ShinnBet:


I lol.

You my friend are stuck in pre-Nixxon era.

The dollar is not buoyed by gold reserves since the early 70's when the gold standard was discarded.

The US currency is buoyed by the US govt's ability to force other smaller nations in accepting their worthless paper dollars as a means of trade.


That my friend is why you still remain a colony.

Since the cancellation of bad debts owed by African countries, Western institutions like the IMF and World Bank then went to recoup their debts owed to them by western banks.

This is where the real recession of the mid 2000's began. It then spiralled into the sub prime mortgage markets.

For Western banks to remain afloat there must be liquidity flow into them and preferably from outside the west.

The US buys your oil in exchange for worthless dollars which you are told not to spend in order not to cause a deflation I the value of the dollar but to save in same western banks which they will then loan to their own conglomerates at a very low interest rate to which you are expected to buy the finished goods.


This is the oldest economic model, modelled after the west African triangular slave trade where worthless mannilas where exchanged for slaves and palm oil.

ShinnBet:


The actual money missing was 2.1 billion naira at an exchange rate of approximately $1 to 50k.


This occurred during the years 1976 to 1979. When he was appointed minister of the petroleum ministry by obasanjo.

Proudlyngwa:


You are confusing the federal reserves with the treasury

The IMF regularly maintains statistics of national assets as reported by various countries.[6] These data are used by the World Gold Council to periodically rank and report the gold holdings of countries and official organizations.

On 17 July 2015, China announced that it increased its gold reserves by about 57 percent from 1,054 to 1,658 metric tons, while disclosing its official gold reserves for the first time in six years

Our reserves is dependent on the petrodollar not dollar

989900B:


Crude was at roughly $12-$14 dollars then, with our production rate then, NNPC didn't even make up to $6B between those years put together. How much was the country's total budget then even?

989900B:


Crude was at roughly $12-$14 dollars then, with our production rate then, NNPC didn't even make up to $6B between those years put together. How much was the country's total budget then even?

ShinnBet:

Despite its relative autonomy in those early years, NNPC was hopelessly inept. In the wake of allegations of massive fraud, including an improper withdrawal of more than $4b from the corporation’s accounts in the late 1970s, the newly elected President Shehu Shagari (1979-83) in March 1980 instituted a tribunal to probe allegations.

NNPC’s oversight and regulatory role over the industry was virtually non-existent, due to a combination of low capacity, sheer inaction, and simply a proclivity of the corporation to break the law.

Agreements with IOCs lay around for years without ratification, and the IOCs often acted as if the corporation never existed. NNPC’s accounting system was an unmitigated shambles; the corporation had never prepared and submitted audited accounts.

The industry under NNPC up to 1980 was so dismal that the tribunal— even with its full judicial powers to subpoena witnesses and information —could not reconcile crude oil production and sales figures from the various arms of government. The panel recommended the pruning of the power of NNPC and the streamlining of its operation for increased efficiency.

The limitation of the panel is underlined by the tribunal’s failure to summon Generals Obasanjo and Muhammadu Buhari, who as national ruler, and oil minister NNPC chairman respectively “supervised the NNPC and controlled oil sales during the period in question.

http://bakerinstitute.org/media/files/page/9b06

ShinnBet:


China is not the USA.

China maintains gold reserves but what I am asking is what is the US dollar pegged to?

And when you say petrol dollar what exactly are you saying?

Crude is valued in dollars and the amount you sell equates to the value generated hence petrol dollar.

Next time try and remove the bullet point in your copy pasta before submitting your post.

989900B:


A panel was put in place to probe the said fraud, but found nothing.

ShinnBet:


The panel was hindered by key witnesses such as obasanjo and Buhari not honoring their invitation.

The panel however found discrepancies in the NNPC accounting methods and lack of proper or non existing book keeping.

Do a research on this and see why Buhari is attacking Saraki over his father's role in exposing the fraud back in 1980 on the floor of the senate.

989900B:


All verifiable research leads to 'finding nothing', are we to believe or hold on to allegations that can't be substantiated?

NNPC books have never been legit.

However, to say an individual cornered over $4b in the 70s (NNPC money), is not a practical allegation considering the income of NNPC then.

BTW, let's not derail this thread.

ShinnBet:



Funny how you can dissmis this long held accusation but accept willingly all accusations of missing $20 or is it $50bn under GEJ inspite of a detailed independent audit report that dismissed any claim of missing funds under GEJ

989900B:




During '76-'79, NNPC hardly made $6b total in oil sales, impractical to suggest one man cornered over $4b.

989900B:


Under GEJ, NNPC and subsidiaries made over $250b after JV shares and calls . . . actually more . . . easy to 'corner' $20b or $50b, especially most of those funds were in unremitted monies, most of them GEJ does not even know about -- NNPC does not even know the number of accounts it has (according to NNPC in 2014).

During '76-'79, NNPC hardly made $6b total in oil sales, impractical to suggest one man cornered over $4b.

ShinnBet:


The era you are speaking of was when licencing for drilling oil Wells was being issued.

Most of the existing oil blocs today were awarded back in the 70's to multinational companies.

Do you know how much was paid to the NNPC for such grants?

Also you forgot that opec came into existence during this same period and there was severe energy crisis in the West during this same era occasioned by the cartel.

989900B:


Most of them were licenced in the late 50s/early 60s.

The licences do expire, but are renewable though.

The unilateral award of oil blocks to friends/cronies started with IBB.

The petroleum minister has never had such power in Nigeria to unilaterally award oil blocks.

While there are many shady dealings in the NNPC, over $4b in the 70s is not some money any individual can solely 'kpai'.

ShinnBet:


All the oil fields were in Biafra and not Nigeria in the 60's.

So how can oil licencing be issued by Nigeria?

Go to the link I provided above and enter the period 1973 to 1984 and see that Nigeria easily produced on average 2million barrels a day. At $15 pb, Nigeria easily made $10bn annually from 1973 to 1979.

This is fact. I am not making this up.

Just click the link and see for yourself

989900B:



Was there a country called Biafra in the late 50s and early 60s that oil majors signed agreements with, or was that the name for the 'Niger-Delta' area then?

Shell, Chevron, Mobil and others were already fully functional here between 1958-1963.

Even if we assume for a second that production was sustained @ 2 million barrels/day for all that period (no drop in production) with prices at $12-$14/ barrel between '76-'78 when Buhari was federal commissioner of that industry, take out JV shares and cash calls, that's still roughly $300m*12=$3.6B say $4b/ annum, actually less, when you subtract the part of the crude that goes to our refineries, and cost of running the NNPC itself.

989900B:



Was there a country called Biafra in the late 50s and early 60s that oil majors signed agreements with, or was that the name for the 'Niger-Delta' area then?

Shell, Chevron, Mobil and others were already fully functional here between 1958-1963.

Even if we assume for a second that production was sustained @ 2 million barrels/day for all that period (no drop in production) with prices at $12-$14/ barrel between '76-'78 when Buhari was federal commissioner of that industry, take out JV shares and cash calls, that's still roughly $300m*12=$3.6B say $4b/ annum, actually less, when you subtract the part of the crude that goes to our refineries, and cost of running the NNPC itself.

Exploration for crude petroleum oil in Nigeria first began in 1908. However, serious and sustained efforts did not happen until Shell Darcy Petroleum Company commenced operations in 1935. It took this company more than 20 years to discover petroleum crude oil in commercial quantities in Oloibiri in 1956.

Before 1965, all the international petroleum marketing companies in Nigeria imported their stocks independently from their own refineries located abroad. As the local demand grew for these products, and following the local availability of crude oil by pipeline, establishment of a refinery in Nigeria became commercially viable..  Two oil marketing companies in Nigeria , Shell and British Petroleum, BP, formed a 50/50 joint venture refining company in Nigeria , the Nigerian Petroleum Refining (NPRC) in 1960.

The NPRC built a 38,000b/d petroleum refinery at Alesa-Eleme, near Port Harcourt to refine local crude oil into five petroleum fuel products. Construction of the refinery commenced in 1963 and production started two years later, in 1965.

Crude oil processed in the NPRC refinery was a portion of the production destined for export through Shell-BP’s Bonny Island export terminal. By a special contract agreement among all the five major products marketing companies, they procured crude oil from Shell-BP..  The crude oil was transported by pipeline to the NPRC Refinery for processing based on the quantity processed, at an agreed unit price per ton of crude oil.

The major marketers also, at their own cost, arranged the timely evacuation of the products from the refinery, mostly by the sea to Lagos and the remaining by road tankers..  The refinery was de-bottlenecked in 1973, in order to increase its crude oil processing capacity from 38,000b/d to 60,000b/d. The domestic demand for petroleum products which steadily increased was satisfied by the NPRC refinery for about 8 to 10 years.

In 1970, the Federal Government acting as a member of OPEC compulsorily acquired and paid for an equity share of 60 percent in all private international companies working in the Upstream and Downstream sectors of the Petroleum Industry in the country.

APCHaram:


Here is a brief summary of the history and evolution of the oil and gas industry in nigeria

APCHaram:


There was no federal govt in the years you mentioned not up till Jan. 1966.

Nigeria operated fiscal autonomy under a republican style of governance

The land act and resource decree only came about in 1970 after the civil war.

Nationalisation of oil Wells began after the civil war.

Hitherto to that oil companies operated on eastern Nigeria under licencing from defunct eastern govt.

You will do well to research the history of the Nigeria oil and gas sector.

989900B:


Exactly.

989900B:


So which country gave the foreign companies operational licences?

APCHaram:


[s]What is exactly?

I just showed you proofs that Nigeria had no control of granting concessions for oil drilling prior to 1970.

You need to brush up on your history because obviously you don't know jack sh1t[/s]

APCHaram:


As I said Nigeria operated true federalism and there was no resource or land decree in effect at the period under consideration et Al 1953 - 1966.

Oil companies operated in the then mid western and eastern Nigeria under agreements with the govts of those regions and not the central govt.

989900B:


That's the point.

989900B:



The same you quoted up there, I read in Wikipedia years back . . . that's rich . . . lol.

Try and read to comprehend, it won't kill you.

APCHaram:


What point?

Western, Northern and Eastern Nigeria operated their own embassies in UK, US.

Stop confusing the Nigeria in Eastern Nigeria to mean there was any form of central authority as we have now.

Eastern Nigeria like the rest of other regions was one step no different than South Sudan is to Sudan.

APCHaram:


[s]I strongly urge you to brush up on your education especially in the spheres of history and economics before venturing into a career as an online tout.

You are full of misconceptions and inaccuracies as can be seen in this thread that it won't be wrong to call you highly myopic and ignorant.

If you like claim crap that what I posted was from Wikipedia.

Here is the original thread I made on this topic debunking the lies that your cocoa and groundnuts funded the oil industry. [/s]

https://www.nairaland.com/2286512/cocoa-groundnuts-did-not-fund#up

989900B:


Oh, really? True story.

Are you a comedian?

What roles did Nnamdi Azikwe occupy in Nigeria between 1960 and 1966?

APCHaram:


As I said go and get an education.

Nigeria at independence was no different than say the EU today with federating states.

The only power the prime minister had was in controlling the armed forces.

Stop confusing the title president of Nigeria at independence with the current executive president of a federal central authority.