₦airaland Forum

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Timbuktu14:
Lwkmd! Op say him no get money go driving school....u wan mk hin go steal buy car?

Martins301:
I will appreciate any good samaritan that can teach me how to drive. Help a brother please. I will be in Benin City from next tomorrow

Martins301

Nigeria would have been buoyant enough to finance its 2015 budget of N4.36 trillion and still pay off its external debts of N2.03 trillion if it had not lost more than that amount — $32 billion (N6.4 trillion at N200/$1) — to massive corruption that characterized oil sales by the Nigerian National Petroleum Corporation during the last administration, a new report has said.

An independent investigative analysis by the Natural Resource Governance Institute (NRGI) has revealed that over $32 billion oil revenue was lost to NNPC’s mismanagement of Domestic Crude Allocation (DCA), opaque revenue retention practices and corruption-ridden oil-for-product swap agreements.

The report offered a deep, independent analysis of how NNPC sells its oil, and found that the national oil company’s discretionary spending from domestic crude oil sale revenues has skyrocketed, exceeding $6 billion a year for the 2011 to 2013 period (i.e. over $18 billion in three years).
Also, the in-depth research found no evidence that NNPC, between 2004 and 2014, forwarded to the treasury any revenues from sales of Okono crude with volumes of over 100 million barrels, with an estimated value of $12.3 billion.

In other words, the corporation has provided no public accounting of how it used a decade’s worth of revenues from an entire stream of the country’s oil production.

In the same manner, losses from three provisions in a single, offshore processing agreements (OPAs) contract, estimated at $381 million in one year (or over $1.9 billion between 2010 till date), were identified.

This is aside the fact that NNPC channeled Nigeria’s precious crude — worth $35 billion –to swap deals between 2010 and 2014, the recent offshore processing agreements (OPAs) containing unbalanced terms that did not efficiently serve Nigeria’s needs and interest.

The report, whose executive summary was exclusively made available to PREMIUM TIMES ahead of its public release Tuesday or Wednesday, provided additional insight regarding the monumental corruption characterizing NNPC operations and those of its subsidiaries.

The document argued that NNPC’s approach to oil sales has remained riddled with corruption largely because of its inability to either develop its own commercial or operational capacities, or facilitate the growth of the sector through external investment.

Corroborating the NEITI, PwC and Reconciliation Committee’s assertions about NNPC’s legacy of inefficiency and mismanagement, NRGI researchers submitted that NNPC’s mismanagement of public revenues and its performance failures has persisted due to lack of political will by successive governments to reform the corporation.

The report pointed at the degenerating management of NNPC’s oil sales in recent years—and particularly since 2010.
The problems, it said, stemmed from the rising number of ad hoc, makeshift practices the corporation has introduced to work around its deeper structural problems.

For instance, the corporation entered into a poorly designed oil-for-product swap deals when it could no longer meet the country’s fuel needs.
Similarly, it began unilaterally spending billions of dollars in crude oil revenues each year, rather than transferring them to the treasury, because its actual budgets consistently fail to cover operating expenses.

Some of these makeshift practices began with credible goals, the report said. But over time, their operation became overly discretionary and complex, as political and patronage agendas surpassed the importance of maximizing returns.

The report identified five key areas bordering on the most pressing problems enveloping NNPC oil sales.

Researchers said they arrived at their findings after reviewing published and unpublished official records, together with data from trade publications and secondary literature, and conducted dozens of interviews between 2010 and 2015.

The report made valuable recommendations, which somehow buttressed a recent statement by Kaduna Governor, Nasir El-Rufai, about the need to either scrap the NNPC or reform the oil and gas sector as a whole.

gabazin080:
3 wives and an extra lover, shey d hole different from the ones wey dey house

godson36:
Have said it every time that Arsenal will beat Chelsea whenever we meet in a CUP competition.. If you look at our last five meetings, you will see that Chelsea always park the bus when they come to Emirate. And when arsenal goes to stamford bridge, arsenal will play football with them and this Chelsea will win.....

But today, Arsenal score early and park the bus


Let the fight between Arsenal and Mourinho begin.. Why the probing of Jonathan's administration should be made more tougher

Congratulation to Arsenal and Arsene wenger.....

Chelsea fans, how market??

*************MODIFY********

FTC.. This is the code... Create a topic and be the first to comment........ FTC is as simple as Arsenal beating Chelsea

The remains of the Ooni of Ife, Okunade Sijuwade, has arrived his palace in Ile Ife, knowledgeable and reliable palace sources have told PREMIUM TIMES.

This website became aware of the development even as palace authorities and notable Ile-Ife personalities insist the Oba is alive, and is hale and hearty.

Reliable palace insiders said on Saturday that the body of the paramount ruler left London in a chartered air ambulance on Friday and was taken to the palace under the cover of darkness.

The body, our sources said, is now lying in a secluded part of the palace called Ilegbo, a sacred place where all Oonis commune with their ancestors.

Ilegbo, we understand, is the place where highly-prized rituals take place within the confinement of the palace.
It is also the place where the Are beaded crown, worn annually by the Ooni, is kept.

The Are crown is usually worn through the back because it is forbidden for the Ooni to see the inside of the beaded crown. And when it is worn, the rain must not touch it.

Our sources said only the monarch’s male children and highly ranked priests and chiefs are allowed to access that innermost recess of the palace and sight the Ooni’s remains.

“Even the Oba’s female children can’t come here, tradition does not allow them to sight the Oba at this time,” one of our sources said.
Those who should know said the traditional chiefs had to declare the annual Oro festival on Friday in expectation of the arrival of the corpse.
The commencement of the Oro festival, our sources said, signalled the beginning of the final rites of passage for the departed Ooni.

The Oro is expected to last seven days after which the Ooni would be committed to mother earth at a private ceremony within the palace.
Palace sources said the announcement of the Oba’s passing had to be delayed to allow his wives and family members move their personal belongings from the palace, and for the traditional priests to perform some “compulsory rituals”.

“Members of his family who were with him in London had to hurry back home to remove their personal effects because once his death is declared all their property will belong to the people. They won’t be able to take anything from the palace anymore,” one of our sources said.
Palace chiefs and notable personalities from Ile-Ife have consistently denied reports that the revered monarch had passed on, a news item that first broke on Tuesday.

Their visit to the Osun State Governor, Rauf Aregbesola, on Thursday and a closed-door meeting with the governor heightened anxiety that the Ooni might have actually passed away.

They however emerged from the meeting insisting that the Ooni was in good health. On its part, the Osun state government is yet to make any comment on the matter.

Oba Sijuwade’s predecessor, Oba Adesoji Aderemi died on July 3, 1980.
Mr. Sijuwade, crowned Oba on December 6, 1980 is widely believed to have passed away since July 28, 2015.