We are the cause of our problems. If we want this country to move forward, we should start from ourselves. Tribalism and corruption is our main problem til date

For goodness sake - MUST PEOPLE QUOTE A FULL WRITE-UP, START 2 FINISH, before they comment on the quote. It makes reading difficult.
To d topic, d earlier we understand d NNPC is d most corrupt govt entity, d better for us. It is a CASHCOW 4 presidents, & their political party to STEAL US BLIND, Fund their campaigns, settle their cronnies & other illicit deals.
The corruption in d Min. of Petroleum Resources & d NNPC is of a satanic proportion.
We better ask & continue to insist on zero-tolerance on corruption there, or one day when we wake up, we would be told it's insolvent & bankrupt. Then d IBBs, OBJs, Abdulsalamis Otedolas, Danjuma's, Rilwans & co. Would have taken ownership.

onatisi: DONT WORRY WE ARE ON TOP OF THE SITUATION AND BY THE WAY I DONT GIVE A DAMM

. Very Funny Onatisi.

The problem we have is that most of the Refineries in the country have long exceeded their useful life-span. The companies who built such refineries in the 60s', 70s' and 80s' have long replaced those type of refineries with newer and stronger materials, thanks to materials and metallurgical research and so finding spare-parts for our aged Refineries will always be a problem.

A friend once served his Engineering Industrial attachment at Egbin Thermal station, Ikorodu, Lagos, in Year 1999, during the Under-21 FIFA Football championship held in Nigeria. Before the championship commenced, The Japanese company that built the plant in the late 80s' was called to do some repair work on the plant so that PHCN could guarantee adequate electricity supply during the championship.


The Japanese Engineers were shocked, on getting to the plant, to learn that the Egbin thermal station had not been scrapped and replaced with a new plant, just about 10 years after Egbin was commissioned, can you imagine that !!!


I will advise that instead of the Federal government sinking $485 million into TAM for a particular refinery, it should instead build a new one near the old one, then scrap the old refinery. If this is not done, then they should expect the very old refineries to keep on breaking down and having maintenance issues.

The narration continues.....

The Federal Government, after they have built new refineries, should ascertain the life-span of the new refineries. If its 10 years, then the Government can create a sinking-fund into which annual lump-sum payments (depreciation and wear and tear provision), from the refineries profit can be paid into the fund. This should enable the Federal government to scrap the refineries after its useful life spans and build new ones immediately due to availability of funds in the sinking fund.

I know the above scenerio might not be possible because of the way government accounting is structured, as all government revenues go to the Consolidated revenue account. However, the government can, through the NNPC, hand over the refineries to private enterprenuers to part-own and manage and be represented on the Board of NNPC through its investment arm, the Ministry of Finance Incorporated. This is why I think the NNPC is being restructured so that it can be run as a commercial enterprise with the Federal Government as a shareholder.

The above arrangement is the type employed by the Federal Government in its ownership of shares in Banks like First Bank PLC amongst other investments.

No Suprise!

Mandelaguy: Same reason why NNPC is being put up for sanity,probity and privatisation. The problem is that most of you read without proper analysis and news digestion. The corruption in that corporation was massive,just like in every key sector and establishment in this country. Anyway,enjoy your fruitless smear campaign.

^^^Madiba,

I 'agree' with you that the ignorant louts on this board ARE the problem. How dare they? Men and women who cannot 'read, analyse and digest' a bowl of alphabet soup, yet they want to talk about a federal institution like the NNPC, a national treasure soon to become under the current administration, the most efficient public enterprise in the Milky Way. I will support you sir, if you decide to use the "Spear of the Nation" to deal decisively with these rabble rousers and the antiquated desktops they type their garbage from. There is no place for 'smear campaigners' in the new, transformed Nigeria.

Zutchy: If the fed govt relally is the one holding back the take off of the refineries then I want you all to read in between the lines,they are delaying the takeoff of a $28billion deal for three refineries that would add 400,000bpd to be completed in 2017 but then went ahead to sign a totally different deal for $4.8billion for six refineries that would add a total of 180,000bpd to be completed in 2014,what does this tell you,this was a fed govt deal now and not an NNPC deal,the federal govt is aware of the fact that Nigerians need their problems to be solved or want to see something being done to solve it,they did not cancel the NNPC,CSCEC MOU,that one still stands and will still be carried out,but they want to start alleviating our problems as soon as possible.

Well the problem with the above is that the so-called deal signed to be completed by 2014, is likely no deal but another MOU with another unverified firm.

Yes,I did try to confirm the existence of the firm ,Vulcan Petroleum Resources, but came up with zilch. I made several calls to companies here in the United States with similar names as this entity and asked them all if they had signed a deal with the Nigerian Company but nothing. I believe Paul Allen's company, Vulcan Capital Corp, came out yesterday with a press statement denying any such deal with the Nigerian Government. And so we are left wondering if the 2014 deal even exists.

Very unfortunate, yet some are clamouring for nuclear energy. I just pity the city and state where those proposed reactors would be sited .

alaoeri: And some people 'll be carrying a propaganda that the government have sign a contract with one Vulcan to build 6refineries when the ones ωε have aren't working.

Which Vulcan kwanu? Why is this Vulcan Petroleum Resources company that can sign billion dollar contracts so hidden from sight even here in America? I don call companies tire yesterday all in my bid to find this Vulcan Petroleum Resources the Nigerian Government claim say im sign deal with, but I never find the company still.

Zutchy: If the fed govt relally is the one holding back the take off of the refineries then I want you all to read in between the lines,they are delaying the takeoff of a $28billion deal for three refineries that would add 400,000bpd to be completed in 2017 but then went ahead to sign a totally different deal for $4.8billion for six refineries that would add a total of 180,000bpd to be completed in 2014,what does this tell you,this was a fed govt deal now and not an NNPC deal,the federal govt is aware of the fact that Nigerians need their problems to be solved or want to see something being done to solve it,they did not cancel the NNPC,CSCEC MOU,that one still stands and will still be carried out,but they want to start alleviating our problems as soon as possible.

WELL DONE GOVERNMENT SPOKESMAN!!!!!!

Mandelaguy: Same reason why NNPC is being put up for sanity,probity and privatisation. The problem is that most of you read without proper analysis and news digestion. The corruption in that corporation was massive,just like in every key sector and establishment in this country. Anyway,enjoy your fruitless smear campaign.

U right on point. Firing and replacing NNPC top officials won't solve the fundamental problem. We all know the systemic root cause of the rot in NNPC and why our refineries are under producing. When I first heard the deadline was Nov.2012, i just laughed and said " Once again, another unrealistic deadline"..

no wonder there is always chaos in wrpc. tankers littered everywhere waiting to lift fuel.

i had always suspected that the whole of south-south now takes its fuel from warri.

now this newstory has proved me right!

VolvoS60:


^^^Madiba Rueben Abati,

I 'agree' with you that the ignorant louts on this board ARE the problem. How dare they? Men and women who cannot 'read, analyse and digest' a bowl of alphabet soup, yet they want to talk about a federal institution like the NNPC, a national treasure soon to become under the current administration, the most efficient public enterprise in the Milky Way. I will support you sir, if you decide to use the "Spear of the Nation" to deal decisively with these rabble rousers and the antiquated desktops they type their garbage from. There is no place for 'smear campaigners' in the new, transformed Nigeria.

Amended

The arrogance of the chap only deserves the sarcasm you deploy wittily and humorously. Sometimes, it is the only way to deal with supercilious empty barrel attempting to talk down on others simply because they cannot carry the day on the strength of their argument alone. Only god knows where GEJ get these folks from. If one must rent a crowd , at least look for folks who can hold their own against others and can walk into a room without a clown costume on.

An important question that has yet to be answered is whether this company, Vulcan Petroleum resources, really exists. If yes, where is it?

Anyone have contacts in the media?

I remember this story from July of 2012. but less than a year later, NNPC came back with lies to make us believe all is honky-dory . . . imagine that

almost one year later its still much the same situation in wrpc.

now, the tankers have practically taken over the whole expressway.

car users struggle daily with tanker drivers for passage right.

the whole of south-south seems to have descended on warri for fuel!