixing our refineries, we also have the opportunity to bring in more petroleum products from Spain into the country to meet our domestic needs,” he added.

Besides, Baru said that NNPC was collaborating with some Spanish companies in the area of Liquefied Petroleum Gas (LNG), also known as cooking gas.

The GMD also expressed NNPC’s desire to boost safer energy utilisation in the country via structured promotion of LPG consumption by the citizens.

He stated that the NNPC was also working on the Trans-Sahara Gas Pipeline Project, adding that it would rely on the technical of some Spanish companies in efforts to tackle the challenges of gas supply.

Earlier, Barnuevo said that Nigeria and Spain had an established cordial relationship, which dated back to over three decades.

“This visit is to further strengthen the good ties between our nations and in particular, ties between NNPC and REPSOL,” he said

Barnuevo noted that Spain was Nigeria’s second best client in the oil and gas trade, adding that Spain currently bought about 4.6 billion euros worth of oil and gas from Nigeria every year.

He said that in the first quarter of 2015, Spain’s imports represented nine per cent of Nigeria’s total exports.

“Therefore, NNPC and REPSOL will benefit tremendously from sustaining this collaboration,’’ he added.

Where is the Aso rock part?

Why would any entity be allowed to own battleships? Tompolo, Nimasa, or 'whateversa' shouldn't have had money or access to such military hardware in the first place.

Why was the purchase done behind doors and illegally, if it was legit?

Why would Norway prosecute theirs that facilitated the purchase?

Did y'all read the article?

Meanwhile, Northern Youths Integrity Forum, NYIF, has written to the Economic and Financial Crimes Commission, EFCC, calling for the arrest and prosecution of Jibrin, over his role in the controversy surrounding alleged padding of 2016 budget.

I like how the SW and the North donot shield their own from facing the music when indicted with corruption charges.

iwadobo:


Bokoharam was planned and executed by the north to disgraced GEJ out of power. Come to think of it, has buhari added a single bullet or a pistol to our armoury ? Why does the war seems abated? What is weakening the ability of the haramists to launch attacks ? What particular thing has buhari introduced to bring about this change ? My brother, let me tell you what you don't know, the north who created bokoharam have withdrawn their since they archived their aim . The Fulani who are the mastermind of the job just want the kanuris ,who formed the bulk of the bokoharam foot soldiers , to die mercilessly in the battle field to make it looks like buhari has won the battle. The Fulani soldiers no longer give information to bokoharam like they were doing during GEJ, they no longer supply them arms and ammunition, even food supply has been reduced to the barest minimum . The bokoharam thing was a deeply planned stuff by the Fulani using the kanuris as footsoldiers. Very soon, if the kanuris wake up, the whole truth will emerge .

Pausing for a second and assuming your 'grand story' is true for a second, don't you feel terribly sorry for a group or groups of people that will do such terrible things (have hundreds of thousands either killed, maimed, kidnapped, displaced, raped, or famished) to themselves for a seat that will probably not directly bring them out of poverty and misery?

The WAI brigade never ceased to exist, they only ceased to be effective -- they are about to go effective again!

And it will be a good thing if the President starts from Aso villa.

Are you indisciplined? Try ing some of those morals and finesse you were taught at home and school now, it sure will come handy.

Why do you wanna go take a leak, or poo the nearest convenient place you see without a second thought?
Why wouldn't you wanna queue to get on the bus?
Why would you wanna be late to work . . .

The terrible situation of the economy should not be clouding our better judgement . . . when you 'wail' indiscriminately by default, wrong or right, you become a 'wailing zombie'.


Indiscipline (definition): a situation in which people do not control their behaviour or obey rules.

AdaNri1:
And they will borrow from another country to implement the budget and also tell Nigerians to bear the pain of increase in tariffs and bank charges. Meanwhile they will receive the highest pay and allowances, use government money to pay for new cars then zombies will come to nairaland and defend them. Hehehe

HEARTBREAKING!

Same folks 'chest-beating' now, will be the first to yell 'genocide', 'ICC', 'shooting stars', and whatnot soon.

Makom56:
with the way soldiers are dying,its making me think twice about ing the force

U no fit from before . . . this is what actually makes those who are cut for military service .

At least you ed Nairaland -- kudos!

The central bank (monetary policies) controls the economy! If it gets it wrong, all other fiscal policies would struggle.

I said a bit about this yesterday already.

This is really sad (the OP and his co-travelers). I have used both Dulles (once), and Hammad international (I use 3-4 times a year on the average), and this OP is some disgrace.

While Anambra is doing a very good job, and some other states like Enugu and Ogun are too, in of vision, productivity, diversity, and complexity, the closest state to the FG, is Lagos, or should I say the closest governmental institution to Lagos is the FG (Lagos out-performs the FG by ratio in all ramifications).

That said, the FG can learn/glean from any country, state, Local government, corporate body, or individual.

BTW, BMB is just a clownish hypocrite anyway. Who takes him serious?

Way to go . . .

These guys are irredeemably shameless!

The Saraki effect, from Olusola to Olubukola.