₦airaland Forum

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Don't you think this might be a little over board...

essentialone1:
Is it true that for 6 months, the Sole Administrator of Rivers State, is also going to be the one administering Fubara's wife?

Key word: "Sole Administrator"

Agbalowomeri:
It is progress

Yesterday, you had 150k

codeME:
I have some 150K till the end of the year, any suggestion on where to put it please

Today you have 5million...

codeME:
Please, I need advice from the big boss in the house.
I want to do a challenge to acquire about 5 Million shares in any company that can give great dividend. What will be your first 3.
Thank you. My target is end of the year. And we cannot say anyone can join in the challenge.

Thank you!

Let's develop ourselves FIRST. The need for FX will reduce drastically...

mikeapollo:
Serious economic and national development is not all about exporting minerals in crude or raw form for dollars, in the name of rent seeking. What about refining locally and being self sufficient in the petroleum products that we consume locally? Potential benefits from the multiplier effect of local refining and being self sufficient are much bigger than just receiving dollars for raw crude; the dollars may even be looted again.

Ding!

Nice 👍

Ddll:
I watched the AGM. The chairman assured shareholders that before June an EGM will be called to announce the merger with Providus bank as necessary approvals have been gotten. So any moment from now. Also according to them 2024 result is far better than 2023. So we wait!

While not making excuses, I believe that NNPCL body language was not DR-friendly

The deal could have been modified to read "if production drops below 1.5m bpd, the quota drops to, say, 200k bpd" OR "NNPCL is obligated to supply 650k bpd provided daily production is at least 1.8m bpd"

There are plausible clauses that could have been inserted rather that chickening out the way they did.

Crude oil is a volatile commodity so no deal can be rubber stamped without clauses...

GeneralDae:
The initial deal which was made in 2020/2021 assumed that Nigerian NNPC would be able to supply Dangote about 300k bpd crude for the first 2 years of operations (during test runs and start- ups) to form the remaining 12.5% stake.
At that time, crude oil production still hovered around 1.8 million bpd comfortably and it seemed easy to get to 2 million bpd again which it was in 2019 before COVID. But in 2021/2022/2023 it had fallen gradually to an all time average low of 1.2 -1.3 million bpd. NNPC cancelled the former contract and eventually settled for 7.5% stake which they still had to borrow for.

NNPCL claims to have supplied 48m barrels under the crude-for-naira deal.

That's about 270bpd on average over 180days.

DR has ramped up production to 500k bpd as at January 2025.
The shortfall is gotten from international markets...

GeeKudi:
NNPC don't even have the capacity to supply DR with crude at the moment because of the burden of the forward contracts being serviced. This is public knowledge but it is always very easy for Nigerians to curse and bash govt while ignoring all known facts. It is what it is.

The only way they can supply the local refining industry is via increased crude production. This in itself is not a walk in the park.

This is where the issues lie

1. The crude-for-naira deal is "NNPC supplies DR in ₦, and DR supplies the Nigerian market in ₦". This will eliminate any and every FX requirement for servicing Nigerian market.

2. DR gets a sizable stock from foreign markets so I don't think he is illiquid in FX.

3. I choose to read between the lines and I make bold to say that all this is the working of the 'cabal' and those hellbent on taking us back to pre-PIA era.

4. Finally, we should ask ourselves how the importers get their FX since they sell their stock to Nigerians in ₦.

GeneralDae:
Did Dangote cease selling to Nigeria or he ceased selling to Nigeria in naira?

Well, I look at this from a different angle. The Government made the crude for naira deal for 6 months as a head start but the crude for naira deal while brilliant, also has its complications.

1) It doesn’t make Dangote liquid enough in dollars (which his business requires). The volume of naira transactions Dangote would then have to convert to dollars to import parts of the remaining crude he needs to run the refinery operations and service his debts also makes the whole exercise somewhat redundant.

...

4) Dangote himself can import WTI crude from America which is cheap and his refinery can refine it which gives him the advantage.

Given all of these points, I can see why the Government paused the scheme for a while to study the loopholes if any and to see if it can be better.

1st line. 1st paragraph...

We literally buy in ₦

GeeKudi:
Abeg, where in that press release did they say they want to stop selling to Nigerians?

UNITY BANK AGM RESOLUTIONS

https://doclib.ngxgroup.com/Listings-site/corporate-disclosure-site/Documents/UNITY%20BANK%20PLC%20-%20RESOLUTIONS%20AT%20AGM.pdf

In other news

The crude-for-naira deal is scheduled to end on 31 March 2025 (initial deal was for 6months: Oct 2024 to March 2025).

I would have expected the FG and Ministry of Petroleum to get a deal over the line ASAP but the cabals might be 'pressing some buttons'.

We watch as things unfold...

ARADEL. -2.43%
CONOIL. ±
ETERNA. ±
OandO. -4.55%

...

Agbalowomeri:
African proverb
Person wey dem break coconut for him head.......

...

GeeKudi:
This is exactly why people always caution to restrict discourse here to the motive of the thread. There is no way people will engage in political or religious debates without getting emotional. it is what it is.

Streetinvestor2:
Weldon Tinubu lover.You go throw jab and advice others to go to politics section to respond. Na double standard oh

This could be a PR push to mitigate the free fall.

'Significant damage' cannot be fixed in less than 48 hours...

https://businessday.ng/news/article/nigerias-biggest-oil-pipeline-restarts-amid-rivers-crisis/

GeneralDae:
Saw this somewhere (yet to verify) but if true then thank God. My Aradel can breathe 😆

Final DIV of 350 kobo is a conservative benchmark.

IMO 600 kobo is a stretch...

Depends on the number of bottles you took last night

RodgersAkpafu:
I had a bad dream 😞

That because of capital adequacy and recapiralisation drive....
most banks declared bad dividends

I just hope that is a kai kai induced dream

Production should resume early in Q2.

https://doclib.ngxgroup.com/Listings-site/corporate-disclosure-site/Documents/NIGERIAN%20BREWERIES%20PLC%20ACQUIRES%20REMAINING%2020PERCENT%20MINORITY%20SHARES%20IN%20DISTELL.pdf

Ding!

Having experienced a drop in oil quota in February, Nigeria seem to be on course for further decline in output.

It's sad that this Trans-Niger Pipeline explosion is what eventually moved the President to act...

KarlTom:
🚨
State of Emergency declared in Rivers State

Executive and Legislative arm suspended for an initial period of 6months.
Judicial arm of government remains untouched.

Vice Admiral Ibok-Ete IBAS (rtd) appointed as Administrator for the next 6months...

🚨
State of Emergency declared in Rivers State

Executive and Legislative arm suspended for an initial period of 6months.
Judicial arm of government remains untouched.

Vice Admiral Ibok-Ete IBAS (rtd) appointed as Administrator for the next 6months...

ARADEL. ±
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OandO. -0.69%

Explosion on Trans-Niger Pipeline.

Operated by NNPC/Renaissance JV...

Ding!!!

Is this a different case

I thought Ote$ (and FBNH) is charging them for about ₦30bn...

The money just dey 'reduce' after every siting

Youngzedd:
The Chairman of Honeywell Group, Chief Oba Otudeko, a former Managing Director of First Bank, Olabisi Onasanya and others are discussing “settlement” in an alleged N12.3 billion fraud case under the supervision of the Office of the Attorney General of the Federation.


https://nairametrics.com/2025/03/17/otudeko-others-discuss-settlement-with-efcc-under-agf-supervision-over-alleged-n12-3bn-fraud/


Otedollar

I am loving it

When Alhaji called for an outright ban on importation, they were crying MONOPOLY.

They never see anything...

Raider76:
This Alhaji refinery versus NNPCL and independent marketers war get as ebi. Just saw an MRS station with a line of almost 100 cars in the hot sun. But just few 100 meters down the road are 3 stations belonging to independent marketers with only 1 or 2 cars at each of the statioms. In one of the stations there were two fuel trucks parked and waiting to offload.

Ding