Uncut: Nigeria’s oil minister said in London,
October, that the theft of oil revenue needed
for national building, amounted to terror.
British Prime Minister, David Cameron said at
this year’s World economic forum meeting at
Davos on January 24th, 2013, that Nigeria
earned 100 billion dollars in oil revenue for
the year 2012—which is more than all the
aid given to the entire Sub-Saharan Africa—
but corruption and lack of transparency of
the civilian administration denied growth and
causes suffering to continue in the nation,
with a huge amount of Nigeria’s earned
revenue being looted ever before it reaches
the nation. One such “hole” or “massive gap”
Cameron referenced that had been
uncovered, accounted for the looting over
800 million dollars from oil revenue paid to
Nigeria. The British Prime Minister called for
global attention to the epic looting and
economic terrorism that is completely
destroying Nigeria. Presidential spokesman
Reno Omokri denied these revelations and
accusations of the British Premiere, but this
link proves:
https://www.gov.uk/government/speeches/
prime-minister-david-camerons-speech-to-
the-world-economic-forum-in-davos
Premium Times on the 12th of November,
published startling findings of a 7 billion
dollar hole in Nigeria’s oil revenue retrieval,
with the NNPC implicated along with Swiss oil
dealers. In the report from the Berne
Declaration, a Switzerland based anti-
corruption NGO (http://www.evb.ch/en/
p25021690.html ); it was shockingly exposed
that Nigeria’s oil was being sold below market
price in an elaborate inter-continental scam
involving the petroleum ministry and foreign
cartels, operating in financial lax Switzerland.
The harrowing report from the Berne
Declaration which includes a distressing 20
page BD Research detailed publication “Swiss
traders opaque deals in Nigeria” ( http://
issuu.com/erklaerungvbern/docs/bd-nigeria-
en-20131101?e=3524425/5474605#search ),
exposed in detail, numerous looting
operations of the Nigeria oil marketing
sector. Some issues highlighted: Nigeria is the
only major producing company that sells
100% of its oil via private intermediaries,
thus the nation loses in extra revenue
swallowed by the oil baron cabal. These
middle men, “brief-case holders” act as
“letter boxes” for PEP’s (politically exposed
persons) –the well-known and hidden
Nigerian cabal. 2. The irresponsible secret
calls for tender, a common practice in
Nigeria; this of course is a setup between
parties to get kickbacks in billions, and sell
the nation’s oil at treasonous prices. Most of
Nigeria’s oil is marketed through the
Switzerland channel. Well known is the
multibillion fuel subsidy scam which the
ministry of petroleum allowed to fester for
years, effectively robbing Nigeria of more
than N2 trillion. No one has yet been held
accountable for any of these elephantine
pilferages.
Nigeria’s minister of the economy, Ngozi
Okonjo-Iweala has stubbornly denied that the
nation is broke. This is far from the truth
and reality on the ground. Multiple sources
within all arms of the Federal government
acknowledge that Nigeria is broke and unable
to take care of it financial obligations to the
people. The budget for the fiscal year, 2012
was 5 trillion naira, this is about 30billion
dollars. The total revenue earned from oil
sales in the same year, according to British
Prime Minister David Cameron was 100
billion naira. There is a gross discrepancy in
the budget – not inclusive of actual funds
disbursed—from the total earnings in oil
revenue. This gap can only be accounted for
if Nigeria paid in amortization on its foreign
debts to the tune of 70 billion dollars.
However in this same period, Nigeria has
accumulated greater foreign debts and its
2012 repayment figure was $246,663,000
according to Index mundi. The total foreign
debt stands at $6.7 billion. Clearly, foreign
debts are not where our massive revenue
from oil is going. The government in this
period, rather also embarked on schemes to
tax the masses via removal of oil subsidies
and other schemes to supplement capital for
government expenditure. More of such are
put out almost every day. But despite
increased taxation and levying, there is no
money in the economy, as looting has
completely drained the nation’s coffer of all
wealth. Nigeria’s domestic debts have also
been catapulting as the nation awards
contracts but cannot afford to pay the
contractors. This domestic debt currently
stands at over N6.1 trillion. If not the ASUU
strike, then the recent riots over none
payment of stipend by Niger Delta Amnesty
militants in Russia, highlights the disturbing
reality of the broken state of the economy;
even pet and prized projects and national
security concerns of the administration in
which they have the most vested and regional
interests can no longer be sustained and
funded. Following the money—in this same
period of rising domestic and foreign debt,
Nigeria is making more and more
“businessmen” and oil oligarchs, billionaires
in dollars.
Compounding the acute lack of capital in the
nation, implicated on looting of oil revenue
by collaborations involving the ministry of
petroleum with its family of international
business stooges and a cartel of oil barons, is
an artificial, politically motivated capital
constriction. As is a common dirty practice in
Nigerian politics, the ruling administration
purposefully starves the nation of circulating
capital to bring the nation to its knees ahead
of elections, with aim to manage the release
of this capital through the subservient, to
influence votes. This artificial, criminal crisis
instigated two years to the next presidential
election has created a potentially
unrecoverable economic catastrophe.
At the head of Africa’s largest nation’s
financial meltdown is the oil minister, one of
the president’s , or rather, “Charlie’s angels;”
a billionaire or trillionaire, who “owns”
Nigeria’s corporate media and senate and
remains relatively insulated from
proportional castigation and arrest for gross
looting of the nation’s oil revenue. A typical
case that merits little media attention
involves the minister of oil, Diezani Alison-
Madukwe and her alleged “stooges,” one Jide
Omokore and another Kola Aluko. A case of
iniquitous misappropriation of over N58.9
trillion naira from the illegal transfer of four
oil blocks in favour of Jide Omokore`s
ATLANTIC ENERGY DRILLING CONCEPT. This
whopping sum the minister and her coterie
are accused of plundering, equals the
nation’s total earned oil revenue for four
years at the rate of $100bn or 16 trillion/
year. The case is being handled by the
Senator Emmanuel Paulker-led Committee on
Petroleum Upstream. (National Enquirer)
These “Diezani boys” who have recently been
featuring in the news, command so much
wealth, they are reported to be flying around
the world in private jets and buying up
hundreds of millions of dollars worth of
property and boats. Illustrating the authority
and audacity of Jide Omokore, he was
arrested in France with Nigeria’s presidential
jet in November of 2012 (http://
saharareporters.com/news-page/french-
police-detain-nigerian-private-jet-carrying-
president-jonathans-front-man ).
What the gross, blatant robbery and
misappropriation of Nigeria’s wealth, being
stolen before and after it reaches the nation;
accounts to is frank terrorism. The nation is
on its knees, crippled and begging for
international assistance from the ongoing
siege. The masses who pay tax and pay fuel
subsidies, only for the income to be looted in
whole, are what can be termed as “mugus,”
“fools,” as also is the nation’s military
currently dying, engaged in what the police
should have controlled (waging a war against
Boko Haram terrorists in the nation’s north
eastern borders) while in a role-reversal, the
police are occupied in fascist intimidation
campaigns, as criminal tools of the
presidency. While the drained military die to
clean up the mess of politician and police
fatuitous obliquity, the culprits and
masterminds behind Boko Haram remain free
with impunity, guzzling the nation’s wealth in
high offices.
“Tax and Transparency after the G8: Nigeria
and Beyond” revealed in London this October
that “Nigeria is the only country in the world
where illicit financial flows, which it
estimated at about 10 percent of GDP, are
larger than tax revenues levied outside the
natural resources industries.” This means,
officially more than what Nigerians suffer to
pay in taxes is being looted. Oil pollution in
the Niger Delta has already reached levels of
irreversible poisoning of the ecological
environments. And nothing has been done to
check this, as reckless looting of the oil
resource is at its highest ever with
consequential loss of revenue and dangerous
cancer causing morbid pollution. Another
form of massive and reckless looting of the
recent civilian regimes is in the privatization
craze. What one of Nigeria’s cabal who
recently part-purchased PHCN (Power assets)
coined the term “Africapitalism” to promote.
The reality is that these private sector cabal,
do not provide alternative and cost effective
service to supplement the government
failures, but rather they accentuate the
failure, then buy the nation’s assets at a tenth
of their value to then turn around and offer
the service or utility at double or triple the
global charges for these. A benefactor of
government unregulated oligopolistic service
provision, recently referred to the wealth
profiteered from the masses as “ritual-like.”
This Africapitalism is a grand scheme of
extortion of the 160 million masses and sheer
robbery. Unless something is done and done
fast, Nigeria will never recover from the
epidemic looting of its 6th republic.
Some in some quarters clamor for a
fractionation of the nation—the size of which
may actually be a factor in the impossibility
to abate the gargantuan looting—however the
next most urgent step for the nation is a
Rawlings-style, “bloody” cleaning out and
recovery of looted national assets and wealth,
or else Nigeria or the fragments of it will
never recover from the colossal looting that
has been the bane of its 6th republic.
They say that one day the masses will have
nothing left to eat but the rich. The day has
indeed come.
Written by Dr. Peregrino Brimah, Email:
drbrimah@ends.ng Twitter: @EveryNigerian

Nigeria isn't broke, i mean we can never be broke no matter the amount of siphoned funds , we are just financially unstable


Plus this post is not justify, Will be ok if the mod can edit the post by formatting it well.

front page please

enny09: front page please

You don't need to tell the mods their job...

hammedkola: Nigeria isn't broke, i mean we can never be broke no matter the amount of siphoned funds , we are just financially unstable


Plus this post is not justify, Will be ok if the mod can edit the post by formatting it well.

epic!

Good news

If Nigeria is broke, that means am broken

iterator25: epic!

Whats epic about it Mr. iTerator