sanandreas:
.
I am a geologist. That is a marginal field. It might pump for a year or two. The game is over. Except more exploration is done in that area.

Maybe that's the plan, create a hub and continue to explore the area, if there are more finds, they will just be tied back. I don't know the working mechanism of the JV but a field with a qi of 10k bbls is not to be overlooked.

lisimmo:
That's okay. At least the cry of "na only us get oil" will reduce.

ondo self dey produce oil since
plus the major oil states are not even igbo

hansad:


[color=#006600]Oil is no curse; don't tell me that deceptive bullshit. Pretenders cannot deceive people anybody anymore.

But it is....and I will tell you soon...

[b]Oil is why Nigeria is far ahead of other W. African countries in infrastructural development. Oil is why Lagos is a mega city in Africa.

Yes...and when the oil prices drop....there is difficulty in maintaining or keeping up those facilities.Or even building new ones.(GEJ was able to do railways because oil prices were high. If they had not been high....we would have had to take a loan from China). That is what we experienced in the 1980's.....and what we are going to experience now.

Plus...high oil means that we import the things we should be making. When oil drops.....we still have to import...but we do not have money....which leads to debts...and the goddess Christine appearing in our bedrooms and instructing us on the wise use of money.

As for manufacturing, so long as there is crude oil in the N/Delta, most sections of Nigeria can't think of manufacturing anything, some can't even work. Have you attended political rallies in the north? It is as if everybody out there depends on politics for a living.

Yes...which is why I always shout industries. Industries is why South Korea .....who in 1960 was backward.....is now heavily prosperous. If the North could see that....and by extension everyone....we would be super rich.


My point is not to attack you, or your tribe, or anyone....my point is to show everyone here that an oil dependent economy is a poor economy.....ESPECIALLY when oil prices drop heavily.....and especially in today's world where everyone is producing oil.

Assignment...

Two Three articles that changed my thinking


1.Pass the books, hold the oil.

2.Managing the Dutch disease in Nigeria.

3.This article by Field Ruwe.

We better start using our brains. Oil is not going to save us. Technology and innovation will save us. And people better start getting that into their head....because the raw materials like cocoa, groundnut, cotton , palm oil and even oil is going to be made redundant by science. And because everyone else is producing it....and even better than we are doing it.

Oil is still a curse. You Nigerians better wake up.

sw is the region with the largest contributor to the GDP, and also the second largest contributor to the nations revenue. Lagos revenue is about to increase

ferhyntorlah:
Have is a PLURAL verb while Has is a singular verb.

oose

tonychristopher:


which administrative skills brother, is it the ones that crumbled Nigeria airways, Nigerian Airline, NITEL, NIPOST or is it the one that had them given the economy in 80s via indigenization decree and they ended up crumbling the company.

Which admin skills pls?

Can your marginalisation-screaming and whining forefathers/kinsmen ever allow Yorubas to control a whole Nigeria economy without committing unprecedented suicide?

If Yorubas control these companies in 60s/ 70s/80s, that mean that Dr Nnamdi Azikiwe and Alex Ekwueme as vice presidents were so dumb to have allowed Yorubas to run these companies down without Igbos involvement.

Let's cite today's Nigeria economy as a typical example, you see how your brothers and sisters have ran down Nigeria economy so much so that America and Britain want your kinsmen out of power.

These world powers knew who the caps fit and that is why they ensured that Yorubas are brought on board to save their investment in Nigeria economy.

Why are your kinsmen are parasites in South West if not cos of how South West states are being runned?

People/humans only migrate to where they could find a better life not the other way round. That tells you how South West is more economically viable than your shit hole called East.

War out.

Adeyinka12:
only south south,south east generate Nigeria gdp.i think this to be stop now,especially mega phone tribe (igbo)

which economic theory be this brother? Oil is around 20% of Nigeria GDP. Chief economist I hear you o.

Good for the yorubas and the housa leeches . I hope you will now take your eyes away from Biafra resources. we are tired of spoon feeding and not appreciated.

shamecurls:




Re u aware its a coastal state just like Rivers, Bayelsa, delta and akwa-ibom? Don't be too jealous. Lagos has oil

I hear u. Coastal state? Let me ask Diego costa.

dayodare49o:
which economic theory be this brother? Oil is around 20% of Nigeria GDP. Chief economist I hear you o.

that is how they normally said it ooo

Good for them leeches . I hope you will now take your eyes away from Biafra resources. we are tired of spoon feeding and not appreciated.

Lemon12:
yeye boi ... E don we dey hear am

Even Ogun sef get

But bro, on a lighter note, you didn't know Ondo has Oil?

sCun:
They dig up this nonsense every 2 years to console themselves.
www.thisdaylive.com/articles/lagos-inches-closer-to-oil-producing-status/152193/

I know about the one in Epe because I'm involved.
Don't worry, relax and watch the event unfold, eni ti won ngbe iyawo bo wa ba ki i garun.

[size=18pt]WHY BE SAY THESE TWO TRIBES NEVER WISH TO SEE EACH OTHERS PROGRESS? IFA PLEASE TELL US[/size]

Scatterboss:
Yipppeee. We are good to go, heard Ogun state have oil too.

Eko oni baje.
God bless SW.
God bless Nigeria.

The oil in Ogun state is on Tongeji island, similar to Bakassi peninsula.

tpacalipse:
The chest beaters will further invade Lagos. Thank God Akiolu is there to cut their tails!

Biggest fool

As a matter of serious conversation, shouldn't your first instinct be to answer to the substantive question about projects that Yorubas have embarked on and succeeded in Nigeria and out of the confidence that you derived from having responded properly to the inquiry at hand you can then proceed to asking any questions that you dim necessary. Your failure toaddress the question at hand before asking your question indicates that you are not a serious interlocutor like Ayo and I say that for the records.Notwithstanding your inability to rescue Ayo from his self-inflicted wound, again typical of a Yoruba man, I will not hesitate to take you to school if you chose to be babysitted for the record, although I will be repeating myself. Now in respect to your specificquestion, what Igbo built that Yoruba destroyed, in a nutshell almost every institution that the white man handed over to Nigeria after our independence Igbos built but because of your sophomoric question I will endeavor to break down what I mean for you


. Nigerian railway was built and managed under Igbo minister Dr. Onyiuke and Igbos ran most of the day to day operations and the railway worked, when Yorubas took over the railway after the war they destroyed it. Igbos ran the military and brought prestige to the Nigerian military because of the caliber of Igbos that joined the military and the military worked then, look at what the military has become. You can mention any ministry before the war that worked and you will see the hands of Igbo in it.During the British/Biafran war Igbos invented one of the most deadly explosives (IEDs-Ogbunigwe)the world have ever known in the 1960s, the Igbos built armored cars, air missiles, assault rifles, gun boats, rocket launcher, rocket propelled grenades and ambulance vehicles. Igbos not only built underground refineries they also built mobile refineries as they lost territories to the federal troops.


After the war Awo and his tribal cabal representing the Yoruba conspired and went on a search and destroy mission and methodically combed all the south east and blew up and destroyed all thefactories that Igbo built instead of moving the factories and the Igbo scientists to a federally controlled areaand using their ingenuity to the benefitof the whole nation. For your information ask America and Russia what they did with German engineers after world war 11.


Today Nigeria is importing all these military equipments. That is destruction of what Igbos built. In 1972, Professor A. N. Njoku-Obi produced an anti-cholera vaccine recognized by the world health community, Yoruba elites who were running the Nigeria bureaucracy after the war did not want to hear of it, they undermined that project and today Nigeria is importing those drugs instead of being the manufacturer and exporter. That is destruction my friends. In 1974 two years after an Igbo invented the cholera vaccine, Professor F. A. Udekwu and his colleagues performedthe first ever open-heart surgery in Nigeria and Black Africa, did you think that Yoruba elites wanted to hear that, of course not, if I did not tell you now, would you know? Hell no! Today, forty years later Nigerians are going oversees for their heart surgery payinghard currency. That is destruction of Nigerian economy


. In 1999 after Obasanjo took office, he destroyed every Igbo business that was importing Rice and Cement into Nigeria before he came into office by granting an unprecedented and probably the biggest sole monopoly ofthe importation of rice and cement to one man called Dangote who became a billionaire overnight. When Igbos where involved in the importation of these items like cement, the price of cement was around N300, now the price of cement is hovering around N1,500 a bag. Go figure that, that is destruction of not only Igbos businesses but Nigeria in general. After Dangote was grant the sole monopoly of importing cement, he complained to Obasanjo that Ibeto cement industry owned by an Igbo which was mostly a repackaging factory was creating an undue competition for his monopoly and overnight Obasanjo used an executive order to shutdown Ibeto cement factory with its 400 employees. My friend that is destruction by any standard. Savannah Bank was established by Jim Nwobodo an Igbo man, Obasanjo closed down that bank and rendered all the employees jobless because he had some disagreements with Nwobodo not because the bank went bankrupt, not because the bank was running a fraudulent scheme, not because the bank was being mismanaged but because Obasanjo like most Yorubas have this visceral hate, wickedness, jealousy and the type of indifference that says why did God create an Igbo in the first place. Again Kunle that is destruction of a unique type. Engineer Ezekiel Izuogo created the V600 car and Yoruba press, politicians, lawyers even Yoruba engineers attacked him mercilessly and frustrated his effort to build the factory in Igbo land, that is one, second when he decided to build the factory in South Africa during Obasanjo’s regime, Obasanjo and his co-haters went and stole everything, the design manual, the engine block, everything necessary for him to carry on his work thereby destroying Izuogo motors for good. Kunle do you still need more examples? Wait I told Ayo that I have more than most of you could imagine. Do you remember Niger Dock Apapa, Dr. Nnamdi Ozobia, an Igbo built it, he built yachts for individuals and ferry boats for Lagos State that plied between Apapa to Mile2. He also did repairs for foreign ships that paid Nigeria hard currency, well here we go again, when Obasanjo came into office he removed Dr. Ozobia in the most ignominious way a pattern for Obasanjo and handed over Niger Dock Apapa to Yorubas. Today Niger Dock Apapa is in ruins, a shadow of its old self. That is destruction of what Igbos built. You have Nigerian Ports Authority, NigerianAirways, you have NITEL that Yorubas burnt down after they ruined it throughembezzlement. Lest I forget what about the mother of all destruction, theindigenization decree of 1972. What the decree did was to hand over Nigerian economy to the Yorubas and they destroyed the economy. The list below is a partial list of mostly British and other foreign owned companies that Igbos were efficiently managing before the war, few of these companies were owned or partial owned by Yoruba.


Some Yorubas in the past have quibbled about preciselywho owned what but not on the point of whether Yorubas ruined all the companies that they acquired by the force of the indigenization decree. My response is that the issue has never been about who owned what, the substantive issue was and is that Yorubas ruined, defrauded, liquidated and destroyed all the companies they took over after the war regardless of who owned them before the war even including their own companies that they started but could not manage. For your information that single act of indigenization decree is largely responsible for our economic state of affair.“Pharmaceutical Nigeria Plc ,May and Baker Nigeria Plc,Vitafoam Nigeria Plc,Wahum Nigeria Limited ,CAP Nigeria Plc , International Paints of West Africa [IPWA], Berger Paints Nigeria Plc, Berec Nigeria Limited, Kabelmetal, Nigeria Bottling Company Plc, Leventis Nigeria Plc ,West African Portland Cement Company,[Lafarge],Wema Bank Nigeria Plc, Scoa Nigeria Plc ,CFAO Nigeria Plc, Cadbury Nigeria Plc, Wemaboard Estates, Odua Group, Livestock Feeds Nigeria Plc , Nigerian Breweries Plc, new nigerian Bank, Batta, Kingsway Stores, Crittal Hope (Nigeria) Limited, Mushin, Lagos State.Dunlop (Nig.) Industries Plc, Ikeja, Lagos State. •Galvanising Industries Limited, Ikeja, Lagos State. •Nigeria Construction & Water Resources Development Company Limited, Ibadan, Oyo State •Nigerian Wire & Cable Plc, Ibadan, Oyo State •Nigerite PLC, Ikeja, Lagos State •Nipol Limited, Ibadan, Oyo State •Odu'a Textile Industries Limited, Ado-Ekiti, Ekiti State •Soleh Boneh Overseas (Nigeria) Limited, Ibadan, Oyo State •Vono Products Plc, Mushin, Lagos State •Wema Bank Plc,

proudlyhandsome:


Can your marginalisation-screaming and whining forefathers/kinsmen ever allow Yorubas to control a whole Nigeria economy without committing unprecedented suicide?

If Yorubas control these companies in 60s/ 70s/80s, that mean that Dr Nnamdi Azikiwe and Alex Ekwueme as vice presidents were so dumb to have allowed Yorubas to run these companies down without Igbos involvement.

Let's cite today's Nigeria economy as a typical example, you see how your brothers and sisters have ran down Nigeria economy so much so that America and Britain want your kinsmen out of power.

These world powers knew who the caps fit and that is why they ensured that Yorubas are brought on board to save their investment in Nigeria economy.

Why are your kinsmen are parasites in South West if not cos of how South West states are being runned?

People/humans only migrate to where they could find a better life not the other way round. That tells you how South West is more economically viable than your shit hole called East.

War out.

proudlyhandsome:


Can your marginalisation-screaming and whining forefathers/kinsmen ever allow Yorubas to control a whole Nigeria economy without committing unprecedented suicide?

If Yorubas control these companies in 60s/ 70s/80s, that mean that Dr Nnamdi Azikiwe and Alex Ekwueme as vice presidents were so dumb to have allowed Yorubas to run these companies down without Igbos involvement.

Let's cite today's Nigeria economy as a typical example, you see how your brothers and sisters have ran down Nigeria economy so much so that America and Britain want your kinsmen out of power.

These world powers knew who the caps fit and that is why they ensured that Yorubas are brought on board to save their investment in Nigeria economy.

Why are your kinsmen are parasites in South West if not cos of how South West states are being runned?

People/humans only migrate to where they could find a better life not the other way round. That tells you how South West is more economically viable than your shit hole called East.

War out.

O
k

stinggy:


Even Ogun sef get

But bro, on a lighter note, you didn't know Ondo has Oil?

i never do my research then

sCun:
We don dey hear the story tey tey!
There is no drop of oil in Lagos

Lagos can not produce oil..because there is no single flow of crudes below the earth-crust....from which soil the oil wan take comot?

irunoobo:
THANK GOD. ENOUGH OF THE THREAT FROM THE IGBOS AND IJAWS OVER THEIR YEYE OYEL. SOUTHWEST IS SO BLESSED. dancing shoki

Sweet avi u got there...check ur email,u have a message.

tpacalipse:
The chest beaters will further invade Lagos. Thank God Akiolu is there to cut their tails!

GodMode:


Oil is a blessing

The leaders are a curse...

I don't know Nigerians always avoid blaming the leaders...

Lagos is okay today because Fashola did a below average work unlike Tinubu who let Lagos smell and kept it dirty.

Ambode is yet to work..

I just dey observe.

Bro tell me one region in the world where the discovery of Oil has not been a curse and a source of killings and sorrow? you want me to count?

Bifwoli:


Lol,now the loud mouthed Yorubas will even less magnanimous and never learn to shut up.

Am not a Yoruba guy am an Egun. Awori..
A Lagos Indigene

Welcome to the club!

Welcome to the "big states" club!

erico2k2:

Bro tell me one region in the world where the discovery of Oil has not been a curse and a source of killings and sorrow? you want me to count?

Norway has oil sharing the North Sea with the Uk and has 0-5% poverty level, highest human development index in the world and is relatively very peaceful.

hansad:
Oh Lawd,

please make this Lagos oil be a reality, in short, make all Yorubaland become oil producing area - so that this fraud called One Nigeria go quickly split.

Not a good thing to say. In other words if it isn't true u will want one Nigeria.but if its true then u re OK with d splitting. Brother easy o,that's selfishness and its d problem of Nigeria today.I keep saying it ,almost every Nigerian has elements of tribalism.

kennygee:
Upon the 16Bn they earn per month?

E pain you?

basilo101:
Dia is no drop of oil in yorubaland. Stop consoling urselves by recycling this fake old news every year. 2015 remains 8months nw, show us d oil or any sign of it

use your google guy,ondo is an oil producing state,so what are you talkin about.

omonnakoda:
Can you explain the geologica principle to us please.I fail to see how oil in Niger Delta MUST mean oil in Lagos and also why not off the coast of Ondo?

The oil found in Lagos was as a result of the migration of the excess Bitumen reserves in Ondo State. The okitipupa ridge lies non-conformably with the Dahomey Basin in Benin Republic. Bitumen is vast in ondo state, the 2nd largest deposit of Bitumen in the world after Canada. Bitumen(solid hydrocarbon) has been known, after traveling below the subsurface for a long period of time, not forgetting the overburden temperature, pressure and time to eventually transform into oil. The oil-bearing capacity in Lagos doesn't provide for initial carbonate deposit accumulation. I doubt if the reserve in Lagos will stand a test of time. Geological studies indicate that the Dahomey Basin is a combination of inland/coastal/offshore basin that cuts across some West African countries including Lagos, Nigeria as well as Southeastern Ghana, Togo and the Republic of Benin.
The basin is said to be separated from the Niger Delta by a surface basement popularly called the Okitipupa Ridge in Ondo State which is early Mesozoic in age.

The oil found in Lagos was as a result of the migration of the excess Bitumen reserves in Ondo State. The okitipupa ridge lies non-conformably with the Dahomey Basin in Benin Republic. Bitumen is vast in ondo state, the 2nd largest deposit of Bitumen in the world after Canada. Bitumen(solid hydrocarbon) has been known, after traveling below the subsurface for a long period of time, not forgetting the overburden temperature, pressure and time to eventually transform into oil. The oil-bearing capacity in Lagos doesn't provide for initial carbonate deposit accumulation. I doubt if the reserve in Lagos will stand a test of time. Geological studies indicate that the Dahomey Basin is a combination of inland/coastal/offshore basin that cuts across some West African countries including Lagos, Nigeria as well as Southeastern Ghana, Togo and the Republic of Benin.
The basin is said to be separated from the Niger Delta by a surface basement popularly called the Okitipupa Ridge in Ondo State which is early Mesozoic in age.