Reading 'the' so many of what comes out from our dear state house i weep!!!

i weep cos our dear nations future has been mortgaged by a few headed by our dear president
A president dt came given believe to those that voted him
A president dt many Nigerians had strong believe in who today have simply dashed em
killing hopes,smiles n aspiration of many
Goodluck where have this ironically tabulated sequence paved way

Dear president, help "US" to save us from damnation and death you fast send upon "US"
we ur nations needs change b4 change meets "U" by force

I expect that all d laptop officials n pseudo name for our Presido reads dis news n many more like it to save our dear nation from "hell"


Mismanaged Nigerian State Oil Company, NNPC, Racks Up New Debt


Corruption and mismanagement have forced the Nigerian state oil firm NNPC back to foreign and local bankers, hat in hand, for a new $1.5 billion syndicated loan which will keep Nigeria in debt for a lengthy time.


A senior banking source told Reuters that the loan deal was struck at the end of last year. The new borrowing was required to pay back older loans to big commodity traders and keep them from losing their shirts with painful multi-million dollar write offs, oil trading sources told Reuters.

The latest loan was provided by several Nigerian and international banks and brokered by Standard Chartered. The NNPC put up 15,000 barrels per day of its oil production as collateral, the banking source said.

Had Nigeria defaulted, it could have restricted the country's future borrowing capacity and would have worried credit agencies like Fitch and Standard and Poors, which recently upgraded Nigeria, Reuters observed.

The NNPC currently owes major commodity trading houses, including Glencore and Mercuria, around $3.5 billion in unpaid fuel supply bills, according to a report last year commissioned by the Nigerian oil ministry.

The root of the problem is the country’s failure to build refining capacity able to meet domestic needs. Therefore Nigeria must buy refined oil on the open market at high prices. To keep a lid on domestic protests, the government pays costly subsidies that keep oil affordable to the population.

Decades of mismanagement and corruption have left NNPC heavily indebted, several audits have shown.

A list of creditors published in an oil report earlier this year showed there were 35 firms still owed for fuel.

Trading companies have been battling for months to recoup the money and some have since stopped supplying Nigeria with fuels. But most have stayed, partly because of huge opportunities in the upstream sector.

The list showed that Glencore was owed $138 million, Vitol was owed $198 million and Trafigura was owed $53 million.

In reality, debts for some individual trading companies are widely thought to be much higher due to exposure via subsidiaries and partner firms.

For example, Bermuda corporate registration documents showed that Calson, owed $115.11 million by NNPC, was using Vitol's Geneva address. Similarly, Napoil, owed $75.6 million, is a partner of Trafigura, its website showed.

http://saharareporters.com/news-page/mismanaged-nigerian-state-oil-company-nnpc-racks-new-debt



President Jonathan Pays Close To N1billion In ‘Severance’ To Yar'Adua Family
By SaharaReporters, New York
The presidency has paid nearly N1billion to the family of late President Umaru Yar'Adua, according to an official memo obtained by SaharaReporters.
The slush funds were routed through the Katsina state government, the home state of the former president.

The payment includes about N150 million to Mrs. Turai Yar'adua, as well as the late president's aged mother, his married daughters, and sons.

It is yet unclear if any provision was made for his second wife, Hauwa Umar Radda, whom the late president divorced in 1997, shortly before he became the governor of Katsina state.

Although she has received the biggest payout, it would be recalled that it was the controversial former First Lady, Turai, who pushed Nigeria to the brink of a political crisis between 2009 and May 2010 while her husband was hospitalized in Saudi Arabia. He eventually returned and died inside the Aso Rock Villa.

Mrs. Yar'Adua was at the head of a cabal of Ministers, aides and security agents that manipulated the nation for many tense months as they clung to power, almost leading to the collapse of the government
http://saharareporters.com/news-page/president-jonathan-pays-close-n1billion-%E2%80%98severance%E2%80%99-yaradua-family

will any good thing ever come out from aso rock?
Come 2015 you all will line up and vote for another four years of poli-THIEF-co dispensation