₦airaland Forum

London 8 Dec : The price of Brent crude fell to its lowest level in 5 years today as Brent Crude price fell to $66.40 per barrel. As international traders and oil analysts voiced their opinions on the future direction of oil price, most agree there is over supply in the market and that prices are likely to be depressed for a while yet.

However, the following very important comment caught my eye in the market report:

Physical markets also show an overhang of unsold Nigerian oil. [b]Less than a third of January’s cargos have been sold [/b]with just two weeks left before February barrels become available, according to KBC Energy Economics. The surplus of West African crude is one indicator of Atlantic basin oil demand, and unsold cargos have weighed on Brent crude prices in 2014.

http://www.marketwatch.com/story/oil-continues-slide-trades-near-five-year-lows-2014-12-08

Even with the lowest price in years, buyers don't seem to be interested in Nigerian oil. Nigeria will prob have to sell at an even lower price to book a sale!

Of course, the PDP govt will not want the ordinary people of this country to know the full scale of the economic storm that is gathering right now, and certainly, the discredited Finance Minister Mrs Okonjo Iweala keeps deceiving Nigerians that the govt has what it takes to weather the current storm.

That's a bloody lie. The truth is, unless oil prices recover within the next few months, the country will be in very serious trouble.

Timehin:
He denied that the plane was carrying arms and ammunition, stressing that it was conveying two light Gazelle helicopters, spare parts and maintenance items belonging to the French Army.

Nigerian govt should stop pandering to US, FRANCE and those francophone neighbouring countries especially CHAD cos its becoming glaring they are deeply involved in BH terrorism in Nigeria.

It is high time we make a strong statement and if it warrants taking economic or political action against such countries.

Truth is the current government largely inept at playing he diplomatic game. I shake my head when I read Nigerians championing Nigeria's rush into Russia's embrace.

Remember the days when you would see a big, tall lump of a man in front of Mike Tyson, and the latter would throw a punch or two and the lazy, fat, tall, impossibly large man would fall like a pack of cards. Am sorry to say, that's Nigeria in the international scene: big for nothing, loud but generally discredited and largely unrespected by any country in the diplomatic space.

If this had happened in India, Brazil or even South Africa, France would be shitting itself right now.

It said that the flight was covered by a diplomatic clearance given by the Ministry of Foreign Affairs, Abuja, noting that the Autonov 124 Russian commercial plane was forced to land at the Kano airport because of dense air traffic at Ndjamena airport,Chad.


If the plane's stop in Kano was impromptu due to 'dense traffic in Ndjamena airport,' then it means the plane was not originally scheduled to stop on Nigerian soil. So how and why did France obtain prior diplomatic clearance 'given by the Ministry of Foreign Affairs, Abuja.'

Secondly, the suggestion of dense air traffic at Chad's airport is laughable. How many flights leave or enter that airport per day.

Thirdly, if France indeed obtained diplomatic clearance from Nigeria, I would have thought its landing in Kano would not have surprised Nigerian officials (DSS etc), but, not only were they surprised, they ordered its detention and search.

Fourth, why would Nigeria grant diplomatic clearance for a gun running exercise between France and its puppet nation Chad.



The truth is far from what is being revealed. This was a gun running exercise by France that went awry. They have been scrambling behind closed doors all weekend to get Nigerian government (fast becoming another France puppet) to agree to this made up story of prior diplomatic clearance.
We the ordinary people are not fooled.

90% of the commenters on this thread championing this no-news are from a particular part of the country.

Why una they always vex for Lagos matter?

Ambo the Rambo! is Yoruba
Lagos is a Yoruba State
He defeated so-called indigenes in a free and fair primary

And to my knowledge, neither Fashola nor Tinubu are original Lagosians.

So, ki loju o ri ri

Oh no! No massive fight in Lagos APC!!!

Disappointed TANoids, you see your life?

"...the field estimated to hold up to 9.23 billion barrels of crude, equivalent to nearly a quarter of the country's total proven reserves..."


Yet another example of senior govt officials and PDP politicians selling off (cheaply) a national asset of significant proportion for their own self interest.

How long are we as a people going to put up with this unending crippling corruption under the watch of Mr Jonathan and this evil party called PDP.

These are the same people telling the long suffering masses to tighten their belt and prepare for economic hardship because of falling oil prices.

How anyone can vote for this docile and thoroughly corrupt President is beyond me.

"Ekanem said there would be crisis in the polity if the plan orchestrated by the opposition party to impeach the President succeeds."


This PDP man should direct his false cries to the PDP President who is the one orchestrating the crisis behind closed doors.

Once we kick the President out come February and install a proper leader, the crisis will subside.

I think you will find that an over aggressive campaign might not resonate in the SW as it might elsewhere. The SW is currently one of the most stable parts of the country. If APC embarks on an over aggressive campaign threatening hale and brimstone if things dont go their way, don't be surprised if SW people are not energised to come out and vote.

If your region is relatively stable, the last thing you would want is someone promising nationwide civil unrest/warfare. So an over aggressive aggressive Buhari/Amaechi or Buhari/Oshiomhole electioneering might put Yoruba people off.

I agree, a failure like Fayemi will be a disastrous VP candidate, and both Amaechi and Oshiomhole are credible candidates. The problem is there is no guarantee that either can even deliver their states let alone their region. Equally, an unknown SWestern VP candidate will not bring SWesterners out to vote.

Whichever way you look at it, APC has very challenging choices to make.

The government's Airport Transformation Scam was blown wide open today by a global report that rated Nigerian Airports as some of the worst in the world.

Perennial corruption sink hole, Murtala Mohammed Airport Lagos, was ranked the 10th worst airport in Africa, despite government claims of tens of billions of Naira in refurbishment spending. The top 9 on the worst airport list was dominated by airports in war-torn countries - Sudan airport; Kinshasha (Zaire) Airport; Tripoli International etc.

According to Guardian Newspapers, FAAN Spokeman, Mr Yakubu Datti said the report 'could not be accurate.'
Apparently, he promised to provide data to confirm the glowing success of the airport transformation agenda, but he never came back with any data.

With the PDP government bombarding the airwaves (TV and Radio) with 'feel - good' propaganda claiming unprecedented success in totally transforming the country's airports, this latest report confirms many Nigerians scepticism and belief that most of the money set aside for the repairs have entered private pockets through grossly inflated contracts awarded under the previous Aviation Minister - 'Madam BMW' - sorry can't remember her name now.

Where is EFCC to investigate...sorry, I forgot, GEJ has killed it.
DSS nko? Busy intimidating the opposition party
Police? Waiting excitingly for their next order from GEJ about how to 'deal' with Tambuwal.

Who wants another 4 years of this transformation to Hell?

Original story - http://www.ngrguardiannews.com/lead-story/187758-nigerian-airports-among-the-worst-in-africa-faan-differs

Just imagine pictures being reported around the world now of Nigeria's National Assembly being overrun by the military.

Again this just feeds into the widely - held perception of Nigeria as a basket case.

Foreign investors who are already pulling their money out of the stock market due to the sliding value of the Naira, now have another reason - political instability - to accelerate their withdrawal.

I can't see how today's event will not weaken the Naira even further.

My question to the President is, why go this far to humiliate our country?

Politically, Fayemi will be a poor choice as VP.

Under his watch and because of his political naivety, APC was totally humiliated and embarrassed in the Ekiti Polls. He couldn't win a single local government. How can he then the best candidate for VP.

I understand he is a nice and intelligent man, but this is politics, and right now he is bad market.

Mo ba omo Yoruba gbogbo yo o!

Ire a kari o...lagbara Olorun, ede awa Edo no maa bo sori tiwita o!

Iroyin aseyori ede Yoruba lori tiwita ma bi awon omo Ibo ninu gan o, sugbo mo gbadura ki olorun ko si won lokan o.

Well, I am expressing my opinion and hopefully sharing my little knowledge about the likely outcome of things. Not everyone on Nairaland understands all the talk about exchange rate and what not.

Hopefully people can plan ahead. You can do that without panicking.

Good plan

Actually, dont think there is need for panic yet.

Y'all! no panic pls.

I believe somewhere around N185 to $1 (official rate) is the point at which the common man on the street will start feeling the stark chill effect of Naira devaluation. I have a feeling Aso Rock is watching the exchange rate very closely now - they will start getting seriously nervous if Naira threatens N180 and the currency outlook remains negative going forward.

The good news for GEJ is that an official rate of N185 to $1 is still a long way away and may not come to pass because GEJ would rather throw the remaining $35 billion reserve at propping up the Naira than go into a Presidential election as the man that oversaw a significant devaluation of the Naira.

The downside of such a reckless act will be that a few weeks after the election, the winning President may need to go cap in hand begging and prostrating before Obama to allow the World Bank to lend us money.

Make no mistake bout it - America will ensure total humiliation of Nigeria before the World Bank releases a penny. They will make us pay for all the undiplomatic public noises our government officials are making now about America not supporting Nigeria in the fight against Boko Haram, and us threatening to turn to Russia.

Btw our missing $20 (12? 10?) billion? Malabu oil deal nko?

Imagine an extra $20 billion in the CBN pot? It will surely have eased the current situation.

But when some of us said the missing money must be investigated, we were shouted down. Some even said it was Niger Delta oil money and people should leave GEJ and that wicked Petroleum minister alone.

Oh well, now 180 million people have to pay for the greed of a handful of people.

trillville:
Obasanjo played his role perfectly.
He met a country in serious debt and left it with heavy savings.
He met a country ridden with violence and insecurity issues and he left it safer with great prospect of becoming a united peaceful nation.
He met institutionalised corruption and he created the efcc to tackle corruption to the best of his ability
He also initiated a lot of the power projects Jonathan is presently completing

The fact he did the above does not justify the failure to formulate a comprehensive long term (25 - 30 years) National Development Policy. Malaysia, Singapore and some of the Asian countries who were more or less at the same development level as Nigeria in the 60s and 70s charted a new course with well thought - out medium and long term development plans.

In Nigeria, it's usually uncoordinated, unfocused, patchy and usually tepid short - term approach aimed mostly at winning the next election and nothing more.

For example, instead of a comprehensive transportation policy, the government of the day fixes roads to gain votes. So Igbos shout '2nd Niger Bridge!,' the government rushes to send Julius Berger there. Yorubas (mainly) condemn the state of Lagos - Ibadan and accuse GEJ of neglect, he panics and dispatches contractors to start work sharp sharp. Same applies to all the Presidents before him.


This is not the way to fruitful, sustainable long term development.

Corruption is clearly a massive problem with this administration but it is difficult to re-engineer an addiction (to oil) in one or even two administrations.

Fundamental restructuring of the economy away from over - dependence on oil should have started earnestly a long time ago. At least from OBJ's time.

And it requires a well thought - out National Industrial Policy that survives from administration to administration.

If Naira is allowed to float and find its 'natural' level it will hit $200 before the elections.
I hope oil prices recover a bit otherwise the CBN will be run out of town trying to support the naira.

babestella:
AMCON ran capital oil for almost 17 months, they have fully recovered the loan granted by Access bank.

So why did AMCON not simply mention in their statement that the loan is fully paid or settled.

The phrase 'amicable settlement' introduces an element of doubt that what you allege is the case.

Another questionable deal with Aso Rock hand all over it.

Why would the President of a country associate himself so closely with a man who allegedly perpetuated such large - scale subsidy scam on tens of million of ordinary Nigerians?

Is Mr Jonathan the man that will finally ruin this country.

INEC needs to explain how over 1 million voters suddenly disappeared from the voters list.


There is more than a whiff of PDP/INEC mago mago in this. Fashola and Mr Tinubu have very good reasons to be concerned.

We the people must resist this clear sign of collusion between PDP and INEC to rig in Lagos.

I read some where that the $37 billion in reserves will finance our foreign currency and import requirements for 7 months.


7 months only! After that nko? And this is following a sustained period (nearly 4 years) of very high oil prices - a period when Nigeria earned more money than any other 4 years in its history.


Its pathetic. GEJ and his cohorts has done so much damage to this country. The man must go.

pendy79:
We have a supposed Harvard Trained professor managing our economy but it seems the glaring stealing and corruption filled elements have overwhelmed her.

She told us out of the $20billion Emir Sanusi told us was unaccounted for, only $10.8billion is missing and she has selected Auditors to check what went amiss.

10months after her public utterances of auditors looking into the books of the NNPC, have you heard anything again? Does that speak well of her and the government she represents?

I am certainly not as charitable towards Mrs Okonjo - Eweala as you are. You say the stealing has overwhelmed her. I don't believe that. She's doing her own stealing. And if she isn't, but is turning a blind eye to the stealing, she is a thief too. There are no two ways about it.

And what has Harvard training got to do with anything. Please can you tell me one, yes, just one major initiative that this woman has introduced that marks her out as a stand-out finance minster. I can't think of one.


Like you, I agree, PDP needs to be voted out! Their corruption has ruined the country.

Op is a known ardent GEJ supporter, yet he deceptively starts his thread with the usual TANist tactic of:

'I am not a GEJ supporter...' - Lol


Then end his write up with the usual:

'GEJ is not the best, but APC is not an option'


All of you TANists opens threads by saying you're not a GEJ supporter but...

Is this what you lot are being trained to do in your TAN meetings - to pass yourselves off on social media as some kind of 'neutral' observers.

Rubbish! GEJ is not a capable man. Nigeria deserves better and will get better with APC.

^^

Or the car salesman who makes money from illegal Federal Government wavers to import billions of naira worth of cars

Or the TAN coordinator owing tens of billions to banks who has now got his business back due to his political patronage of PDP Fed gov't

Or Andy Ubah (of the Ubah brothers) who is a shadowy owner of oil blocks handed to him on a platter becos of his OBJ connections


As you can see virtually all major business men in Nigeria, including Igbos, all make money from Fed Govt patronage.

The idea that major Igbo businessmen are the only ones not neck-deep in shafting ordinary nigerians is laughable.

It was only a few days ago we saw picture of Mr Fayose prostrated at the alter in a church asking for forgiveness of his past sins.

Now, rather than focusing on executing his own plan for his people, he's starting a vindictive war against political adversaries.

First, the ignominious revelation of pictures of the immediate past governor's bedroom. Now this.


Will this man ever learn.

Curled from Punch Newspapers

Fayose seals Ekiti Speaker’s filling station


The Ekiti State Government on Tuesday sealed off four filling stations in Ado-Ekiti including T. Five Integrated Service Filling Station belonging to the Speaker of the State House of Assembly, Dr. Adewale Omirin.

According to a statement in Ado Ekiti on Wednesday by the Chief Press Secretary to Governor Ayodele Fayose, Mr. Idowu Adelusi, the step was taken to prevent unimaginable fire accident with attendant fatalities.

“The owners of the affected petrol stations are to report to the Ministry of Housing, Physical Planning and Urban Development with letters of approval,” the statement said.

Reacting to the closure on Wednesday, the Speaker alleged that the Governor ordered the closure in order to intimidate and coerce him.

Omirin, who is a member of the All Progressives Congress, and Fayose of the Peoples Democratic Party are believed to be at loggerheads.

The Speaker in a statement by his Special Adviser (Media) Wole Olujobi, vowed not to “buckle under undue political pressure to abandon his party for the Peoples Democratic Party for selfish and pecuniary motives.”

Omirin claimed he fulfilled all necessary environmental laws in the location of the filling station and got necessary approval, wondering ‎why the governor would start victimising those who do not share his political belief.

“I called the governor to confirm what the honourable member told me about the plan to close my filling station. The governor denied any of such plan, swearing that he would not victimise any opponent.

“But only yesterday the governor ordered the closure of the filling station, citing environmental factor,” the Speaker explained.

According to him, the present atmosphere in the state does not call for high-handedness and persecution against perceived opponents, but a collective pursuit of common goals to deliver good governance to Ekiti people.

He warned that attacks on the opponents, particularly the lawmakers, will only smear the relationship between the Executive and Legislature.

But Fayose’s media aide denied that the decision to seal off the Speaker’s filling station and others had any political undertone.

In a telephone chat with our correspondent, Adelusi maintained that, “Those filling stations sealed off by the Ministry of Physical and Urban Planning were because they contravened environmental laws.

“They are sited within residential areas. They are not supposed to be within the residential areas.

“They are not the only filling stations in the state capital. If they didn’t comply with the environmental laws, the law should take its course. It has no political undertone.

“Four filling stations were sealed off but it is an ongoing thing. The exercise will take place through out the state. It is to sanitise the state and prevent fire outbreak.”

francleanflexy:
op apart from number 6 which other vice is peculiar to this administration ?

So because they are not peculiar to this government, we should continue to bear the hardship and reward them with another 4year term?

Many are beginning to see the light and would rather try Buhari who might just be the man to break the mould of callous corruption, ineptitude, vested interest etc

Solidly for Buhari.

1 - 2 ke?


I think it was a mistake to revive my interest in Arsenal this weekend!

Best to go back to not caring...otherwise na frustration all the time.

Bye Arsenal!