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Re: Signs That Things Are Getting Tougher In Nigeria by mrZENographer: 12:18pm On Jul 19, 2016 |
HDee: Let me use this oppurtunity to remind all ZOMBIES that at the end of the past administration, naira lay at 200 to a dollar. Just less than a year of the present administration it is a horrorful N345 to a dollar. Something that could have been ridiculed fables in the past admin. More jobs losses, bans, little room for local improvements etc. FINALLY, KERESONE IS N300 from N84 From your prepositions, i can assume that many are still yet to get a cure from this particular Sai Baba Tai virus. 2 Likes |
Re: Signs That Things Are Getting Tougher In Nigeria by PoorUgly(m): 12:20pm On Jul 19, 2016 |
dvee2: My brother thank you so much for this post. Thank God we still have some reasonable people out there. |
Re: Signs That Things Are Getting Tougher In Nigeria by Omooba77: 12:23pm On Jul 19, 2016 |
damon222: Hmmmm; nothing more to say 2 Likes |
Re: Signs That Things Are Getting Tougher In Nigeria by PoorUgly(m): 12:24pm On Jul 19, 2016 |
mrZENographer: STOP LYING! KEROSENE IS N200 I JUST BOUGHT IT FEW HOURS AGO. TELL THE TRUTH! YOU DIDN'T BUY KEROSENE N150 DURING LAST ADMINISTRATION? |
Re: Signs That Things Are Getting Tougher In Nigeria by PoorUgly(m): 12:26pm On Jul 19, 2016 |
THIS IS WHY WE ARE SUFFERING!!!! $1.1billion Fraud: British Judge questions Jonathan’s integrity, stops Etete from getting N17 billion A British Judge on Tuesday refused to release $85 million (N17 billion) to Malabu, a fraudulent company controlled by Nigeria’s former petroleum minister, Dan Etete. In refusing to release the money to Malabu, Justice Edis of the Southwark Crown Court declared that he was not sure the administration of President Goodluck Jonathan acted in Nigeria’s interest when it approved the transfer of the money to Malabu. “I cannot simply assume that the FGN which was in power in 2011 and subsequently until 2015 rigorously defended the public interest of the people of Nigeria in all respects,” the judge ruled. PREMIUM TIMES had reported how the Jonathan administration controversially approved the transfer of $1.092 billion from Nigeria’s JP Morgan account in London to Nigerian accounts controlled by Malabu. The money was paid by global oil giants, Shell and ENi, for Africa’s richest oil bloc, OPL 245. The former Attorney General of the Federation, Mohammed Adoke, and the former Minister of State for Finance, Yerima Ngama, signed the documents approving the transfer to Malabu. The fraudulent deal, shaded in various layers of corruption, has been condemned by Nigerians and international transparency advocates and is being investigated by authorities in four different countries. THE SEIZED $85 MILLION The $85 million was seized at the request of Italian prosecutors who are also investigating the deal. The money was the last part of the OPL 245 largesse not yet distributed. Sensing that the Muhammadu Buhari administration was yet to find its feet on international legal matters, Mr. Etete approached the British court and asked that the money be returned to him. At a two-day hearing that started on November 23, Mr. Etete’s lawyers argued that there was no fraud in the deal and asked that the money be released to him. While Mr. Etete argued that the money be released to him, the Italian prosecutor argued that “their investigation could lead to a potential forfeiture of the money down the road.” a source who has followed the case and was present at the proceedings told PREMIUM TIMES. Malabu’s lawyers told the court that freezing the money was an assault on Nigeria and questioned how the court could imagine that Messrs. Adoke and Ngama would be a party to a corrupt deal. THE RULING While giving his ruling on Tuesday, Justice Edis said while he could not say for certain if the deal was fraudulent pending conclusions of investigations, it would be inappropriate to release the money to Malabu. “I am not making any findings of fact about misconduct by anyone. I am simply assessing the evidence before me to determine whether a restraint order should be discharged which was granted by way of MLA (Mutual Legal Assistance between the UK and Italy) to support an investigation by the Italian authorities,” the judge said. The judge also made reference to evidence provided by the Italian authorities that ex-President Jonathan was directly involved in the fraudulent deal. “The suggestion from the wiretaps is that “Fortunato” was implicated and I am told that this was a reference in code (not subtle) to the former President of Nigeria, President Goodluck Jonathan,” the judge said. “Aliyu (Abubakar) is said to be associated with him and Aliyu received, in a way which was not transparent, $523m of the money paid for the OPL 245 licence in August 2011.” PREMIUM TIMES had reported how fictitious companies owned by Abubakar Aliyu, a man referred to as ‘Mr. Corruption’ by anti-graft officials, received over half ($532 million) of the total $1.092 billion. Mr. Aliyu, a close ally of Mr. Jonathan was recently quizzed by EFCC operatives for the first time despite being a central character in the deal whose investigation was virtually stalled during the Jonathan presidency. ACTIVISTS REACT Reacting to the ruling, Simon Taylor of Global Witness stated that “Given the gathering pace of the EFCC investigation in Nigeria under new leadership and a call by the Nigerian House of Representatives to cancel the deal in 2014, investors in Shell and Eni should demand to know why they were exposed to such risk.” The UK based Global Witness has been at the forefront of the demand for transparency in the deal and other similar deals across the world. Also reacting to the judgement, Dotun Oloko, an anti-corruption campaigner in Nigeria said, “In light of these allegations in a UK court, the role of the senior Nigerian officials involved in this deal, including Goodluck Jonathan, must now be fully investigated.” With the ruling, Nigerian now has the opportunity to not only claim the money but also another $110.5 million of the funds held in a Swiss bank while investigations continue. Below is a statement by Global Witness after the court ruling: Court refuses to unfreeze funds from “smash and grab” raid on Nigerian oil block Prosecutors allege that “fronts for President Goodluck Jonathan of Nigeria” received US$523m in proceeds of “smash and grab” OPL 245 deal Southwark Crown Court today rejected an attempt by a company owned by the former Nigerian oil minister Dan Etete to unfreeze US$85m in proceeds of the corrupt deal for the Nigerian offshore oil block, Oil Prospecting Licence 245 (OPL 245), which was sold to Shell and Eni for $1.1bn in 2011. The funds were restrained at the request of Italian authorities, who are investigating the sale of the block by Malabu Oil & Gas, a company secretly owned by Mr Etete, to the international oil companies. The Federal Government of Nigeria (FGN) under Goodluck Jonthan acted as a middleman in the deal, and the court received evidence based on wiretaps that prosecutors allege show that the then President, Goodluck Jonathan, was directly involved. The deal deprived the Nigerian people of a sum equivalent to 80% of the country’s 2015 health budget. “In light of these allegations in a UK court the role of the senior Nigerian officials involved in this deal including Goodluck Jonathan must now be fully investigated,” said Dotun Oloko, a Nigerian anti-corruption campaigner. Evidence from US authorities presented to the court and included in the judgement “shows payments following circuitous routes which total $523m and which arrived at Abubakar Aliyu, aka ‘Mr Corruption’” […] “Aliyu’s companies are allegedly fronts for President Goodluck Jonathan of Nigeria”. The Crown Prosecution Service, acting at the behest of the Public Prosecutor for Milan (PPM), described OPL 245 as a case of “grand corruption”. The OPL 245 deal is currently under investigation by the Public Prosecutor of Milan, the UK’s National Crime Agency (NCA), and the Nigerian Economic and Financial Crimes Commission (EFCC). The EFCC have reportedly recently interviewed Abubakar Aliyu in connection with the case, and earlier this year interviewed Dan Etete. Justice Edis of Southwark Crown Court turned down Malabu’s application to discharge the freezing order rejecting Malabu’s arguments that the Crown had failed to follow proper procedures in securing the freezing. Justice Edis concluded in his judgement: It is extremely important that what I am about to say is not misunderstood. I am not making any findings of fact about misconduct by anyone. I am simply assessing the evidence before me to determine whether a restraint order should be discharged which was granted by way of MLA to support an investigation by the Italian authorities. That investigation is not complete (and appears to be still at quite an early stage). What misconduct it may ultimately prove, if any, will be a matter for the PPM and the Italian court if proceedings are brought. However, precisely because I cannot reach firm factual conclusions, I cannot simply assume that the FGN which was in power in 2011 and subsequently until 2015 rigorously defended the public interest of the people of Nigeria in all respects. Mr. Fisher QC who appeared for the CPS used the phrase “grand corruption” to describe the form of corruption in which the state itself is culpable. The suggestion from the wiretaps is that “Fortunato” was implicated and I am told that this was a reference in code (not subtle) to the former President of Nigeria, President Goodluck Jonathan. Aliyu is said to be associated with him and Aliyu received, in a way which was not transparent, $523m of the money paid for the OPL 245 licence in August 2011. “Given the gathering pace of the EFCC investigation in Nigeria under new leadership and a call by the Nigerian House of Representatives to cancel the deal in 2014, investors in Shell and Eni should demand to know why they were exposed to such risk,“ said Simon Taylor, a Director of Global Witness. Suspects named in the Italian case include Eni and its current and former CEOs Claudio Descalzi and Paolo Scaroni, as well the company’s Chief Development, Operations & Technology Officer Roberto Casula and former executive Vicenzo Armanna. Other suspects in the Italian case include Dan Etete and middlemen Emeka Obi, Gianluca Di Nardo and Luigi Bisignani. Shell and Eni have denied any wrongdoing. “It is clear from evidence in the public domain that high level executives in Shell personally took part in negotiating this deal. Citizens in the UK, US, Netherlands and Nigeria should demand that Shell and its executives are investigated in their respective countries,” said Nicholas Hildyard of The Corner House. Shell and Eni have invested at least $1.8bn in purchasing and developing the block, which they own 50-50. It reportedly holds probable reserves of 9.23 billion barrels of oil, which if proven, would represent the equivalent of a third of Shell’s proven reserves, and two thirds of Eni’s. Antonio Tricarico of Re:Common said: “$85 million paid by Eni and Shell for the benefit of Dan Etete’s company Malabu remains frozen in London. The time has come that Eni and Shell come clean about what they knew about this deal and who else this money was intended for.” 1 Like |
Re: Signs That Things Are Getting Tougher In Nigeria by stpat1(m): 12:31pm On Jul 19, 2016 |
You are correct. I notice that these days, the traffic is light which makes me wonder is there is fuel scarcity. Also, people now basically buy food items than other stuffs. The effect is so obvious 1 Like |
Re: Signs That Things Are Getting Tougher In Nigeria by PoorUgly(m): 12:34pm On Jul 19, 2016 |
Nigeria: The Oil Trillions Yet to Be Found – Daily Trust JUNE 12, 2016 BY ABOKIFX By Daniel Adugbo The latest audit report of Nigeria’s oil and gas industry undertaken by the Nigeria Extractive Industries Transparency Initiative, (NEITI), which w as published recently, made striking revelations on the extent of revenues withheld by the Nigerian National Petroleum Corporation, (NNPC). The audit further swelled the list of scathing reports that have exposed the Corporation’s devastating consumption of public revenues and performance failures prior to the present administration. The NEITI audit which was presented in Abuja by the Minister of Solid Minerals Development and Chairman of the NEITI board, Dr. Kayode Fayemi, revealed that the country earned $58.07bn (about N11.4tr) as revenue from crude oil sales, taxes, royalties and other incomes in 2013. However, part of the amount that should have gone to the Nigerian treasury was either diverted or got lost due to many reasons. A breakdown of the amount that failed to get into government coffers showed that N1.1 trillion comprising $3.8bn being oil export sales plus other dollar-based payments and outstanding refunds in addition to N358.3 billion in naira-denominated revenues, were not remitted by the NNPC. $5.966 billion and N20.4 billion were lost due to opaque crude swap agreements and oil theft.$599.8 million was lost as a result of under- payments of petroleum profit taxes and royalties by oil and gas companies. The audit also revealed that the Nigeria Liquefied Natural Gas Limited, (NLNG), paid $1.289 billion as dividends, interests and loan repayments in 2013. While the NNPC acknowledged receipt of this amount, it did not forward it to the federal government. The $1.289 billion, according to the audit, brings to a total of $12.9 billion payments to the NNPC by NLNG between 2005 and 2013 that were not forwarded by NNPC to the federal government. Worried by the enormity of the loss of revenue revealed in the report, the Senate has recently summoned the NEITI boss to formally present the report at plenary and explain the alleged missing trillions. Where did the trillions go? The NEITI audit report tried to unravel where the billions of payments and NNPC oil sales that didn’t get to the federation treasury went to. One of the major sources of with holdings as captured even in other previous audits stem from the $1.7 billion balance for the sale of NNPC’s interest in eight Oil Mining Leases, (OMLs), whose whereabouts is unknown. It will be recalled that between 2010 and 201,1 NNPC divested 55 percent federation equity in the eight OMLs from the Shell JV to its subsidiary, Nigerian Petroleum Development Company, (NPDC). The eight OMLs were valued at $1.8billion out which only $100 million was paid in April 2014, leaving the $1.7 billion balance which has not been paid by NNPC to the federation account. The huge revenue losses came at a time average prices for the country’s light sweet crude topped $110 per barrel during the boom of 2011 to 2014. Yet during that same period, treasury receipts from oil sales fell significantly. The $58.07 billion total revenue flows to the federation from all sources in 2013 represented a decline of 8 percent when compared with the $62.9 billion realized in 2012. Analysts are of the opinion that while volumes lost to oil theft explains some of the decline, NNPC’s massive revenue with holdings and suboptimal sales arrangements were also to blame. From the figures presented in the audit vis-à-vis other audit reports, analysis showed that management of NNPC’s oil sales and remittances worsen particularly between 2010 and 2014. It was in early 2014 that a former Governor of Central Bank of Nigeria, (CBN), Lamido Sanusi raised the alarm that $20 billion in NNPC oil sale revenues had gone missing. The alarm prompted the set-up of a Senate Committee to investigate the alleged unremitted crude oil revenue to the federation. In addition, the Ministry of Finance set up a Reconciliation Committee consisting of the CBN, NNPC, DPR, FIRS, OAGF, the Budget Office, Federal Ministries of Finance and Petroleum Resources to align the differing figures. PricewaterhouseCoopers, (PwC), also performed an investigative forensic audit into the alleged unremitted funds into the Federation Accounts by NNPC within that same period. NNPC is yet to publicly counter the claims in NEITI’s latest audit. However, it has lately replied similar issues raised by other government queries questioning its processes. The Auditor-General of Federation recently reported that the Corporation withheld N3.2 trillion ($16 billion) in oil revenues in 2014. The Revenue Mobilization Allocation and Fiscal Commission, (RMAFC), immediately raised the number to N4.9 trillion ($25 billion) in revenues between 2011 and 2015. NNPC disputed the auditor-general’s claims by putting out a third set of figures, saying what it owed the Federation Account was N326 billion which was still being reconciled and not N3.23 trillion as alleged by the auditor. What has changed? “Clearly, a few things have or could have changed since 2013 that the reports covered,” this was the verdict of Chairman of the NEITI board, Kayode Fayemi. Kudos to President Muhammadu Buhari’s determination to tackle graft and coupled with global low oil prices, the government has made positive changes in how NNPC manages the nation’s oil wealth. It is clear that there is an ongoing reform in NNPC and the oil sector in general. The coming of Ibe Kachikwu as NNPC head has witnessed drastic cut in the number of passive, well-connected middlemen that pocket money from oil sales. NNPC has canceled costly, unbalanced swap contracts and sought more efficient replacements. The Corporation now publishes a monthly financial data and its leadership says it is seeking solution for some of its costliest problems, not the least the moribund refineries and the payment of debts to its upstream Joint Venture, (JV) partners. These moves, according to industry watchers, suggest a real determination by the minister and government to take on some of NNPC’s problems. However, it is clear that despite the gap of three years, most of the issues raised in the NEITI report are still relevant today. PricewaterhouseCoopers, (PwC), auditors in 2015 reviewed NNPC’s oil sales system, and wrote: “NNPC has a ‘blank’ cheque to spend money without limit or control. This is untenable and unsustainable and must be addressed immediately.” A recent report by the Natural Resource Governance Institute, (NRGI), claimed that NNPC under President Buhari’s administration still withholds a major share of oil sale earnings and spends them at will. Experts say these statements remain true today as there are still no agreed rules that govern how much money the NNPC can keep, and how it can spend those funds. Until the government states clear rules for NNPC financing, both the controversies and the underlying revenue leakages will persist. The latest drafts of the Petroleum Industry Bill, (PIB), which do not adequately address how NNPC and the federation will share revenues in future is still a source of concern. To this end, government should move to recover these funds especially now that its revenues are low and is looking for more avenues to fund the budget. It is now up to the legislature to take keen interest in the audit findings to design legislations for the extractive sector and carry out their oversight functions. |
Re: Signs That Things Are Getting Tougher In Nigeria by Goke7: 12:35pm On Jul 19, 2016 |
reason fuel price needs to go down but will our greedy marketers agree? most items are over priced in Nigeria. Let fuel price go down and see if other things will not follow 2 Likes |
Re: Signs That Things Are Getting Tougher In Nigeria by Abagworo(m): 12:53pm On Jul 19, 2016 |
Oil price dropped and production cut by avengers. I believe Nigeria should do away completely with oil based economy and rebuild agriculture. We cannot compete in technology market or manufacturing without achieving cheap and sustainable power supply independent of oil and gas hence agriculture should be the focus. |
Re: Signs That Things Are Getting Tougher In Nigeria by Omooba77: 1:17pm On Jul 19, 2016 |
stpat1: Thank God we both observed same thing....God will have mercy upon Nigeria. |
Re: Signs That Things Are Getting Tougher In Nigeria by PoorUgly(m): 1:31pm On Jul 19, 2016 |
Goke7: That is the problem. Nigerians are very unpatriotic and corrupt. Our crazy quest for riches is killing this country. If government brings down the price of petrol. The same marketers and Nigerian people will take petrol and go to Togo , Benin republic where it sells up to the equivalent of N200. Still creating scarcity and problems. This is the major reason why this administration removed the subsidy. Its cheer stupidity and waste of government funds to take subsidized fuel intended for our good and be selling it off to other people it wasn't meant for, just to earn illegal filthy money. That's why we are suffering. Unless we all collectively loves this country, respects this country and bends down and work hard for her collective good we will continue suffering. Even if Dangote refinery take off tomorrow and brings down the price of fuel to N100. Our wicked unpatriotic brothers and sisters will either hoard it to become scarce and expensive or siphons it to other countries where it sells high. Our problem is ourselves. Lets have collective repentance from selfishly injuring this country. God bless you all 2 Likes |
Re: Signs That Things Are Getting Tougher In Nigeria by HDee(m): 2:30pm On Jul 19, 2016 |
deltateam:Sometimes, you get to be punished for what your previous filial did.. Don't worry, we are going to overcome this very soon.. 1 Like |
Re: Signs That Things Are Getting Tougher In Nigeria by HDee(m): 2:32pm On Jul 19, 2016 |
mrZENographer:but you accept that stealing is not corruption during their administration?? 1 Like |
Re: Signs That Things Are Getting Tougher In Nigeria by otobomax(m): 2:34pm On Jul 19, 2016 |
butanep:Oga me self no get I Don tire for naija babes wahala lemme focus all my energy and attention in making my life better abeg. So much freedom and peace I tell you |
Re: Signs That Things Are Getting Tougher In Nigeria by Ayoswit(f): 2:41pm On Jul 19, 2016 |
kurt09:waoh, lucky u. |
Re: Signs That Things Are Getting Tougher In Nigeria by leghagha: 3:02pm On Jul 19, 2016 |
ShowYourCertificate:Is it the fault of PM the price of oill has fallen and the niger delta militants are causing more havoc?All oil dependent countries are going through worse situation (Angola and Venezuela) |
Re: Signs That Things Are Getting Tougher In Nigeria by kurt09(m): 3:05pm On Jul 19, 2016 |
Ayoswit:So don't use ATM queue to judge. |
Re: Signs That Things Are Getting Tougher In Nigeria by Nobody: 3:09pm On Jul 19, 2016 |
Yes o, even oloshos arent finding things funny at all, indomie and eggs is now being served in wedding receptions. |
Re: Signs That Things Are Getting Tougher In Nigeria by butanep(m): 3:28pm On Jul 19, 2016 |
otobomax: Sometimes it is good to have to some space for personal development. |
Re: Signs That Things Are Getting Tougher In Nigeria by Nobody: 3:39pm On Jul 19, 2016 |
Low patronage to beer palour,pepper soup joints and brothels due to the economic recession unlike the jonathan era when some guys would consume 30 bottles of beer in a day. |
Re: Signs That Things Are Getting Tougher In Nigeria by Nobody: 3:57pm On Jul 19, 2016 |
butanep:better give that ur babe the 25 k sharp sharp or u might just end up losing her to E-money |
Re: Signs That Things Are Getting Tougher In Nigeria by butanep(m): 4:48pm On Jul 19, 2016 |
lefulefu: Then what make you think am scared of loosing her... it's even a lesser burden to me when she leaves... Easter is there, Rose is still in love and even precious... If you become an ass licker to a woman, you are on your own. Reason why you shouldn't ve just one babe. It's suicidal. |
Re: Signs That Things Are Getting Tougher In Nigeria by 400billionman: 4:58pm On Jul 19, 2016 |
Things are getting better for me. Whenever things try getting tough, it gets better for me. Even though some of my hustles are closed down for now. I run each of the remaining ones as if my life depends on it. 1 Like |
Re: Signs That Things Are Getting Tougher In Nigeria by Stanbeto: 5:12pm On Jul 19, 2016 |
Healing the Land part one |
Re: Signs That Things Are Getting Tougher In Nigeria by k2kay(m): 5:41pm On Jul 19, 2016 |
I realized we were in trouble when I was at a restaurant and a guy boldly walked to my table and insisted I give him 50bucks to balance what he had on him...the guy's boldness was scary....like he could kill to get his hands on it. |
Re: Signs That Things Are Getting Tougher In Nigeria by tayoalone(m): 6:12pm On Jul 19, 2016 |
[quote author=MIKOLOWISKA post=47681362][/quote] Love your replies. So on point. |
Re: Signs That Things Are Getting Tougher In Nigeria by donhils: 6:15pm On Jul 19, 2016 |
When they say there's a casting down, guess what I'll say; there's a lifting up for me. 1 Like |
Re: Signs That Things Are Getting Tougher In Nigeria by Omooba77: 6:17pm On Jul 19, 2016 |
PoorUgly: How many times are you going to post this;please use your medular sir |
Re: Signs That Things Are Getting Tougher In Nigeria by Omooba77: 6:18pm On Jul 19, 2016 |
k2kay: |
Re: Signs That Things Are Getting Tougher In Nigeria by Omooba77: 6:19pm On Jul 19, 2016 |
k2kay:People no de mind shame again to beg oh; even babes inclusive |
Re: Signs That Things Are Getting Tougher In Nigeria by Omooba77: 6:35pm On Jul 19, 2016 |
greatgod2012: No be small my sister; money saved is used for feeding now |
Re: Signs That Things Are Getting Tougher In Nigeria by otobomax(m): 7:03pm On Jul 19, 2016 |
butanep:As in ehn am enjoying this. A man needs his space abeg ...... there are so much to think about and explore in this world . Female na secondary .... |
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