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Nairaland Forum / Nairaland / General / Politics / How NNPC Is Colliding With Swiss Traders To Steal Nigeria’s Crude Oil (9688 Views)
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How NNPC Is Colliding With Swiss Traders To Steal Nigeria’s Crude Oil by AwesomeRomeo: 5:30pm On Jul 25, 2014 |
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. The report, “Big Spenders: Swiss Trading Companies, African Oil and the Risks of Opacity, published by Bern Declaration, BD, a Switzerland-based non-profit transparency organisation, examined the processes involved in the sales of crude oil to Swiss commodity trading companies by SubSaharan African countries between 2011 and 2013. The report was co-authored by another Swiss NGO, Swissaid, and an American one, the Natural Resource Governance Institute (NRGI). The report observed that Swiss companies purchased over 500 million barrels of crude valued at $55 billion from 10 sub-Saharan African countries within the period under review. According to BD, the figure “equal(s) 12 percent of the governments’ revenues, and are double what they received in foreign aid.” Pointing out that Swiss trading companies are the largest buyers of crude from Cameroon, Chad, Equatorial Guinea, Gabon and Nigeria, BD states that these purchases are subject to governance risks because “they take place in environments of weak institutions and widespread corruption”. 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. http://m.premiumtimesng.com/news/165303-how-nnpc-is-colluding-with-swiss-traders-to-steal-nigerias-crude-oil.html 1 Like |
Re: How NNPC Is Colliding With Swiss Traders To Steal Nigeria’s Crude Oil by Decibel: 5:31pm On Jul 25, 2014 |
The looting has been ongoing since 1956 6 Likes |
Re: How NNPC Is Colliding With Swiss Traders To Steal Nigeria’s Crude Oil by Nobody: 5:43pm On Jul 25, 2014 |
We b our own problem(s) 3 Likes |
Re: How NNPC Is Colliding With Swiss Traders To Steal Nigeria’s Crude Oil by ednut1(m): 5:44pm On Jul 25, 2014 |
not new 1 Like |
Re: How NNPC Is Colliding With Swiss Traders To Steal Nigeria’s Crude Oil by lafuria1(m): 5:44pm On Jul 25, 2014 |
Hmm, at least this isn't coming from a Nigerian before they black mail the person like they did to sls. Corruption in nnpc, reason why they can never allow an independent audit. 6 Likes |
Re: How NNPC Is Colliding With Swiss Traders To Steal Nigeria’s Crude Oil by adekayo1234(m): 5:44pm On Jul 25, 2014 |
Op, do justice to that headline immediately! colluding not colliding u hear? 12 Likes |
Re: How NNPC Is Colliding With Swiss Traders To Steal Nigeria’s Crude Oil by pomporiking: 5:45pm On Jul 25, 2014 |
Since when did oil theft become news 1 Like |
Re: How NNPC Is Colliding With Swiss Traders To Steal Nigeria’s Crude Oil by Nobody: 5:45pm On Jul 25, 2014 |
1 |
Re: How NNPC Is Colliding With Swiss Traders To Steal Nigeria’s Crude Oil by nanizle(m): 5:45pm On Jul 25, 2014 |
How is this news? NNPC and corruption. smh. |
Re: How NNPC Is Colliding With Swiss Traders To Steal Nigeria’s Crude Oil by bitterpenis(m): 5:45pm On Jul 25, 2014 |
bloody thieves, na God go punish all of them from GEJ, to the minister of petroleum, to the GMD of NNPC 9 Likes |
Re: How NNPC Is Colliding With Swiss Traders To Steal Nigeria’s Crude Oil by wellmax(m): 5:45pm On Jul 25, 2014 |
[size=14pt]Ordinary stealing....[/size] 23 Likes |
Re: How NNPC Is Colliding With Swiss Traders To Steal Nigeria’s Crude Oil by cleric(m): 5:45pm On Jul 25, 2014 |
Please, the word to use is Collude and not collide. 3 Likes |
Re: How NNPC Is Colliding With Swiss Traders To Steal Nigeria’s Crude Oil by sukij(m): 5:47pm On Jul 25, 2014 |
we ar d ones destroying ourselves |
Re: How NNPC Is Colliding With Swiss Traders To Steal Nigeria’s Crude Oil by saasala(m): 5:47pm On Jul 25, 2014 |
Normal thing nau |
Re: How NNPC Is Colliding With Swiss Traders To Steal Nigeria’s Crude Oil by teniola55(m): 5:47pm On Jul 25, 2014 |
Stealing here nd there in dis country called nigeria...ME SEF JUST STEAL ONE PIECE OF MEAT FRM MY MAMA POT...#NOTHINGGOSHELE 2 Likes |
Re: How NNPC Is Colliding With Swiss Traders To Steal Nigeria’s Crude Oil by ayomidegambari(m): 5:47pm On Jul 25, 2014 |
Dead by hanging shap shap 1 Like |
Re: How NNPC Is Colliding With Swiss Traders To Steal Nigeria’s Crude Oil by Akainzo(m): 5:47pm On Jul 25, 2014 |
Haba Mods!! How do you place this kind of title on the Front Page? You can do much better than this. Please change the title ASAP. |
Re: How NNPC Is Colliding With Swiss Traders To Steal Nigeria’s Crude Oil by ayomidegambari(m): 5:47pm On Jul 25, 2014 |
Death by hanging shap shap |
Re: How NNPC Is Colliding With Swiss Traders To Steal Nigeria’s Crude Oil by lilprinze: 5:48pm On Jul 25, 2014 |
am nt surprised itz nt a new tin |
Re: How NNPC Is Colliding With Swiss Traders To Steal Nigeria’s Crude Oil by Nobody: 5:49pm On Jul 25, 2014 |
And this our Barney Cartoon network president will classify this one as ordinary stealing and defend Deizani with every bit of air in him. 7 Likes |
Re: How NNPC Is Colliding With Swiss Traders To Steal Nigeria’s Crude Oil by loifez(f): 5:49pm On Jul 25, 2014 |
Na today oyinbo dey steal from us? Or why do you think the PIB is dead even before arrival The people they are stealing from are busy fighting themselves on social media over inconsequential matters...... Next topic abeg! 6 Likes |
Re: How NNPC Is Colliding With Swiss Traders To Steal Nigeria’s Crude Oil by Nobody: 5:49pm On Jul 25, 2014 |
I heard about this last year. This evil government is mortgaging the future of generations. 5 Likes |
Re: How NNPC Is Colliding With Swiss Traders To Steal Nigeria’s Crude Oil by wellmax(m): 5:49pm On Jul 25, 2014 |
AwesomeRomeo: Some people be like, "this must be another APC propaganda" 14 Likes |
Re: How NNPC Is Colliding With Swiss Traders To Steal Nigeria’s Crude Oil by dhamstar(m): 5:50pm On Jul 25, 2014 |
Olorun mo number ile gbogbo yin ooooooo........................ |
Re: How NNPC Is Colliding With Swiss Traders To Steal Nigeria’s Crude Oil by Jabioro: 5:50pm On Jul 25, 2014 |
9ja can understand,yet d president want take $1billions loan2 equip our millitary,NNPC and cohort can steal dis amount of crude oil within a month., |
Re: How NNPC Is Colliding With Swiss Traders To Steal Nigeria’s Crude Oil by myspnigeria: 5:50pm On Jul 25, 2014 |
so sad |
Re: How NNPC Is Colliding With Swiss Traders To Steal Nigeria’s Crude Oil by Nobody: 5:51pm On Jul 25, 2014 |
bitterpenis: blood thieves, na God go punish all of them from GEJ, to the minister of petroleum, to the GMD of NNPCEvery Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland. |
Re: How NNPC Is Colliding With Swiss Traders To Steal Nigeria’s Crude Oil by priscaoge(f): 5:51pm On Jul 25, 2014 |
^^^^Don't mind that Dude,I wonder if he cannot make his point without insulting anyone Maybe he want to visit Kirikiri 2 Likes |
Re: How NNPC Is Colliding With Swiss Traders To Steal Nigeria’s Crude Oil by condralbede(m): 5:51pm On Jul 25, 2014 |
NNPC stealing Nigeria Oil since 1960 |
Re: How NNPC Is Colliding With Swiss Traders To Steal Nigeria’s Crude Oil by tit(f): 5:54pm On Jul 25, 2014 |
Now that Rilwanu Lukman is enjoying 72 virgins in al-janah. everything is gonna be alright. |
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