₦airaland Forum

BlueRayDick:
When I said the government should hands off I mean they shouldn't be running the show as far as production and marketing is concerned. I still stand by it.

When I say the government should work with the private sector to determine the equitable price of PMS and diesel, I am saying government should do the work of regulator which NNPC is expected to do.

I will give u an example of government's regulatory agency setting price for private sector and how well it has worked:

The Nigerian Insurance sector currently sells Third party Insurance for N15,000.00 , for Comprehensive insurance 3% of the value of the car and 5% of the value of a truck. This price has been set since December 2022. This price has remained and Insurance companies have been profitable. None of them has cried foul, instead they've experienced more revenue since the fixing of prices by NAICOM(The FG owned regulator)

Everything about the oil industry is different, don't forget that the price of oil in the international market can fluctuate anytime which means a fixed price cannot be attainable. The moment government is trying to fix prices for the private investors, one way or the other, subsidies will come into it.

Look at the defunct NEPA and the Discos currently, because NERC which is the regulator of the industry is fixing price for the Discos, the FG had to be paying the differentials in price. The FG currently owe the Discos over 2 Trillion naira. There ar plenty examples of what trying to fix price has caused.

Also the PIA already unbundle the NNPC as a whole and there are 2 regulators for the industry. NUPRC for the upstream sector and NMDPRA for the midstream and downstream sector. I think it was NMDPRA that was having issues with the quality of Dangote fuel then.

NNPLCO is the business aspect of the company and the regulators both NUPRC and NMDPRA are meant to regulate them also as NNPLCO are involved in all three tiers of the industry.

If you sick for this period lasan, may the good Lord be your strength and your pocket.

GloriousGbola:
this is actually why it may not eventually work out.

because NNPC has always served as a source of clandestine funding for the serving administration

it will take an act of extreme political will to unbundle nnpc and its purse strings

You are right.

BlueRayDick:
I will check it out and when I do I will come back here to discuss what I think whether what is written therein is practicable or a mirage.

Sure. The practicability of it depends on the President and the NNPC MD

BlueRayDick:
This is where the buck stops on Tinubu's Table. How does a political appointee fail to do his job and then gets to keep his job for that long?

Although I really do not see anything changing with NNPC if it doesn't go under a completely new ownership that is not named FG. In as much as NNPC remains NNPC which the FG has control over, things would most likely not change.

You need to go read the PIA as it relates to the privatilization of the NNPC. In fact the President won't be the one appointing it's MD again after the successful IPO, it will be run like a proper business is run.

BlueRayDick:
As regards the bolded, If Nigerian government is serious the best way to solve this NNPC issue is to sell the refineries off to private sector and then have NNPC face its primary work of regulation. The government can actually have NNPC working closely with whatever private investor to determine the equitable price of PMS and diesel such that the private investors will be in profit and exploitation is reduced to the barest minimum.

It is not rocket science, it can be done.

You cannot ask the government to hands off and then turn around to start asking them to be helping set the price of the product. If you are the private investor, will you agree? Unless the government wants to start paying off subsidies again, makes no sense.

The best structure is still the NLNG structure where both parties work hand in hand. NLNG run like a private company and they pay dividends to the govt through NNPC.

NNPC can be structured that way also. In fact that's what the drafter of the PIA that was passed intended.

GloriousGbola:
the problem is we have empirical evidence - all the govt run parasatatals were underperformers. from nitel to nepa to unipetrol to water corporation. NNPC is only thriving because oil is a high value commodity. and the returns are enough to mask the losses. there has to be a massive culture shift within NNPC, and i am not sure that can happen.

Of course, which is why I'm not calling for the same structure to remain but for the system to be revamped in a way where both the public and private sector can work hand in hand.

Look at the Nipost also, the advantage which Nipost hold is numerous but see It wasting away, the system can be revamped in a way to bring in private players as partner who will leverage on Nipost infra to elevate our logistics industry.

But so far so good, I don't understand what that lady appointed is doing, with how loaded her CV is. Look at our AI brother from Ogun state also.

Smhs

BlueRayDick:
Baba, the NLNG example u have clearly shows it is a public-private sector partnership . I’m sure the private sector team led by Shell and the others in the consortium take full control of the operations by virtue of their 51% shareholding . That way, u don’t have the workforce populated by redundant Civil servants who go to overseas training as form of paid leave , but see it as a learning experience to come back here to apply what they learnt on their work.

I don’t oppose to public-private partnership, but the current structure of NNPC will never work . The PIA provisions won’t solve anything . Registering NNPC as a Limited Liability company will not bring any visible result .

Registrating NNPC as Limited Liabilitu company owned by the FG is like taking a bottle of Gulder over beer and saying u are changing its name to Coca Cola while the contents remain the same . It will always remain a bear irrespective of the amount of christening u do for the gulder bottle .

Of course this current system is not working, that why I said it can work if it's structured properly just like how NLNG is being run.

The PIA might not solve all the problems but it does lay a good foundation that can be improved upon. The PIA didn't just say NNPC should register as a limited liability company alone, it als mandate them to hold an IPO, sell shares to the public (though it also mandate the FG should be majority shareholder in the interest of the country) and be run as a full public company.

Kyari just register NNPLCO alone and abandoned the other requirements of the PIA.

GloriousGbola:
i am not sure they will go all the way through in privatization because if they do NNPC will no longer be under control of the FG as i see it

Yes it will not be under the control of the FG as we know it anymore but PIA mandated that the FG should still hold the largest shares (I don't know the particular % now).

That way we still get revenue from there and still hold some form of influence in its decision making.

GloriousGbola:
kaduna refinery is a white elephant where people are paid for doing nothing.

lets say dangote bought over kaduna refinery, would that state of things continue? people being paid day in, day out, year in, year out with no output?

No it won't happen but the question or rather my response to BlueRay was that, if Dangote can buy and revive Kaduna refinery, why can't the government do so also? It's simply incompetence and corruption. They don't want it to work because they are getting money from it not working.

If we sell off all our refineries to Dangote for example, we practically become subjects to his price control mechanism. We've seen what Dangote can do with Dangote cement, do we want that with petrol and diesel also?

Also no reasonable government put all its energy needs at the hands of private entities, it's a recipe for instability.

Lastly, we can't keep excusing the incompetence of our leaders by just saying they should sell everything off and let the private sector handle it, we should be demanding them to do the fûvking job that they are elected to do.

BlueRayDick:
Government has shown it can’t really handle any successful business . I prefer government faces governance and leave business to the private sector ; let government earn taxes and levies from the private sector’s efficiency and superior profitability .

Well I disagree, NNPC (On behalf of the govt) owns the largest share of NLNG at 49% while Shell, Total and Eni combine holds the remaning 51%. That way the govt just can't wake up and make a decision without at least one of the other 3 supporting the decision to make it a majority. NLNG is a proof that government can still be in business and be successful at it when it's structured the right way.

The PIA that was signed by Buhari already mandated NNPC to register with a CAC and go public with its shares. Kyari only register NNPLCO and refused to hold an IPO.

Once the company goes public and hold an IPO, the company will be better run.

BlueRayDick:
I think NNPC should just be made regulator and not a player in the industry . If they take the refineries off NNPC’s hands and just have them remain regulators we would be surprised how effective the new owners of the refinery will be .

I want them to sell off most of the assets too but are we really ready to hands off our petrol refinery fully to the private sector knowing how petrol and disease impact alot of things in this country?

The idea that government must hands off everything to me is just excusing the government incompetence. You are elected to do a job, if you can't do it, then resign.

BlueRayDick:
I mentioned it back then that immediately Tinubu sacked Emefiele , Mele Kyari’s sack should’ve followed immediately. There was no justification for Kyari to have kept his job till 2025.

The Port Harcourt refinery restart date was postponed for almost 7 times if I am not mistaken . Yet, today we are told the plant is barely operating at 40% capacity sef .

Private operators in the oil and gas sector do Turnaround Maintenances as at when due and they carryon after its successful completion . They import parts and spares months before commencement of any proposed TAM, they have contractors mobilized as at when due , they have project managers working around the clock and deadline after deadline met . Plans are made , KPIs measured , strategies implemented, etc. There are consequences for actions and inactions .

But u will see NNPC failing over and over again and some people because of partisan politics will be defending their failure . Shior !

NNPC TAM 89% of the time is designed to fail so they can keep budgeting for it every eke market days.

Just like the Police, nobody that grows up in that system will be able to sanitize it because they are part and parcel of the rot.

Ojulari is from the private sector, hopefully we see some turnaround efficiency in that company in the nearest future.

Tinubu delays some some important decision and sometimes rush some important decision. Everything just seems uncoordinated.

BlueRayDick:
See u going philosophical after NNPC pour spit for ur face . 😂

You appointed urself NNPC spokesperson making outrageous claim that the refinery was delayed by audio saboteurs when almost everybody knows NNPC’s major issue is inefficiency in their workforce and systemic issues .

Some of u just cap gibberish to defend what u don’t know .

For your information , I have been privileged to work in an organization that has done successful Turnaround Maintenances ; the same TAM NNPC spends hundreds of millions of dollars on and always have nothing to show for . I may not be a technical/engineering person but I have seen TAMs done in the private sector ; not the yeye waste of our common resources NNPC always do without result .

You think this is me reveling in merriment ? No this is me telling u that u actually didn’t have an inkling about what was happening in NNPC But u were sticking ur neck out for them claiming imaginary saboteurs . Let private sector investors handle the refinery and see if it won’t work .

There will still be plenty revelation regarding nnpc in coming weeks. I believe it's part of the reason why Tinubu sacked Kyari and the entire board.

Kyari should've be removed since last year but "some influential people" kept pressuring Tinubu against appointing Ojulari and rather appoint a core Northerner to take over from Kyari. All those news of refinery this and that were to use to buy Kyari some goodwill to either remain or someone he recommends take over from him.

Wale Edun already announced that a proper financial audit of the entire nnpc including subsidiaries is currently ongoing, we'll begin to hear plenty stories and scandal soon enough.

Roland17:
Poor execution of late game possessions.

Both Doc Rivers and the players have blood on their hands. That was totally unacceptable.

greypencils:
Unbelievable how they couldn't hold on for 40 seconds. A certain Holiday would have made a steal to stop the bleeding but they traded him for a can of chips. Holiday for Lillard, Middleton for Kuzma. Senseless Front office.

Lillard own I can still stomach but Middleton for Kuzma has to be the worst trade ever.

Kuzma offers nothing in offense and nothing in defense. Uber useless.

All they just needed to do was run down the time during possession and let Pacers take the fouls but no, stupid turnovers

Roland17:
🤡 🤡 🤡

Let’s see his post season record since 2021..

Another gentleman 🧹 🧹

Bro Bucks were up by 7 with 40 seconds remaining and they went down 8-0 in 40 seconds.

Doc Rivers and the entire team should be fired.

Bucks

Just disband the whole team.

Offside

Bluelines69:
You’re right, Villa proved PSG can get rattled…..an equalizer by Arsenal here at the Emirates would be trouble for Enrique’s men

The thing is this PSG team can score goals aplenty. Arsenal can't.

Arsenal defense will have to be very good if Arsenal will stand a chance to progress.

Unlimited22:
One day very soon we'll have a conversation about Martin Odegaard.

For now, make we dey observe.

Them be dey compare ham to Bruno before o

This ref is trying his best to keep you guys in the game.

andrewbaba44:
Arsenal go still win

That Madrid game dey deceive Una about this Arsenal team.

odizeey:
Now I'm not advocating for always using young players.

But when the case arises, you make do with what you have, in our own case, Obi is need. Did you see the graph I uploaded?

You have to understand that Hojlund is our only striker in the Europa League, the only competition we are putting all our hope and the mofo is misfiring, Amorim wants to keep playing him till he hit at least some form for the Europa League.

I do agree with you though that Obi should be seeing more minutes in the league now that Zirzkee is injured.

Make Una carry all these rubbish Eastern conference teams comot my view jare.

Heat really scored 14pts in a must win game at home.

They need to disband at least 3 teams from the Eastern conference

Roland17:
Naaaa, we can’t continue with the excuses.

Doncic dragged a bunch of scrubs to the NBA finals while eating 5 McDonald burger, playing drunk and injured. But that has not stopped some from questioning his elite status.

Who are the bums Curry is playing with right now? Without Butler, this man is literally carrying a bunch of bench pieces in the playoffs while playing hurt.

Remember street clothes AD? He has never gotten a pass from most and his superstar status has been questioned over and over again.

Post 2021, what is Giannis playoffs record? He is at the verge of suffering another gentleman sweep again this season!

I do agree that he has to do better or maybe just maybe it's time to leave Bucks. He has hit his ceiling with that franchise, he needs a new challenge.

afrodoc2:

Abi Egbon Roland want Giannis for Boston, he come shenk them.

Roland17:
He is the most protected superstar in the history of the league. He gets a pass for consistently underperforming every post season. Post 2021, what has he achieved? No other superstar has enjoyed the litany of excuses that is continuously being made for this man.

He got Bud fired, turned down N. Nurse because, approved the trade of D. Holiday for another scam in Lillard (not any different from Booker), anointed A. Griffin, only to publicly embarrass him on National TV before subsequently getting him fired.. All for what? One measly ring!

A player that has not improved any aspect of his offense since he became an All Star in this league. Can’t shoot a FT, no jumper, 0 footwork under the rim, no floater, blanks 3s.. only offense is flat track bullying people with the refs on his side..

When is he going to carry this team in their worst? We have blamed everyone but the common denominator!

But that Bucks team sef no good at all. They can’t defend, can’t do pick n roll, can’t screen properly or even attack as a unit.

The rot goes way beyond Giannis Egbon.

Any franchise that recruit Doc Rivers after this shit show they are seeing should be disbanded.

larride:
Bucks player can’t set screens, can’t do pick n roll and can’t play defense. The amount of open 3s that Pacers has had tonight is ridiculous.

Very lazy bunch of players.

And Doc Rivers is their coach.

Clown to clown franchise.

Bucks player can’t set screens, can’t do pick n roll and can’t play defense. The amount of open 3s that Pacers has had tonight is ridiculous.

Very lazy bunch of players.

[quote author=Roland17 post=135151840][/quote]This Magic team stubborn ooo. And they know how to play bully defense.