After Discovering Oil In Large Quantity, 19 Northern Governors Signal Segregation Against South.

The brand New Nigeria Development Corporation (NNDC) owned by the 19 northern state governments has disclosed plans to start exploration of oil and gas in the lake Chad in the North East part of Nigeria.

Addressing Journalists quickly after the corporation’s Annual special meeting in Kaduna, the Board of administrators Chairman, Alh. Bashir Mohammed Dalhatu regreted that the insecurity within the North-East has affected the take off of the exploration.

The NNDC mentioned, “oil and oil blocks have been found out in the North, but for security challenges in the North-east exploration could have long gone a long way.”

“but we've got considering that to re-engaged our folks to be utterly dedicated to the oil exploration and exploitation of both oil and gas resources. We suppose in order to spring boot revival of economic system within the region,” he stated.

Asked when the exploration will commence, the NNDC’s board chairman stated “we are opening the exploration inside the 12 months 2016, considering we're speaking with technical companions that might help us explore the resources.”

in step with him, the enterprise was once ready to post revenue regardless of political instability and the activities of insurgency in northern components of the nation.

He mentioned the continuous decline in executive sales which resulted in discount of foriegn reserves as good as devaluation of the naira posed challenges to the operations of the NNDC.

He said despite the tough running atmosphere and the steady safety challenges, the organization remained resolute and centered in realizing its objectives.

The chairman mentioned the running earnings of the corporation improved with the aid of 42 percent from N651.2 million to N923.9 million at the same time a 73 percent expand was recorded in running revenue before tax from N137.2 million to N237.2 million.

He said additional raises were recorded in profits per share of 87 percentage from 16.7 kobo to 31.2 kobo and 4.4 percent net assets per share from 14.1 to N18.5 when comoared with results of the preceding 12 months of 2014.

The developed world will soon turn it's back on oil.

Story for the gods!! NNPC has drilled several wells over many decades in the Lake Chad basin, and they have never found oil there. So is it NDDC that has no prior experience in oil exploration that will find oil, there?? I beg, they should stop wasting money and go and sit down...

So the North is all about oil? But they said only Igbos are coveting oil. Well Seun looks like your rule number 9 is going to expand more groups then just Biafra.

Abeg make dem do quick find oil for their side make we rest. Parasites