Oando Oil, CONOIL, African Petroleum and MRS Oil are among the powerful players in the petroleum sector that have shared over N3.655 trillion between 2006 and September2011 in pursuit of importation of refined petroleum products.
This was revealed today in Abuja by the Nigerian Senate joint Committee on Petroleum (Downstream), Appropriation and Finance.
Senator Magnus Ibe, the chairman of the committee, also disclosed that some 100 companies in the downstream sector and in construction, shared over N1.426 trillion between January and August 2011 alone.
Oando Oil is owned by Wale Tinubu, Mike Adenuga owns CONOIL, Femi Otedola owns AP, while MRS Oil is run by Aliko Dangote's brother, Sayyu Dantata. Other key players named today include Pinaccle Construction Ltd, as well as Integrated Oil and Gas, which is owned by a former Minister of the Interior,Capt. Emmanuel Iheanacho.
The full list as read out by Senator Abe, is as follows:
1. Oando Nigerian Plc. – N228.506 billion
2. MRS –N224.818 billion
3. Pinnacle Construction-N300 billion
4. Enak Oil & Gas –N19.684 billion
5. CONOIl – N37.960 billion
6. Bovas & Co. Nig. Ltd. – N5.685 billion,
7. Obat N85 billion and AP; N104.5billion.
8. Folawiyo Oil - N113.3 billion
9. IPMAN Investment Limited- N10.9billion
10. ACON - N24.1billion
11. Atio Oil-N64.4billion
12. AMP- N11.4billion
13. Honeywell-N12.2billion
14. Emac Oil- N19.2billion
15. D.Jones Oil-N14.8billion;
16. Capital Oil - N22.4 billion
17. AZ Oil- N18.613billion
18. Eterna oil- N5.57 billion
19. Dozil oil- N3.375 billion
20. Fort oil-N8.582 billion.
21. Integrated Oil and Gas- N30.777 billion!
THESE ARE THE MEMBERS OF THE CABAL,
*THEY ARE MORE POWERFUL THAN THE PRESIDENT.
*THEY ARE GIVING NATIONAL AWARD
*THEY ARE MEMBERS OF THE PRESIDENTIAL ECONOMIC TEAM. There Goes ur cabal

This may not be news afterall. We know she is into some shoddy deals but who would listen?

infoman007:

SEE WHY WE  MUST  REJECT REMOVAL OF FUEL SUBSIDY
SEE WHY WE  MUST  REJECT REMOVAL OF FUEL SUBSIDY

Subject: FUEL SUBSIDY EQUATION

This economic puzzle is simple enough for anyone to solve.

* Fuel subsidy itself is a scam
* Removal of self subsidy is a scam
* Turn around maintenance of refineries is a scam
* Non development of new refineries is a scam
* Insincerity of government is a scam
‎Fuel Subsidy Equation
------------------------
1) One barrel of Crude oil = 42gallons or
159 litres

,  2) Our Refineries (i.e 4) Installed
(combined) capacity = 445,000
,  barrels per day

3) Actual refineries capacity due to
ageing equipment = 30% i.e. 133,500
barrels per day
.
4) . . 133,500 barrels = 21.2 million litres

5) Local required consumption (F.O.S) =
12millions litres

6) It means that even our MORIBOND
refineries can actually meet our local
consumption need of petroleum.

7) The cost structure of crude oil (i.e.
Qua Iboe Crude Oil) production;
- Findings / development - $3.5
- Production cost - $1.5
- Refining Cost - $12.6
- Pipeline/transportation - $1.5
- Distr/bridging fund Margin -$15.69

True cost of one litre of petroleum
anywhere in Nigeria;
- Total sum cost = $34.8
- 1ltr cost = $34.8/159 litres = $0.219
- Naira equiv. 0.219xN160= N35.02k
- Add Tax N5 + N35.02 = N40.02

9) Let FGN refute the above composition
and if not, they should tell us how
they came about N65/litre.

10) Locally refined products cannot be
sold at International price.

11) We really do not need FGN SUBSIDY
as there was NONE in the first place.

12) What is LACKING, is the WILL to
enforce LAW ON CORRUPTION.

Pls re-post until it gets to the right quarters for their response;

We still stand a chance as a COUNTRY.

Analysis done by Professor Tam David West, former Petroleum Minister.

Which kain yeye analysis be this. There are other biproducts of crude after refinining. Crude oil and Petrol are not the same. You don't just convert 1liter of crude to 1 liter of petrol. Ignorance is not an excuse. Educate yourselves people. The analysis above is flawed. Optimum efficiency or not, our current refineries can't satisfy demand

BlackBaron:

Do all these companies exist on paper alone  

thats why they are called 'briefcase companies'

They knew what they were doing all along, these SS theives simply tunnelled the whole cash through innocent oil marketers by brainwashing them into believing they were paying bribes.
All they av to do now is to destroy the evidence of the 'cabals' paying those bribes and the 'cabals' will take all the heat. To make things worst the 'cabals' are the kind of pple they don't give a fvck about.
They 've subtly shifted the focus to some not-so-smart oil marketers.
Where are the Gej e-thugs? . . . pls we need some explanation for this.

National cake who want to miss it, Goodluck? I doubt

no wonder the fg has told nigerians that they have identify the cabals yet with no arrest becos they cant beat them but can beat the mases. the whole removal of subcidy is another corroption. i was watching channel tv when a pdp stooge clearly state that the money has already been shared btw the three tiers of govt while some nigerians are aware of the sure program of the fg, what about the state and local govt that re more closer to the people?

can this explain why obasanjo's reforms could not improve our local production capacity after 23yrs of Npdc operation? madueke hijacked their oil wells.

madueke stole, accuse marketers (cabal) they kept quiet
madueke accuse them of fleecing the nation they kept quiet
madueke remove their subsidy, they kept quiet
madueke accuse them of sponsoring protests, marketers don vex

Jonathan I feel sorry for you. lol

ade_77:

That's why she was shaking when they asked her to swear on the bible when she was facing the committee on petroleum matters set up by the house of reps

So you noticed too.

. . . . . .i should have said why she was screaming that their hands were tied. . . .looks like she outsmarted NOI and SLS in this case

jp philips:

can this explain why obasanjo's reforms could not improve our local production capacity after 23yrs of Npdc operation? madueke hijacked their oil wells.

madueke stole, accuse marketers (cabal) they kept quiet
madueke accuse them of fleecing the nation they kept quiet
madueke remove their subsidy, they kept quiet
madueke accuse them of sponsoring protests, marketers don vex

Jonathan I feel sorry for you. lol

there's more to these than meet the eyes

can we proceed, pls?

Feraz:

. . . . . .i should have said why she was screaming that their hands were tied. . . .looks like she outsmarted NOI and SLS in this case

she has no credibility, gej sending her  forward to defend subsidy removal will be the last straw

We need them to fight more so that more stories will come out.

If only Nigerians could read  

Most of the so-called (companies) cabals listed don't even have a functional website. . . basically Government being paying ghost companies billions yearly in the name of subsidies.

Pity the Government is a kitten too and also a part of the cabal indirectly. There is an inherent fear in the corridors of power to expose those behind this grand oil subsidy scam

na wa o. Fake company, fake government. So the cabals are the ones shouting "Cabals". ROTFLMAO! "Hide in plain sight", is not just any advice. Breeze don blow .  .   .

A May 2010 report in Huhuonline.com noted that Diezani Alison-Madueke was both the Minister of Petroleum Resources and head of Nigerian National Petroleum Corporation. It claimed that she was using these positions to prevent a court-ordered lien being placed on an oil field operated by a company chaired by her husband, Retired Rear Admiral Allison-Madueke.

ha-ha-ha, I'm telling you, their next game is to shut down some other small- time players, build their own or buy gov't's refineries and sell to us @ 141/litre. Colonization part 2.

na wa o. Fake company, fake government. So the cabals are the ones shouting "Cabals". ROTFLMAO! "Hide in plain sight", is not just any advice. Breeze don blow .  . 

It's da m'Zap!.n.g gov't. . . . . .and that's what they do. Even in America . . . ."false flag"

Gov't can't find someone, only if that person is the same government.

http://www.channelstv.com/global/news_details.php?nid=30421&cat=Business
http://www.channelstv.com/global/news_details.php?nid=29990&cat=Business

The minister knows that if any other person is appointed as petroleum minister and the amount for subsidy reduces, there will be a probe into why it rose to 1.4 trillion in 2011 that is why they want the subsidy removed while they are still in power so they can crush any inquiry that might come up. Simple

phuck_NL:

Which kain yeye analysis be this. There are other biproducts of crude after refinining. Crude oil and Petrol are not the same. You don't just convert 1liter of crude to 1 liter of petrol. Ignorance is not an excuse. Educate yourselves people. The analysis above is flawed. Optimum efficiency or not, our current refineries can't satisfy demand

Noticed it too on several threads attributed to Tam David West for that matter. Quite ludicrous. Even Light Sweet cracks to no less than a dozen products from vapours, liquids and sludges. This is one of the reasons why there can be no advantages importing individual petroleum products as the margins vary and depending on the crude type PMS or diesel prices vary from one refinery to another. We have to refine locally to ever maximise the value of our crude and ever think of reducing petroleum prices.

May I have your attention please?
May I have your attention please?
will the real cabal please stand up ?
I repeat, will the real Fuel Cabal please stand up?
We're gonna have a problem here,

Y'all act like you never seen a cabal before
Jaws all on the floor like dame p burst in the door
and started 'felow widowing' her mouth worse than before
they first were divorce, throwin her over furniture (Ahh!)
It's the removal of the ,  "Ah, wait, no way, you're kidding,
he didn't just say we're removing the subsidy, did he?"
And iweala said ,  nothing you idiots!
her reps dead, her IQ lower than  my basement! (Ha-ha!)
suitcase lifters love diezani
correct lady we dig your armani

i'm diezani and i'm the real cabal all u other cabals are just imitating so wont the real cabal please stand up, please stand up

oyb:

May I have your attention please?
May I have your attention please?
will the real cabal please stand up ?
I repeat, will the real Slim Shady please stand up?
We're gonna have a problem here,

Y'all act like you never seen a cabal before
Jaws all on the floor like dame p burst in the door
and started 'felow widowing' her mouth worse than before
they first were divorce, throwin her over furniture (Ahh!)
It's the removal of the , "Ah, wait, no way, you're kidding,
he didn't just say we're removing the subsidy, did he?"
And iweala said , nothing you idiots!
her reps dead, her IQ lower than  my basement! (Ha-ha!)
suitcase lifters love diezani
correct lady we dig your armani

i'm diezani and i'm the real cabal all u other cabals are just imitating so wont the real cabal please stand up, please stand up

Un believable. So this is the face of the "so called Cabal". A minister. hmmmm . . .

[img]http://234next.com/csp/cms/sites/dt.common.streams.StreamServer.cls?CONTENTTYPE=image/jpeg&STREAMOID=urxBBE02fJnkAHeLic4WQi6SYeqqxXXqBcOgKOfTXxQFJwI6hfxB0$wp$NoV7lY2nW_PgxgftuECOcfJwS6Jtlp$r8Fy$6AAZ9zyPuHJ25T7a9GKDSxsGxtpmxP0VAUyHL6IDcZHtmM2t7xO$FHdJG95dFi6y2Uma3vSsvPpVyo-[/img]

see money

how do those gej muppets like to say

hatas gon hate

oyb:

[img]http://234next.com/csp/cms/sites/dt.common.streams.StreamServer.cls?CONTENTTYPE=image/jpeg&STREAMOID=urxBBE02fJnkAHeLic4WQi6SYeqqxXXqBcOgKOfTXxQFJwI6hfxB0$wp$NoV7lY2nW_PgxgftuECOcfJwS6Jtlp$r8Fy$6AAZ9zyPuHJ25T7a9GKDSxsGxtpmxP0VAUyHL6IDcZHtmM2t7xO$FHdJG95dFi6y2Uma3vSsvPpVyo-[/img]

see money

how do those gej muppets like to say

hatas gon hate

They are all avoiding this thread and trying to sink it. ROTFLMAO. Please keep pushing it to the top.

[size=18pt]I think its time we Keep News like this in permanent circulation. This shouldnt be the last we will hear of this! I'm tired of stuffs like this going into thin air and we hear nothing happened.
We have the internet for God's sake please spread out![/size]

i just heard some lawyers are filing to the int crimimal court.jona and ringim we go c una inside dock one day

hmm . . .

"The refineries are actually working at this time," Madueke said. "When we came into office the first time around, which is now about 13 to 14 months ago, our refineries were at about 30 percent capacity utilization."

"We have worked very hard to ensure that at this time, they are actually about 60 percent capacity utilization," the Petroleum minister said. She, however, added that the nation's ability to refine petroleum products was marred by the oil pipeline vandalism a recurring problem faced by the nation's oil-producing sectors. --Madueke 11-01-2012.

If our refineries are actually at about 60% production capacity why should we buy @ 141/litre?

How come your subsidy arithmetic is based on 100% importation of refined products?

How much does it actually cost to refine a litre of PMS?

[size=33pt]All this emotion, lying, hating and exposition of ignorance is based on a BB text message?
I de hail o!!![/size]

^^^
[size=18pt]
transformation more corruption than meets the eye[/size]



[img]http://latuffcartoons.files./2012/01/goodluck-jonathan-fuel-subsidy-end-nigeria.gif?w=1024&h=774[/img]

the real fresh air don stand up