Jpphilips's Posts
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discusant:Are you sure you can win a logical debate on restructuring? |
fahren:The same time you chaired the NEC, Nigeria lost 56 government establishments to your privatization scam, one later ended up in your pocket. When the economy was growing at 6%, you were laundering the proceeds to the US with Jennifer, to the extent that the US senate committee on homeland security, placed you on a visa ban, to summarize Atiku's verbosity, he created wealth from our collective wealth and took it back, how is that progress? |
OreMI22:Do you really know what caused the 2015 inflation in Nigeria? |
citizenY:I have a funny feeling that there was a cosmic activity at some point in our history that retard3d our people, We cant continue pretending that a huge population of individuals are going about their daily lives with an IQ a fish will not manage, this is sad, this is a threat to our national security, co-existing with those individuals is equally a risk. look at the way they drive, look at the way they live, each day you share a building with these people you have to insure your flat because you are already at a risk of fire outbreak, what is your sin? you merely coexisted with them. Nearly a third of our population believe the jubril hogwash with no empirical evidence, it is clear to me that I must invest in the gullibility of Nigerians, im done ranting about it, i'm switching career, i must profit from their insanity. Facebook conducted a survey and concluded that fake news trend in Nigeria more than anywhere else in the world, seriously? i have no doubt i will succeed in this quest, pastors are living off their gullibility, Jubril Kanu, Politicians, everyone is preying on this same social malady, why not me? I must benefit also, how can I be earning a living through my mental strength when everyone around can't even keep their wealth because of low mental strength? MMM arrived with the dumbest strategy in human history, before we could laugh off the Joke, MMM has fleeced more Nigerians than Russians & South Africans put together. I must feed on this disease, im tired of ranting, this is not about PDP or APC, this is about a group of people that lack the ability to reason, they can't think, the world is blank in their eyes, they move around by the grace of god just like a butterfly flies around, how can a human being the best creation of God sink so low? who is responsible for this? Don't suggest education, these m0r0ns are more on the educated class than the illiterates, go to the social media, twitter, nairaland what have you, the average Nigerian sounds like a Junkie on high dose of Tramadol, Im done!! |
krattoss:where were we when the camps was built? |
rabinatuali:you read Atiku's policy documents and you saw nothing wrong with it? are you sure you are educated? |
You call a jamboree that wants to sell NNPC by 90% a policy document? A tissue paper that wants to spend $90b annually on infrastructure shouldn't be called a policy document but the drunk paper of a retard3d hag!! |
prolog2:news at the time said it was two flats. |
Borrow from your girlfriends!! Anti corruption bites like cane, shebi Buhari is not doing anything, no worry, its not hunger in your house, its manna coming. Ode!! |
Angelanest:Say no to drugs!! |
billtommy:Be careful, Saudi is cutting 500k bbls in December, apparently the whole OPEC will soon take cuts. |
This fantastically Buhari govenrment stinks only the BMC crew can't see it. UK parliament are mocking them and Transparency International has acknowledged they are more corrupt than GEJ regime.Brains were not shared equally, that was Jonathan's administration up there, snap out of your wet dreams!! |
The euphoria that greeted Buhari when he won the presidential election in 2015 with a pledge to fight corruption has died down. Majority of youths were not born during Buhari military rule and fell for the propaganda and folklore about how he fought corruption and arrested politicians in the 80's and they were willing to ignore the fact Buhari was the first leader to bring recession to the country.If you are not a certified Bingo, you would know that Cameron was prime minister under Jonathan! |
[quote author=AZeD1 post=73149007] 1) You are fixated with NNPC as one big indestructible company may be because you think NNPC is like Petrobras or Aramco. The PIB suggests breaking up NNPC. Are you saying the PIB is rubbish because there's synergy between NNPC, DPR and others?Breaking up NNPC does not mean selling it, if you dont know how to read, seek help, I told you there are several realistic reforms that can turn NNPC around without even touching the laws, I gave you two examples Kachikwu has done already, I can see you are here just to make noise. 2) Nigeria uses traders to sell her crude, there's nothing magical about that. The same trading of crude can be assigned to DPR or any other agency.Where will you get the crude to sell after you have sold the NNPC? 3) Atiku can't sell NNPC because it was created by an act or parliament (I would need to confirm) but NNPC as it is today needs to change drastically.Read the title of the thread again. 4) I understand the NLNG model very well. The government owns a majority (45%) but the day to day handling is left to other operators. Petrobras is also majorly owned by the Brazilian government (55%) but its run like a private organization.Nigeria owns 49% of NLNG, you know nothing about the NLNG model, go and sleep. NNPC has always been the piggy bank of the President as opposed to a professional run industry giant. That needs to change and fast.Privatization has always been the piggy bank of Atiku, dont worry, NNPC wont be sold, you have learnt enough! |
citizenY:You are not alone, im tired of getting pissed at the low IQ's in this country, ive given up already, you may do the same to keep your sanity in check!! |
[quote author=AZeD1 post=73139581] 1) It doesn't matter where DPR started. As of today, DPR is not part of NNPC and DPR is responsible for regulating the oil industry.I wasn't expecting you to understand the synergy between DPR and NNPC in operations, sorry to bother you! 2) NNPC owns refineries that don't work, it's a refiner in theory not practice. By the way, the country spends huge sums paying the salaries of people doing nothing.Ignorant opinion, i wont waste a breath on this. 3) The forex NNPC supplies the country comes from crude oil sales. Selling NNPC doesn't stop the sale of crude oil.Who will sell the crude oil for you? 4) If you sell the refineries, move NPDC to the NLNG model, sell Duke oil and the Data service company, while keeping NAPIMS, you would have sold a majority of NNPC while still retaining the arm that manages the JVs.The Adamawa lunatic said he is selling 90% of the NNPC, if you are confused about what he said, read the thread title again. 5) Compare NNPC with NLNG and you'll see the difference is like night and day. What the government needs is an efficient regulatory body like the NCC to over see the oil industry and not an over bloated work force in the name of a national oil company.I doubt your capacity in understanding the NLNG model, sorry, if you couldn't understand the Neconde model, i wont bother you with the NLNG model. You dont know that NNPC manage the NLNG just like every other JV Nigeria has? you dont know that NNPC guaranteed LNG before it transited to NLNG, you have no clue what you are discussing. |
[quote author=BigIyanga post=73142337] This is stale..GMB hired 80% of PDP members as his cabinet members.Nigerian President and Vice president are the only vital persons in the equation. 80%? ![]() Naija GDP in 1999 was less than $200bn, PDP doubled the economy . Our reserve was less than $4bn, PDP grew in by 1000% to about $40bn..PDP doubled Nigeria's GDP? even a kangaroo wont take you seriously, GDP is a product of goods and services in an economy, the first driver of GDP growth is population, did we have population growth from 1999 to 2015? Yes!! did PDP impregnate all our women? I will leave that to your logic. Discussing the other GDP component, in the first 8yrs of PDP, we saw significant growth in three critical sectors, Banking, Oil and Gas and telecommunications, unfortunately, as a result of corruption and mismanagement, these successes were completely extinguished in the last 5yrs of PDP, so dont flatter yourself. rightly put, you started well but ended very badly!! You mentioned foreign reserve, I wonder how many people you have told this nonsense you spew here, listen good, in 2015 when PDP was disgraced out of office, our foreign reserve was a paltry $29b despite selling crude oil for $115/bbl, in 2015, our GDP was $500b, you are happy PDP reserved only $29b? an amount not enough to pay for imports, reason we had acute dollar shortages? industries closed? workers sacked? meanwhile your competitor in Africa Algeria, 3rd largest producer (Nigeria is no 1 though) reserved $194b for their $158b economy by the end of 2014 before global shocks arrived, shameful huh!! only 500k Nigerians had telephone, PDP increased teledensity to over 120m..Still the successes of the first 8yrs of pdp Minimum wage in 1999 was lesss than 2k PDP increased it N18k@900% increase. Tens of Millions Naija had no bank accounts.. no ATM machines in 1999,PDP introduced ATM and intriduced banking to tens of millions of Naija.PDP cancelled out foreign debt by $38bn. PDP built EFCC, ICPC, BPE, DMO,NAFDAC, etcPDP created EFCC? I will leave you with this video for proper learning, after watching it, you will realize how s!lly it is to say that the PDP created EFCC, are you 2yrs old?https://twitter.com/MemeCentralNG/status/1063859163003068416 PDP created BPE? what exactly did BPE achieve for Nigeria if not privatization scams? BPE and NCP under Atiku orchestrated the biggest heist in our history 56 government establishments were liquidated without a trace, workers stranded and starving, jobs lost, you call that an achievement? you are a joker! |
BigIyanga:How much was a bag of rice in 1999 when pdp took over, how much is it in 2015 when they left? can you remember? of course not, 1,200 naira in 1999 and 12k in 2015, so if you ever think the PDP is coming to push down prices of goods in the market, then you deserve a brain transplant. If there is a price difference in the market especially if the trajectory is upwards, it is strictly an economic issue not a pdp & APC issue, if you are not one, seek help from those that understand it. Wait till you remove Buhari trying to get it right then enthrone looters that created the problem, most of you complaining about buhari's regime will be fainting on the road because of hunger under Atiku, by that time it will be too late. Our economy suffered a global shock, it is not pdp or Apc, what we need is manage the situation, pdp and apc cant solve it, however, if you decide to mange it with thieves and looters, then you haven't seen hunger yet, God help you to make that mistake. |
Masterclass32:That you are not educated enough to know what brought hardship upon you does not mean others do not understand that, its one thing to be in difficulty, it is another to understand how it came. If this country have sound citizens not people like you that only see hardship but suffering mental failure on cause and effects analysis, citizens that can reason, citizens that knows what brings about what, citizen that understand how economy works, PDP will liquidate as a political party, let alone insult our intelligence on a come back, jeezz!! Atiku? the worst in PDP? |
OreMI22:Here is the problem, nobody said Nigeria doesn't have a problem? Nigeria is in crisis, nobody said Nigerians are not suffering, nobody said things are not difficult in Nigeria presently, the real questions reasonable people are asking is this, do you understand what made Nigeria difficult? If you dont understand it, how can you solve it? Suppose you understand what made Nigeria difficult, does buhari have any hand in it, NO!! Does buhari wield the power to change it, the answer is NO!!, what power does buhari have? the power to manage the situation, so far he has done excellently well. The right question you should ask is this; who had the Power to save us from the hardship of today? PDP!! Have they saved us before? yes!! in 2008. Why is 2015 different? They enthroned an ineffectual buffon that refused to do what was done in the past. https://www.vanguardngr.com/2016/04/nigeria-had-no-political-will-to-save-under-jonathan-okonjo-iweala/ My question is what makes you think PDP deserve to return because we are facing the consequences of the problem they caused? Much less insulting our intelligence further by enthroning the worst of their Kind, one worse than the ineffectual buffoon? when ignoramus like yourself think atiku is a business man, i laugh hard, everything Atiku has today including the few people he is using their blood to make money in the name of employment were all stolen or diverted from the Nigerian people. If you call a man like that a business man, then you have a brain tumor that must be removed very quickly. Do you know why PDP apologized to Nigerians? because they know they caused the problem, listen to Atiku very carefully; https://twitter.com/i/status/1064780737671557120 listen to Peter Obi very Carefully; https://twitter.com/i/status/1058007016810123264 You can see you are living through the times created by the demon called PDP, only an individual with a watery brain will allow them to return because of the consequences of the problem they caused. If the manager of your company sets it on fire, you sack him, then once you rent a small space to manage your life, do you hire him back? |
OreMI22:sure because you think Atiku has anything to offer, joker.!! |
IS BUHARI TRULY RESPONSIBLE FOR OUR ECONOMIC WOES? A lot have been said about Buhari, how he brought hardship on Nigerians, how he is responsible for all the suffering in Nigeria, is that theory backed with facts and global economic realities or the shenanigans of few individuals basking in the Euphoria of ignorance? Since I must make a choice between our present loud political gladiators, I armed myself with Economics textbooks and news archive, here is what i discovered. Nigeria an oil producing and oil dependent economy suffered a global economic hit called crude oil price shock it is the sudden drop in price of crude oil in the commodity trading market, it has occurred at different times in History nearly every decade. Countries that are hardest hit by crude shock are basically countries that not only produce crude oil in significant amount but solely depend on it as their foreign exchange earner. While oil shocks have asymmetric effects in oil-exporting developing countries; lower oil prices lead to major revenue cuts and ensuing stagnation in the economy, but higher oil prices and accompanying higher revenues do not translate into sustained economic growth. What are the effects of crude shock in oil producing developing economies? Forex scarcity: Most developing economies whether oil producing or not, depend on importation to survive, where foreign currency becomes scarce, industries, individuals that have significant need for forex will likely close shops giving birth to the second problem unemployment then finally the master Recession. Unemployment: When industries no longer have forex to buy spare parts, can no longer afford raw materials, production slows, sales slows, profit eroded, workers sacked, since the volume of activities in the economy is directly proportional to the GDP, the GDP contracts and birth another economic monster Recession. Recession is a chain reaction of unpalatable economic events that shows the economy is not experiencing growth but contracting, lets look at the effects of recession, high energy cost (energy in most developing economies are subsidized one way or another) crude shock and eventually recession erodes government revenues till a point where it could no longer afford subsidies and other things it used to afford. In Nigeria where our Electricity Generation companies are subsidized, petroleum products are subsidized,you will understand that such partial or complete subsidy removal will quickly skyrocket the cost of living generally, transportation, cost of food etc are equally affected that leads to another monster called Inflation. Inflation: is defined as a phenomenon where huge bills are in search of few goods, how is that possible? when the industries that produce goods closed down, imports could not be sustained due to Forex shortages where will the goods come from? the absence of those goods while the bills remain triggers inflation, causes hunger and eventually poverty and devaluation of local currency. Devaluation is when global reserve currencies trade higher than your currency, of course you recall that an economy in crude shock first suffers Forex shortages, that robs the central bank (in the case of Nigeria) the ability to fix the currency at a reasonable exchange rate. The local currency is allowed to float along a band the cbn thinks may not be too hurtful on the economy. Forex ban is placed on certain commodities, debit cards like Visa, Mastercard et al are all placed on monthly transaction limits as a reflection of the reality of forex shortages. Okonjo iweala then finance minister and coordinator of the economy actually warned Nigerians in 2014 long before buhari came that the level of mismanagement will bring hunger to us, read here: https://www.premiumtimesng.com/business/171145-brace-tougher-times-ahead-okonjo-iweala-tells-nigerians.html If okonjo iweala saw this hunger in 2014, warned us about it, how can a sane person accuse buhari of bringing hardship? Between 2015-2017, all these happened in the Nigerian economy, then I asked "are we the only oil dependent economies in the world? why us alone? The answer took me to several countries in the world and I realized that other oil producing countries dont depend on oil alone, countries like Russia though the largest producer of crude oil in the world, has a robust defense industry that contribute significantly to its GDP, Russia equally enjoys large market shares in Gas distribution in Eurasia, by the time crude oil shock hit, Russia had over $400b in reserves, It became clear that the only economic move that could hold off crude oil shock and other global economic shocks is a robust foreign exchange reserves (Savings). Permit me to take you down our economic history, in 2008 during the global melt down, the then CBN governor prof. Chukwuma Charles soludo bragged that the Nigerian economy is immune to global shocks? That would have sounded ridiculous but it is true, what did he do? they launched an economic strategy called National Economic Empowerment And Development Strategy NEEDS. This strategy recommended that once crude oil is sold, the balance above the budget benchmark is kept in an account called the ECA, by the time that government left and another took over in 2007, both the ECA & Foreign reserve account held over $68b in reserves, in a $200b economy at the time, that reserve was significant enough to whither any storm that came the way of our economy, Much later into the crisis, Nigeria later relaxed its exchange rate to 155 to a dollar. now we know that Nigeria had in the past stood resilience in the face of global shocks with a culture of Savings. Global economic meltdown is worse than crude shock because in a meltdown, major economies are affected, capital flight becomes common in developing economies, crude oil customers reduce demand thereby pushing prices lower, the saddest part is that no country has money to borrow anyone during global meltdown, yet Nigeria Survived it with Soludo's brilliant strategy. A strategy that was blatantly refused by the previous administration when suggested by Iweala, recall that Iweala worked with Soludo in that NEEDS team. Fast forward to 2015, Three out of the top four producers of crude oil in Africa by their production, Nigeria, Angola, Algeria and Egypt were all in recession even though Egypt does not significantly depend on oil but her economy was shattered. Algeria escaped recession because by 2014, just like Nigeria in 2008, Algeria had a foreign reserve balance of $194b in a $156.1b economy (122% of GDP in savings).You can see that the Robust reserve of Algeria was their savior in this modern crude oil shock era. The previous administration in Nigeria boasted of leaving behind a paltry $19b for a $500b economy at the time (3.8% of GDP), that amount is not even enough to pay for imports let alone absorb global shocks, so Nigeria can be rightly described in late 2014 as an oil dependent economy with no savings. How important is this savings? Lets take our research to the Second largest producer of crude oil Angola, just like Nigeria with no significant savings, Angola's challenges needs no introduction, let facts speak for itself Angola suffered severe Forex & currency challenges just like Nigeria. According to Bloomberg They not only devalued their currency, they equally allowed it to float like Nigeria's Angola devalued its currency as the OPEC member sought to revive an economy still reeling from the oil-price crash four years ago. The kwanza fell 11 percent to 187.95 per dollar by 3:35 p.m. in Luanda and depreciated 10 percent to 221.75 against the euro. The move came a day after the central bank allowed the currency to weaken in its first auction of foreign exchange since announcing it would end a dollar peg that’s been in place since April 2016.....BloombergBorrowing to fund Budget deficits, just like Nigeria, Angola has borrowed to the point of requesting a bail out from the IMF https://www.vanguardngr.com/2018/08/angola-says-to-request-4-5-bn-imf-loan-as-crisis-lingers/ Unemployment Rate in Angola increased to 20 percent in 2017 from 19.90 percent in 2016. https://tradingeconomics.com/angola/unemployment-rate Inflation in Angola was a whooping 23.67 percent in December 2017, data on the national statistics agency's website showed on Wednesday. Price growth on a month-on-month basis rose to 1.47 percent in January from 1.2 percent previously. Poverty in Angola According to Angola's 2001 MPI, more than 77% of the population was multidimensionally poor. ... The latest available World Bank figure for income poverty in Angola, from 2008, shows that 36.6% of the population is income poor. Angola's population is currently estimated at 29.7 million. I can go on and on the list is endless, as a matter of undeniable fact, Angola just like Nigeria are the largest producers in Africa, they practically did not save enough and they were hit hard by crude price shock. to balance the analysis, it will be unfair to discuss those that didn't save without giving kudos to those that saved, like i said previously, Algeria saved a whooping $90b when the going was good, as such its economy was immune to crude shock. Russia like we said though had currency challenges during the period under review ostensibly because of western sanctions, Russia had over $400b in reserves by ending of 2014. Saudi Arabia was immune to crude shock not without little currency & subsidy issues ostensibly because of its huge financing of the war in Yemen, they were sitting on a comfortable $732b by the end of 2014. My country men, you can see that this suffering was brought upon us by mismanagement by the same people that are warming up to continue from where fate has left us, if buhari had $100b in our foreign reserve in 2015, we wont be hungry today, we wont lose our jobs, we wont lose our manufacturing industries, this is the truth that shall set us free! Some even blamed it on Avengers attack of 2016 Niger delta avengers was a non issue, if you noticed, I expunged them from my initial analysis, here is why; We were in crude shock from late 2014, Avengers struck in 2016, since 2014, your GDP wasn't showing any growth but retrogression or doldrums meaning you were heading towards recession anyways as a result of crude shock. If Avengers did not strike, OPEC would have asked us to cut production to boost prices, read: https://www.bloomberg.com/news/articles/2016-09-28/opec-said-to-agree-on-first-oil-output-cut-in-eight-years So Avengers or any form of production cut at the time was a non issue. OPEC gave us production cut waiver because Nigeria has already declared force-majore in most of its crude oil export channels. Nigerian people, what is your present government doing to stem this tide that has shocked the fabrics of our nation to the Marrow? The vice president being the economic manager of the country Launched the ERGP, with it Nigeria even in recession was able to save $47b in our foreign reserve, at this pace, I have no doubt that this money will hit $100b in the next 4yrs, that is a guarantee that our economy will become immune to global shocks once again, not just crude shocks alone. (Algerian model) The moment that money crossed $40b mark, forex shortages disappeared, importers stopped complaining, manufacturers stopped complaining of dollar scarcity, debit cards relaxed their limits etc, that was a killer stroke in our economic recovery strategy, inflation immediately responded to the potency of the ERGP from 18.8% in 2017 to 11.23% in 2018. This reserve will boost investors confidence that the economy is liquid enough for profit repatriation, that is how the jobs will return, job creation is private sector driven, not govt. Among the three oil dependent economies in Africa that landed in recession within the same period, Nigeria was the first to exit recession, that was historical & mind blowing, despite fighting terrorism and with a massive population, we did it first before any other country. By Blocking loopholes Our Federal allocation that used to be a misery 311b naira in june 2016 is between 600-700b naira in presently. This volume if held steady will continue providing liquidity that will surely inflate the economy. Nigeria is building a Gas liquefying plant called the NLNG train 7 project, that will in a way increase revenue from Gas against depending on oil alone, there are other ongoing Gas projects like the AKK projects and other Gas for power projects, rightly put, the economy is being diversified towards gas. (Russian model) https://www.vanguardngr.com/2018/07/nnpc-signs-agreement-for-seven-critical-gas-projects/ As you can see here, Manufacturing is gradually expanding, next will be jobs returning on its own https://www.thisdaylive.com/index.php/2018/07/08/cbn-at-57-0-pmi-manufacturing-sector-expanded-in-june/amp/ We don't need Atiku's stealing to truncate an economic process already in recovery. In conclusion, I can state for a fact that the economic challenges of this country has nothing to do with Buhari under the circumstances he met on ground, we have a chance to fix culpability of blames where it rightly belongs on crude shock, or replace this government whose framework seems promising with another leadership of questionable integrity. Buhari is like a mechanic that was given a car to fix, only for the car owner to accuse him of being the problem of the car when he is yet to fix anything. We shall never go back to past governments whose inaction landed us in this mess in the first place. leadership in the past that we tasked to privatize our establishments, all failed save for the one that ended up in his pocket, yet he claimed to create Jobs? How many jobs were lost in that privatization scam where 56 government entities perished? Where is our NITEL, ALSCON, Nicon Insurance to mention a few? Leadership that claims to create jobs but his company PRODECO folded up? Leadership that claim to create jobs yet it was Buhari that sacked foreigners littered everywhere in his company, does an ordinary logistics company need that much foreigners? Leadership that is a case study for corruption and money laundering by the US Senate committee on Homeland security, Leadership that preaches restructuring but enjoys monopoly in Niger delta sea ports? Atiku is a walking scam, may we not walk into the scam called Atiku because of lies peddled and perfected by the same holocausts that landed us in bondage, every scam comes with a loud noise, say No to Atiku, we cant move from Abacha loot to Atiku loot at this perilous time. It will be very dangerous and retrogressive to have a leader that is in bad terms with the international community, remember that the united states is the Fulcrum of our war against insurgency, one will argue that if America doesn't sell arms to us we go to Russia, the world works differently now under Donald trump, ask yourself, why did Jonathan not go to those people when America sanctioned him under the Leahy's ban? Yet he sat idly and watched Boko haram slaughter tens of thousands eventually took LGA's? American ban is as good as a global ban, recall how South Africa seized funds Jonathan wanted to use for arms purchase, please dont ask me what is South Africa's business with a US ban, that is how the world works. In 2017, the US congress passed a law called Countering America's Adversaries Through Sanctions Act, CAATSA to promote the America first agenda while sanctioning countries that do business with American's enemies. If Atiku (God forbid) becomes the president as much as thinks about going to Russia for help, Nigeria will end up in CAATSA web, and that is when the true Hunger will manifest. Can you live under a US sanction like North Korea and Iran? can you live with a Boko haram that is out of control? A boko haram that once bombed Abuja for fun but Today the once Almighty Shekau is in hiding? what about other support we get from the US like the USAID? free immunization? Polio prevention? HIV and AIDS vaccines? Machinery and oil and gas technologies etc? are you willing to throw away all these because of a criminal whose greed led him to commit atrocities in the United states or hate for Buhari that is built on lies? When faced with these realities, Atiku will never achieve anything, rather he will steal what we have left and disappear like he did in the US. May God help us!! Watch Peter obi summarize this analysis https://twitter.com/i/status/1058007016810123264 |
[quote author=AZeD1 post=73127180] 1) DPR is not not NNPC ( I knew you didn't know this)Please go and educate your mates, DPR was a subsidiary of the NNPC till 1985 before it was moved to the ministry of petroleum, I am not discussing who owns what, Im assessing them on operational efficiency, DPR till date utilize all the structures of NNPC, infact DPR is nothing without the NNPC, so if you sell the NNPC like the Adamawa lunatic suggested, operationally, he has murdered DPR by consequence. 2) NNPC might own refineries, but it doesn't refine because they don't work hence the crude oil swap/subsidy.There is no "might" there, NNPC owns and operate 3 refineries in this country, that qualifies NNPC as a refiner by global standards, there is no "might", it is a fact!! having operational challenges presently does not neutralize its core responsibilities and capabilities. You need to be more careful how you interpret and misinterpret these national issues in an election year, Nigerians deserve the right to know the facts to enable them make informed decisions. subsidy is a different kettle of fish, has nothing to do with the sale of NNPC. 3)Shell, Chevron, Total et al all operate joint ventures on behalf of themselves and the NNPC. The NNPC operates nada. The only thing NNPC does is contribute Nigeria's share of the money and it's something the CBN can do.This is a very naive assumption, it is correct Shell, Chevron and Total operate the JV, it is not out of the ordinary, these are world class oil and gas companies with tremendous experience in oil and gas production globally, however, that role doesn't make NNPC useless because NNPC through one of its subsidiaries NAPIMS manage the JV's, thats why you hear Shell, chevron, total etc talking about "Quotas" so put it this way, while the IOC's operate the JV, NNPC manage the JV. The second function of the NNPC in the JV like you rightly highlighted is the funding of the JV at development stage, you are correct in your explanation at the exploratory stage, but dont think NNPC provides the resources and walks away, NO!! it sticks around to monitor how his money or resources are utilized, there are also standards to be met, if you do otherwise, these Chinese operators will finish your industry. No IOC comes into a country much less Africa to make billions of dollar investment without a guarantee, NNPC gives that guarantee, infact the NNPC splits cost in the JV to share in the risk of the IOC's, once you sell the NNPC, that guarantee is gone, the IOC walks away, that is the business model world over, You dont expect Shell to partner with Nestoil without NNPC somewhere however little, that is precisely why all oil dependent economies maintain a national oil company. While the JV is operational, there are service contracts that keeps the JV running, while the operators execute it, NNPC monitor, verify each of them and pay their cash call part of it, if you do not do that, the JV doesn't operate. NNPC provide security for the JV, you dont expect a drop of oil to flow from the Niger delta without security do you? Before i sign off, I have just a question for you and Atiku, after selling off NNPC and probably looting the proceeds, what becomes the source of your forex? presently, NNPC provide 74% of that. can you try to answer that question. Or Atiku wants to run an economy with no forex. |
[quote author=signz post=73130929] You need a law to unbundled NNPC, that's why we have been clamouring for PIGB. NNPC is an act in our constitution.You are clamoring for PIGB because you are one of those people that live and breathe with the opinion of politicians and contracting industry operators, lazy politicians sell their jargon to those they believe dont know anything, in the last 15yrs, 2016 was the only year we didn't have petrol scarcity during the Yuletide, which law did Ibe Kachikwu use to make those two radical changes in the downstream sector? Previous govt burdened the nnpc with a cash call liability of $7b, today, it has been restructured and the confidence of our operators are renewed, look at all the projects and funds they are injecting because of just one radical reform, did he use any law to do that? NNPC just like any other institution is begging for reforms, however, people with shallow understanding think the solution is rocket science, it is not. You dont need to sell NNPC to make it efficient. I know that over the years, we've developed enough Local content capacity to do most things in the oil industry. Neconde, a subsidiary of Nestoil doesn't have a foreign technical partner. Rather it partners with NPDC.I hate it when people come online to spew gibberish, it actually irritates me, I asked you to show me one indigenous oil producing company without a technical partner you shouted Neconde, really? Is Neconde producing in OML 42? it is not enough to say they are in partnership with NPDC, you must know the type of partnership it is to be certain it is quintessential in this discourse. Neconde is an SPV that was used to acquire spdc's 2012 divestment, in the agreement for OML 42, NPDC is the majority holder (55%) and the operator of the field. so what does someone who is a minority holder, does not operate the field need a technical partner for? Neconde is just a rent seeker in the deal one of those corruption landmarks of Jonathan stop calling it an "indigenous oil producing company" that's s!lly, call it an "indigenous oil rent seeking company", that's the right term. if you know any field Neconde is producing without a technical partner, let me know!! you think you can buy reservoir modelling software from Oshodi market. If NNPC were as productive and profitable as Gazprom, Petrobras,etc we wouldn't have been talking about selling them. NNPC is going down under a huge debt coupled with satanic corruption. I have no problem with state owned companies that are doing profitably and productively well.Is Atiku an industry player to decide who or what is not productive? because he is a rent seeker in the oil and gas free trade zones now means he knows anything about the NNPC? Atiku spoke from his pedigree of selling and stealing, he is merely living up to his reputation. Nobody gives a flying fvck what Evans thinks about the NNPC. Im sure he hasn't heard of Pengassan before, let him try first and see how it goes. We can go back and forth with this and I'm all in this debate because I believe that this is one of the best solution to the problem of NNPC. Unbundle and sell major stakes/useless assets, tie the money to projects that can be seen and impact felt.So how does unbundling relate to outright sale? before I leave you, let me remind you that the NNPC provide 74% of Nigeria's forex needs, most of which igbos use for importation, currency stabilization etc, can you tell us where Atiku will get that money from? we are looking at an average of $500m monthly depending on crude price. |
[quote author=AZeD1 post=73123649] What does NNPC do?That is the assignment I gave you NNPC doesn't drill ( They just partner with Oil companies in Joint Ventures)Does Shell, Total, ENI, Chevron drill oil by themselves? why will NNPC drill oil by themselves? please go read for your Jamb. NNPC doesn't refine.Your mother's v@gina own & operate Portharcourt, Kaduna & Warri refineries. I see you've been showing your ignorance up and down the thread calling NNPC a regulator..... News flash, DPR is the regulator not NNPCcan you isolate DPR from the NNPC operationally? Monkey!!you see the kinda f00ls that parade around this website, they dont know anything yet they cant shut up! that is why all the reasonable people that started this website are all gone because of semi r@tards like you, seeing a topic or thread is not an invitation to display !diocy, I dont know who cursed most of you. If you dont know what NNPC does, ask those that have a clue, dont come here to type rubbish that can misguide those that genuinely want to get knowledge. |
[quote author=signz post=73124999] PIGB will take care of your fears in your 2 paragraph. Incase you don't know in the PIGB, NNPC will be unbundled. Nigerian Petroleum Regulatory Commission (NPRC) will be in charge of regulation. Nigerian Petroleum Assets Management Company andUnbundling NNPC is different from Selling NNPC, are you a m0r0n? reasonable governments are proposing restructuring and unbundling the NNPC while the Adamawa lunatic and yourself are telling us about outright sale, dont you know the difference between changing operational structure and outright sale? You forgot that there are indigenous oil exploration companies that may not be affected and may even move to bridge the gap Incase of any sanction. We have Nestoil, Conoil, Oando, etc. In addition to NPDC or NPC when PIGB is signed into law. So again, fear not.Mention one indigenous producing company without a foreign technical partner? do you really understand how that industry works? You dont need PIGB to unbundle NNPC, that is the story sold to illiterates like you. In those countries that you mentioned, if you check their corruption index, you'll find out that they're in a better position than Nigeria. If you decide to go further, you'll realise they have more competent hands in their civil service because they have a system that encourages merit based performance unlike here where we've gotten rid of competence or merit and replaced them with Nepotism, uncommon corruption, quota system, etc.Ok! so now you know most oil dependent economies maintain national oil companies, good start, you are beginning to have sense, next step is this, go and find out why they are not selling theirs? I repeat we can survive and thrive on taxes.Who will pay you the tax? |
AZeD1:NNPC collects money on behalf of the federal government ![]() so in your miserable old age, you dont even know what NNPC does? Who gave a bingo like you access to the internet? |
Kingspin:something needs to be done, I agree, but selling it is madness, repeat after me. |
Acidosis:Sure perhaps they work there as frames hung on walls |
awelekiti:simple question you are telling us how your destiny failed managing a mortuary. Was Mtn born from Nitel privatization, yes or no? |
[quote author=signz post=73096595] Kachikwu working on whatPIGB's first phase has been signed into law, ignorant squirrel. Atiku said that he'll sign PIGB into law making NNPC only a regulator. Meanwhile, he said he'll sell 90% of NNPC.Atiku said he will sell 90% of NNpC im sure both of you dont know NNPC is equally a regulator before now, who told you & that imbec!le Atiku that the regulating component of NNPC is just 10% of her operations? how can a regulator get an equity in a Venture it is meant to regulate, are you sure you have secondary education? Sanctions? Even now we can be sanctioned by intl community and nobody will buy our oil. So your sanctions argument is nonsense.The sanction I refer to here is not one that bars oil to be sold (even the US cant afford such sanction, if in doubt ask Iran) but one that stops western operators from doing business with Nigeria, in that case, Nigeria will fall back to NPDC for continuous production, I know you reason with your Lungs, dont make it so obvious. Thank God that you mentioned MTN. The sector is being regulated by NCC. Now why can't NNPC be made to function like NCC? You shouldn't be a player in match you're also refereeing.Only a m0r0n compares the telecom sector with the oil and gas industry. See we should reduce power at the center. History has shown that any company managed by Govt whether state or federal is bound to fail simply because of corruption. That's how most of the old money made their ill gotten wealth.Sure you read history in a v@gina not to know that Gazprom, petrobras, Cnpc, sinopec, sanagol are all state owned oil companies. NNPC from the day it was found have been enmeshed from one corruption scandal to another. Even up till this day, the corruption stories emanating from there is insane. So it makes common sense here to separate the goat from the yam. Sell NNPC assets, let the money be tied to life changing projects like health, education, infrastructures,etc.Sure, after selling NNPC, Nigeria will use you and Atiku for money rituals to be able to raise $500m monthly currently provided by the NNPC for budget implementation, import payments and currency stabilization. |
JustWatching:Sometimes I wonder how a country inherited a generation of irresponsible! D!ots, they have no education, they cant read, but once a thread comes up, they ooze stup!dity everywhere, imagine selling NnPC? |
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