solarview:
Nigeria keeps sucking the Niger Delta resources to feed her Ungrateful Northern elements

We gave you the respect back and allowed your son to be president and gave him votes in 2011. Unluckily it was the most clueless of all that we gave all to.

i thought, oil prices dropped by more than 40% since last quater of 2014...so how is it possible to us $96...for calculations throughout 2014?

DOKUBOHARAM:
i thought, oil prices dropped by more than 40% since last quater of 2014...so how is it possible to us $96...for calculations throughout 2014?

Yes and that last quarter was November or october so all the money from Jan till then is wayyyy wayyyyy bigger than what 2months can cut out anyhow.

zheroes:

this comment isn't welcome, am from the Niger delta. where were you when they were building the refineries with proceeds from groundnut and others. the problem we have is tied around regional sentiments and corruption, i don't care where you come from, provide the basic facilities from what the country possesses. we are one irrespective of tribe.

Brother let's say the truth for once... You rightly said we're one Nigerian but they over there don't take it that way... God forbid any bad thing happens to this so called almagamation.. What's our portion in this so called Nigeria? Don't forget we are using our resources to build Abuja up there in the North.

Keneking:
Great

1. How much quantity of crude oil was stolen in the year under review?

2. How much was given as PR to militants?

3. Using the OPEC’s Reference Basket which puts the average yearly basket price of crude oil for 2014 at $96.29 per barrel, the export of 773.833 million barrels of crude translated to $74.512 billion, an equivalent of N14.902 trillion. Where is the excess? Considering the per barrel budget benchmark for Year 2014...

4. How much in Naira was remitted to the treasury?

Jonathan government sef

my brother, even d excess is more than the yearly budget but yet were is it!

Adminisher:


We gave you the respect back and allowed your son to be president and gave him votes in 2011. Unluckily it was the most clueless of all that we gave all to.

Thank God we're enjoying the supposed 'CHANGE' you called substitute...Hope you're following recent news bro...

we haven't seen anything yet. the only time we gonna move forward is when govt nationalised all the illegal oil field licenses issued during the military eta. ..the north will remain poorer. ..the Niger Delta will remain underdeveloped while the southwest will remain slaves of the north and the ibos will continue with crimes.
Derivation and deprivation: Why the North is Poor by Ross Alabo-George

The North is poor, this much no one disputes, the poverty has bred millions of destitutes, who have become instant and easy recruits for Boko-Haram. But the question is: Who impoverished the North? I want to posit that the Core North through their aristocrats and ex-military rulers rake an enormous income from oil money (from the Niger Delta) individually, much more than any Individual/group of individuals from the South, and collectively more than 10 times the entire Niger Delta business men in the oil and gas industry put together. In this disquisition, I have attempted to show that an estimated 75% of crude oil and gas produced by indigenous companies is controlled by the North. It is an area they have well conquered through General IBB, Abacha and Abdulsalami. However, the loots never get back home. In this first part I will attempt to describe the very uneven nature of the distribution of the nation’s wealth among the Northern aristocratic families and their military generals who for decades looted Nigeria. They did so blatantly, and while Nigeria was weeping about oil windfall loot and others, Nigerians would wail if they know how much of the nation’s resources these folks allocated to themselves and their business fronts before they stepped aside. Let us therefore begin.To the state of origin of Boko Haram: Borno State.EnterCavendish Petroleum, the operators of OML 110 – with good yielding OBE field. This oil block was awarded to Alhaji Mai Deribe – the Borno patriarch, who even in death will remain the richest man dead or alive in the history of Borno state- by General Sani Abacha on the 8th of July, 1996. OML 110 has a proven oil reserve in excess of 500 million barrels (More than the entire 300milliom barrels reserve of Sudan). As yet with the capacity to produce about 120,000 barrels of crude oil daily from its OBE 4 and OBE 5 wells.At current production levels, the Mai Deribes net circa N4billion monthly in crude oil sales (Using oil price estimates of $100 p/b). Mai Deribe’s mansion, in allegedly poor Maiduguri is one of the most lavish mansions anywhere on earth; it used to be a tourist attraction, b4 Boko Haram’s tourism deterrent activities -I will then shift to the centre of the Fulani aristocratic hegemony in the North – Kano. Here. Enter the Fulani Prince Nasiru Ado Bayero, Mallam (Prince) Sanusi Lamido Sanusi’s cousin. He is a Key shareholder and director in Seplat/Platform petroleum operators of the Asuokpu/Umutu Marginal Field with a capacity of 300,000 barrels monthly and A 30mmfcsd gas plant capable of feeding 100MT of LPG. The Ado Bayeros, Yar’Aduas and Atiku Abubakar are Nigerian holders of Intels. It runs a private port that has grounded three Federal ports in the South. Intels is discussed later. Enter South Atlantic Petroleum Limited (SAPETRO). South Atlantic Petroleum (SAPETRO) is a Nigerian Oil Exploration and Production Company that was created in 1995 by General T. Y. Danjuma (also Chairma of ENI Nigeria). General Sani Abacha awarded the Oil Prospecting License (OPL) 246 to SAPETRO in February 1998. The block covers a total area of 2,590km2 (1,000 sq. miles). SAPETRO partnered with Total Upstream Nigeria Ltd (TUPNI) and Brasoil Oil Services Company Nigeria Ltd (Petrobras) to start prospecting on OPL246. Akpo, a condensate field was discovered in April 2000 with the drilling of the first exploration well (Akpo 1) on the block. Other discoveries made on OPL 246 include the Egina Main, Egina South, Preowei and Kuro (Kuro was suspended as a dry gas/minor oil discovery). In June 2006, General TY Danjuma divested part of its contractor rights and obligations to China National Offshore Oil Corporation (CNOOC) for $1 billion (N160bn). Akpo exports about 230,000 barrels of condensate daily. Condensate export is not regulated by OPEC, so SAPETRO/TOTAL exports as much as possible each day. Egina exports about 75,000 barrels of oil daily.Therefore, Akpo and Egina fields export just over 300,000 barrels of oil/condensate daily (three times what the country Ghana exports). SAPETRO (TY Danjuma) get’s 25% of this. Now, note I have not talked about the gas component – it’s about 2.5 trillion cubic feet. The money SAPETRO nets each month is more than the monthly statutory allocation to any Nigerian state and also more than the oil revenue of Ghana. Do your math. Enter AMNI (or is it AMIN?) International Petroleum Development Company. AMNI owns two oil blocks – OML 112 and OML 117. In the production-sharing contract, AMNI gets 60% for owning the oil block and Total gets 40% for providing technical advice. OML 112 was awarded on the 12/02/1998 while OML 117 was awarded 04/08/1999 all by Gen. Abdulsalami Abubakar. Operations started on both blocks 0n 26/02/2006. The licenses are due to expire 11/02/2018 and 05/08/2019 respectively. (Now you see why the next election is important?). The Okoro and Setu fields in OML 112 are operated by Afren Energy, a company substantially controlled by Rilwanu Lukman. The Okoro and Setu oil fields have about 50 million barrels in reserve and currently produce/exports just a little below 20,000 barrels per day. The chairman of AMNI International Petroleum and Development Company is Alhaji (Colonel) Sani Bello a Fulani from Kontagora, Niger State. Lest I forget, Alhaji Bello’s son- Abu, is married to General Abdusalami Abubakar’s eldest daughter. Enter Oriental Energy Resources Limited, a company owned by Alhaji Mohammed Indimi, a close friend of General Ibrahim Babangida. Also worthy of note is that General IBB’s first son is married to Alhaji Mohammed Indimi’s daughter – Yakolo Indimi-Babangida, who also serves as a director in the company. Alhaji Indimi hails from Niger State. Oriental Energy Resources Limited runs three oil blocks: OML 115, the Okwok field and the Ebok field. OML 115 and Okwo are OML PSC, while Ebok is an OML JV. All of them crown offshore oil blocks. OML 115 on its own is 228 sq Km. On OML115 Oriental Energy Resources Limited has 60 per cent while Equity Energy Resources AS, which Alhjai Aliko Dangote’s oil and gas investment vehicle has 40 per cent (Aliko Dangote is from Kano). On Okwok, Addax has 40% and on the Ebok field, Oriental Energy Resources shares with none: its 100%. AMNI produces twice as much as Cavendish Petroleum. Enter Express Petroleum and Gas Limited floated by Alhaji Aminu Dantata, solely for the purpose of fronting for winning oil block(s) even though he and the company are in no way qualified for the award. General Abacha awarded him OML 108 on the 1st of November, 1995. CAMAC Houston, a company owned by Kase Lawal bought 2.5% of Express Petroleum’s 60% holdings. The other 40% on OML 108 is owned by Sheba E&P Limited an IBB tributary company. SEPCOL operates the Ukpokiti offshore field in Shallow water Nigeria, which was acquired from ConocoPhillips in May 2004. Enter Shebah Exploration And Production Limited (SEPCOL) . It is the operator of the Oil Mining License 108 offshore Nigeria. Head office is in Lagos, but ‘head quartered’ in Minna. Enter Consolidated Oil. Conoil Producing Limited is an integrated upstream oil and gas company. They are the operator of six blocks in the Niger Delta as well as 25% Equity holder in the Joint Development Zone (JDZ) Block 4. Corporate Head office is in Lagos, but its ‘Headquarters’ is in Minna, Niger State. Conoil signed a technical operator agreement with Continental Oil and Gas Limited (CONOG) to provide 100% funding and technical service agreement to operate blocks OML 59 on a 40% (Conoil) / 60% (CONOG) basis. Conoil entered into a Production Sharing Contract with the NNPC by virtue of an agreement executed on 17th October 2008. Conoil’s has overall potential hydrocarbon resources of over 1.0 Billion Barrels of Oil and 7.0 Trillion Cubic Feet of Gas. General Ibrahim Babangida (IBB owns a substantial interest in conoil held in blind trust [same arrangement in Glo] ) awarded the first oil block to Conoil in 1991. The company produces about 100,000 barrels per day. Enter Rilwanu Lukman, another Fulani multimillionaire with fronted controlling holdings in Afren, the operators of AMNI oil blocks and also with very key interest in the NNPC/Vitol trading deal, Vitol is a London based oil trading company. Vitol lifts 350,000 barrels of crude oil daily from Nigeria. Enter Intels and the Yar’Adua , Ado Bayero family and Alhaji Abubakar Atiku. The Oil and Gas Free Zone and Oil Services Centres, as well as Support Bases, are operated from government-owned facilities, leased to Intels under long-term agreements. Intels runs a ‘private port’, a venture that has systematically killed the Calabar, Warri and Port Harcourt ports. There are over one hundred major companies operating at the Intel facility in Port Harcourt. The company makes more money in profit than the government of Rivers, Bayelsa and Delta states put together. I shall give details and figures in the part two of this disquisition.Finally, for the Part I of this disquisition, I introduce you to NorthEast Petroleum. The name is as clear as the message it sends. I do not need to write so much about NorthEast Petroleum registered as NorEast. NorthEast Petroleum Nigeria Limited is the holder of OPL215 license, covering an area 0f 2,564 square kilometres in water depths between 200 to 1600 metres. NorEast is the parent company of Rayflosh Petroleum was awarded the blocks OPLs 276 & 283 closing thereupon a Joint Venture Agreement with Centrica Resources Nigeria Limited and CCC Oil and Gas. Not surprising, NorthEast Petroleum is owned by another Fulani businessman from the North East, Alhaji Saleh Mohammed Jambo. The license was awarded to him by General Ibrahim Badamosi Babangida in 1991 and then renewed in 2004. So far $50Million has been spent on the very promising Okpoi-1 and Egere -1 exploratory well. In the Part II, we shall finish the discussion. We will table other North Eastern billionaires who make more money than their states of origin from Niger Delta oil blocks. Sadly, National Bureau of Statistics reports from 2010 show Niger State as the poorest state in the Federation, and the North East the poorest region. With these figures from the National Bureau of Statistics, I rest my case
noteby this article was written by alabo george

With all this money, if managed well we shouldn't have been in this financial mess. Jonathan see your life!

Kingbilo:
Impossible.. And they all know it.. Who are they trying to deceive lol. In a year when oil prices fell by almost half and we did not export a single drop of oil to the USA for 6 months... I laff in Spanish

This obviously isn't true.. If it is, investors will know.. Marketers will know.. Even if the money is misappropriated.. The Nigerian market will never tank the way it did.

Not possible in a million years.. We absolutely did not earn that amount or anything close to it

I'm not for or against APC or PDP or anything.. But sometimes we have to apply common sense.. You can't make those sales and have an economy where investment is an issue. It's just not possible..

Ever considered what corruption may do to change the statistics at the bottom line?

Laredojohn:
r domestic and export purposes, showing a slight decrease of 0.46 per cent against 2013 figures. “Of the total quantity, NNPC lifted 349.721 million barrels of crude oil, representing 42.86 per cent of the total, averaging 958,141 barrels per day for both domestic utilisation and export.”

Source :http://www.vanguardngr.com/2015/07/fg-earns-n14trn-from-crude-export-nnpc/#sthash.8zrWIzNh.dpuf

Let d probe begins sebi d opolo-eyed oil minister told naijarians that no kun3 want 2 buy our oil?

Oga this money includes the share of OICs and operational costs. It is possible. However, FG and States share should be way smaller than the quoted figure.

Kingbilo:
Impossible.. And they all know it.. Who are they trying to deceive lol. In a year when oil prices fell by almost half and we did not export a single drop of oil to the USA for 6 months... I laff in Spanish

This obviously isn't true.. If it is, investors will know.. Marketers will know.. Even if the money is misappropriated.. The Nigerian market will never tank the way it did.

Not possible in a million years.. We absolutely did not earn that amount or anything close to it

I'm not for or against APC or PDP or anything.. But sometimes we have to apply common sense.. You can't make those sales and have an economy where investment is an issue. It's just not possible..

It is either you are not from ND or you are one ignorant dude. Which groundnut money was used to buildd refinery? Which refinery? Is it the two in Portharcourt or the one in Warri or that in Kaduna? You can make your point but please don't try to distort history.

zheroes:

this comment isn't welcome, am from the Niger delta. where were you when they were building the refineries with proceeds from groundnut and others. the problem we have is tied around regional sentiments and corruption, i don't care where you come from, provide the basic facilities from what the country possesses. we are one irrespective of tribe.

14 trn, means we can all get 1billion each and still have enough in reserve.. we are not up to 8billion Nigerians.. you will pass out to discover how much one man can loot with peace of mind in the name of politics..

Nigeria was never meant to be poor... blessed we are in all aspects and ramifications.. but for our cursed leaders ... I smh.

who ever believe this news or figures can also believe that snoop Dogg is Fulani man. if they had lied that its 2011 or maybe 2012 I would have agreed but 2014!!?? Kai haba, if Nigeria made that much how much will Saudi Arabia make, $50trillion ? its about time they start to check all those nnpc guys certificate.

cleric:
It's very sad that the region producing this colossal figure has nothing to show for it in terms of employment, infrastructure and social amenities. .

Despite low population of the oil producing states the federal allocation each state receives is bigger than that of Lagos state

zheroes:

this comment isn't welcome, am from the Niger delta. where were you when they were building the refineries with proceeds from groundnut and others. the problem we have is tied around regional sentiments and corruption, i don't care where you come from, provide the basic facilities from what the country possesses. we are one irrespective of tribe.

shut up silly one. may b u live in Lagos or abuja.may warri or pH.go 2 d creeks where d oil is gotten from n u won't say d rubbish u just vomitted.....trillions n yet this people can't even drink good water.No be ur fault.

zheroes:

this comment isn't welcome, am from the Niger delta. where were you when they were building the refineries with proceeds from groundnut and others. the problem we have is tied around regional sentiments and corruption, i don't care where you come from, provide the basic facilities from what the country possesses. we are one irrespective of tribe.

shut up silly one. may b u live in Lagos or abuja.may b warri or pH.go 2 d creeks where d oil is gotten from n u won't say d rubbish u just vomitted.....trillions n yet this people can't even drink good water.No be ur fault.

babosky2008:
we haven't seen anything yet. the only time we gonna move forward is when govt nationalised all the illegal oil field licenses issued during the military eta. ..the north will remain poorer. ..the Niger Delta will remain underdeveloped while the southwest will remain slaves of the north and the ibos will continue with crimes.
Derivation and deprivation: Why the North is Poor by Ross Alabo-George

The North is poor, this much no one disputes, the poverty has bred millions of destitutes, who have become instant and easy recruits for Boko-Haram. But the question is: Who impoverished the North? I want to posit that the Core North through their aristocrats and ex-military rulers rake an enormous income from oil money (from the Niger Delta) individually, much more than any Individual/group of individuals from the South, and collectively more than 10 times the entire Niger Delta business men in the oil and gas industry put together. In this disquisition, I have attempted to show that an estimated 75% of crude oil and gas produced by indigenous companies is controlled by the North. It is an area they have well conquered through General IBB, Abacha and Abdulsalami. However, the loots never get back home. In this first part I will attempt to describe the very uneven nature of the distribution of the nation’s wealth among the Northern aristocratic families and their military generals who for decades looted Nigeria. They did so blatantly, and while Nigeria was weeping about oil windfall loot and others, Nigerians would wail if they know how much of the nation’s resources these folks allocated to themselves and their business fronts before they stepped aside. Let us therefore begin.To the state of origin of Boko Haram: Borno State.EnterCavendish Petroleum, the operators of OML 110 – with good yielding OBE field. This oil block was awarded to Alhaji Mai Deribe – the Borno patriarch, who even in death will remain the richest man dead or alive in the history of Borno state- by General Sani Abacha on the 8th of July, 1996. OML 110 has a proven oil reserve in excess of 500 million barrels (More than the entire 300milliom barrels reserve of Sudan). As yet with the capacity to produce about 120,000 barrels of crude oil daily from its OBE 4 and OBE 5 wells.At current production levels, the Mai Deribes net circa N4billion monthly in crude oil sales (Using oil price estimates of $100 p/b). Mai Deribe’s mansion, in allegedly poor Maiduguri is one of the most lavish mansions anywhere on earth; it used to be a tourist attraction, b4 Boko Haram’s tourism deterrent activities -I will then shift to the centre of the Fulani aristocratic hegemony in the North – Kano. Here. Enter the Fulani Prince Nasiru Ado Bayero, Mallam (Prince) Sanusi Lamido Sanusi’s cousin. He is a Key shareholder and director in Seplat/Platform petroleum operators of the Asuokpu/Umutu Marginal Field with a capacity of 300,000 barrels monthly and A 30mmfcsd gas plant capable of feeding 100MT of LPG. The Ado Bayeros, Yar’Aduas and Atiku Abubakar are Nigerian holders of Intels. It runs a private port that has grounded three Federal ports in the South. Intels is discussed later. Enter South Atlantic Petroleum Limited (SAPETRO). South Atlantic Petroleum (SAPETRO) is a Nigerian Oil Exploration and Production Company that was created in 1995 by General T. Y. Danjuma (also Chairma of ENI Nigeria). General Sani Abacha awarded the Oil Prospecting License (OPL) 246 to SAPETRO in February 1998. The block covers a total area of 2,590km2 (1,000 sq. miles). SAPETRO partnered with Total Upstream Nigeria Ltd (TUPNI) and Brasoil Oil Services Company Nigeria Ltd (Petrobras) to start prospecting on OPL246. Akpo, a condensate field was discovered in April 2000 with the drilling of the first exploration well (Akpo 1) on the block. Other discoveries made on OPL 246 include the Egina Main, Egina South, Preowei and Kuro (Kuro was suspended as a dry gas/minor oil discovery). In June 2006, General TY Danjuma divested part of its contractor rights and obligations to China National Offshore Oil Corporation (CNOOC) for $1 billion (N160bn). Akpo exports about 230,000 barrels of condensate daily. Condensate export is not regulated by OPEC, so SAPETRO/TOTAL exports as much as possible each day. Egina exports about 75,000 barrels of oil daily.Therefore, Akpo and Egina fields export just over 300,000 barrels of oil/condensate daily (three times what the country Ghana exports). SAPETRO (TY Danjuma) get’s 25% of this. Now, note I have not talked about the gas component – it’s about 2.5 trillion cubic feet. The money SAPETRO nets each month is more than the monthly statutory allocation to any Nigerian state and also more than the oil revenue of Ghana. Do your math. Enter AMNI (or is it AMIN?) International Petroleum Development Company. AMNI owns two oil blocks – OML 112 and OML 117. In the production-sharing contract, AMNI gets 60% for owning the oil block and Total gets 40% for providing technical advice. OML 112 was awarded on the 12/02/1998 while OML 117 was awarded 04/08/1999 all by Gen. Abdulsalami Abubakar. Operations started on both blocks 0n 26/02/2006. The licenses are due to expire 11/02/2018 and 05/08/2019 respectively. (Now you see why the next election is important?). The Okoro and Setu fields in OML 112 are operated by Afren Energy, a company substantially controlled by Rilwanu Lukman. The Okoro and Setu oil fields have about 50 million barrels in reserve and currently produce/exports just a little below 20,000 barrels per day. The chairman of AMNI International Petroleum and Development Company is Alhaji (Colonel) Sani Bello a Fulani from Kontagora, Niger State. Lest I forget, Alhaji Bello’s son- Abu, is married to General Abdusalami Abubakar’s eldest daughter. Enter Oriental Energy Resources Limited, a company owned by Alhaji Mohammed Indimi, a close friend of General Ibrahim Babangida. Also worthy of note is that General IBB’s first son is married to Alhaji Mohammed Indimi’s daughter – Yakolo Indimi-Babangida, who also serves as a director in the company. Alhaji Indimi hails from Niger State. Oriental Energy Resources Limited runs three oil blocks: OML 115, the Okwok field and the Ebok field. OML 115 and Okwo are OML PSC, while Ebok is an OML JV. All of them crown offshore oil blocks. OML 115 on its own is 228 sq Km. On OML115 Oriental Energy Resources Limited has 60 per cent while Equity Energy Resources AS, which Alhjai Aliko Dangote’s oil and gas investment vehicle has 40 per cent (Aliko Dangote is from Kano). On Okwok, Addax has 40% and on the Ebok field, Oriental Energy Resources shares with none: its 100%. AMNI produces twice as much as Cavendish Petroleum. Enter Express Petroleum and Gas Limited floated by Alhaji Aminu Dantata, solely for the purpose of fronting for winning oil block(s) even though he and the company are in no way qualified for the award. General Abacha awarded him OML 108 on the 1st of November, 1995. CAMAC Houston, a company owned by Kase Lawal bought 2.5% of Express Petroleum’s 60% holdings. The other 40% on OML 108 is owned by Sheba E&P Limited an IBB tributary company. SEPCOL operates the Ukpokiti offshore field in Shallow water Nigeria, which was acquired from ConocoPhillips in May 2004. Enter Shebah Exploration And Production Limited (SEPCOL) . It is the operator of the Oil Mining License 108 offshore Nigeria. Head office is in Lagos, but ‘head quartered’ in Minna. Enter Consolidated Oil. Conoil Producing Limited is an integrated upstream oil and gas company. They are the operator of six blocks in the Niger Delta as well as 25% Equity holder in the Joint Development Zone (JDZ) Block 4. Corporate Head office is in Lagos, but its ‘Headquarters’ is in Minna, Niger State. Conoil signed a technical operator agreement with Continental Oil and Gas Limited (CONOG) to provide 100% funding and technical service agreement to operate blocks OML 59 on a 40% (Conoil) / 60% (CONOG) basis. Conoil entered into a Production Sharing Contract with the NNPC by virtue of an agreement executed on 17th October 2008. Conoil’s has overall potential hydrocarbon resources of over 1.0 Billion Barrels of Oil and 7.0 Trillion Cubic Feet of Gas. General Ibrahim Babangida (IBB owns a substantial interest in conoil held in blind trust [same arrangement in Glo] ) awarded the first oil block to Conoil in 1991. The company produces about 100,000 barrels per day. Enter Rilwanu Lukman, another Fulani multimillionaire with fronted controlling holdings in Afren, the operators of AMNI oil blocks and also with very key interest in the NNPC/Vitol trading deal, Vitol is a London based oil trading company. Vitol lifts 350,000 barrels of crude oil daily from Nigeria. Enter Intels and the Yar’Adua , Ado Bayero family and Alhaji Abubakar Atiku. The Oil and Gas Free Zone and Oil Services Centres, as well as Support Bases, are operated from government-owned facilities, leased to Intels under long-term agreements. Intels runs a ‘private port’, a venture that has systematically killed the Calabar, Warri and Port Harcourt ports. There are over one hundred major companies operating at the Intel facility in Port Harcourt. The company makes more money in profit than the government of Rivers, Bayelsa and Delta states put together. I shall give details and figures in the part two of this disquisition.Finally, for the Part I of this disquisition, I introduce you to NorthEast Petroleum. The name is as clear as the message it sends. I do not need to write so much about NorthEast Petroleum registered as NorEast. NorthEast Petroleum Nigeria Limited is the holder of OPL215 license, covering an area 0f 2,564 square kilometres in water depths between 200 to 1600 metres. NorEast is the parent company of Rayflosh Petroleum was awarded the blocks OPLs 276 & 283 closing thereupon a Joint Venture Agreement with Centrica Resources Nigeria Limited and CCC Oil and Gas. Not surprising, NorthEast Petroleum is owned by another Fulani businessman from the North East, Alhaji Saleh Mohammed Jambo. The license was awarded to him by General Ibrahim Badamosi Babangida in 1991 and then renewed in 2004. So far $50Million has been spent on the very promising Okpoi-1 and Egere -1 exploratory well. In the Part II, we shall finish the discussion. We will table other North Eastern billionaires who make more money than their states of origin from Niger Delta oil blocks. Sadly, National Bureau of Statistics reports from 2010 show Niger State as the poorest state in the Federation, and the North East the poorest region. With these figures from the National Bureau of Statistics, I rest my case
noteby this article was written by alabo george

Interesting!!!

cleric:
It's very sad that the region producing this colossal figure has nothing to show for it in terms of employment, infrastructure and social amenities. .

I might be wrong but pple living in these areas are also not helping themselves from what I'v seen so far

Despite this colossal amount derived from crude oil with little or nothing to show for it in terms of basic infrastructural development I am still a proponent of Nigeria Beyond Oil before this oil dries up since it is a nonrenewable resource.

Buhari should rest and get things right. Upgrade our refineries and let them serves us. Because right now we are buying petrol at 130 naira per litre. Whereas a barrel is 62 dollars which contain 158 litres of petrol.
Just calculate that and compare it to local buying

If this report is true, then where did the money go?

Why was government unable to pay workers' salaries and had to borrow?

Serious questions for petroleum minister and GEJ

cleric:
It's very sad that the region producing this colossal figure has nothing to show for it in terms of employment, infrastructure and social amenities. .

Ask the local leaders what dey did with derivation money.