VULCAN AGAIN!!! OMG!!! I MEAN REALLY NIGERIA, REALLY?

Whoever is responsible for conducting due diligence at the Ministry of Trade and Investment should be sacked immediately for not steering its minister, Olusegun Aganga, clear of this disaster in the making.

I can guarantee with absolute certainty that not one refinery will be built in Nigeria by Vulcan Energy.

Minister Aganga reverse course, save your name, character and integrity as well as future embarrassment to Nigeria. I draw your attention to two articles posted on the web among the several post concerning Vulcan Energy and it’s personal.

The first is titled ‘A WHITE MAN BEHAVING UNRULY IN ABUJA’ concerning Jim Mansfield who signed the MOU on behalf of Vulcan Energy. Please see:

http://n2nnews.com/2011/08/24/a-white-man-behaving-unruly-in-abuja/

The second article is titled ‘FAITH’S CHICKENS’. Please see:

http://subsaharanintel..com/2011/01/faiths-chickens-story-of-fraud-and.html

I have observed several published articles concerning the signing of this MOU confusing a firm founded by Microsoft’s Paul Allan which shares a similar name, Vulcan Energy, with the Nigerian Vulcan Energy. They are NOT the same, I can assure you that Mr. Allan would have nothing to do with the likes of Jim Mansfield
.
YOU HAVE BEEN DULY NOTIFIED AND WARNED; SO NOW ACT APPROPRIATELY!!!

Someone has mentioned of this Vulcan company not being reliable.while i laud the effort of govt in achieving its goals,i will like to say that a company that have bad reputaion in its business deals should not be used to curse nigeria further..so if its true that Vulcan doesnt do well,i wish govt should revisit the contract with them with aim of ensuring that they must achieve the term of the contract....Weldone GEJ

Its because the above question is silly. Top refinery operators dont risk their money where there is kidnapping, terrorism and standard economic principles. The second question is also silly, because the best thing to do is, go to America's BBB online (Business Bureau) to check the profile of the company, the history and case studies.

The Better Business Bureau gathers and archives information it receives about businesses, both locally and nationally. It uses the information it gathers from consumers and other businesses to vet businesses to become members. The BBB collects information on business reliability, alerts the public to frauds against consumers and businesses, provides information on ethical business practices, and acts as mutually trusted intermediaries between consumers and businesses to resolve disputes. Although it has "Bureau" in its title, the Better Business Bureau is not affiliated with federal, state, or local government, and has no direct affiliation with any consumer protection government authority. The BBB, as a privately held corporation, has no governmental authority over businesses
With the recent LIBOR scandal surrounding Barclays, how much trust can a private pressure group wield?

@ topic, what is the essence of government if they cannot provide infrastructure?
How can the govt keep circulating the bull that we cannot have pubic refineries?
Why not burrow this 720 billion naira [at low interest rates] and build this six refineries to be owned by each Geo-political zone [Or burrow money to build 2/3 and let this one birth the remaining needed?
Penny wise ,Pound foolish generation of looters and wasters
Even well regulated economies of the Occidental part of the world have many documented instances of breach of consumer trust talk less of a banana republic like Nigeria where anything goes

Whoever is responsible for conducting due diligence at the Ministry of Trade and Investment should be sacked immediately for not steering its minister, Olusegun Aganga, clear of this disaster in the making.

Are you sure Aganga is not in on this WASH scheme?

Hmmmmm God save nigeria!!!

Kx:

When were the 6 refs established?
Is signing an "mou to build" same as establishing?

The process of establishing a refinery begins with the signing of MOU. An MOU is not just a mere document. It's a legal document binding on all parties that executed it. It could be enforced in a competent court of law, so when you hear an MOU Is signed, don't trivialize it. we must appreciate governments efforts in this regard. This govt is actually working hard in our petroleum sector. Last week Monday, we got news of SPDC's resolve to build a gas plant in IMO to facilitate FG's plans on gas supply to power stations. On Tuesday, there was a major restructuring in the managerial level of NNPC. On Friday, news came that the Senator Udoma committee empowered by the Petroluem Minister to formulate a new comprehensive PIB has submitted their report and Diezani forwarded it to FEC. In addition, the AIG Imoukede led panel submitted it's report on NNPC to govt and President assured that all those indicted wil be brought to book.

Aganga has come again oh

another tactical way 2 eat money...

Good development. However my worry is the cost tagged to the project. If as we are told a 100,000 barrrels capacity refinery cost 1 billion dollars, why is it that six refineries with a combined capacity of about 180,000 barrels estimated to cost 4.5bn dollars.

dere is no problem wt Nig. Bt Nigerians ar d problem. hw can some one b criticizing d govt. For dis laudable project about to...? Atleast, dis is part of d fresh air. We need more GEJ.

I have found it diffIcult to comment on this issue since its post' not because am not aware or does not appreciate the intent and purpose of this MOU , neither will I deny the unrelenting efforts of govt to prove its critics wrong by ever being more committed to deliver on the numerous electoral promises but because the messengers of doom representing the interest of elrufai and co will never see anything good from a PDP led govt.... They ll do everything possible to waive this as another ruse from govt.. But if you are a nigerian or a true citizen of a nation, courtesy demands u keep some level of faith or have some allegiance to your govt irrespective why @ times am tempted to think some of us here are Ghanians or Nigeriens helping to propagate the message of retrogression... However, the testimonies of many ll soon change....

This is a very big scam in the making!!! Vulcan energy has a very bad track record of fraud curruption non performance debt etc, what does this minister take nigerians for ? $4,5 BILLION no be beans oh !!! pls read quote below




Author: Vulcan Capital - WARNING!
Tue Jan 13 21:08:17 2009
To whom it may concern, please be advised that Ford Graham and Kevin Davis are involved in a lawsuit for non-performance of a similar contract in the United States. The BGT Group, Inc. provided Vulcan Capital with over $6 Million of money and equipment to build three components of a power plant. The contract was never completed by Vulcan, The BGT Group, Inc. was forced to file a lawsuit, and contact the FBI to pursue a criminal investigation. Ultimately, The BGT Group, Inc. manufactured the plants on their own; however, they are still involved in the lawsuit against the Vulcan entities (Ford Graham and Kevin Davis) and in communication with the FBI regarding this matter. Over the years, there are several other actions against various Vulcan entities of a similar nature. It would seem that, Vulcan Capital Energy is a new company created by Ford Graham and Kevin Davis to distance themselves from various (negative) past activities. Public records will show the various lawsuits against the numerous Vulcan entities. Moreover, we have come to understand that Ford Graham, Kevin Davis, and Vulcan Capital Energy are in no way associated with Paul Allen and his respective companies. The Sokoto State Government may want to accomplish a background check prior to giving these people any monies.

Vulcan has not paid its onsite contractors, its sales staff, or the rent on its Abuja compound; the contractors have threaten to seal the jobsite until they are paid, and Vulcan has written bogus checks to their major contractor. The contractor has taken Vulcan’s jeep’s and other vehicles, and is threatening to take the bogus checks to EFCC for enforcement action, which they may have already done.

Pergrace: Shell Pays Federal Govt $46B Oil Tax in 4 Years


Shell Pays Federal Govt $46B Oil Tax in 4 Years
by Mohammed Shosanya
|
Daily Trust (Abuja)
|
Wednesday, May 09, 2012
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Shell said it paid the Federal Government $46 billion (N7.2 trillion) oil tax revenue in four years from 2007 to 2011.

The company's briefing notes obtained by our correspondent states that Shell Petroleum Development Company paid about $38 billion as tax and royalty, while its offshore arm, Shell Nigeria Exploration and Production Company paid $6 billion during the same period.

The multinational oil company also said it contributed over $164.1 million to the Niger Delta Development Commission last year as required by law.

Additionally, $76.3 million was directly invested by the company towards addressing social and economic development challenges in the region, according to the notes.

Shell said its gas flaring dropped by over 60 percent between 2002 and 2011 from over 0.6 billion cubic feet a day to about 0.2 bcf/d, adding that flaring intensity was almost halved in the same period, from about 0.80 Mscfd/bbl to 0.45 Mscf/bbl.

According to the company, despite the restiveness in the Niger Delta and delays in the Nigerian National Petroleum Corporation contract approval processes, it installed associated gas gathering infrastructure at 36 sites between 2000 and 2011 covering about 65 percent of its associated gas production.

It, however, said 18 of these facilities were either vandalized or not commissioned because of the crisis in the Delta region between 2006 and 2010.

Shell said: "In May 2010, following improvement in the security situation in the Niger Delta, SPDC resumed work on additional gas gathering projects. By the end of 2011, seven of the vandalized facilities had been completed and work is underway at 17 new sites.

"The associated gas to be gathered will be available for use in power stations and by industries. When completed, these projects will extend AGG coverage to more than 90 per cent of the associated gas produced in our operations. SPDC estimates the entire AGG program will cost over $6 billion when completed."

Copyright 2012 AllAfrica Global Media. All Rights Reserved
http://www.rigzone.com/news/article.asp?a_id=117725


$46BILLION DOLLARS AND YET WE ARE STILL STRUGGLING TO REPAIR OUR REFINERIES. HOWEVER,IT COSTS $4.5 BILLION TO BUILD JUST 6 REFINERIES,WHEN WE HAVE OVER $46BILLION THAT CAN FETCH US 10 REFINERIES.
FROM THE ARTICLE ABOVE,THIS TAX PROCEEDS OF $46BILLION IS JUST FROM SHELL ALONE, NOT TO TALK OF EXXONMOBIL, TOTAL,CHEVRON,AGIP ETC.
NA GOD GO HELP US FOR THIS NIGERIA.

In your thinking , Nigeria should re-invest all the $46 billion dollars into refineries because refineries are the only problems this country have. First , I can't authenticate your claim of she'll paying that royalty and at the same time, I cannot dispute you but when subsidy was removed and promises of new refineries by investors were one of the numerous promises made in exchange but you and other Nigerians said you preferred a turn around maintainence though similar approach hasn't taken us anywhere in the past. Are u aware that the award for the TAM of our four refineries have been sealed and work has invariably started? The president and his team isn't relenting, and u are aware of the shakeup in NNPC, the new proposed PIB, the senate committee unveiling an alien account of NNPC , this topic in discuss etc. . These are enough to make us watch keenly and stopped being deceived by unscrupulous elements with clandestine agenda for govt and governance..let us pray for Nigeria to get it right

Look good

porka:


I think you have made a valid point in bringing to fore many controversies surrounding this company and its alleged parent company. We will continue to monitor things as they unfold.

However, to your question, please refer to Nigeria pre-MTN/Econet's adventure in 2001. Many people raised similar questions why the Oranges, the AT&Ts of this world did not show interest. Why some third rate telcos from Zimbabwe and South Africa? They asked. However, we have seen what their risk-averse, ask-questions-do-nothing, it-will-never-work, corruption-rife mentality has caused them. A life-time miss in opportunity to invest in a volatile but promising market.

@ Porka, well said, God bless you

it is a welcome call for nigeria.....GEJ carry go