LAGOS, Nigeria (AP) -- Nigeria will start selling and buying oil and gasoline directly to cut out middlemen and curb graft, the new
managers of the Nigerian National Petroleum Corp. announced Tuesday night.

The major policy shift fits new President Muhammadu Buhari's plan to halt corruption endemic in the industry in Africa's biggest oil producer. The previous administration of President Goodluck Jonathan had ignored warnings from Central Bank Governor Lamido Sanusi that some $20 billion in oil sales over three years was missing from federal coffers, and instead fired Sanusi.

Nigeria produces 2 million barrels of crude a day, according to the corporation's website. Nigerians consume about 9 million liters (2.4 million gallons) of gas daily, almost all imported because local refineries are inefficient. One barrel of crude produces about 30 gallons of diesel or fuel.

A statement from spokesman Ohi Alegbe said the decision was made after a screening of previously used and prequalified petroleum product importers revealed almost all the 34 international and 10 local companies were middleman businesses.

The shift is "a major steer designed to enshrine transparency and eliminate the activities of middlemen in the crude oil exchange," said the statement from the corporation's new management. One of Buhari's first acts as president was to fire all the old managers.

Corruption that thrived under Jonathan's watch had favored officials being sold entire shipments of crude at favorable rates so they could pocket the profits. The U.S. Department of Justice warned Buhari earlier this year that one minister had pocketed $6 billion from oil sales.

The massive thefts came as oil prices topped $110 a barrel. Now Nigeria is in crisis, with halved prices for the oil that provides 80 percent of government revenue and Buhari has complained he inherited an emptied treasury.

http://finance.yahoo.com/news/nigeria-sell-buy-oil-directly-203535606.html

No marketers will be holding the whole nation to ransom

If faithfully implemented, this would turn out to be a move in the right direction. Waiting & watching, meanwhile.

mymadam:
If faithfully implemented, this would turn out to be a move in the right direction. Waiting & watching, meanwhile.

. This is the way forward in the war against corruption.

The administration that only work on Papers.

Abeg make una shift.



One chance Government

If properly implemented, then i have another reason to thank God again that i didnt lost ma vote

Baba is working while wailers are wailing. We de your back baba

What will Otedola and Ifeanyi Uba do ? Only rent tank farms.

Buhari the business killer.

More money for NNPC boys. NNPC refineries are unprofitable. Lets see how this goes.

Dis dullard is a business destroyer and a very archaic comunist. Govt will soon decide to provide telecom services directly

basilo101:
Dis dullard is a business destroyer and a very archaic comunist. Govt will soon decide to provide telecom services directly

That moment they ask MTN to go back to South Africa and Buhari launches NITEL again..

400billionman:


That moment they ask MTN to go back to South Africa and Buhari launches NITEL again..

. NCC has renewed MTN's license.

Bobbystanley:
The administration that only work on Papers.

Abeg make una shift.



One chance Government

Before oil prices achieved its current low Nigeria was already failing on paper under the not-so-clueful one.

see as them miss. foolish wailers. thieves all of them. hunger go gbab una Ehn. idiots that don't even half the IQ to invest their stolen loot. still looking for wetin go hook dia throat

This shows that APC has used the years of frustrations at the polls to perfect the means of corruptible machination to defraud the zoo called Nigeria. The Daura Dumbass called Muhmmadu Buhari had hinted he wants to become the Minister of Petroleum which is a deviant in executive presidency. In addition, the Bahuri wants to eliminate the middle men which makes investigation of crude oil fraud very interesting because there are many leads and some willing to compromise. If the dumbass from Daura eliminates the middlemen, any investigation of fraud in crude oil sales will be limited to one source which can disappear in a hurry. A man from Britain said that if power tends corrupt, absolute power corrupts absolutely. No human being is infallible. If I may recall, Muhammdu Buhari joined the Nigerian army on the trail of corruptible practices led by Tafawa Balewa and NPC.

400billionman:
What will Otedola and Ifeanyi Uba do ? Only rent tank farms.

Buhari the business killer.

More money for NNPC boys. NNPC refineries are unprofitable. Lets see how this goes.

He is not only a business killer but also an anti-fraudulent impostor

It's a really nice move dat will definitely curb the excesses of these marketers dat decide to hold us to ransom weneva dey feel like.. What den happens to the subsidy, will govt continue to pay it, dis tym to NNPC or remove it? And why must dey always find a way to refer to or bring d past administration into the picture. Nigeria had been doing d whole oil business using middlemen (marketers) long before d past administration came in.

basilo101:
Dis dullard is a business destroyer and a very archaic comunist. Govt will soon decide to provide telecom services directly

stop thinking tru Ur anus use Ur brain instead....

Duru1:
[s]This shows that APC has used the years of frustrations at the polls to perfect the means of corruptible machination to defraud the zoo called Nigeria. The Daura Dumbass called Muhmmadu Buhari had hinted he wants to become the Minister of Petroleum which is a deviant in executive presidency. In addition, the Bahuri wants to eliminate the middle men which makes investigation of crude oil fraud very interesting because there are many leads and some willing to compromise. If the dumbass from Daura eliminates the middlemen, any investigation of fraud in crude oil sales will be limited to one source which can disappear in a hurry. A man from Britain said that if power tends corrupt, absolute power corrupts absolutely. No human being is infallible. If I may recall, Muhammdu Buhari joined the Nigerian army on the trail of corruptible practices led by Tafawa Balewa and NPC. [/s]

And to make matters worse, your comment has shown the world how unintelligent you are. Do you have to be told the consequence of common sense in the action taken to cut out intermediaries? I know you will come back ranting. I won't answer you.

mikolo80:
see as them miss. foolish wailers. thieves all of them. hunger go gbab una Ehn. idiots that don't even half the IQ to invest their stolen loot. still looking for wetin go hook dia throat

. The game is over for them. Many of them were competing to make the pages of FORBES' list for the richest in Africa.

mymadam:
If faithfully implemented, this would turn out to be a move in the right direction. Waiting & watching, meanwhile.

Government has no business in business. This is far from the idea of deregulation and privatisation. Soon, the urchins at the corridors of power would be selling "allocation papers" to marketers. The best option is full deregulation.

400billionman:
What will Otedola and Ifeanyi Uba do ? Only rent tank farms.

Buhari the business killer.

More money for NNPC boys. NNPC refineries are unprofitable. Lets see how this goes.

This is the kind of reasoning you get when your brain is up your asz. So its good business for the government to buy imported products from Otedola at mark up price, subsidise it and sell back to Otedola to sell to you at scarcity price?

Orikinla:
. The game is over for them. Many of them were competing to make the pages of FORBES' list for the richest in Africa.

they're even lucky that that he had to merge with apc.
if he had won with his party, all of them will have cancer by now

Govt has no business in doing business, Buhari this your policy cannot work.

Another nice use and move by Baba go slow ,if only he cam implement it but I doubt this because the oil cabal are the ones that sponsored his elections

400billionman:
What will Otedola and Ifeanyi Uba do ? Only rent tank farms.

Buhari the business killer.

More money for NNPC boys. NNPC refineries are unprofitable. Lets see how this goes.

They should go and build a refinery too. Just like Dangote is doing instead of looking for ways of making cheap money without meaningful investment that will bring about economic growth in the country.

vanunu:
Govt has no business in doing business, Buhari this your policy cannot work.

So, holding the nation to ransom by the oil carbals is the one that is working? Corruption must be fought by all means.

This is not good news for the oil cartel in Togo Triangle.

Listen to the audio report on "How To Steal A Million Barrels Of Oil"
http://www.nigeriansreport.com/2015/11/how-to-steal-million-barrels-of-oil.html