Madam the madam

well, tomorow is almost here, lets wait and see the front pages of dailies tomorow.
what i really dont understand is why public servants find it hard to seperate their offices from their businesses.
this similar reason led to the resignation of nnaji and see what is happening to the power sector now.
as for madam minister, i know she dosent have the antecedents of peeps like barth and i'm expecting nothing honorable from her.
lest i 4get, GEJ and his goons must admit governing this country in the info tech age is not an easy feat.
peeps get to know what they are planning to plan b4 they even plan it

Simple fact is that this woman is just a puppet in the hands of GEJ and members of the cabal. In a sane country, with the number of controversies hovering around her head, she would have been relieved of her position a long time ago. However, most of the deals done by her are done for her oga at the top (GEJ) and that's why she can never be sacked.

I tel u,dis wman is richer than some countries combined. I can't but wonder if she thinks she would take all the loots wt her when she dies.
Vanity....

As far as bro joe is in power ,ds woman remain powerful and untouchable in joe govt.
Senator Emmanuel paulker who is d chairman of downstream oil sector dare not touch her.
Dey ar bot frm Bayelsa state.

Akpan107: My dear, we are not heading for doom! 83% of our well are in the hands of the Northerners and we are still doing fine, just four oil wells that was given to this poor woman less than two years ago will never make us head to doom. We still have many oil wells in my state (Akwa-Ibom) so just indicate if you also have interest

Really?

If the quoted is from an ordinary Nigerian, we are indeed doomed

Much as I dispise this woman and her boss for their insatiable lust for anything crooked, I wanna believe the writer made some important error in the figure quoted above. USD15trillion . Haba, can't be naw. It is IMPOSIBLE!

obailala: Simple fact is that this woman is just a puppet in the hands of GEJ and members of the cabal. In a sane country, with the number of controversies hovering around her head, she would have been relieved of her position a long time ago. However, most of the deals done by her are done for her oga at the top (GEJ) and that's why she can never be sacked.

Sir, can you prove these allegations in a court of law?

blink182: Won't they pay Seun to remove it from front page? Just asking.

Seun wey don use him Tiger gen charge hin two nokia torchlight phones so dat battery low no go make am miss d call after he don rush put dis story for FP!
We give up!!!!!

blink182: I do believe but I don't believe pigs can fly, this woman has presidential backing and is getting bolder by the day. All she did was to transfer OML documents. Its not like this money is in the bank unless she decides to sell to chevron or whoever can afford it. I must salute Ayiri Emami for exposing this. 2015 will be far harder than 2011 and they have started hoarding the money to buy up internal opposition.

God save us.

They are not buyng opposition this time around, they are preparing for war.

No country like Nigeria in the whole world. The country is under siege. The corruption that we are reading about, if true, is capable of doing 1000 times more harm to the future of Nigeria than Boko Haram.

Policewoman: Make she chop. Na her time.

Hausa don chop, Yoruba don chop, please let minorities chop too.

blink182: Won't they pay Seun to remove it from front page? Just asking.

Abi o.... Like that kind 3milion naira, the guy go first close the website itself.

RE: THE UNSPEAKBLY FRAUDULENT ALLOCATION OF NATIONAL PETROLEUM ASSETS TO MR JIDE OMOKORE AND MR KOLAWOLE ALUKO BY THE INCUMBENT HONOURABLE MINISTER OF PETROLEUM”,

is reproduced below:

“We refer to the petition written by Restoration Niger Delta dated 4th March 2013 in which the petitioners made the following spurious and unfounded allegations against the management of the Nigerian Petroleum Development Company Limited.

That the officials of the Nigerian Petroleum Development Company Limited, without tendering or bidding process, transferred production rights in OMLs 30, 34,26 and 42 to Mr. Jide Omokore’s Atlantic Energy Drilling Concept and by such transfer, 60% ownership of Nigerian Petroleum Development Company’s 55% equity interest in the affected OMLs are transferred to Atlantic Energy Drilling Concept.
That the proven oil reserves of the blocks is five billion barrels valued at USD 380billion or N58.9trillion using the 2013 oil benchmark price plus 4TSCF of Gas valued at USD15.72trillion
That OML 30 fetched the Federation Account USD50million as initial entrance fee as against USD1.3billion received by SPDC for its 45% equity interest in the same block.
That the true market value of OML 30 divested to Atlantic Energy Drilling Concept would have been USD 800million if the Nigerian Petroleum Development Company Limited had carried out open and competitive bidding process as required under the Public Procurement Act.
That Atlantic Energy Drilling Concept has no functioning office or staff and has never executed a single oil-related contract and taken any project or produced any barrel of crude.
That the execution of the Strategic Alliance Agreement violated the Public Procurement Act and the Oil Industry guidelines which demand that allocation of oil blocks and the award of service contracts shall be based on an open competitive bidding process.
That a similar Strategic Alliance Agreement for OML 34 was finalized with Atlantic Energy Drilling Concept on May 25, 2011 for another USD500million for 60% equity of Nigerian Petroleum Development Company’s 55% interest while SPDC’s 45% interest in the same OML divested to Niger Delta Energy and Petroleum Company was sold at USD600million.
That in September 2010, the Honourable Minister entered into a service contract with Seplat Energy International Limited through its Nigerian subsidiary, Mr. Kolawole’s Septa Energy Nigeria Limited for USD 54million as entrance fee. That the company will also recover its cost before sharing profit and can lift crude and keep the entire proceeds of sale abroad.
That the Minister’s action amounts to a tactical reintroduction of the single source procurement practice abolished in the industry in 2004.

We have formulated six (6) issues to address the allegations made by the petitioner. They are:
1) Whether the Nigerian Petroleum Development Company Limited, through the Strategic Alliance Agreement, divested 60% of its 55% equity interest in OMLs 26, 30, 34 and 42 to Atlantic Drilling Concept Limited
2) Whether the execution of the Strategic Alliance Agreement violates the Public Procurement Act
3) Whether the execution of the Strategic Alliance Agreement violates the Oil Industry guidelines
4) Whether the execution of the Strategic Alliance Agreement amounts to discretionary award of equity interest in OMLs 26, 30, 34 and 42 as alleged by the Petitioners
5) The veracity of alleged proven reserves of crude oil and natural gas in the said OMLs and the quoted market value
6) Whether the entrance fee paid by Atlantic Energy Drilling Concept can be considered as a payment for the acquisition of participating interest in the leases
Having formulated the above issues, we now proceed to address same thus:

Whether the Nigerian Petroleum Development Company Limited, through the Strategic Alliance Agreement, divested 60% of its 55% equity interest in OMLs 26, 30, 34 and 42 to Atlantic Energy Drilling Concept Limited.


The Strategic Alliance Agreement entered into between Nigerian Petroleum Development Company Limited and Atlantic Energy Drilling Concept Limited was not a divestment of Assets nor transfer of Operatorship but simply an alternative funding agreement in order to meet the Nigerian Petroleum Development Company Limited’s cash call obligations in the affected OMLs
Unlike the divestment of the private equity owners’ (The Shell Petroleum Development Company Limited, Total E&P Nigeria Limited and Nigerian Agip Oil Company Limited equity interest to ND Western Nigeria Limited and Shoreline Nigeria Limited) in which the entire 45% equity interest in the affected OMLs were divested, the Strategic Alliance Agreement simply creates an obligation for Atlantic Energy Drilling Concept Limited to provide funding for the development of these assets as opposed to acquisition of equity interest in the block.
It is instructive to note that the Nigerian Petroleum Development Company Limited is the Operator and still owns its 55% interest in OMLs. The Company has not divested any of its interest in the OMLs as erroneously alleged by the Petitioners. This can be easily discerned from the Strategic Alliance Agreement attached to the petition.

Whether the execution of the Strategic Alliance Agreement violates the Public Procurement Act

We are very mindful of the objectives of the Bureau for Public Procurement and the scope of application of the Public Procurement Act and we wish to state that the Strategic Alliance Agreement entered into with the Atlantic Energy Drilling Concept Limited does not fall within the purview of the Public Procurement Act.
The Nigerian Petroleum Development Company Limited is by the Strategic Alliance Agreement receiving funds from Atlantic Energy Drilling Concept Limited to finance its 55% equity interest in the affected OMLs and not the procurement of goods, works or services as contemplated under the Public Procurement Act.
Therefore, it is absurd to suggest that the Strategic Alliance Agreement is in contravention of the Procurement Act.

Whether the execution of the Strategic Alliance Agreement violates the Oil Industry guidelines

On the Petitioners allegation that the Strategic Alliance Agreement violates the Oil Industry guidelines, obfuscated as the allegation is, it is instructive to note that this transaction was not a bid process for the allocation of oil blocks. Therefore, the oil industry guidelines were not violated. In fact, the Agreement is in furtherance of the Federal Government’s objective of funding cash call obligations from alternative sources such as service contracts, Production Sharing Contracts and Alternative Funding arrangements as currently being practiced in the traditional Joint Venture operations.

Whether the execution of the Strategic Alliance Agreement amounts to discretionary award of equity interest in OMLs 26, 30, 32 and 42 as alleged by the Petitioners.

As earlier stated, the Strategic Alliance Agreement is not an acreage award nor a divestment as ownership of blocks still remains with the Nigerian Petroleum Company, NPDC. It is only a financial arrangement between NPDC an Atlantic Energy Drilling Concept Limited to provide funds for the operations of these blocks. There has been no award of a block during the entire exercise not to talk about a discretionary award

The veracity of alleged proven reserves of crude oil and natural gas in the said OMLs and the quoted market

There is indeed proven reserves of crude oil and natural gas associated with the SPDC/NAOC/Total divestment of 45% equity in the blocks. However, the quoted reserves of 5billion barrels corresponding to 60% of NPDC 55% equity is a calculated attempt to mislead the National Assembly and indeed the people of Nigeria as the entire 100% equity of the 4 blocks is not up to 5 billion barrels.
The actual revenue which is about 75% of the total reserves that is due to the Federal Government remains unchanged and has not been eroded as royalty and tax accruable to the federation account will be paid based on production. The market value as per the petitioner is only applicable if there is sale of assets, which is not the case. It is pertinent to state that the value of accruable to the Federal Government will always remain intact; as the Strategic Alliance Agreement will not impact the Federal Government earnings.

Whether the entrance fee paid by Atlantic Energy Drilling Concept can be considered as a payment for the acquisition of participating interest in the leases

The entrance fee paid by Atlantic Energy Drilling Concept was to acquire the right to fund and not payment for the acquisition of participating interest in the leases. This is common practice in the industry and best international practice.
The entire petition is based on the assumption that 60% ownership of NPDC’s 55% equity interest OML has been assigned to AEDC. This is a gross misunderstanding or at the very least a deliberate distortion of the working of the Petroleum Ministry.
“Mischievous and vexatious as the petition may appear, we have taken the pains to bring the issues to the fore to enable an understanding of the essence if the Strategic Alliance Agreement. In the absence of the innuendo created by the petition, the Strategic Alliance Agreement is in fact beneficial to Government and in tandem with Government’s objective of seeking alternative sources of funding and has not contravened extant laws.”

What else! setup a committee, End of discussion

NPDC Responds To Alleged N59 Trillion Oil Deal Scandal Of Diezani by Orikinla(m): 2:25pm
NPDC Responds To Petroleum Minister’s Alleged N59tr Oil Deal

The attention of the Nigerian Petroleum Development Company Limited (NPDC) a wholly owned subsidiary of the Nigerian National Petroleum Corporation (NNPC) has been drawn to publications in which five (5) alleged Oil Communities in Delta State led by Chief Emami Ayiri made spurious and unfounded allegations against the Honourable Minister of Petroleum Resources (HMPR), Mrs. Diezani Alison-Madueke. These allegations , which include the underlisted, are untrue:

1. Deliberate exclusion of indigenous rights to preemption and/ or first refusal on the four oil blocks

2. HMPR allegedly, quietly, improperly and illegally assigned 55% FGN interest to Atlantic Energy Drilling Concepts (AEDC);

3. There was no recourse to due process in the aforementioned transactions;

4. Selection of Atlantic Energy Drilling Concepts (AEDC) not through transparent process;

5. HMPR has pecuniary interest in Atlantic Energy Drilling Concepts (AEDC), hence her approval of the deal;

6. Nigeria would lose four trillion cubic feet of gas asset worth $15.72 trillion.


Allegation No. 1: Deliberate exclusion of indigenous rights to preemption and/ or first refusal on the four oil blocks
It is the Petitioner’s (Delta State Oil Producing Communities) contention that being an indigenous body, they have first right of refusal or preemptive right to what they perceive to be the Honorable Minister of Petroleum Resources’ (HMPR) assignment of 55% of the Federal Government of Nigeria’s (FGN) equity in OMLs 26, 30, 34 and 42 to Atlantic Energy Drilling Concepts (AEDC). The fact of the matter is that AEDC was NEVER assigned such equity. The 55% equity interest in those blocks were assigned to NPDC, which is our National Oil Company and is an exploration and production (E&P) subsidiary of NNPC.

In line with the governing provision regulating divestment or transfer of participatory interest in any oil block, the Honorable Minister after due consideration, approved the assignment of NNPC’s interest to NPDC.
Needless to say, the Honorable Minister’s action is within the scope of her statutory oversight responsibility and in essence for the greater benefit of the nation. We must also point out that NPDC, as a subsidiary of NNPC, is as indigenous as any community can claim to be and represents a much wider scope of indigenous rights than the Delta State Oil Producing Communities.

The allegation of deliberate exclusion of indigenous rights is in contrast with the established pro-indigenous position of the Minister as demonstrated in her administration of the Oil and Gas Sector.

Allegation No. 2: HMPR allegedly, quietly, improperly and illegally assigned 55% FGN interest to Atlantic Energy Drilling Concepts
At the risk of sounding repetitious, the basic fact of this matter is that International Oil Companies (IOCs), who are partners in the NNPC/SPDC JV, divested their 45% equity interest in the aforementioned OMLs to FHN, NECONDE, ND WESTERN & SHORELINE; whereupon, NNPC also assigned its 55% equity interest in those OMLs to the Nigerian Petroleum Development Company (NPDC), the National Oil Company, a wholly owned NNPC subsidiary.

Thereafter, NPDC entered into a Strategic Alliance Agreement with AEDC, in order to meet its critical funding obligations in the OMLs. These types of funding arrangements have been in existence since the late 1990s.

They are not new to the industry. It is therefore false to say that the FGN’s 55% equity interest and/or any FGN equity interest has been sold to AEDC. There was never such a sale.

Allegation No. 3: There was no recourse to due process in the aforementioned transactions
As indicated earlier, there was never any sale of equity involved but merely a transaction between NNPC and its subsidiary, NPDC, in compliance with the provisions of the Joint Operating Agreement (JOA). The transaction at issue was not an acreage allocation exercise neither did it involve the issuance of a prospecting license. As in all previous funding arrangements such as Modified Carry Arrangements (MCA), Project Financing, etc; NNPC negotiates the most competitive financing terms for itself.

Allegation No. 4: Selection of Atlantic Energy Drilling Concepts not through transparent process
This statement is deliberately confusing the transaction undertaken by the Shell Petroleum Development Company (SPDC) Parties which sold their 45% equity interest to FHN, NECONDE, ND WESTERN & SHORELINE as against NNPC’s assignment of its 55% equity to NPDC. Neither NNPC nor its subsidiary NPDC is selling or has sold its equity interest in the four (4) OMLs. As such, there is no need for a bidding process as no government equity interest was sold to any third party, be it local or foreign.

Allegation No. 5: HMPR has pecuniary interest in Atlantic Energy Drilling Concepts, hence her approval of the deal
As part of NNPC policy, a thorough background check was carried out on Atlantic Energy Drilling Concepts, and there is no evidence indicating that the Honourable Minister of Petroleum Resources has any direct or indirect pecuniary interest in the company. This allegation is therefore false, unfounded, and malicious and aimed at defaming the character of the person of the HMPR.

It is expected that in issues as profound as these, the Delta State Oil Producing Communities should undertake a thorough, incisive, comprehensive investigation before making spurious allegations that are intentionally meant to tarnish the image of the Honourable Minister.

Allegation No. 6: Nigeria would lose four trillion cubic feet of gas asset worth $15.72 trillion
The quoted reserves of 5 billion barrels corresponding to 60% of NPDC 55% equity is obviously a calculated attempt to mislead the National Assembly and indeed the people of Nigeria as the entire 100% equity of the 4 blocks is not up to 5 billion barrels.

Considering that the transaction at issue is not a sale of assets, it is inconceivable to arrive at any loss, not to mention the $15.72 trillion being propagated.

The revenue accruing from approximately 75% of the total reserves that is due to the Federal Government remains unchanged and has not been eroded. Royalty and tax accruable to the federation account will be paid based on production.

In conclusion, NPDC, as the National Oil Company and a flagship subsidiary of NNPC is always seeking to expand its opportunities in the upstream oil and gas sector. In pursuing this growth strategy, NPDC has adopted funding mechanisms to secure production capacity of 250,000 barrels per day by 2015.
This strategy is essential if the National Oil Company (NOC) is to be a major player in the upstream sector in Nigeria and provide National Energy Security for the Nation. A strong National Oil Company is sine qua non for National Security as practiced by all other oil producing countries.

The support of FGN in ensuring NPDC’s expanded operations by seeking additional asset base and funding outside the normal Government funded Joint Venture (JV) cash call, is therefore an imperative. It is interesting that the laudable actions of the Honourable Minister of Petroleum Resources who has consistently fought to support and grow the National Oil Company, NPDC, against competing interests is being parodied and vilified by certain groups.

These concerted actions have already yielded desired results as NPDC production has grown from 60,000 bbl/day to 138,000 bbl/day. Currently, NPDC is the major gas supplier to the domestic market in the western Niger Delta with over 450 mmscf/day which will further increase to over 550 mmscf/d by the end of 2013. We therefore urge all Nigerians to support the development of our own National Oil Company, to enable it compare with its peers (Petrobras, Saudi Aramco and Petronas) and to allow it compete favourably with other International Oil Companies (IOC).

The Delta State Oil Producing Communities and news media owe a duty to the nation to verify information before going public

MANAGEMENT

This is worse than BOKO HARAM!

GEJ is still the best President Nigeria has ever had... 83% of our oil wells are controled by the Northerners and it remained secret for Years, untill last two Months it was revealed. But under GEJ noting is secret... May God bless GEJ for being these open. And GOD punish you for being so DUMB.

Seems u are part of the people who got the 50million that's y u. So supportive of her,so u be thief too

Billyonaire: If you believe that, then you can believe that pigs fly. Its pure unintelligent fabrications from armchair critics.

$15 Trillion?

Prof Corruption:

A sick finger of a leprous hand.

meaning ?

This is certainly not true. Now, $15.7trn *158 = #2480.6trn. Again how much is Nigeria's annual budget? The last was around $4trn wch is the highest so far in the history of Nigeria. The math is #2480.6trn/4= budget of 620yrs. Pls, Nigerians should do some little analysis which requires no much education before believing trash. Remember: Everything about Nigeria is over hyped.

WONDERFUL
And if a thief steals a cellphone
he can be locked up for 45 years
one day bushmeat go catch the hunter

sweetnigga: meaning ?

An ultra corrupt Madueke from a cabinet of criminals.

Billyonaire: Factless, Tactless fabrications of Cataclysmic Propensity. Only a F00l can fall for this crap! "Our sources", "inside SOurces" "reporter who refused to be named" bla bla bla

I've noticed ur stand severally when it comes to GEJ and Diezani's corrupt behaviours and activities, and it has always been that u support these bigots with ur selfish and corrupt comments. I can now stand boldly to declare u as a corrupt being existing in d midst of marginalised Nigerians. May d Almighty illuminate ur blind heart and eyes.

Akpan107: GEJ is still the best President Nigeria has ever had... 83% of our oil wells are controled by the Northerners and it remained secret for Years, untill last two Months it was revealed. But under GEJ noting is secret... May God bless GEJ for being these open.

You are a stupid fool

nairaman66:

What else are you going to believe in your entire life?? Sorry no offence!

So you believe the minister personally conered Nigeria's asset worth over $15 TRILLIION in DOLLARS O! for her company?

And you also believe that the value of just 4 oil blocks are worth that much?

And you've failed to ask yourself, how much did IBB, OBJ, ATIKU and even Abdulsalam steal? $100trillion Dollars each that's going by you analogy that a minister can steal $15trillion?

You've also failed to ask yourself, if allison madueke, a minister could steal 15trillion dollars, how much will GEJ steal?

And yet you havent asked yourself, if 4 oil blocks is worth that much, how much will all the oil blocks in nigeria worth and how much is the total value of the crude oil sold from 1999 till date?

Only when i get a convincing response from you will i assume that u are not as gullible as maybe me...

Nwa oguta: who is a democracy defender? That rogue called abiola who came to arthur nzeribe,s house crying like a baby for insulting the igbos?that man is nothing but a thief.

Look at this dimwit, ok so GEJ that morons like you is paying with 40 laptops is not a thief? You're nothing but a lackey.
Nigeria and it's generations are doomed with people like you,selling your birthright for a token.

Billyonaire: Factless, Tactless fabrications of Cataclysmic Propensity. Only a F00l can fall for this crap! "Our sources", "inside SOurces" "reporter who refused to be named" bla bla bla

and u dont even know how more cataclysmic it is for u not to look at the real issue in the report.....corruption!

corruption is not ending anytime soon, even the so called ones that call themselves progressive are corrupt no be small so abeg my sister carry your own share eat. don't let them intimdate you cause you are a woman. This is a theifing country, there is not one politician that's not stealing in that country. we know the deal, You joined the boys. Eat your share, clean mouth and struct away like a boss. maybe there are no more money left to steal, a change would happen. Everybody go answer him papa name

Billyonaire: If you believe that, then you can believe that pigs fly. Its pure unintelligent fabrications from armchair critics.

Why do you bother? I long ago realized that most of these people are just walking zombies. They can't think or reason. They just react like wild animals. The sad thing is they will tell you that they are educated. Brrrrrrr.

[url][/url]15 trillion dollars. this figure is pure exageration. not doubting her thiefing abilities though .........,