₦airaland Forum

Sunnycliff:
Must this refineries be smashed ? Why not empower them for local production for domestic use while the big refineries should be for exports!!! This is how to encourage indigenous technology

Who told u these guys are ready to pay for crude? Are ready to register company and pay tax, are ready to abide by environmental laws, are ready to employ and abide by labour laws, are ready to compensate appropriately those injured or killed in their operations, are ready play by the rules which govern a civil society!


They are not ready to do business the right way. Simple. And they therefore cannot be allowed to pose a threat to other worthy investors that employs a lot of people, and cannot be allowed to destroy the environment because they are the ones that will come around later to cry foul, and they definitely cannot be allowed to risk the lives of people by their crude and illegal operations.

But asides all these, the federal govt needs to urgently do a lot to mop up all the idle hands that will be created by this their crackdown, otherwise there will be a serious surge in Armed robbery and brigandage.

Total don enter am.

Lalasticlala come and see breaking news.

Coldfeet:
5months exclusive and then I introduce formula.

you tried, nice. Although I'm encouraging some ladies around me to try and do 6 months as they are thinking of introducing formula after 4 months.

Coldfeet:
Not applicable to all women! I was very big before marriage a size 18! But came down to a size 12 after 4 years and 2 more kids!


I am one of those unlucky women who get serious morning sickness during pregnancy and lose weight due to lack of appetite and constant vomiting, i also do exclusive bwest feeding which contributed to more weight lose

and the s£x! Was another factor, constant bedmatics contributes to weight lose! That's the only form of exercise i engage in and i love it.

Pls for how many months were u able to do exclusive?

CreampieAngela:

Is that u on your profile?

owobokiri:
How about if the person wakes up say 4 hours later? You know that is possible. . We have read stories of supposedly 'dead' people waking up hours after being deposited at the mogue. .

Well their graves are shallow and not deep, God who allowed the person to come back will give the strength to dig out.

knostbrown01:
Buhari is a scam...Femi Aribisala told me , i never hear

Femi Aribisala it's been long I heard from that man. Thank God PMB won. The man was utterly shamed and has remained low since.

PMB'S victory humbling people since...

bright007:
Buhari's plan is to northernize all major public offices in Nigeria and ultimately islamize Nigeria.




Hope the Duara paparrazi cattle rearer has his ministerial list ready because September is around the corner

Keep quiet jor. Was it not GEJ that appointed that Lamido guy about few weeks to the end of his administration? Or was GEJ also on the mission to Northernize Nigeria?

For real?

Although.

INVESTIGATION: Nigeria earned $11.8bn from LNG; not $5.6bn claimed by PDP, Jonathan govt.

http://www.premiumtimesng.com/investigationspecial-reports/187929-investigation-nigeria-earned-11-8bn-from-lng-not-5-6bn-claimed-by-pdp-jonathan-govt.html


Nigeria earned at least $11.8 billion as dividends from the Nigerian Liquefied Natural Gas Company, and not $5.6 billion as claimed by former Nigerian governments led by the People’s Democratic Party, PREMIUM TIMES can confirm today.

The figure covers remittances due to have been paid to the Nigerian National Petroleum Corporation, NNPC, which holds 49 per cent shareholding in the NLNG, on behalf of Nigeria.

The remaining equities are held by Dutch firm, Shell, and its Italian counterpart, Eni/Agip.

After weeks of being rebuffed by different government agencies and the NLNG, over requests for the details of the remittances to Nigeria, PREMIUM TIMES arrived at the figure based on an analysis of payments to Agip, exclusively sourced by the paper.

The investigations showed that the Federal Government, through the NNPC, earned  $11.8 billion (about N2.5 trillion) as dividends from NLNG between 2004 and 2014.

Pioneer Status

The NLNG operated for at least 10 years under a controversial tax freedom holiday, called the pioneer status, which was granted by the Nigerian government. The incentive is usually given pioneer investors in new sectors of the economy to encourage more investments. In the case of NLNG, it was to trigger investment in gas.

Even with the tax relief, the government and other shareholders drew dividends from NLNG during the period, but the Nigerian authorities refused to provide details of how much was paid from 2004, under the Olusegun Obasanjo administration.

Controversy over the money started in June when the Nigerian Extractive Industry Transparency Initiative, NEITI, announced that it had uncovered that the NNPC failed to remit $11.6 billion paid by the NLNG.
NEITI urged President Muhammadu Buhari to recover the money.

In response, the NNPC spokesperson, Ohi Alegbe, said the matter had already been referred to the Inter-Ministerial Task Team (IMTT) for reconcilia­tion and resolution.
“At the last meeting of IMTT, it was resolved that the Minister of Petroleum, Chairman of NEITI, Execu­tive Secretary of NEITI and the Group Managing Direc­tor of NNPC should meet on the issue of NLNG dividends and report back to IMTT.

“Unfortunately, that meet­ing has not held. However, another meeting of IMTT is coming up next week and the issue will be taken up from there. NEITI, as a member of IMTT, is aware of the ongo­ing efforts to reconcile and resolve the issue of NLNG dividend remittance,” Mr. Alegbe said in a statement June 10.
He did not confirm or deny the amount in question.

By July, nearly a month later, the new federal government said it was disbursing $2.1 billion out of the NLNG funds to cash-strapped state governments to enable them clear backlogs of salaries owed workers.
The distribution was the first time in Nigeria’s history. It is the first time that funds from NLNG would be shared between the federal and state governments.

The ruling All Progressives Congress accused the previous PDP government of diverting past remittances, an allegation denied by the PDP.

APC spokesperson, Lai Mohammed, said over $4 billion of the NLNG money was outstanding.

In its response on July 12, the PDP said the party’s previous administrations –from Obasanjo to Goodluck Jonathan— deserved praise than rebuke for saving the LNG funds for the new government.

The party’s spokesperson, Olisa Metuh, said since NLNG had been on a “10-year tax haven” (he probably meant tax holiday) until 2014, “successive governments, right from President Olusegun Obasanjo never shared nor tampered with the cumulative dividends over the years”.

He said as of May 29, when Mr. Jonathan left office, the NLNG dividend stood at a cumulative $5.6billion and “not a single cent was ever taken from the funds”.

Denials

Repeated attempts by PREMIUM TIMES to confirm that figure were rebuffed by all the relevant government agencies.

The Corporate Communications manager of NLNG, Tony Okonedo, said releasing the details to PREMIUM TIMES would amount to a breach of confidentiality.

“Any details on the dividends we (NLNG) paid to government, the best place to go is NNPC that received it. For us, we are very clear on what we paid,” he said.

The NNPC told PREMIUM TIMES that the corporation did not have any information on dividend payments by NLNG.
“Your best bet for such information would be NLNG, which made the payment,” Mr. Alegbe said.

Neither the NLNG nor the NNPC was forthcoming with information on their annual report and financial statements.
The ministry of finance and office of the accountant general also refused to provide details.

Eni to the rescue

Regardless, PREMIUM TIMES sourced Eni’s financial filings, and confirmed that the company received billions of dollars as its due of dividend since 2004.

Eni owns 10.4 percent of  NLNG, while Nigeria holds 49 percent stake.

A review of Eni’s consolidated financial statements showed that the company received €2.319 billion ($2.5 billion) as total dividends billion between 2004 and 2014.
Eni received €72 million in 2004; €33 million in 2005, €56 million in 2006; and €131 million in 2007.
The company also earned €453 million in 2008; €101 million in 2009; €188 million in 2010; €483 million in 2011; €331 million for 2012; €224 million in 2013, and €247 million in 2014.

At 49 per cent, Nigeria’s dividend climbed to $11.8 billion. That is about N2.5 trillion.
The figure tallies with the $11.6 billion reported in the Nigerian Extractive Industries Transparency Initiative (NEITI) 2009-2012 Audit Report. The little difference might be as a result of fluctuating exchange rate.

Still, there is a discrepancy as previous reports show that the NLNG had announced in 2014 that it paid a total $13 billion as dividend to the government.

The firm’s managing director, Babs Omotowa, stated this when the company celebrated its 3,000th LNG export cargo in Abuja, in March.
He said Nigeria now owned $14 billion of assets on Bonny Island; $13 billion in dividends, another $11 billion earned in feed gas sales revenue, over $10 billion expenditure in local economy on goods, services and salaries of thousands of staff employed.


http://www.premiumtimesng.com/investigationspecial-reports/187929-investigation-nigeria-earned-11-8bn-from-lng-not-5-6bn-claimed-by-pdp-jonathan-govt.html

Everywhere stories of missing billions. Chai Nigerians have suffered.

doctokwus:
Wrong.
Better check your sources again.
GEJ went Thursday,obj Friday.
It only seemed GEJ went after obj because his was done secretively in the late night and only broke when SR exposed it.

Yes you are right. I have re-checked. The news of Obasanjo's visit actually broke before that of Jona.

That is small change na. If indeed that is the amount needed to shore up our generation amd transmission to 8,000 MW, then I can start rejoicing.

Only Kuku and former NSA can vomit this 15b sef.

Continue pls. Total overhaul is required!

This country sef. CBN has tightened it's noose against money laundering and afterwards everyone starts running helter skelter.

How come it's after CBN tight-fist hold on money laundering and convocation of a committee on fight against corruption that GEJ and his peace committee starts making moves to make PMB soft-pedal?

doctokwus:
Yeah.
I think when GEJ visited,sources in the presidency in the know of the wanton looting supervised by him and had knowledge of d crux of his meeting with PMB hurriedly reached out to OBJ and hurriedly scheduled a meeting BTW him and PMB, knowing OBJ's stand on the monumental fraud that happened under GEJ.
OBJ is likely to have given PMB assurances of support for his fight against corruption and had encouraged him that d path he is taking is d correct one.
Don't be surprised if OBJ had even told PMB that even if him(OBJ) is implicated in any fraud scandal he is ready to face justice.That's d kind of man I think obj is and d extent I think he would go just to ensure that the primitive,unprecedented looting that took place under GEJ does not go unpunished.

PMB met with OBJ before GEJ

erico2k2:
I think you are missing the point here, waht that guy said was right, there was no clear economical gains to a refinery to be sited in the North.The pry function of that refinery should be cracking not fractional distillation.Take the UK as case sturdy they have 13 refineries, non in London, why do you think they never built any refinery in London?

It is u that is missing the point. How can u say there is no clear economic gain in siting a refinery in the North? Well u have said it that the economic gain is not clear to u anyways.

So u want the entire North as vast as that to rely solely on transportation of products by tankers and pipes? And for your information, the Kaduna refinery is also designed to be able to refine other crude types different from only that of Nigeria.

So because London does not have a refinery now means a refinery in Kaduna is an error? That is an unreasonable analogy. What similarities does Kaduna and London have? Lagos get refinery?

hinwazaka:
The best developments in government were planned ten years to their launch. We should think in the long run not shortrun

I agree with u. But u can't jump from start to the 'long-run'. Lol

Before getting to that 'long-run', one will go through the 'short-run' and 'mid-run'.

That was why I said everything is still in order. Because these are the things that are supposed to be on ground before moving to the mid/long term plans.

longayink:
Go back to school and learn common factors that determine the location of industries.

Sugar, tomatoes, etc., are produced in the north. How many industries related with manufacture with those northern raw materials are located in your south of Nigeria?

You can as well suggest the relocation of present oil wells in the south to north of Nigeria in order to make north rich, in order demonstrate your south's selflessness.

It is u that needs to re-learn, do u think it is only one factor that is considered in siting an industry/factory??

Only one factor?! Only closeness to raw-material?? Cmon! Think outside d box. There are many factors to be considered.

You are right, closeness to raw-material is one of them. But, get this into ur head, it's just one of the factors.

This refinery is not purely and solely a capitalist oriented project. This is where u seem to be getting it wrong. At the long run, the socio-economic advantage that it give Nigeria from its operations, especially the North, will knock off the high cost of bringing raw-materials to it.

Some of u peeps fail to realise that a boat that sinks at one side will eventually sink the whole boat. As much as possible, socio-economic development must be given a spread in the country.

As regards your reference to raw-materials and industries. There are many food processing factories in Ogun and Lag, that relies on supply from the north.

longayink:
Let it be.

But never again can any government of Nigeria waste such huge sums of money to dig oil tunnel of about 1000 kilometres from the oil source in order to establish a refinery elsewhere.

Money spent on digging that tunnel was part of the wastes by northern military regimes that left Nigerians with poverty today.

So u don't see it reasonable to have a refinery up North to cater for the needs of the Northern region as regards petroleum products given the size of the country.


And also given that it will provide jobs for people in that area. And recall that there are already 3 refineries in the south.

Why are u people so selfish and callous?
I'm from the South, but with my interactions wt some Southern folks, I can say assuming it is southerners that have been in position of advantage since the creation of Nigeria and has ruled for a longer period of time by fiat, they would have totally subdued the Northerners and de-robe them of every iota of human dignity.

Infact u guys would have impoverish them more and make jest of their poverty and educational status.

Selfishness has even made some of u guys to lack sound reasoning.

There are many countries in the world without vast crude oil resources but who has many productive refineries.

hinwazaka:
The way this Refinery gimmick will blow up in the faces of the APC will not be monotonous. The TAM project was supposed to go hand in hand with a deregulation of the industry- privatisation of the sector leading to sales of the refineries. The refurbishing and maintenance was to raise it to a standard fit for auction. Experts of the oil sector have stated categorically that the refineries can not be sustained publicly in the long run and that they can not meet local demand. Even PMB has dissociated himself from it, but the APC spin machine refuses to let go. Well good luck with it, when things go south, don't do a 360

But we are still on the 'short-run'. Why not cool down to see how things unfold. The first task is to get all the refineries working at optimum capacity while ensuring that corruption in its operations is brought down to the barest minimum. After this has been achieved, then govt can unfold it's mid-term/long-term plan for the refineries.

Why not wish the govt success. It will be to the benefit of the entire nation if they record an astounding success in the mangt of the Petroleum sector.

ellabooz:
And Dasuki name was found missing? Well,it's a military affair and should remain a military affair.

I don't know why BOhari keep making noise about this coup as if he is Saint. Thesame card you dealt Shagari with was used for you.

Thesame man making noise about corruption was a minister when a whopping sum of 2 billion got missing.
Then 2 billion was equivalent to $2 billion .
Has he deemed it fit to explain to tell Nigerians where the money is?

We are no fools oh

Oga shut up. Where did u see PMB talking about his coup. The man has moved on, and God has even blessed him more sef by returning him to the Number 1 seat.

Firefire:
I laugh...

I trust u to masturbate over this. You are still typing your epistle abi? Cool

Let me use your space booking, to also book a space to reply to u per adventure u come up with your usual wailings

Punch in action. They have been showing that they indeed stand on an unbiased ground.

See them digging and exposing PMB's moves. They hammered PMB for not publicly declaring his assets and not completing the process and they are also intently monitoring Aisha's moves. They also added their voice to the delay in cabinet nomination.

Wailers will never see this, it is only when Punch features a story that does not appeal to them and their fake hero that they will go about vilifying this respectable paper that is actively involved in Nation building.

Now going back to the story, Aisha, you and your hubby should stop playing games. I know it will be difficult for u to just fade off in the background given your role and personality, but since you and you hubby agreed that the constitution does not recognise the office of the firstlady, then u need to take a chill for now. Nothing stops the president from sending a bill on this to the National Assembly to give it some legality.

It's high time we started doing things the right way, since everyone agrees that the office of the first lay is illegal, I think we should just draw up some specific roles for this position similar to what obtains for the office of the first lady of US and send it to the National Assembly for approval.

In that way, we can limit what they do and the extent of the role they play according to how we want it. That is my own opinion anyways. And moreso since the hype and security around d president (for male presidents) will always limit and restrict their wives from their usual business and engagements and it won't be nice to have an idle hand which d devil can use at Aso villa.

nigerianium:
Lagos is a dirty as the environment depicted in those photos.

Nigeria is dirty. There is no place that can boast to be free of some open dump site and some trashy sights in some corner.

Mogidi:
What do you plan to do with the info?
Have you been to an airport before, bros we're talking airports not motor packs, wetin concern agbero with overload?

You think everyone is a village headmaster like u??

ERODEDEAST:
This pix was once on NL some months back on the same Money laundering case na or the man's pix is being recycled I no understand oo

xreal:
I don't understand.

This picture has been on the internet for months now.
But the news is recent, what then is the link between the two.

That was the picture taken when the man was arrested by NDLEA. As the case was not related to narcotics, NDLEA has handed over the case to EFCC.

EFCC is now talking about the case and calling for the alleged owner to appear. The man in the pix was the person NDLEA arrested with the cash then. The man has alleged that the former NHIS Boss is the owner of the cash. I guess EFCC has been unable to apprehend the man hence the reason they are taken the issue public again.

In journalism when reporting a news they usually attach a pix related to the story. What other pix can they attach that will help people remember the case than the one taken when the courier man was earlier arrested.

anigold:
bros did you come to this world to be praise-singers to other people's success? Abi

When are you going to compete for the E-SYCOPHANT COMPETITION...

Who be this one

veekid:
e no new to me jor


u can deposit more than 10,000 contrary to what the op said, the machine is not even ATM, na deposit machine dem dey call am cos it can't dispense, it has been programmed only to deposit and not to dispense.


na only GTB get am sha

It is still called an ATM, which means Automated Teller Machine.

The name ATM does not mean it's only for dispensing. Deposit is also part of teller functions.

Mogidi:
The only money Bubu brought was to repair the NE.

Mogidi:


Wow!!!
Those guys were blessed with "Buhari brain" at birth, they thought it was a wonderful idea, this could only emanate from a Buharist.

Buharism: The art of thinking with one's a.s.s

I'm sure u see Buhari in your dreams and everywhere around u.

Your better don't kill yourself over Buhari. Whether u like it or not, the man has achieved what millions of Nigerians and infact 99% percent will never achieve in their life time by being a two time Leader of Nigeria. And even more than that, as he is going his Achiwill set Nigeria on the part of progress and he'll be forever remembered for that.

owobokiri:
You bursted what? That it is a lie that buhari is a tribalist? Or that he is 'fighting' a sectionally driven war against corruption? Where are the corrupt members of his party that fought for his emergence that are being arrested for corruption? You are such a huge joke. You are an advocate of probes, but you don't want it extended to regimes led by dafts from your clan or party. You don't have time to probe Obasanjo or Babangida or Yaradua , but you have the time to probe jonathans almost 6 years in office. Na so you smart reach?

You earlier claimed he was fighting an ethno-religious corruption drive. When I pointed to members of his tribe and religion also being targeted, u re now switching mouth and saying he is fighting corruption along party lines.

The point i'm driving at is your penchant for ethno-religious sentiments. If your earlier stance was centred only on party line, I would have left u to urself. I took up the line u were trying to tilt it towards ethnicity and religion. And I gave u examples that counters this silly premise.