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Travel / Re: 1st Rain Of 2017 in Lagos! by abusol: 12:06pm On Jan 14, 2017
Full blown harmattan in Ayobo - Ipaja

1 Like

Politics / Re: FG Launches Single Register On Poor, Vulnerable by abusol: 9:46am On Mar 25, 2016
BVN will expose those people that will like to add fake names to the list. With the Help of BVN the program will be success. Nice program.
Properties / Re: Wow: Check Out A House Built Upside Down by abusol: 5:27pm On Aug 25, 2014
This is Vision 2015 and Transformation Agenda of our Govt
Health / Re: First Nigerian Ebola Survivor Not Treated With "Nano Silver" - Health Minister by abusol: 8:22am On Aug 17, 2014
Lagos State Ministry of Health is ahead FG Ministry of Health. When the Pesticide was rejected by Lagos State, Some People were crying foul because of party and ethnicity. We all know where they belong. Hope same people will abuse the minister Now for threading the part of Lagos state for rejecting Nano Silver.

13 Likes

Politics / Re: Jonathan Calls Sawyer 'Crazy Man' For Travelling When Sick With Ebola by abusol: 9:47pm On Aug 12, 2014
Truly the Guy is crazy for changing Ebele to Ebola and destroying the transformation agenda!!! Till 2019
Nairaland / General / Re: 1986, 1997 & 2003 Calendars Are Same As That Of 2014 by abusol: 8:53pm On Jan 04, 2014
If 1986,1997 and 2003 calendars are also the same with 2014, What were the attributes of the three Rulers? Predict 2014 future
Health / Re: How To Avoid Pregnancy Naturally by abusol: 5:52pm On Jan 02, 2014
Hmmm
Politics / Tttttis It True That Corruption Is Our Transformation Agenda? by abusol: 7:26pm On Dec 10, 2013
President Goodluck Jonathan and two of his top ministers may be attempting a cover-up on what clearly competes as Nigeria’s biggest fraud ever, involving the illegal diversion, or theft, of over N8 trillion crude oil sales proceeds.
In a frantic and unusual memo to the president on September 25, 2013, Central Bank governor, Sanusi Lamido Sanusi detailed how government-owned oil firm, the Nigeria National Petroleum Corporation, NNPC, had systematically diverted the huge sum, being sales proceeds between January 2012 and July 2013.
The CBN governor said for all crude oil sales within the period, the NNPC paid only 24 percent proceeds into the federation account, and diverted or stole the remaining 76 percent-totalling N8 trillion.
As the CBN calculated, the NNPC sold at least 594 million barrels of oil within the period, and should have paid N10.3 trillion (USD65.3 billion) into the federation account. But the corporation paid only N2.5 trillion (USD15.5 billion), Mr. Sanusi said, citing documentation from pre-shipment inspectors.
The whereabouts of the huge balance is unknown.
The weight of the differential is clearer if evaluated against the fact that the tiny percentage remitted by the NNPC managed to finance the nation in that period, raising the question of how much the total would then have achieved for a country unable to pay its university lecturers who have been on strike for five months.
Put simply, for each barrel of oil sold, say at an average of USD100, the NNPC illegally cornered $74 into an unknown account and gave Nigeria only $26.
Mr. Sanusi said he was “constrained” to hint the president after observing the huge shortfalls for years. He accused the NNPC of breaching two key federal laws, and urged the president to act expeditiously by ordering sweeping investigation and prosecution of those found culpable.
Two months on, the president has refused to act on the damning memo delivered to him personally by the CBN governor. In fact, after receiving the letter, the president, presidency sources say, questioned Mr. Sanusi on why such letter should be prepared in the first place and sent to him.
PREMIUM TIMES can also confirm that finance minister and former World Bank chief, Ngozi Okonjo-Iweala, is also aware of the CBN’s information and has done nothing about it; while petroleum minister, Alison Diezani-Madueke, implicated in several corruption probes in the past, is said to be fully in the know about the massive plunder of crude oil money by the NNPC.
President challenged on corruption
Details of the president’s failure to act on such a massive scale of misappropriation came amid an increasing criticism of Mr. Jonathan’s response to corruption, as several senior officials of his government, accused of stealing or wasting public funds, have been spared of indictment and prosecution.
The weightiest of such concerns came on Monday from the speaker of the House of House of Representatives, Aminu Tambuwal, who publicly accused the president of consistently displaying a “body language” that encourages corruption.
Citing past scandals, the most recent being the N255 million armoured car fraud involving aviation minister, Stella Oduah, Mr. Tambuwal said the president’s penchant for duplicating committees to investigate corruption cases, rather than directing law enforcement agencies to probe them, showed Mr. Jonathan was less committed to curbing fraud.
“By the action of setting up different committees for straightforward cases, the president’s body language doesn’t tend to support the fight against corruption,” the speaker said at an event in Abuja.
Between 2011 and 2013, the House of Representatives has investigated the NNPC multiple times, and has in many cases found officials of the corporation wanting. But no one has been sanctioned by government.
In 2012, top management of the NNPC and the petroleum minister, Mrs. Madueke, who directly supervises the NNPC, were recommended for prosecution by the House in a shocking fuel subsidy probe. The accused officials have remained at their posts.
The CBN’s allegation is the most scathing yet for a corporation notorious for secrecy and corruption.
The diverted or stolen amount-N8 trillion between January 2012 and July 2013- is nearly the equivalent of the total federal budgets for two years.
Put together, the sum can run the entire country for the period, build several new roads and railways, pay wages of millions of workers, cater for the nation’s teeming unemployed, build thousands of hospitals and schools, complete ongoing power projects, and on an urgent note, clear multiple times, all government financial obligations to university lecturers, whose ongoing strike has kept the universities shut for more than five months now.
More losses and the ECA
Even so, when compared with prevailing data from different government agencies, the figure admitted by the CBN is still lesser than what Nigeria should earn from oil sales.
While the bank said its computation, based on pre-shipment details, showed that Nigeria sold N10.3 trillion worth of oil in 19 months, PREMIUM TIMES’ analysis shows the government should rather realize N10.6 trillion in the first 10 months of 2013-Janaury to October-alone.
PREMIUM TIMES’s estimates is based on the government’s data of  daily production average of 2.11 million barrels of crude, sold at an average price of $105.84 per barrel.
If multiplied and converted to naira, the government should have realized N10. 6 trillion in 10 months alone.
But in that period, total oil receipts data provided by the Office of the Accountant General of the Federation, claimed between January and October, the government made N5.8 trillion.
Also, our estimates show that the government has not only lied or misled Nigerians about its total receipts from oil sales, but is also deceitful about its earnings in the contentious Excess Crude Account.
The ECA holds the difference between the real market price for oil and the government’s projection in the national budget yearly.
For 2013, the government approved rate is $79 per barrel (called benchmark for oil price), meaning any raise in price at the international marker, will go into the ECA.
For most of the year, oil sold as much as $112 and $114 per barrel. At a conservative rate of $105 per barrel, the government should have realized $26 as difference per barrel for the Excess Crude Account.
Calculated at 2.11 million barrels per day, that should amount to $17.3 billion (about N2.695trillion) earned as excess crude revenue from crude oil exports as of October 2013.
But the government claims it generated only N986.6 billion in the Excess Crude Account.
No explanation
No government official could explain the huge gaps for the 2013 figures. The ministry of finance did not comment when contacted multiple times. Paul Nwabuiku, a spokesperson for the finance minister, Mrs. Okonjo-Iweala, promised a response but refused to give one several days after.
A spokesperson for the Central Bank of Nigeria, reacting to our findings (not Mr. Sanusi’s letter) said as the government’s banker, it could not provide the requested information, as it was unlawful for a banker to divulge details about its customer to a third party.
“We maintain a customer/banker relationship with the government in the execution of our mandate. We do not divulge such information to third parties,” Mr. Ugochukwu said on Thursday via a text message.
Controversy over Excess Crude Account
PREMIUM TIMES’s own evaluation of government oil earnings began well ahead of obtaining Mr. Sanusi’s letter to President Jonathan.
The review was prompted by the lingering controversy over the ECA between the finance minister, Mrs. Okonjo-Iweala and the Rivers state governor, Chibuike Amaechi.
Mr. Amaechi had accused the government of depleting the account, usually shared between the federal, states and local governments.
The governor said $5 billion had gone missing from the account under Mrs. Okonjo-Iweala’s watch.
Defending the administration, Mrs. Okonjo-Iweala accused the governor of “playing politics” on the matter, and said the outstanding $5 billion had been shared to states as monthly allocation and local governments, with Rivers State being one of the major beneficiaries.
The frustration of CBN governor
But in his letter, Mr. Sanusi said he had long been frustrated by the NNPC’s secrecy with oil sales, and that he raised concerns twice to the president as far back as 2010 about his observattion that a huge chunk of sales proceeds were not remitted to government treasury.
He said the shortfall in revenue as a result of oil theft and vandalism in the Niger Delta was insignificant compared to the scale of money unaccounted for by the NNPC.
“Your excellency, you will recall that as far back as late 2010, I had verbally expressed deep concern about what appeared to be huge shortfalls in remittances to the federation account in spite of the strong recovery in oil prices,” the CBN governor wrote, indicating the losses extending years back far surpasses the N8 trillion of between 2012 and 2013.
There is no evidence the president acted on those concerns.
By 2012, he said the situation had gone worse that the government made more money from tax paid by oil companies than from actual sales of crude.
“This means, Your Excellency, that in this first seven months of the year, taxes accounted for 76 % of the total inflow from this sector, while NNPC crude oil proceeds accounted for 24%,” he said.
The CBN governor called for a thorough audit of all domiciliary accounts held by the NNPC outside of the CBN, and a probe of companies involved in oil lifting and oil swap.
“As banker to the federal government and Economic Adviser to the President,” he said, “I am obliged to draw the president’s attention to these serious issues of which you have most probably never been aware in this detail,” he said.
The Special Adviser to the President on Public Communications, Reuben Abati, was not available for comments. He did not answer several calls made to his telephone. He is believed to be travelling in South Africa with the president, who is attending the funeral of late South African President, Nelson Mandela.t
Business / Re: Cassava Sellers And Buyers, Lets Meet Here by abusol: 6:14am On Dec 05, 2013
Anyone with useful information on how to get company that sells herbicide in Ogun, Lagos, Oyo and Ondo state. This is my contact octsolomon16@yahoo.com....
Business / Re: Cassava Sellers And Buyers, Lets Meet Here by abusol: 5:52am On Dec 05, 2013
i have 10 hectares of cassava But to been ready by April 2014. And I ve seven hectares of Corn to be ready by January. I need good Buyer within or outside Nigeria. location Ondo state
Politics / Re: FG Should Disband ASUU – Anglican Primate by abusol: 10:44pm On Sep 14, 2013
What a Hell? May I ask the Man of God, is any of the politicians and religious leaders children schooling in any of the Nigeria Universities? Has the so called Man of God be to any of the Universities? Did he ask which of the Universities are using modern equipments in lecturing students?
HoW can Nigeria achieve vision 20 20 20 if proper attention is not shifted to Education.
They are busy sending their children to abroad to school so that they could achieve the vision
What hope do Nigeria Masses have.. A man that claim to be a lecturer and PhD holder for that matter could open his eye and see lecturers are on strike for over a month..
Celebrities / Re: Emeka Ike And Jonathan At Rhythm 'N' Play Event[see PHOTO] by abusol: 9:51am On Jun 09, 2013
Hope is not for 2015 relection of GEJ ... It will fail if it is for the purpose of GEJ relection
Politics / Re: What Are The "Sins" Of President Jonathan? by abusol: 7:45pm On May 01, 2013
The greatest sin of clueless GEJ:
1. Nigerians pay high PHCN Bills for service they didn't enjoy
2. He encourages corruption in the Land
3. Genocide in Baga village
Politics / Re: Lagos Traffic Tomorrow : GEJ's Visit Vs ACN Convention by abusol: 6:11pm On Apr 17, 2013
His wife is coming to Eko Hotel tomorrow for different event. Why?
Foreign Affairs / Re: Czech President Impeached For State Pardon by abusol: 1:55pm On Mar 29, 2013
Tompolo Links Alamieyesegha’s Pardon To Jonathan’s 2015 Ambition
Politics / Re: No Plan To Remove Oil Subsidy – Presidency by abusol: 7:50am On Mar 29, 2013
N18.844 trillion was generated and spent between 2011 and last year in Nigeria by the Federal and State governments, according to figures by the Budget Office of the Federation.
Open your eyes, look within. Are you satisfied with the life you're living?
Politics / Re: No Plan To Remove Oil Subsidy – Presidency by abusol: 7:45am On Mar 29, 2013
End of the road for GEJ and his teams... We can no longer be deceived by voting GEJ come 2015 and after remove subsidy.
Politics / Re: GEJ Should Be Impeached - LA Times Joel Brinkley by abusol: 5:54pm On Mar 26, 2013
The corrupt and clueless leader must die so that the country can live
Politics / Re: GEJ Should Be Impeached - LA Times Joel Brinkley by abusol: 5:50pm On Mar 26, 2013
Change your life today. Don't gamble on the future, act now, without delay. Don't allow GEJ and PDP use reform to destroy your future. Why must they think of increase fuel pump price? When they ve made life so difficult for Nigeria masses.. This is a Govt that celebrate those looters that have looted the treasury...
Politics / Re: Which SURE-P Project Is Visible In Your Area? by abusol: 5:36pm On Mar 25, 2013
The manner some Nigerians react to issue that is affecting Nigerians is too Bad. How can SURE-P monies be used to finance projects that moneis have been Budgeted for in the annual Budget. Duplication of responsibilities, Can You tell Nigerians How much used to furnish SURE-P office?

1 Like

Romance / Re: Dating Before Getting Engaged: How Long? by abusol: 6:28pm On Mar 21, 2013
Two days
Politics / Where Is Okonjo Iweala Vision Nd Passion For Nigeria Go To? by abusol: 6:53pm On Apr 06, 2012
No fuel increment now.Oh,sorry, Okonjo-Iweala is contesting *laughing* Nigeria .. She is Leaving Nigeria for greener pasture. She has completed her assigment But the life of those killed during the subsidy era will not let her get WB top job
Politics / Nigeria The Land Of Corruption by abusol: 8:39pm On Mar 31, 2012
It seems that is pay to be corrupt in Nigeria than to live sarcificial life. Those Public office Holders living or dead since 1963 to 31/03/2012 have looted the traesury nd divert the wealth & the resources of the Nation to their person use why millions of Nigerians are living in densly poverty.. No future for the millions of Nigerians.And they are using the looted wealth to fight Nigerians. Do we have Govt in place in Nigeria? Do we have finance expert in GEJ cabinet? Why did inflation rate rise to two digit? As our cost of living reduce since coordinating resume office? What happen to our standard of living since expert is in place?
Politics / Re: The Story Of Ime Anwana, A Female Corp Member That Put Our Leaders To Shame! by abusol: 8:14pm On Mar 31, 2012
We can all see that separation is not our problem But corruption is the major factor in the land and is across the six zone in Nigeria.. All these corrupt public office holders should be killed for once
Politics / Gej Should Publish Nnpc Audit Report If He Is Sincere by abusol: 2:01pm On Oct 16, 2011
It is a sad news that GEJ that some people die for during election now turn against the people now, None of the persons in govt buys fuel for himself, Their cars are fuelled at public expense,
Business / Re: An Open Informal Letter To Beaf On Fuel Subsidy by abusol: 8:16am On Oct 11, 2011
I hope this evil man and his prime minister okonjo will not do it, Great revolution that will follow will consume him, let him publish NNPC AUDIT REport if he has the mind, Any Nation that rules on luck will fail,,Siasia did he fail likewise this man will fail if he goes ahead to remove the fuel subsidy,
Politics / Re: FG To Spend N30bn For New National Identity Scheme by abusol: 6:47am On Sep 29, 2011
This Govt has no direction, This is what we use our vote to cause, I weep for this Country, Looting for tenure enlongation, N30b in new idea
Politics / Please Post Ekiti, Ogun, Oyo,imo,benue,osun,kwara And Others by abusol: 6:54pm On Apr 26, 2011
Ogun, Oyo, Imo,Benue, Kwara, Ekiti, Osun,Alkwa Ibom and Delta are the most interesting states concerning the Governorship election.
NYSC / Re: Where Are The Missing Corps Members In The North? - GEJ, Jega, NYSC DG? by abusol: 10:04am On Apr 26, 2011
Federal Govt has to stop this madness rather than playing politics on the Poor parents that their children had been killed, GEJ has not taken any meaningful step since only preaching compensation all over, What a govt is this?

GEJ is sleeping and Nigeria is crying for the life of those corps members killed
NYSC / Re: Where Are The Missing Corps Members In The North? - GEJ, Jega, NYSC DG? by abusol: 10:00am On Apr 26, 2011
Federal Govt has to stop this madness rather than playing politics on the Poor parents that their children had been killed, GEJ has not taken any meaningful step since only preaching compensation all over, What a govt is this?

GEJ is sleeping and Nigeria is crying for the life of those corps members killed
NYSC / Where Are The Missing Corps Members In The North? - GEJ, Jega, NYSC DG? by abusol: 8:06am On Apr 26, 2011
Where are the missing Corps members in the North- GEJ, JEGA, NYSC DG? Most of them were sent to school through the agony and work of aging parents¤¤¤

We have no government in Nigeria. A Government that likes to compromise all things in order to acheive its selfish interest over her citizen,
Corps members are dying and some are missing but federal Govt could not do anything about it but promise to compensate their parents, God will not forgive you and ur generation unborn,

Can those in authority allow their children to be used as INEC officials?

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