₦airaland Forum

haslaw:
Which kind brain IP0B C A N N 1 B A L S get sef.

You make false allegation on an innocent person and you consider it proof until the accusers prove their own innocence?

No wonder normal people avoid that E V I L forest called SE

haslaw:
See how he is blabbing upandan spreading fake news

What do you people gain in spreading falsehood in the country

TemplarLandry:
Na dem.

Festac area is overpopulated by HoebeeDients. Festac is their den.

We condemn this animalistic behavior.

God1000:
This is wrong, they should not resort to vandalism

haslaw:
And you have proof of that?

blowjohn:
The article didn't say NCC or MTN barred lines of protesters. This is a simple move.
Break chains of communication. Reduce threat.

muyico:
fake update! obedient behind this post

Ebigwei007:
When the gods wants to make the people poor, he first makes the people dought their capability and existance. The truth is right in front of our eyes, but RONU will nt hear word.

OPICANTO2223:
Dangote is not a saint either. His plan is to monopolize and squeeze harder. Both of them is battling it out

Freetech:
FAKE NEWS FROM IPOB MILL

What you provide here is not a good source for an allegations like this.

Why not use this energy to do something better with your life.

Total fabrication of lie just because your package fraud lost election?

Dangote problem started with his greedy, capitalist and monopolistic tendency displayed when he pushed cement proce that has little or nothing to do with dollar up to 10k.

Every effort to make him see reason was rebuffed. He's making billions of profit off Nigerian and government can do little to stop him. He control more than 60% of the market.

No same govt will allow such person have monopoly of an essential commodity like fuel. He needs to be tamed.

wittywriter:
Interesting



Wittyness

When I saw the Malta 🇲🇹 NNPC comment by Dangote, I suspected there was more to it. Our group decided to investigate further.

Our discovery was deeply shocking.



Firstly I will breakdown the whole Oil theft process and how Oil exporting and importing business works here in Nigeria.

NNPC grants importation licenses to a select group of oil companies, which are responsible for importing petroleum products into the country. These companies set the prices for petroleum products, and the media often refer to them as "oil marketers".

We’ve another set responsible for exporting/selling unrefined petroleum products both locally nd internationally. NNPC nd few partner companies plays a major role in this sector, along with high-ranking govt officials, military leaders, and politicians who are involved in oil theft.

To better understand this thread I will briefly explain how oil exportation and importation works in Nigeria.

Please note every point I will list, you will need them as reference as we progress, very important.

1. Extraction: Oil is extracted from the ground using drilling rigs.

2. Processing: The crude oil is exported(internationally) to refineries where it is processed into refined products

3. Transportation: The processed oil are transported from the refinery to storage tanks, blending facilities, and ports, typically via pipelines or ships

4. Export: At the port, the oil is loaded onto tankers or other vessels and shipped to Nigeria and other countries

5. Sale: The oil is sold to buyers in Nigeria at a price set by the importer (oil marketer). The government subsidizes a significant portion of the oil price to make it more affordable for citizens, a practice known as fuel subsidy.

Now let’s link the list together.

Recently, Oando PLC announced the approval to acquire 100% of Nigerian Agip Oil Company. This effectively means that the Tinubu family now owns Agip Oil, which is part of Eni S.P.A., an Italian multinational oil and gas company.

Agip Oil operates 17 onshore oil blocks and produces 11 million barrels of oil and condensates annually, and it also manages the Bonny natural gas liquefaction plant.

One might wonder why such a successful company would divest 100% of such a critical asset.

Observing similar situations, like the case with Dangote, suggests that this sale was not made lightly.

Now, these crucial oil fields and plants in Nigeria are under the control of Tinubu through Oando PLC which is Tinubu’s family owned not even NNPC.

Stay with me please.

Continuing, with their control over substantial oil reserves in the Niger Delta and the ability to explore further through Agip Oil, their next step is refining.

Instead of building a refinery in Nigeria, they opted to construct one in Malta 🇲🇹.
OThis move allows them to exploit the country's resources and obscure their activities.

In early 2021, Enemed Co Ltd, the leading fuel supplier in Malta, issued a tender for the leasing of storage tanks and a blending facility at the Ras Hanzir Oil Terminal in Malta.

Ras Hanzir Oil Terminal Limited won the bidding. It is owned and operated by the Tinubu family, with Wale Tinubu, who is also the chairman of Oando PLC, serving as its chairman along with other members of the Tinubu family and their associates.

The company has already established a functioning refinery in Malta, they have now acquired the storage tanks and blending facility oil terminals, which were recently exposed to the public.

Stay with me please.

After Tinubu was sworn in as president, his first major move was to announce the removal of fuel subsidy, while the government continued to pay in secret, allowing him to increase petroleum product prices. This move was designed to benefit his own monopoly.

With the recent forced acquisition of Agip Oil by Oando PLC, Tinubu as an individual has become the largest oil exporter, explorer, and marketer in the whole country, second only to NNPC.

Here’s the pattern: Tinubu, through NNPC, will sell Nigeria’s oil to himself at a low price via his company in Malta. He will also explore, extract and export oil using his newly acquired Agip Oil Company, which operates across the Niger Delta states of Ondo, Edo, Delta, Bayelsa,
Rivers, Imo, Abia, Akwa Ibom, and Cross River.

Tinubu will then buy back the refined oil from his company in Malta through NNPC and as an oil marketer via one of his companies OVH Energy(Oando) at a higher price and export them back to Nigeria.
The refined oil is sold to the Nigerian public at a high price, while the subsidy, although officially removed, is still being paid secretly. Essentially, Tinubu is paying himself subsidy.‼️


This scheme is an extraordinary level of financial exploitation

Even after he leaves office, and Nigeria remains without a refinery which he will make sure of, his Oil Monopoly over the country will remain standing. As if that is not enough, the govt will still pay him for subsidy!

He sold Over 2 Billion Dollars worth of petroleum products to Nigeria through the Malta refinery just in 2023 alone, that’s an example of what the future of Nigeria Oil importation will look like

That’s why he will fight the Dangote refinery with everything he has because if it becomes operational, his multi-trillion-Naira oil monopoly enterprise will collapse.

The price of petroleum products like fuel will keeping increasing, while he still pays himself subsidy.

Considering his age, one might wonder what he needs all this money for, other than sheer greed. It's truly disheartening.

....End

Thegamingorca:
Bros create thread and awareness about this crime nah

LockDown69:
This article is trash

OPICANTO2223:
Well I accepted that am naive provided it comes from someone highly inconsequential like you. Your spewing will always be right here.

alizma:
This is absolute nonsense, you can't be encouraging importation and calling it end of monopoly for a man who has giving the country what our government has not been able to give us. I will take it to be a fight against Dangote monopoly is this is between Dangote and local refineries. Make our refineries work and if that is not enough, encourage more private individuals to venture into refining crude oil in Nigeria, anything short of this is a selfish agenda.

Odin13:
Total gibberish from a ewedu soul

Nigerians are not fooled.. maybe Yoruba people .

Nigerians .. no!

Explain Tinubu and Agip and sup in Malta

Not dangote..

Yoruba people keep changing narratives and pushing theirs like say Nigerians are Yoruba people

Silly post

Next!

OPICANTO2223:
Wisdom in display. Dangote dangote dangote really monopolized this nation through government but currently he is sweating because Tinubu want create a level play ground for all investors.

nairalanda1:
The truth is, if Obi won, fuel would be expensive now.

As at May 29 , 2003, NIgeria was using 99% of its revenue to service debt. Any money that would have been used to keep fuel below N300 or even below N200 would have had to come from taking more loans and more loans. Something had to give, and unfortunately it was the subsidy.

I am not here to say that tinubu is doing the right thing, especially since he has brought back subsidy since October 2023, otherwise fuel would have been over 1000 naira as it should be, and I am not here to say that APC knows better , but the fact is, we were in a position where we could no longer afford subsidy at the rate we were doing then.


Even now, we cannot afford subsidy.


All I would say is...in 2012, we had the last chance to be rid of subsidy. But most of you agreed ironically with Tinubu that it should remain....and here we are.


If we want more working refineries and more jobs in the petrol sector, we have to have fuel sold at market price. It is not a popular message. Yes, I am just as angry with the government , and yes, APC Has failed, and yes, Tinubu is not the best president we have had.

But right now, we are not earning enough money to pay for cheap stuff anymore. And it is very very painful






Calling me a tinubu supporter or a IMF Lackey does not change the sad fact.

SmartPolician:
Tinubu wants to intentionally reduce Nigeria's population. Those who cannot deal with this challenge will probably die off or commit suicide. Life is the survival of the strongest.

Sheistoopretty:
You see why I can't have anything to do with Nigerian men?

And so? Is there anything special there?

How many foreign men do you see celebrate coming to Africa?

Nigerian men celebrate every littleliest of things without benefits

umpire1st:
You read most of the comments here, and you wonder if Nigeria has a chance of survival at all or most of you are not living in Nigeria, how long will we keep living like this, or is this the type of future you want for your children?

donleo92:
The problem of Nigeria is too complex for tinubu or the current crop of leaders to handle. the best we can get currently is to go back to regional government or better still restructure the country so that each state, can produce what ever dey want to produce and sell at their own rate