THERE are indications that heads may roll soon in the Central Bank of Nigeria, CBN, over the directive to International Oil Companies, IOCs, to sell forex to only six importers of petroleum products from the IOCs’ forex pool put together by the Nigeria National Petroleum Corporation, NNPC, The Whistler has exclusively gathered.

In a letter signed statement by the SA/Head, Financial Markets Department of the CBN, E.U. Ukeje, to the IOCs obtained by Nigerian Pilot, he directed the IOCs to

“note that you are only permitted to sell your FX to the designated PMS importers by the NNPC or to the CBN at the ruling exchange interbank rate.”


Investigation by Nigerian Pilot reveals that the ‘designated importers’ FX should be sold as directed by the CBN are Conoil Plc, Mobil Plc, MRS Oil Nig, Oando Plc, Northwest Petroleum, and Total Nig Plc.


More: http://nigerianpilot.com/forex-scam-nnpc-cbn-sabotage-economic-recovery/

They are tired of blaming Jonathan
CBN and NNPC oya take over.

I don't think the people entrusted with this FX matter will not miss the opportunity to enrich themselves at the expense of the masses. Just like 99% of Nigerians.

Theese 2 institutions; Cbn and nnpc are doing the nation a great wreckage it won't survive if care is not taken. I wonder how enormously rich the abokis in those institutions will be....................

Please no body should complain.

We're eliminating corruption. So says some people

That moment when you want to go to the bush and urinate







And


You ended up matching on some DUNG while coming out...




That explains this corruption fight

hmm

Dandsome:
Please no body should complain.
We're eliminating corruption. So says some people

Yes in the voice of sugar coated brain folks.


"Sai Buhari"


Be nice and kindly check my signature

More interesting revelations in the new era






Anyway, research (project) students and individuals should check signature

How true is this story? evidence?

Seems like we're taking 5 steps forward, and 10 steps backward. All I see is a window for corruption

REVEALING....

More investigations should be carried out, there is more to this

Flush out the saboteurs and pin them to the cross and fire them


They must be sniffed out of existence, that way, we'll live to enjoy the honey deposited in this country

Over to EFCC

Make heads roll if e go roll, we are tired of been taking for a ride in this country, everywhere scam, in all the ministries....

it's now time to blame CBN n NNPC


oya sergeant, gian one!

Chei.. "owo ti wogbo"

Ahn ahn. Na wa oooooo






I predict a long lasting fuel scarcity as a result of this.




Those unionist oil marketers will always stand together. Especially at the detriment of the masses.

Tell me something

Government through her agencies frustrating business. This government interference isn't just good at all for business. That's the challenge the IOCs face in Nigeria being about the most over-regulated business environment in the world.
You collect crude from these companies for sale, without remitting cash calls forcing them to make do with little returns and a struggle to stay afloat, now you direct them on whom they will sell their little forex to, what has NNPC and CBN done with all the 60% returns they get from most of the JVs.
As we speak some IOCs are dipping into their reserves to pay staff salaries while others are owing their contract staff and contractors.
Talk about running a system to the ground, these people are hell bent on doing so meanwhile there are countries out there looking for these investors.

I didn't get it, can someone explain.

Please wait...... figting corruption inprogress

Naija my country

Ok

brunofarad:
That moment when you want to go to the bush and urinate







And


You ended up matching on some DUNG while coming out...




That explains this corruption fight

U are a wise man.

labamo07:
Theese 2 institutions; Cbn and nnpc are doing the nation a great wreckage it won't survive if care is not taken. I wonder how enormously rich the abokis in those institutions will be....................

Bro don't mind all these jobless-goodfornothing-unproductive-graduates cum bloggers, they know nothing about the country. Always misinforming people.

If you noticed that there's a slight scarcity of kerosene supply this days, it's cos of the forex regime which has hindered the importation of the products by authorized companies. Meanwhile these six oil companies are the sole importers of DPK (kerosene). They import the product into the country on behalf of the NNPC. And the importation process is so well structured after the subsidy saga that they can't defraud NNPC, cos NNPC help them source for the forex (like in this case) and also point them to where to buy. These oil companies can only import from either Glencore, Trafigura or Vittol SA. Any importation from somewhere else will not be accept by the NNPC. So this is just the NNPC playing its own part of the deal, helping the six companies to source for forex in order to curb kerosene scarcity. Why this blogger is crying, I don't know. All these jobless people called bloggers are causing more havoc than necessary. Always misinforming people.

I will explain. They said that CBN and NNPC has travelled to Forex, that country Buhari's wife visited some time ago!

Tycike:
I didn't get it, can someone explain.

Aisha buhari the largest bureaux de change in Nigeria ought to be on that list with the big boys.

The CBN and NNPC are such a cabal, only there to serve the interests of the 10 billionaires, while 10 million beggers wallow in abject poverty. How dare they target monetary policies and profits to only benefit a few businesses, while the other businesses grovel for support. In the words of Soyinka, "...the over centralisation of government has resulted in resentment among constituent states (businesses, people), adding that the phenomenon was insulting and promoting anti-healthy rivalry among states (businesses, people)."

This would have made sense when PPRA was still giving allocations to companies to import petroleum products as this would have helped them keep the landing cost low,but in this current situation where anybody can import petroleum products,I think this is corruption.

As it is now is just as eve am living in an island cos I no longer understand anything happening or going on in this country abi government will I say. Wat u hear today dat is d way forward, come tomoro u will hear some tin in d procedure are not legit

Recent devaluation of Naira against dollar by CBN won't work in a consumer economy. CBN should quickly act fast to ban Bureau De Change so that unnecessary demand can be avoided and every one to back farm. We can't continue to destroy our country.