Whither Nigeria?

Its only the beginning. This Country is DEAD!! Check you dictionary for the meaning of the word dead and you'll see my point.

Oh nooo what did i just say!! I'm going to be a patriot now, E go better, no worry!

If this is real then I am amazed that the Finance ministry waited for NEITI’s report to ask for the whereabouts of NLNG’s dividend for several years. And she wants to discuss the matter ‘privately’

Some few weeks ago.....

[b]Nigeria has won the ‘‘best extractive industry transparency implementing country award” instituted by the global Extractive Industries Transparency Initiative. The award by the world body is to encourage resource-rich countries to embrace the principles of transparency, accountability and prudent management of revenues from oil, gas and mining sectors to aid national development and support poverty reduction.

Nigeria was voted the best implementing country among 39 member countries that have so far embraced the initiative across the world.

Announcing the award at the 6th global conference of the organisation in Sydney, Australia, the chair of the International Board of Extractive Industries Transparency Initiative, Claire Short described NEITI’s implementation of the principles of Extractive Industries Transparency Initiative in the oil, gas and mining sectors as the most comprehensive, courageous and ambitious .

The Board explained that the award was in recognition of the increasing public demands by Nigerians for accountability, massive reforms in the extractive industry. The EITI international commended the Nigeria Extractive Industries Transparency Initiative for the agency’s timely provision of information and data through regular and independent audits of the oil, gas and mining sectors in Nigeria. “ While implementation by other member countries were limited to reconciliation of revenue flows of what companies paid against what government received, the Nigerian government through parliamentary legislation extended the mandates of NEITI to include independent physical and process audits. NEITI’s recent decision to embark on independent tracking of fiscal allocations and statutory disbursements of extractive revenue funds to various tiers and levels of government was well applauded of its significance in ensuring legitimate utilisation of such funds in areas of citizen’s need “The independence, quality, content, comprehensive and incisive nature of NEITI audit reports is a model for other member countries to emulate”[/b].

The EITI International Board expressed delight that from NEITI interventions, Nigerian government has recovered a huge sum of $ 2 billion while another outstanding sum of $9.6 was uncovered as potential revenues to the Federation.

“These efforts by NEITI have led to government’s response to public demands for reforms in the sector resulting in the introduction of the Petroleum industry Bill now before the National Assembly for consideration and passage into law among other impacts. I congratulate NEITI, the government and people of Nigeria especially the civil society and the media”, the EITI International Chair, Claire Short, added, amidst ovation by delegates drawn from about 84 countries that were in Sydney for the conference.

Receiving the award, Head of the Federal Government delegation to the EITI Conference and Minister of Mines and Steel development, Arch. Musa Mohammed Sada, described the award as an important endorsement of Nigeria’s democracy and the transformation agenda of President Jonathan administration. He described the international award as timely coming at a time Nigeria is marking her Centenary and Democracy Day Celebrations. He expressed delight on the partnership and collaboration between NEITI and relevant government agencies in implementing the EITI process.

Arch Musa Mohammed Sada used the forum to call on investors to take advantage of the massive reforms in the extractive industry and invest in Nigeria. “Now is the time to invest in the oil, gas and mining sectors in our country. The government in Nigeria remain committed to improving from existing business investment through friendly policies, legislations and improvement in social infrastructure.”

Governor Ibrahim Dankwanbo of Gombe state, NEITI chairman, Ledum Mitee and the Executive Secretary Zainab Ahmed and representatives of the civil society organisations in Nigeria accompanied the Minister to receive the award on behalf of the Federal Government.

http://neiti.org.ng/index.php?q=news/2013/05/30/nigeria-wins-best-eiti-implementing-country-award



Some few years ago, this same EITI was threatening to 'suspend'/blackmail NEITI/Nigeria cos there never was a Comprehensive Audit in the Oil and Gas Sector even after the ACT was passed in . At least 3 Comprehensive Audits have been done under President Jonathan, starting from parts of OBJ Admin thru Yar'adua to parts of the present Admin.

TRANSPARENCY and OPENNESS is the 1st business in the Fight against Corruption. The other critical components, Accompanying Reforms (hopefully tru the PIB Bill when it is finally passed by the NA) and the Prosecution of offenders, should now been deepened and furthered. Lots of works still needs doing,esp in the 2 other components I just talked about, BUT we have started on the 1st component in a BIG way. We should deepen these so we can cleanse the ROTS in the Oil Sector.

Has anyone ever seen the balance sheet of the NNPC?

Naija guys dey roast and 're-roast for both home and abroad cuz our country is effing screwed up owing to unimaginable level of corruption. See money wey few people dey pocket while the masses dey wallow in abject poverty and deprivation! I weep for my country! I weep!

Peterwins: Investment in fixed income market by foreign investors will continue to grow because we offer a higher return for now. However the naira will be automatically devalued if:

1. crude oil prices fall far below our 2013 budgeted benchmark of about $75 per barrel.

2. crude oil production drops drastically below our OPEC quota of about 2.5million barrels per day. The major reason amnesty was granted to the ND militants in 2007/2008 because of the disruption in our production quota and/or capacity to less than a million barrels per day. However it seems this have been replaced by brazen crude oil theft.

Non oil exports needs to be deepened to avoid this over dependence on crude oil sales. However nobody seems to be asking about our revenue from LNG sales where we have a 49% stake via NNPC.

It seems the observation I made in a thread/comment(above) few weeks ago is partly being answered. The NLNG is another national cash cow that seems to be flying under the radar.

Can the federal ministry of finance also explain the use of our sovereign bonds. I think Nigeria raised a sovereign bond (over-subscribed) of 500 million dollars some few years back.

Can they also give clear details of how these funds (bonds) was utilized + the recent FG $1billion Eurobond expected to be raised/issued before the end of the year to purportedly fund power projects when the sector is being privatised/commercialised.

Did the FG float bonds on behalf of private telecom operators (Econet now Airtel,MTN, GLO, Etisalat)when the telecom sector was privatised/commercialised/deregulated?

I think the National Assembly should block this $1billion Eurobond.

make dem give madam okonjo her share as usual make she shut up

"NNPC managing Director says the issue raised about the NLNG 4.8 billion rollers will be studied" are u serious? You mean you don't know about missing 4.8 billion dollars in your ministry? 4.8 billion dollars is not 48k mr minister. what a country.

God is watching NNPC in plasma tv....

Gej putting some heat on NOI, NOI shifting it to Alison. That's how it should go.

The account must be balanced. QED.

U guys should stp complaining cos am sure dat if u were in their shoes some of u wuld av done worse...d fact is dat corruption has eaten deep into d fabric of our society...sumtyms i fil d only option is 2 kill evwibody n allow a new generation emerge 4rm d ashes.

Go Ngo, go! Great woman that is carrying the banner of integrity.

CFCfan: Minister of Finance and Coordinating Minister for the Economy, Ngozi Okonjo-Iweala, has called on the Nigerian National Petroleum Corporation (NNPC) to explain the non-remittance of $4.84 billion dividend payments from the NLNG to the Federation Account.

The minister, who spoke in Abuja on Monday at the public presentation of the Nigeria Extractive Industry Transparency Initiative (NEITI) complete audit of the petroleum industry from 2009 to 2011, said “as a Finance Minister under pressure to bring money at a period of acute shortage, I am seriously interested in that money.”

She described the report which disclosed that Nigeria produced 2.5 billion barrels of crude amounting to $145 billion, as candid and detailed. Okonjo-Iweala, however, insisted that the value of the report “has to be in the implementation of its recommendations” and assured that government would work with all entities involved to recover whatever fund that is outstanding.

Presenting the audit report conducted by Sada Idris & Co., Chairman of NEITI Board, Ledum Mitee, noted that it covered key areas such mapping of hydrocarbon flows, volumetric analysis, technical assessment of hydrocarbon streams and examination of procedural system.

According to the report, in the three years under review “over 136 million barrels which is estimated to be $10.9 billion was lost to crude oil theft and sabotage. This amount which was 7.7 per cent of the total revenue accrued to the federation in the audit period is considered significant.

“This was in addition to a loss of about 10 million barrels valued at $894 million as a result of pipeline vandalism in downstream operations.”

The report also disclosed that that the country “made total subsidy payments of N3 trillion to importers of refined petroleum products. This was made up of N1.4 trillion fuel subsidy claims by the NNPC for the period 2009-2011 and a total of N1.6 trillion paid to other marketers during the same period.

“The report observed that the disparity between subsidy claims paid from the Federation Account and that of the Petroleum Products Pricing Regulatory Agency (PPPRA) was N175.9b during the period.”

Mitee explained that the Office of Accountant General of the Federation reported to the auditors a “total subsidy payment of N2.825 trillion while the PPPRA disbursed N3 trillion to marketers during the same period. The report further noted that some marketers disagreed with the amount ascribed to them by the PPPRA. “In particular”, the report added, “in 2010 a marketer claimed N2.56 billion as fuel subsidy but the PPPRA recorded payment of N1.5 billion, leaving an un-reconciled difference of N1.04 billion.”

From the findings of the report, “the subsidy payments made through NNPC increased from N198 billion in 2009 to N416 billion in 2010 and nearly doubled when it rose to N786 billion in 2011. “During the same period, subsidy paid through PPPRA increased from N208 billion in 2009 to N278 billion in 2010 and also increased astronomically to N1.12 trillion in 2011.

“Details of our findings on the fuel subsidy regime are clearly explained in the report.”

NNPC Group Managing Director, Andrew Yakubu, who also attended the presentation, assured that issues raised in the report, including the NLNG dividend payments, would be studied by the corporation. Yakubu explained that NNPC was happy to partner with NEITI, stressing that the corporation has “renewed vigour to support anything that will add value to our economy. We will continue to carry NEITI along.”

He expressed delight that the audit has gone beyond just figures to look into the hostile environment in which NNPC operates. “We are being asked to produce financial result for the country in an environment that is not only financially hostile but also physically hostile to the operators,” he added.
http://dailyindependentnig.com/2013/07/okonjo-iweala-wants-nnpc-to-explain-unremitted-nlngs-4-84b/

She wants to tell us that she do not know who the Petroleum Minister for the period in question?//

Make dem they deceive themselves with report and presentations

Rouges!!!

Corporate corruption of NNPC at a glance. Why Nigeria can't stop the oil theft beats my imagination!

Allison Madueke laughing all the way to the banks.
She has GEJ between her legs.