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Politics / Re: FG Spends N3.4bn Monthly On Ajaokuta Mill by abubello(m): 11:58am On Sep 01
imagine the number of state of the art hospitals/schools that amount can build
Politics / Re: 4 Years After Pact With Chinese…where Is The FG’s N3.7tr Refineries Project? by abubello(m): 11:19am On Sep 01
if they build more refineries what will happen to the very lucrative business of fuel importaion?
Politics / Re: FG Spends N3.4bn Monthly On Ajaokuta Mill by abubello(m): 10:51am On Sep 01
What a waste!
Politics / FG Spends N3.4bn Monthly On Ajaokuta Mill by abubello(m): 10:50am On Sep 01
The federal government is wasting N3.4bn monthly on Ajaokuta Steel Mill, the chairman of the Assets Management Company of Nigeria (AMCON), Alh Kola Belgore, has said. “That is what we are paying for doing nothing monthly currently at Ajaokuta.”

He lamented that despite the huge potential of Ajaokuta Steel Mill, it remained unproductive.

“There are 2,500 engines mounted and engineers and 6,000 employees, and we are paying them every month a total of N3.4bn,” he stated.

Belgore spoke in Ilorin at an award ceremony in honour of acting inspector-general of police Sulaiman Abba, AIG Ambrose Aisabor, corps marshal of the FRSC and three other alumni of the Nigeria Institute of Policy and Stategic Studies (NIPPS), Kuru, Jos.

The ceremony was organised by the immediate past president of the Association of Alumni of Institute (AANI) and chairman, LUBCON Group of Companies, Alh. Jani Ibrahim.

The AMCON chairman decried the situation of the country, saying things are virtually static.

He proudly announced that AMCON is the only corporation with over N6trillion and one kobo of the money has not missed.

He blamed the unemployment problem on closure of companies and businesses in the country.

He lamented that the country is importing fuel despite being an oil-producing country, saying it is ridiculous and the development has made Nigeria a laughing stock among the comity of nations.

He added,”The honest truth is that we are not happy and if here we say we are happy, it is because most of us are in a comfort zone of the society –we are privileged in the society. If we ask the masses of this country who are downtrodden, they would tell you they are not happy with the situation of the country.

“The country is virtually static. Things are not moving in the right direction and everybody is keeping quiet. It has nothing to do with politics, it has to do with our collective interest.

“God endowed Nigeria very well with human, material resources, yet we are seriously under-performing as a nation. We must wake up and try to do something to move us in the right direction.

“The nation is blessed with petrol and yet we are importing fuel in the country. We are importing petrol and we are the seventh largest producer in the world. What kind of ridicule is that? Yet we all kept quiet. You saw what happened when they were investigating those that said they imported fuel to the country. They did not bring anything, yet through connivance they manipulated papers and they were collecting billions as cost of importing fuel.

http://leadership.ng/news/382662/fg-wastes-n3-4bn-monthly-ajaokuta-mill
Politics / Re: Military Planes Bombed Gwoza, Limankara Begin Major Operation To Recapture Towns by abubello(m): 4:56am On Aug 30
Rikidony:
BRO LEAVE SARCASM ASSAID THIS IS A THREAT TO OUR NATION AND WE MUST JOINED HANDS TO FIGHT THIS. IF NAIJA BECOME A FAILED STATE WE ARE DOOMED. angry
Islam for Muslims / Re: Stories From The Quran- Moses and Pharaoh by abubello(m): 5:36pm On Aug 22
@op may Allah reward you abundantly
Religion / Re: Christians In Jerusalem Want Jews To Stop Spitting On Them by abubello(m): 12:24pm On Aug 19
@ZKOSOSO But you are not a Jew?
Religion / Re: Christians In Jerusalem Want Jews To Stop Spitting On Them by abubello(m): 11:31am On Aug 18
@Barcanista, at least the muslims know their positions with the Jews, but the way some Nigerian christians behave towards Israel, you would think Israel is a christian country

18 Likes

Religion / Re: Christians In Jerusalem Want Jews To Stop Spitting On Them by abubello(m): 11:13am On Aug 18
I hope Nigerian Christians who blindly support the zionist regime are reading this!

12 Likes

Religion / Christians In Jerusalem Want Jews To Stop Spitting On Them by abubello(m): 11:13am On Aug 18
A few weeks ago, a senior Greek Orthodox clergyman in Israel attended a meeting at a government office in Jerusalem’s Givat Shaul quarter. When he returned to his car, an elderly man wearing a skullcap came and knocked on the window. When the clergyman let the window down, the passerby spat in his face.

The clergyman prefered not to lodge a complaint with the police and told an acquaintance that he was used to being spat at by Jews. Many Jerusalem clergy have been subjected to abuse of this kind. For the most part, they ignore it but sometimes they cannot.

On Sunday, a fracas developed when a yeshiva student spat at the cross being carried by the Armenian Archbishop during a procession near the Holy Sepulchre in the Old City. The archbishop’s 17th-century cross was broken during the brawl and he slapped the yeshiva student.

Both were questioned by police and the yeshiva student will be brought to trial. The Jerusalem District Court has meanwhile banned the student from approaching the Old City for 75 days.

But the Armenians are far from satisfied by the police action and say this sort of thing has been going on for years. Archbishop Nourhan Manougian says he expects the education minister to say something.

“When there is an attack against Jews anywhere in the world, the Israeli government is incensed, so why when our religion and pride are hurt, don’t they take harsher measures?” he asks.

According to Daniel Rossing, former adviser to the Religious Affairs Ministry on Christian affairs and director of a Jerusalem center for Christian-Jewish dialogue, there has been an increase in the number of such incidents recently, “as part of a general atmosphere of lack of tolerance in the country.”...

http://worldobserveronline.com/2014/08/17/christians-jerusalem-want-jews-stop-spitting-2/
Religion / Re: Christians In Jerusalem Want Jews To Stop Spitting On Them by abubello(m): 9:54am On Aug 18
I said you should stop "blind support", is attack the opposite of blind support? Did I ask you to attack them, People who don't give a hoot about you, who spits on your co- religionists, and you think you should should reward them with blind support?

2 Likes

Religion / Re: Christians In Jerusalem Want Jews To Stop Spitting On Them by abubello(m): 9:40am On Aug 18
I hope Nigerian Christians who blindly support the zionist regime are reading this!

3 Likes

Religion / Christians In Jerusalem Want Jews To Stop Spitting On Them by abubello(m): 9:39am On Aug 18
A few weeks ago, a senior Greek Orthodox clergyman in Israel attended a meeting at a government office in Jerusalem’s Givat Shaul quarter. When he returned to his car, an elderly man wearing a skullcap came and knocked on the window. When the clergyman let the window down, the passerby spat in his face.

The clergyman prefered not to lodge a complaint with the police and told an acquaintance that he was used to being spat at by Jews. Many Jerusalem clergy have been subjected to abuse of this kind. For the most part, they ignore it but sometimes they cannot.

On Sunday, a fracas developed when a yeshiva student spat at the cross being carried by the Armenian Archbishop during a procession near the Holy Sepulchre in the Old City. The archbishop’s 17th-century cross was broken during the brawl and he slapped the yeshiva student.

Both were questioned by police and the yeshiva student will be brought to trial. The Jerusalem District Court has meanwhile banned the student from approaching the Old City for 75 days.

But the Armenians are far from satisfied by the police action and say this sort of thing has been going on for years. Archbishop Nourhan Manougian says he expects the education minister to say something.

“When there is an attack against Jews anywhere in the world, the Israeli government is incensed, so why when our religion and pride are hurt, don’t they take harsher measures?” he asks.

According to Daniel Rossing, former adviser to the Religious Affairs Ministry on Christian affairs and director of a Jerusalem center for Christian-Jewish dialogue, there has been an increase in the number of such incidents recently, “as part of a general atmosphere of lack of tolerance in the country.”...

http://worldobserveronline.com/2014/08/17/christians-jerusalem-want-jews-stop-spitting-2/
Religion / Re: Interesting Facts About The Bible!!! » » » by abubello(m): 12:29pm On Aug 17
@emmaomotob by your own admission some some accounts in the bible are untrue, the question is how many percent of the bible is untrue?
Do you as a Christian have a way if sifting the true from the untrue in the bible. How can you be sure that passages like crucifixion, trinity, original sin etc do not belong to the untrue portion?
Religion / Re: Interesting Facts About The Bible!!! » » » by abubello(m): 8:43am On Aug 17
still more:

7. There are even contradictions in the accounts of the resurrection – the supposed event that is the very foundation of the Christian religion. Mark 16:2 states that on the day of the resurrection, certain women arrived at the tomb at the rising of the sun. But John 20:1 informs us they arrived when it was yet dark. Luke 24:2 describes the tomb as open when the women arrived, whereas Matthew 28:1-2 indicates it was closed. Mark 16:5 declares that the women saw a young man at the tomb, Luke 24:4 says they saw two men, Matthew 28:2 reports they saw an angel, and John 20:11-12 claims they saw two angels.

8. Also in the resurrection stories, there are contradictions as to the identity of the women who came to the tomb,[7] whether the men or angels the women saw were inside or outside the tomb,[8] whether the men or angels were standing or sitting,[9] and whether Mary Magdalene recognized the' risen' Jesus when he first appeared to her.

9. As a final example of a New Testament contradiction, the conflicting accounts of Paul’s conversion can be cited. Acts 9:7 states that when Jesus called Paul to preach the gospel, the men who were with Paul heard a voice but saw no man. According to Acts 22:9, however, the men saw a light but didn't hear the voice speaking to Paul.

Do christians still beleive that these contradictory accounts were all inspired by holy spirit?
Religion / Re: Interesting Facts About The Bible!!! » » » by abubello(m): 8:41am On Aug 17
more contradictions:

In describing Jesus being led to his execution, John 19:17 recounts that he carried his own cross. But Mark 15:21-23 disagrees by saying a man called Simon carried the cross.

5. As for the crucifixion, Matthew 27:44 tells us Jesus was taunted by both criminals who were being crucified with him. But Luke 23:39-43 relates that only one of the criminals taunted Jesus, the other criminal rebuked the one who was doing the taunting, and Jesus told the criminal who was defending him, "Today shalt thou be with me in paradise."

6. Regarding the last words of Jesus while on the cross, Matthew 27:46 and Mark 15:34 quote Jesus as crying with a loud voice, "My God, my God, why hast thou forsaken me?" Luke 23:46 gives his final words as, "Father, into thy hands I commend my spirit." John 19:30 alleges the last words were, "It is finished."
Religion / Re: Interesting Facts About The Bible!!! » » » by abubello(m): 8:38am On Aug 17
Shocking contradictions in the bible:
In the New Testament, there are contradictions between the genealogies of Jesus given in the first chapter of Matthew and the third chapter of Luke. Both genealogies begin with Joseph. But Matthew says Joseph’s father was Jacob, while Luke claims he was Heli. Matthew lists 26 generations between Jesus and King David, whereas Luke records 41. Matthew runs Jesus’ line of descent through David’s son Solomon, while Luke has it going through David’s son Nathan.

2. The story of Jesus' birth is also contradictory. Matthew 2:13-15 depicts Joseph and Mary as fleeing to Egypt with the baby Jesus immediately after the wise men from the east had brought gifts. But Luke 2:22-40 claims that after the birth of Jesus, his parents remained in Bethlehem for the time of Mary’s purification (which was 40 days, under the Mosaic law). Afterwards, they brought Jesus to Jerusalem "to present him to the Lord," and then returned to their home in Nazareth. Luke mentions no journey into Egypt or visit by wise men from the east.

3. Concerning the death of Judas, the disloyal disciple, Matthew 27:5 states he took the money he had received for betraying Jesus, threw it down in the temple, and "went and hanged himself." To the contrary, Acts 1:18 claims Judas used the money to purchase a field and "falling headlong, he burst asunder in the midst, and all his bowels gushed out"
Politics / Re: Policeman Wants APC To Take Control Of Nigeria’s Leadership by abubello(m): 12:08pm On Aug 13
d man is just expressing his opinion
Politics / Policeman Wants APC To Take Control Of Nigeria’s Leadership by abubello(m): 11:54am On Aug 13
A policeman currently serving under the Joint Task Force (JTF) in Yobe State has called for the change of leadership in the country from the Peoples Democratic Party (PDP) to the All Progressives Congress (APC).

Speaking with the Voice of America, Hausa Service, monitored in Abuja yesterday, the policeman who did not give his name said he was happy that the APC won the Osun governorship election on Saturday.

The policeman who decried the lack of prompt payment of their monthly allowances said they are tired of the PDP-led government which does not take proper care of security personnel in the country.

“I’m a security man. I’m happy with the way APC won the election. Frankly speaking, PDP has weakened the status of security agencies,” he said, adding that “Since we went to Yobe, six months ago, it was only day before yesterday that they gave us one month allowance, and they’re supposed to be giving us N15,000 every month. I went there under special duties of JTF. I’m a policeman.”

“It’s not appointing a new Inspector-General that is our problem; our problem is that they don’t take care of security men in the whole country. We want change of leadership so that the new leaders will take care of security personnel. We can’t be battling with hunger at the same time with our families,” he added.

The embittered policeman said although people say Nigerian politicians are birds of the same feather, he sees those in the APC as being different. “Yes, it’s true, but we have to see other politicians’ actions and policies

http://www.dailytrust.com.ng/daily/news/31464-policeman-wants-apc-to-take-control-of-nigeria-s-leadership

3 Likes

Religion / Re: RCCG Convention Testimonies : Muslim Convert Healed Of Cancer by abubello(m): 5:05pm On Aug 11
Nigeria has about eight confirmed Ebola Patients. Why is Adeboye not offering to heal them?
Religion / Re: RCCG Convention Testimonies : Muslim Convert Healed Of Cancer by abubello(m): 5:05pm On Aug 11
Nigeria has about eight confirmed Ebola Patients. Why is Adeboye not offering to heal them?
Foreign Affairs / Re: ISIS Militant Announces His Marriage To Terrified 7-year Old - Photo by abubello(m): 5:26pm On Aug 05
Imagine how low some people can sink, by inventing blatant lies just to smear islam, op see your life!

Your lies have been exposed.
Disgusting!
Foreign Affairs / Re: ISIS Militant Announces His Marriage To Terrified 7-year Old - Photo by abubello(m): 2:43pm On Aug 05
it didn't take me long to conclude that this is pure anti-islam propaganda, Posers:
1. Is it how supposedly devout muslims conduct their weddings with the groom hugging the supposed bride?
2. The supposed bride (of an ISIS militant) is without any head covering, no veil, talkless of hijab?
3. where are the weddig guests?
4. How about showing us the video of the event instead of a still picture.
5. Even the link provided by the Op (which is clearly an anti islamic website) admitted that the source is unconfirmed.

2 Likes

Islam for Muslims / Re: Science Supports Islamic History on Written Qur'an by abubello(m): 12:33pm On Aug 05
SUBHANALLAH!

4 Likes

Politics / Re: Bolivian President Declares Israel A 'terrorist State' by abubello(m): 6:06pm On Jul 31
i think it is high time other countries follow suit. The zionist regime is truly a terrorist state

2 Likes

Politics / Bolivian President Declares Israel A 'terrorist State' by abubello(m): 5:42pm On Jul 31
Bolivian President Evo Morales declared Israel a "terrorist state," Wednesday, because of the ongoing offensive in the Gaza Strip.

Israeli citizens will now be required to obtain a visa before traveling to Bolivia. Previously, under a 1972 agreement, which Morales denounced for being "signed under a dictatorial regime," Israelis could travel freely into Bolivia without having to obtain a visa, according to La Razón.

Israel is now considered a "group 3" country, meaning visa applications must be reviewed by the National Migration Administration.

"In other words we are declaring (Israel) a terrorist state," Página Siete reported Morales as saying.

"Israel does not respect the principles or purposes of the United Nations charter nor the Universal Declaration of Human Rights," Morales said, according to Página Siete.

Morales, an admirer of the late Venezuelan president Hugo Chavez's Bolivarian socialism, broke off diplomatic relations with the Jewish state in 2009, and has renounced Israel's treatment of Palestinians "a genocide."

South America is often a popular destination for young Israelis.

Other South American countries, including Brazil, Chile, Ecuador and Peru, have recalled their ambassadors from Israel in protest over the fighting in Gaza.

http://www.usatoday.com/story/news/world/2014/07/30/bolivia-israel-terrorist-state/13384989/

3 Likes

Islam for Muslims / Re: Zakaat Al-fitr (the Personal Obligatory Charity) by abubello(m): 6:13pm On Jul 26
Dynamo1: Thanks for all your contribution. Someone should please help us clarify. Is it TWO or FOUR handfuls?
Thanks
You can get clarification on the exact measurement from www.bakkah.net
Politics / Yobe's Yoruba Community by abubello(m): 6:59am On Jul 26
In Yobe State, there’s a vibrant Yoruba community that’s going from strength to strength. Some of them shared their stories, most good but some not so much. Weekly Trust reports.

A century after, traces of colonial influences in socio-economic activities of the North-Eastern part of Nigeria can still be found on the fringes of Lake Chad. Thanks to the historic railway line constructed then, which served as a major link between Southern Nigeria and Yobe, a thriving Yoruba community exists. Although no actual records exist regarding their beginnings in the state, many link it to the Nguru railway line which was flagged off in 1930, opening the interiors of South-Western Nigeria to commerce. The Yoruba settled in the town as workers of the railway station and have continued to do so peacefully.

Wazirin Gashua, Alhaji Duci Kura, 87, told Weekly Trust that apart from the Kanuri community that have been in Nguru for centuries, all others like the Hausa and Yoruba settled there after the railway came into being. “Some came as railway workers and others came because of auxiliary vocations, menial or skillful,” he said.

Kura said that as the town grew, other commercial activities started to emerge, providing basic necessities. “That’s the reason telegraph and postal services debuted earlier in Nguru and provided jobs for the educated Yoruba populace. The same happened in schools, where they became teachers,” the Waziri said.

Weekly Trust visited the Yoruba communities in the metropolitan towns of Nguru, Gashua and Gaidam and found out they have been living and interacting with neighbours without any conflict whatsoever.
The Yoruba communities have, remarkably, developed a political organization that is influenced by historical specifics and social forces operating in their host communities. Most of them interviewed in Nguru and Gashua said they have maintained identity and socio-cultural linkages with their areas of origin, and some agreed that they have become bona fide citizens of Yobe.

Sarkin Yarabawan Nguru, the traditional ruler of Yoruba in the Nguru Emirate is Alhaji Muhammadu Basiru and he is from the royal family of Jagoo Ogidigwa in Osogbo-Oroki, Osun State. He told Weekly Trust that their culture has survived, transformed and remained relevant, even outside the shores of their origins. “We have our children lecturing in Colleges of Education in Gashua and Gaidam, College of Legal Studies in Nguru, Federal Polytechnic in Damaturu and the state-owned university. In fact, the Vice Chancellor of the university is our son,” he said.
Basiru revealed that ties in trade with the host community consisting of beans, dry meat, hides and skin do not only stop at that.

“We’ve married into each other’s families and my son Badamasi is married to the daughter of a district head under Nguru Emirate and they’re very happy,” he said, adding that the most delightful part of it all is that they have been living with each other peacefully for years. “We celebrate together during festive periods because every tribe has unique ways, it’s very interesting.”

Basiru, 81, speaks Hausa with some difficulty, even though his late father brought him to Nguru many decades ago. “This house is where I’ve lived with my father until he died, and while we do visit our relatives in Osogbo, this is our permanent home.” He said both Muslims and Christians of Yoruba extraction are treated equally in the towns. “Within the premises of the Gashua Emir’s palace, we’ve built places of worship for both faiths and everyone is allowed freedom of worship,” he revealed.

When Weekly Trust visited Gashua, most of the Yoruba residents attested to the fact that they have freedom to practice their religion and culture.
Bakari Lawan, 68, also fondly called ‘Dan Yarabawa’ has over the years married eight wives from different tribes in the area. He said he was brought there by an aunt when he was 7 and he even declined to follow her when she relocated back to Osun State. “I’ve been in Gashua for 61 years now,” he said, adding that he was almost rejected by Osun relatives when he visited, because he seemed completely alien to them. He disclosed that all the eight wives he has married are indigenes of Yobe: “Hausa, Fulani, Bade, Kanuri, Karekare, and Bolawa,” he said. “My relatives pressured me to marry Yoruba women but those marriages didn’t last, unfortunately,” he said.

Malama Aisha is a middle-aged Yoruba woman married to an indigene and she told Weekly Trust that her marriage is a blissful one. Her first husband was a Yoruba man, but he died, so she married her current one. “We’re now happily married with three kids,” she said, describing Gashua as a wonderful place to live and raise kids.

Engineer Kamaludden Ojotuku, an indigene of Osun State who came to Nguru in 1987 described his years there as fruitful. “I learnt and specialized in electronics repairs and I married an indigene with whom I have 6 children,” he said, revealing that his marriage to his wife wasn’t an easy task. “It was difficult, as we faced resistance from my family and hers, but as God destined, they later gave us their blessings in 1994,” he said.

However, Ojotuku said his first son was denied a chance to write the annual Turkish International School qualifying examination sponsored by the state government because he doesn’t have an indigeneship letter. “I later took him to Osun where he became a best-graduating student and was sponsored to an aviation institution in Ghana,” he said. He said he has trained almost 37 indigenes on electronics repairs.
Kamaludeen told Weekly Trust that most tribes have left the area due to insecurity, while others have relocated for commercial reasons, leaving him concerned that the vacuum they have left might be difficult to fill.

However, a staff at Gashua Local Government Secretariat, who pleaded anonymity, revealed that the state government became strict on indigene letters after discovering that non-indigenes abuse the system even though they have never even visited Yobe.
The official observed that issue of citizenship and indigeneship within Nigeria needs to be reviewed. “The 1979 constitution has granted citizenship right to Nigerians in any part of the country but the right suffered retrogression in the 1999 constitution that was silent over the issue,” he said. According to him, this created friction between indigenes and so-called settlers across the country, in some cases spawning violence. According to some, there is a shared mythology of origin between Yoruba and Kanuri people, which claims the two are cousins. And that, perhaps, is why they continue to live together happily and hopefully ever after.

http://www.dailytrust.com.ng/weekly/index.php/features/17078-meeting-yobe-s-thriving-yoruba-citizens
Politics / Re: How NNPC Is Colluding With Swiss Traders To Steal Nigeria’s Crude Oil by abubello(m): 10:38am On Jul 22
Transformation Agenda!
Politics / How NNPC Is Colluding With Swiss Traders To Steal Nigeria’s Crude Oil by abubello(m): 10:35am On Jul 22
A damning report lifts the veil on how state oil company, NNPC, is joining forces with foreigners to steal crude oil, robbing Nigeria of billions of dollars.


The process by which the Nigerian National Petroleum Corporation, NNPC, selects trading companies to which it sells Nigeria’s crude oil is characterised by monumental corruption and intense uncertainty. A report has likened the arrangement to a “beauty pageant.”

In some instances, according to the report, the NNPC collude with foreign companies to facilitate the stealing of Nigerian crude with firms without allocations lifting oil from the country’s shores.


In Nigerian, for instance, BD puts the value of crude sold to Swiss trading companies at $37 billion which makes up more than 18 per cent of total government revenue in the period under review.

It observed that unlike most major crude producers around the world, which prefer to sell crude directly to refineries and end users, the Nigerian National Petroleum Corporation, NNPC, sold over a third of Nigeria’s crude between 2011 and 2013 to Swiss companies alone.

“In 2011 and 2012, Swiss companies bought almost half of the identified export sales made by the Nigerian National Petroleum Corporation (NNPC), an estimated $27 billion worth of crude. While this figure dropped to a little less than one third in 2013, as Nigerian companies became bigger buyers, Swiss companies still bought government crude worth an estimated $10 billion,” the report stated.

“Beauty Pageant”-type process

According to BD the annual term contract through which the NNPC selects companies that are eligible to buy crude is so skewed by favouritism and corruption with its criteria for selection so opaque that it could only be likened to the process of selecting the winner of a beauty pageant.

The report states that many of the trading companies on the list are allowed to lift far more that the quantity they are officially allotted.

“In 2012, Vitol and Trafigura each received term contracts worth 30,000 barrels per day. Each of the companies also operates its own oil marketing joint venture with NNPC (both based in Bermuda: Calson for Vitol and Napoil forTrafigura), and these entities each received additional 30,000 barrel per day allocations that year.

“However, rather than 60,000, market data suggests that Vitol bought closer to 145,000 barrels per day in 2012, and Trafigura 97,000—far exceeding their allotted shares, and a discrepancy that illustrates the laxity of the system.”

In fact some companies, which do not appear on the award list, are allowed to lift crude. Particular mention was made of Swiss firm, Arcadia, which lifted 19 cargoes between 2011-2013 despite not being approved to lift crude.

“Nigeria’s award of the term contracts is a discretionary and politicized process, with companies gaining and losing allocations depending on their relationship with the officials in charge and the influence of their local contacts or ‘sponsors,” the BD report states.

The report also points out that the NNPC sells crude to politically exposed “briefcase traders” who in turn sell to Swiss trading companies at a margin “effectively privatizing a profit that could go to the states that sold the oil”.

The report also states that NNPC sells crude below the market value to Bermuda-based subsidiary, Calson. Vitol, a top Swiss trading company, owns 49 percent of Calson.

Last year, another report by BD says Nigeria lost billions of dollars through this deliberate undervaluing of its crude by the NNPC.

Taming the bleeding

In order to solve this glaring compromised process, BD calls for better transparency in the system. It advises producing government to select “buyers through a method that reduces opportunities for favoritism, bribery and manipulation.”

BD suggested “attracting the best possible return for the oil in question, as losses of just
pennies per barrel can add up to significant revenue shortfalls; and insist on “collecting and transferring the revenues to the treasury through a rule-based process that reflects clear national priorities.”

In order to achieve this, BD suggested methods that Nigeria could adopt in the sale of its crude oil.

It believes the country should be transparent about:
•The name, beneficial owner and country of incorporation of the buying company the volume, grade, and date of any sale, broken down by cargo where appropriate;
•The price, and how it was determined
•the revenue received for each cargo, and the destination of that revenue (e.g., used by NOC to
purchase fuel, transferred to national budget, transferred to a local
government)
•A full explanation of the process for choosing the buyer (e.g., the
allocation of a term contract, an open tender)
•The full text of the related contract (e.g., term contract, agreement
to swap crude for refined products).

The report also called on Switzerland to do more in the area of transparency as the centre of commodity trading in the world.

BD said, “Switzerland should accept its responsibility as the world’s leading commodity trading hub and pass regulation that requires Swiss companies producing or trading in natural resources to disclose all payments made to governments and state-owned companies, including payments associated with trading activities.

“In a 25 June 2014 report, the Swiss federal government indicated a preference to exclude trading-related payments from future regulation of this kind. If that position holds, the payments described in this report would remain secret.”

http://www.premiumtimesng.com/news/165303-how-nnpc-is-colluding-with-swiss-traders-to-steal-nigerias-crude-oil.html
Foreign Affairs / Re: Five Reasons Israel Will Invade Gaza And Five Reasons It Won't by abubello(m): 5:16pm On Jul 14
the terrorists in Tel aviv you mean?
Politics / Re: NNPC Now Supplies Crude To Warri, PHC Refineries By Boats by abubello(m): 6:52pm On Jul 12
dgitrader: shocking
truely shocking.

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