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Nigeria Lost N28.73 Billion In Oil Cut Prices- Ribadu Committee. by Fatdon(m): 12:39pm On Oct 25, 2012 |
A total of $183m (N28.73bn) in signature bonuses paid by oil companies to the federation is missing, according to a confidential report seen by Reuters. A team headed by the former Chairman, Economic and Financial Crimes Commission, Mallam Nuhu Ribadu, produced the 146-page study based on the Ministry of Petroleum Resources’ request. It covers the year 2002 to 2012. The report said that Ministers of Petroleum Resources between 2008 and 2011 handed out seven discretionary oil licences, but that $183m in signature bonuses was missing from the deals. Three of the oil licences were awarded since the current minister, Mrs. Diezani Alison-Madueke, took up her position in 2010, according to the report. “I have not given any discretionary awards during this administration,” Alison-Madueke told Reuters, although she added that the President had the right to do so instead of using bids if he saw fit. “That is entirely up to him,” she said. Alison-Madueke, told Reuters on Tuesday that she received the report last month but that it was a draft and the government was still supposed to give input. The one seen by Reuters was labelled “Final Report.” The report concluded that oil majors, Shell, Total and Eni, made bumper profits from cut-price gas, while oil ministers handed out licences at their own discretion. This, while not illegal, did not follow best practice of using open bids. Hundreds of millions of dollars in signature bonuses on those deals were also missing, it said. “We have not seen this report and are, therefore, unable to comment on the content, but we will study it if and when it is published,” a Shell spokesman said. The report alleges international oil traders sometimes buy crude without any formal contracts, and the state oil firm, the Nigerian National Petroleum Corporation, had short-changed the Nigerian treasury billions over the last 10 years by selling crude oil and gas to itself below market rates. There was no suggestion that the oil majors or traders had done anything illegal, but the report highlighted a lack of transparency in their dealings in a nation rife with graft. “It is a draft,” Alison-Madueke said. “There will be some areas where the government … may have a slightly different opinion … (and) will put its point of view to the committee.” She said she expected the final report to be with President Goodluck Jonathan within two weeks. Ribadu’s probe was among several set up following a week of nationwide strikes against a rise in fuel prices in January, which morphed into a campaign against oil corruption. Billions of dollars of revenue was missing in unpaid debts from signature bonuses and royalties, the report found. Nigeria LNG, a company jointly owned by the NNPC, Shell, Total and Eni, had paid the country for gas at cut-down prices before exporting it to international markets, the report said. Total and Eni declined to comment because they invest in but do not operate Nigeria LNG, the role played by Shell. “The estimated cumulative of the deficit between value obtainable on the international market and what is currently being obtained from NLNG, over the 10-year period, amounts to approximately $29bn,” the report said. It also said foreign oil firms had outstanding debts. Addax, now a unit of China’s state-owned Sinopec, owes Nigeria $1.5bn in unpaid royalties, part of a $3bn black hole of unpaid bonuses and royalties owed by oil firms. Addax did not respond to requests for comment, but the report noted it disputed owing the signature bonuses. Shell owes the Federal Government N137.57bn for gas sold from its Bonga deep offshore field, the report said, while oil majors owed $58m between them for gas flaring penalties. They were also not adhering to newer higher fines. The probe also said Nigeria was the only nation to sell all its crude through international oil traders rather than directly to refineries, adding that such trades were often opaque. It said some international oil traders who were not “on the approved master list of customers” had been sold crude oil “without a formal contract” so little could be obtained about the details of these deals, which could be worth hundreds of millions of dollars. “This logically will serve to reduce margins obtainable on sale of crude oil,” the report said. But Alison-Madueke disputed this, saying there were no informal contracts and there was “an official tender put out every year,” which could be seen by the public in newspapers. The state oil firm gets an allocation of 445,000 barrels per day of crude oil to refine locally, but it has been selling itself this oil at cut-down prices, a practice which cost Nigeria $5bn in potential revenue between 2002 and 2011, the report said. “NNPC buys at international rates,” Alison-Madueke retorted. The report said the NNPC made N86.6bn over the 10-year period by using overly generous exchange rates in its declarations to the government. There was no sign of the money. Among the report’s recommendations were that parts of NNPC be reorganised or scrapped, an independent review of the use of traders be set up and a transparency law be passed requiring oil companies to disclose all payments made to Nigeria. United States regulators put new rules in place in August that will require US-listed oil and gas companies to disclose payments they make to foreign governments like Nigeria www.channelstv.com/home/2012/10/25/nigeria-lost-n28-73-billion-in-oil-cut-prices-ribadu-committee/
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Re: Nigeria Lost N28.73 Billion In Oil Cut Prices- Ribadu Committee. by fatdon2(m): 2:55pm On Oct 25, 2012 |
Re: Nigeria Lost N28.73 Billion In Oil Cut Prices- Ribadu Committee. by Nobody: 5:59pm On Oct 25, 2012 |
Next time - replace 'missing' with 'stolen'... Thank you.. 3 Likes |
Re: Nigeria Lost N28.73 Billion In Oil Cut Prices- Ribadu Committee. by greaterlove(m): 6:53pm On Oct 25, 2012 |
I am really happy with the way some things that has been made hidden are now being made public by the government. If and only if nigeria's government will seriously crack down on the missing money and also close the loopholes in the oil sector nigeria will be taking a giant step towards development instead of the going around in circles we have been experiencing since independence. |
Re: Nigeria Lost N28.73 Billion In Oil Cut Prices- Ribadu Committee. by pastormustwacc: 7:27pm On Oct 25, 2012 |
This post is missing 1 Like |
Re: Nigeria Lost N28.73 Billion In Oil Cut Prices- Ribadu Committee. by 234GT(m): 7:27pm On Oct 25, 2012 |
Well, let them use sango to look for the money. They should also use oro to chase aTHIEFson (sorry Allison) Maduekwe out of Nigeria. Back to traditional religion! 1 Like |
Re: Nigeria Lost N28.73 Billion In Oil Cut Prices- Ribadu Committee. by Nobody: 7:34pm On Oct 25, 2012 |
When dem thief money,dem go say money is missing! So money wear agbada and canvass run comot from bank bah? These thieves will continue to fool nigerians! 4 Likes |
Re: Nigeria Lost N28.73 Billion In Oil Cut Prices- Ribadu Committee. by Nobody: 7:38pm On Oct 25, 2012 |
berem: When dem thief money,dem go say money is missing! So money wear agbada and canvass run comot from bank bah? These thieves will continue to fool nigerians!lol @ agbada and canvass. 1 Like |
Re: Nigeria Lost N28.73 Billion In Oil Cut Prices- Ribadu Committee. by siddiq202(m): 7:42pm On Oct 25, 2012 |
sheyie2007: Next time - replace 'missing' with 'stolen'... Thank you..If only you follow the Country's football, you will know that money is sometimes missing and not stolen |
Re: Nigeria Lost N28.73 Billion In Oil Cut Prices- Ribadu Committee. by Mankind8(m): 7:49pm On Oct 25, 2012 |
Na so we hear |
Re: Nigeria Lost N28.73 Billion In Oil Cut Prices- Ribadu Committee. by naja2: 7:55pm On Oct 25, 2012 |
Nuhu Ribadu has done his part once again pray the C-in-C, Dr Goodluck Ebele Jonathan does his part by arresting and bringing to book those who ve raped d people's commonwealth. Why set up commitees only to alter their report with ur toxic opinion, who is fooling who? |
Re: Nigeria Lost N28.73 Billion In Oil Cut Prices- Ribadu Committee. by GARRIx7(m): 8:00pm On Oct 25, 2012 |
These people aren't as CLUELESS as we are made to believe!!! They steal every damn Naira they can lay their leprous hands on.... 1 Like |
Re: Nigeria Lost N28.73 Billion In Oil Cut Prices- Ribadu Committee. by Nobody: 8:18pm On Oct 25, 2012 |
234GT: Well, let them use sango to look for the money. They should also use oro to chase aTHIEFson (sorry Allison) Maduekwe out of Nigeria. Back to traditional religion!it cant happen cos the PMinister is also servicing the President in cash and in kind |
Re: Nigeria Lost N28.73 Billion In Oil Cut Prices- Ribadu Committee. by jude33084(m): 8:20pm On Oct 25, 2012 |
siddiq202: Emmm,...Explain ♍☺re plzzz |
Re: Nigeria Lost N28.73 Billion In Oil Cut Prices- Ribadu Committee. by Nobody: 8:22pm On Oct 25, 2012 |
siddiq202:just as players' bonus got missing without a burglary at NFF secretariat and no one charged to date |
Re: Nigeria Lost N28.73 Billion In Oil Cut Prices- Ribadu Committee. by jude33084(m): 8:23pm On Oct 25, 2012 |
toba: it cant happen cos the PMinister is also servicing the President in cash and in kind You mean say Pminiter dεy blow presido? 1 Like
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Re: Nigeria Lost N28.73 Billion In Oil Cut Prices- Ribadu Committee. by Remii(m): 8:23pm On Oct 25, 2012 |
Fatdon: . That has been in practice for a long time, they call it fcpa - foreign corrupt practices act. |
Re: Nigeria Lost N28.73 Billion In Oil Cut Prices- Ribadu Committee. by mbaemeka(m): 8:25pm On Oct 25, 2012 |
2011 election money! cest fini! |
Re: Nigeria Lost N28.73 Billion In Oil Cut Prices- Ribadu Committee. by omenka(m): 8:35pm On Oct 25, 2012 |
greaterlove: I am really happy with the way some things that has been made hidden are now being made public by the government. If and only if nigeria's government will seriously crack down on the missing money and also close the loopholes in the oil sector nigeria will be taking a giant step towards development instead of the going around in circles we have been experiencing since independence. Mehn, how can one 'crack down on missing money'??! Abi money don become vice? Na wa oo. All these reports tho... We are indeed tired of the stench comming out this septic tank called Nigeria. We realy need closure up in here. Nuff sed. |
Re: Nigeria Lost N28.73 Billion In Oil Cut Prices- Ribadu Committee. by omenka(m): 8:42pm On Oct 25, 2012 |
greaterlove: I am really happy with the way some things that has been made hidden are now being made public by the government. If and only if nigeria's government will seriously crack down on the missing money and also close the loopholes in the oil sector nigeria will be taking a giant step towards development instead of the going around in circles we have been experiencing since independence. |
Re: Nigeria Lost N28.73 Billion In Oil Cut Prices- Ribadu Committee. by takedat(m): 8:54pm On Oct 25, 2012 |
Without being pessimistic, this is more likely an effort in futility. NNPC has always been fraught in corrupt practises but no head of state has done the needed by overhauling it and unbundling it so as to make it competitive. Top government officials are always involved in these deals and they always get away with it. How many NNPC staff has been brought to book for their involvement in the fuel subsidy scam? None. Its still business as usual. 1 Like |
Re: Nigeria Lost N28.73 Billion In Oil Cut Prices- Ribadu Committee. by OkwaIfugo(m): 8:59pm On Oct 25, 2012 |
Yes miSsing is wrong but stollen. |
Re: Nigeria Lost N28.73 Billion In Oil Cut Prices- Ribadu Committee. by sushieater: 9:18pm On Oct 25, 2012 |
Nawa o! The people that KIDNAPPED the 'MISSING' money, would never demand for ransom o! The 'MISSING' money is gone forever |
Re: Nigeria Lost N28.73 Billion In Oil Cut Prices- Ribadu Committee. by killuminati(m): 9:20pm On Oct 25, 2012 |
Chineke meeeeeh OMFG! See as money just dey miss road Dem say una dey sell crude oil for background on a cut down price, mr frog-eyes disputing saying "it is a lie" dis woman na smooth criminal Oo Chaii, Naija I weep for you O! Dis b*tch is just trna cover up the whole tinz but God go catch she and her cohorts in the end.... |
Re: Nigeria Lost N28.73 Billion In Oil Cut Prices- Ribadu Committee. by OmichaelO: 9:28pm On Oct 25, 2012 |
story story!! Same old bullsh!t.. *continues weeding* |
Re: Nigeria Lost N28.73 Billion In Oil Cut Prices- Ribadu Committee. by escobar07(m): 9:57pm On Oct 25, 2012 |
Another noise-making. |
Re: Nigeria Lost N28.73 Billion In Oil Cut Prices- Ribadu Committee. by Freiburger(m): 10:06pm On Oct 25, 2012 |
I'm tired of hearing of hearing what we 've lost. So whose pocket is what we 've gained going to? |
Re: Nigeria Lost N28.73 Billion In Oil Cut Prices- Ribadu Committee. by akintun: 10:32pm On Oct 25, 2012 |
D headline new on bbc focus on Africa was $29 billion missing in Nigeria in d last 10 years. Na d one way we fit see be dat ooooooo. |
Re: Nigeria Lost N28.73 Billion In Oil Cut Prices- Ribadu Committee. by Nobody: 10:48pm On Oct 25, 2012 |
berem: When dem thief money,dem go say money is missing! So money wear agbada and canvass run comot from bank bah? These thieves will continue to fool nigerians!...hahahahaha...lol.. berem: When dem thief money,dem go say money is missing! So money wear agbada and canvass run comot from bank bah? These thieves will continue to fool nigerians!...hahahahaha...lol.. |
Re: Nigeria Lost N28.73 Billion In Oil Cut Prices- Ribadu Committee. by omenziate(m): 11:11pm On Oct 25, 2012 |
Choi, why I no relate to allyson in anyway. Dis woman don chop oil money sotey her eyes don dey distend |
Re: Nigeria Lost N28.73 Billion In Oil Cut Prices- Ribadu Committee. by mbhs139(m): 11:44pm On Oct 25, 2012 |
E be like say people wey get 'oju-yobo' are kleptocrats. E.g Allison and Bola Tinubu. |
Re: Nigeria Lost N28.73 Billion In Oil Cut Prices- Ribadu Committee. by remzytimer: 12:12am On Oct 26, 2012 |
Thank u mr Ribadu ur integrity is in no doubt...."A post like a petroleum minister shouldn't have been given to a woman, it require an extensive performance"GOD WILL ARREST THEM ALL |
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