₦airaland Forum

An audit of Nigeria's state oil firm said it overpaid Goodluck Jonathan's government by $750-million, and had not properly accounted for $1.5-billion.

A forensic audit of Nigeria’s state oil firm said the company, accused of corruption, actually overpaid the state by almost $750-million, but should still pay it an additional $1.5-billion.


Outgoing Nigerian President Goodluck Jonathan released the audit days after his elected replacement, Muhammadu Buhari, pledged to issue the report and crack down on corruption in the energy company once in office.

The probe of Nigeria National Petroleum Corporation’s (NNPC) books was instituted last year after former central bank governor Lamido Sanusi said the firm had withheld $20-billion in oil revenue from government coffers, jeopardising the country’s finances.

Details in the PriceWaterhouseCoopers (PwC) audit said NNPC actually overpaid by $0.74-billion in the period between January 2012 to July 2013, after remitting $50.81-billion to federation accounts of the $69.34-billion it had received.

The balance of $18.53-billion was accounted for through various operational costs, unremitted revenues by a subsidiary and gasoline and kerosene subsidies, it said.

Sanusi had told a Senate committee in 2014 that NNPC had received $67-billion and handed over only $47-billion.

After the allegations, Jonathan publicly dismissed the claim and replaced Sanusi, saying the banker had mismanaged the central bank’s budget. Sanusi has since become Emir of Kano, the country’s second-highest Islamic authority.

The PwC audit, however, said NNPC and its upstream subsidiary, the Nigerian Petroleum
Development Company, should hand over $1.48-billion arising from unsubstantiated costs, duplicated subsidy claims and computation errors.

‘Urgent review’

The report also recommended an overhaul of how NNPC is run.

“The NNPC model of operation must be urgently reviewed and restructured, as the current model, which has been in operation since the creation of the corporation cannot be sustained,” it said in the 200-page document.

An earlier one-page version of the report, which had been due out in September, was released in February.

The affair has caused consternation in a nation long accustomed to reports of grand graft in Africa’s largest oil producer.

Analysts say Buhari, 72, managed to oust Jonathan in elections last month because voters believed he would tackle graft in Africa’s largest economy.

Source:www.nairausd..com Visit for more information

MizMyColi:
My heartfelt appreciation goes to all of you who have graced the thread.

More gratitude to those who have dropped words of encouragement, to those who have chosen to tow a path of near objectivity and neutrality.

Special thanks to Kinglekan

Obiagelli

Passingshot

Barcanista

Kaboninc

Urine

Pickabeau1!

Luxanne!!!!!

Apparently, I'm missing out monikers.
Doesn't change my posture of thankfulness to you all.

You are welcome.

Thank me later.

Russia will meet with OPEC on June 2-3 to discuss production adjustments in order to arrest falling oil prices, Energy Minister Alexander Novak said in Moscow.


The meeting will be held before the Organization of the Petroleum Exporting Countries gathers in Vienna on June 5 to discuss the global market.

According to Russian officials, the country is on course to lose $180 billion this year from slump in oil prices.

Russia is the world’s biggest energy exporter but its tribulations have been compounded by Western sanctions over the Ukraine conflict.

Excess oil in the market coupled with the global economy slowdown has sent crude prices crashing into almost half their level of 10 months ago.

"Oil price has fallen from $100 to about $50 per barrel. This would result in a decrease in Russian export revenues of $180 billion a year," Maxim Oreshkin, an official at the Russian finance ministry, has said.

OPEC left its output target at 30 million barrels per day intact at its last meeting, saying non-member producers created an oversupply and must help tackle it.

Novak met with his counterparts from Saudi Arabia, Mexico, and Venezuela before OPEC’s last gathering in November.

The Saudi kingdom is an avid opponent of production cuts in OPEC, prompting Russian oil producers to charge that the group “has lost its teeth” under the decision and led to market destabilization.

Russian President Vladimir Putin, center, attends a plenary session at the G20 Summit in Brisbane, Australia, flanked by Saudi King Salman bin Abdulaziz Al Saud.

Russia’s rebuttal of OPEC’s demands for cooperation on output levels in the past also riles
their chequered history of relations.

But there are growing signs to believe that the two sides are headed toward their first marriage of convenience in years.

Coordination is already building up, with Russia having popped the question for an observer status in OPEC, according to head of Russia’s state-owned oil company Roseneft Igor Sechin.

Other officials have said Russia was engaged in “unprecedentedly active” consultations with OPEC members, including Saudi Arabia.

VISIT nairausd..com For more news

gateleo:
Where are we going in this Country? The same Tunde Ayeni that donated 5billion naira to Jonathan /Sambo re-election is now the owner of 'our NITEL'

Orascom paid 256million dollars in 2006 but the Nigerian Govt refused selling it because it was below the reserve/value price, now after 9 years they now sold NITEL for 252million dollars! 4million less than the 2006 price. Which way Nigeria?

It's really funny.

If Nigerians know what Jonathan truly pass through from the hand of foreign countries.

I believe Nigerians would really appreciate him more.

My opinion.

You know. ...

Nigerians be prepared for FOI in this new government.

You know. ...

gergemam:
Goodluck Ebele Jonathan
Always Creating a Significant choas each year for the past 6-Years

2011-Boko Haram
2012-Fuel Subsidy
2013-PDP Internal war starten
2014- Chibok Girls
2015-Removal of Fuel Subsidy Totally

It seems you wish negativity for yourself.

You know. ...

hassan85:
They are setting trap for GMB. Yet ds government is stil owing oil marketers for months. Okonjo said its a lie... Pdp wont answer nw but on dia stogs AIT de wil release statement. Rubish.

Stop this, you are too old for this.

You know. ...

Is this a wrong prophecy

PDP already filling been called opposition party.

baby124:
Rubbish. Yet they gave this American girl that murdered her mother 10yrs and the boyfriend 18yrs. That girl had enough money in inheritance.These guys they killed are just poor and wretched losers. Corrupt Indonesia

If true that means life is unfair. Far East Asia hmmmm.

biafransoul:
I wonder when you people will get it into your moronic heads that Igbos don't care or give a hoot about your presidency. WE ARE NOT ONE and we want out with our cousins in the Lower Niger. Thesooner you guys realize it and plan ahead for your future, the better for you guys. Igbo president ko, Yoruba prostitute ni. If you like fly okorosa's pics here till morrow, we don't care cos Gej we know.

Evil.

Sunnymatey:
That is why GMB shuld keep quite on some sensitive issues until after May 29th when he will be the C in C. Less talk, much of action, that's the game.

True talk bro. We want action not talking. .

Nigerians want what he preached before he was elected.

As for me. Live it to the best man for the job.

Exchange Rate for Dollar-Naira, Tuesday 28th April 2015

CBN $1 N197.00

OFFICIAL RATE $1 N199.00

BDC $1 N204.00

PARALLEL RATE $1 N219.00


**Please note that the Parallel rate varies for different location

Visit www.nairausd..com for more news on Dollar to Naira trend

Facebook has introduced video calling on its mobile messaging platform, allowing users to chat face-to-face with their friends by tapping a single button inside the Messenger app.


The new feature pits Messenger against similar products from other companies like, Microsoft's Skype, Google Hangouts, and Apple's FaceTime, reported The Verge.

Stan Chudnovsky, Facebook's VP of growth and global strategy, said that the focus of Facebook's developers was on making video work well on relatively low-bandwidth cell networks and, therefore, the feature works over both LTE and Wi-Fi connections.

Users just have to tap the camera icon in order to start a call and, once it has started, they can easily switch between the front-facing and rear cameras, or turn the camera off completely.

The app is currently available in a few countries, including United States, UK, Canada and France, and is compatible across Android and iOS.

The feature is expected to help Messenger build on its considerable momentum. The app already has 600 million monthly active users and makes about 10 percent of all internet-based phone calls.

Source:http://nairausd..com/2015/04/facebook-introduces-video-calling-on.html

chamboy:
shoro ni

You say

Demburrows:
I keep telling people NOI is the best fin.minister every country would love to have, despite the global oil crisis and naira fall prices of commodities still remain stable.

One of the best.

Hm.

Please visit naira to dollar blog

www.nairausd..com

Charpell:
Great write up

Thanks bro.

You know. ....

Charpell:
Story, economy only on paper

Longest time bro.

You know. ....

Beauty of Mother Nature.

You know. ...

Sweetguy25:
As usual.

I disagree.

You know. ....

arbitrage:
Are these buying or selling rates?

Both, it depends on you. .

shakazuldadon:
its simple.... MONEY

Tell them.
You know. ....

Midehi:
why will you in the first place record all your discussions if you never had any evil intentions on him.

guy, go get a life & leave Yul and his family alone.

True talk sis.

You know. ......

Kai! My people.

You know. ....

He won do something unique wa him de expect praise but went the other way round.

Pathetic you know. .....

king1234:
foreign papers like Financial Times and WSJ have credibility to protect. its very difficult(not impossible) for them to put in wrong information compared to saharareporters

Funny you.

You know. ...

king1234:
Bro this one no be saharareport talk am oh na Financial Times of UK-the most respected business paper in the UK. the equivalent of the US Wall Street journal.

Link was pasted for you to read and confirm too.

So because it a foreign newspaper, you accept it, don't you know that they are KING AND QUEEN OF PROPAGANDA.

No finding.

Kai !my people