[size=13pt]Why NNPC should be scrapped, by ex- NBA chief Agbakoba[/size]

Former President of the Nigerian Bar Association (NBA), Mr Olisa Agbakoba yesterday urged the House of Representatives to consider  scrapping the Nigeria National Petroleum Corporation (NNPC).

Agbakoba spoke while delivering a goodwill message at the inauguration of the 89 standing and special committees of the House. He said the country is being milked dry by a secretive NNPC and oil majors.

According to him, over N7trillion is lost to oil majors yearly.He said: ”NNPC is owing so much money, the question is why? Questions like do we need an NNPC in the first place should be asked. In my view, we don’t.  I will urge you to consider a law to scrap the NNPC.”

Agbakoba noted that over N7 trillion had been lost to the oil majors  through various means with the active connivance of the corporation. He identified areas of the loss as the 60-40 equity arrangement between the NNPC and the oil majors, which he described as a fraud.

The senior advocate said  no one knows what is being produced in the crude oil sector or at what cost it is being produced, adding that it is only when one knows the cost of oil (amount at which a barrel of crude is produced) that the revenue and production can be tracked.

He accused the oil majors of ripping off the country through huge legal fees to the tune of $1billion yearly and that they keep the proceeds mainly in foreign banks.  Agbakoba said the National Assembly has to operate from the point of knowledge if it is to become effective in its oversight and win the admiration of Nigerians.

But the  management of the NNPC disagreed with Agbakoba, saying  the corporation remains virile, strong and a veritable partner in the nation's quest for growth and economic development.

Corporation’s spokesman  Dr. Levi Ajuonuma described  Agbakoba' statement on the existing arrangements in the oil and gas industry, the supervisory role of the National Petroleum Investment Management Services (NAPIMS) and NNPC as totally uninformed and unwarranted bar-room comment on the nation's premier revenue earner.

He said: "It is pertinent to remind Mr. Agbakoba that as far as the oil and gas industry is concerned, he remains an uniformed stakeholder. He even admitted as much before making those comments. He should have known better by limiting himself to whatever areas of expertise he claims to possess", Ajuonuma said.

"In today's global economic climate such disparaging comment on the Nigerian National Oil Company is also tantamount to an unpatriotic comment on Nigeria," Ajuonuma added.
He called on Agbakoba and his likes to make use of the Freedom of Information Act to acquaint themselves of facts before jumping to wild conclusion and irrelevances.

Former Clerk to the National Assembly, Mr. Yomi Ogunyomi, who delivered the main lecture titled: “Strengthening the effectiveness of committee system in the House,” said the constitution of over 80 standing committees was not an impediment to legislative workings.

Of the 85 standing committees, he said, only Appropriation met 27 times during the 2009/2010 legislative year. Majority met for just 10 times. Ogunyomi also said some committee failed to meet throughout the year while majority were found culpable of not having reports of their activities as against set rules.

According to him, committees also had 95 workshops, 112 Bills referred to the Committees and embarked on 30 foreign workshops while meeting the 181 days mandatory sitting in a year was a challenge.

The former Clerk noted that the current House must guide against pitfalls that bedevilled previous Assemblies.He listed role overlap, personality clashes, strong external influence and frictions over welfare matters as major hindrances to the functions of the committees.

He said autocratic nature of Chairmen of committees and problem of joint referral also added to the inability of the committees of the Sixth Assembly to perform to optimal level, adding that for the committees to function even at 10 per cent, political parties must refrain from nominating politicians that cannot perform legislative duties.

President of the Guild of Editors, Gbenga Adefaye said there was the need for the National Assembly to gain the trust of the people through people-oriented legislations.
House Speaker  Aminu Tambuwal  assured the people that the committees will be efficient in its work.

“Let me again state that the operations and activities of the committees will be held to standards of efficiency, transparency and accountability, which are the same standards already defined to guide the House of Representatives.

http://www.thenationonlineng.net/2011/index.php/news/21388-why-nnpc-should-be-scrapped-by-ex-nba-chief-agbakoba.html

Straight on point.
The NNPC is probably the most inefficient NOC in the world.

Bad Belle !!!!!!!!!!!!

Oga Olisa is wasting his breath and spittle.
NNPC is designed to be the most corrupt organisation in the world for a reason.
It is the energy that powers the curroption we call the Federal Government.
The presidency would rather commit mass suicide than scrap NNPC.

OAM4J:

"In today's global economic climate such disparaging comment on the Nigerian National Oil Company is also tantamount to an unpatriotic comment on Nigeria," Ajuonuma added.

very soon anyone criticizing NNPC would be accused of treasonable felony.

I wonder when the audit report on NNPC which the former finance minister said was completed in March and submitted to the President, would be released to the public. I think Agbakoba should make an application for the report under the FOI Act instead of mouthing off. He is a lawyer afterall.

Agbakoba is the man! Can somebody tell me what nnpc really does for the country? If its scrapped who will lose? Us or nnpc staff and ogas. Meanwhile who told that chirping chichidodo bird called levi "livinus" ajuonuma that he and agbakoba are mates. Fake guy wey dey don dey wear beta suit. I remember when the monkey used to host a show on ait, now na don wey get mouth to yarn

I dont need Olisa or whoever to tell me that NNPC stinks. I know this first hand.

Yes. NNPC is a shame to Nigeria people. It has failed

Agbakoba = Falana. They are the same people. Don't be fooled. It's just that one day he will come out as and Igbo man then another time he will come out as a Yoruba man. Play close attention. They do the exact thing. Sue,sue,sue. . .Make case, make case,make case then then dump it and do the same thing all over again.

Isn't that the same NNPC whose managing Director Austen Oniwon owns a $1 million dollar home in Houston using his son as a proxy? I know this because I know his kids. You need to see the way his daughter parties and spends money at NYC nightclubs! His son receives between $8000 to $10000 monthly in pocket money from Nigeria. This is first hand knowledge! How can they afford that with their dad's legal earnings? And we wonder why the NNPC has a reputation as one of the most corrupt parastatals in Nigeria!

NNPC is one of the best things that happened to Nigeria. But it should be given a free hands to operate instead of intefferance from the presidency,

The warehouse of corruption. That I know.

NNPC as it stands today is very very weak but I dont suscribe to scrapping it entirely. Yes, there has been policy changes here and their in its history as a NOC, but I think unless it is allowed to operate as a private entity without govt interference, it cannot fly. Other countries NOC's - Petrobras, Statoil, Petronas, etc are hitting it big and are global players. NNPC should aim at that,

I'm in support of Mr Olisa Agbakoba. NNPC should be scraped!I'm in support of Mr Olisa Agbakoba. NNPC should be scraped!

NNPC should be scrapped or reorganised as it presently has no mission other than importation of kerosene, petrol and diesel. It operates mostly JV's, cannot successfully explore, drill, produce and market from any oilfield solely on its own. Does not have capacity to go into foreign lands to take over their oilfields for the benefit of Nigeria.

Early years of Kuwait petroleum company.
During those days, apart from jobs for its citizens as well as having agency opportunities, Kuwait’s source of revenue from the oil industry was only through royalties earned on the volume of oil pumped and a share of the profits through taxation

Sadly, ^ this is how NNPC presently generates most of its revenues.

Please read the Kuwait petroleum company story below. 

http://www.kpc.com.kw/AboutKPC/TheKPCStory/default.aspx

Like for like, compare Saudi Aramco with NNPC.

Saudi Aramco (Arabic: ارامكو السعودية ), officially the Saudi Arabian Oil Company, is the state-owned national oil company of Saudi Arabia. Saudi Aramco is likely the world's most valuable privately-held company, with estimates of its value in 2010 ranging from 2.2 trillion USD[2] to 7 trillion USD.[3][4]

Saudi Aramco has both the largest proven crude oil reserves, at more than 260 billion barrels (4.1×1010 m3), and largest daily oil production.[5] Headquartered in Dhahran, Saudi Arabia,[6] Saudi Aramco operates the world's largest single hydrocarbon network, the Master Gas System. Its yearly production is 7.9 billion barrels (1.26×109 m3),[1] and it managed over 100 oil and gas fields in Saudi Arabia, including 279 trillion scf of natural gas reserves.[1]

Saudi Aramco owns the Ghawar Field, the world's largest oil field, and the Shaybah Field, one of the world's largest of its kind

http://en.wikipedia.org/wiki/Saudi_Aramco

If you are lucky and have 5-10yrs experience, grab yourself a job

http://www.aramco.jobs/who-we-hire.aspx

http://www.aramco.jobs/find-a-job.aspx

With alacrity!