₦airaland Forum

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Jungle Justice,,,,,,

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BS

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Watery oil....

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INVESTIGATION: NNPC caught in procurement fraud, sells multi-billion naira slop oil to non-existent firm

The first two bid-winning companies of the Nigerian National Petroleum Corporation (NNPC)’s controversial slop oil sale have been found to be owned by the same directors just as PREMIUM TIMES has found that the third preferred company – the eventual bid winner – is not registered at the Corporate Affairs Commission (CAC).

These are but some of the fresh facts tumbling out of the closet at the NNPC weeks after the Group Executive Director (GED) Refinery, Mustapha Yakubu, supervised a controversial bid that saw scarce slop oil – traditionally reserved for local industries – being controversially offered to preferred bidders that are export companies. The slop oil consignment is domiciled at the Port Harcourt Refining Company (PHRC).

Figures from separate financial bids submitted by the three companies are a window to the behind-the-scenes manoeuvres that underpinned the entire bid exercise. Specifically, they show that the three preferred bidders, namely Sign Oil &Gas Ltd, Synthesis Integrated Pure Oil and Gas Limited and Kurpo Energy Ltd possibly took cues from NNPC insiders and decision-makers.

While Nigeria’s public procurement rules forbid any form of insider dealing, abuse of process and collaborative exploitation of nonpublic material information, the financial quotes submitted by the three export companies suggest everything but the contrary.

A six-naira difference is a common factor in their three separate financial bids. While the first preferred bidder, Sign Oil & Gas Ltd quoted N111.00K per litre, the second preferred bidder Synthesis Integrated Pure Oil quoted N6 less at N105.00K per litre while the third preferred bidder, Kurpo Energy Ltd bid N99.00K per litre – a further N6 lesser than the second.

Checks at the Corporate Affairs Commission (CAC) by PREMIUM TIMES confirmed the worst suspicion. The first and second preferred bidders are owned and promoted by connected individuals. While the first preferred bidder – Sign Oil & Gas Ltd – has Orereh Kingsley and Orereh Oghenetejiri as directors, the second preferred bidder – Synthesis Integrated Pure Oil and Gas Ltd – has Orereh Kingsley and Orereh Oghenerukevwe as directors.

The checks threw up even more startling revelations: the third bid winner, Kurpo Energy Ltd, was not registered with the CAC as of Tuesday morning, suggesting that the NNPC was either complicit in a monumental economic crime or that it failed to carry out due diligence on the transaction.

Weeks back, PREMIUM TIMES reported how cash-hungry NNPC officials sold off to an export company 30 million litres of slop oil reserved in Port Harcourt Refinery as a national strategic stock.

The sale, carried out under a shady bid process, got industry stakeholders, particularly local manufacturers, reeling because slop oil has never been exported in the history of the NNPC. What’s more, the taboo transaction was capable of precipitating disastrous knock-on effects on local industries thereby sabotaging the Buhari administration’s economic programmes.

For local manufacturers in Nigeria – particularly those in labour-intensive industries like textiles, cement, rubber processing, food and beverages – slop oil is the only alternative to Low Pour Fuel Oil (LPFO), a product of fractional distillation that keeps the boilers of manufacturing industries running. The LPFO is also used in power generating plants to get around the challenge of acute gas shortages.

However, 24 months ago when the Port Harcourt, Warri, and Kaduna refineries completely halted the refining of crude oil to give room for major rehabilitations slated to last 44 months, LPFO as a corollary has gone off the market. With this harsh reality, it is the slop oil that has come in as a stop-gap arrangement and indeed a last-ditch measure to keep the many beleaguered but still faithful local industrialists from moving their operations to neighbouring countries.

Industry watchers are baffled at the uncanny coincidences of each of the first three preferred companies bidding N6 differently from the next. To them, the bid appears very well-coordinated and lacking in character.


PREMIUM TIMES learned there have been a lot of behind-the-scene moves since the bid winners were announced. The first allocation issued to Sign Oil & Gas on June 22, 2021, expired with the company unable to meet a 10 working-day deadline for payment.

On July 8, 2021, the allocation was transferred to the second bid winner, Synthesis Integrated Pure Oil at N105.00k per litre instead of N111.00k per litre. It came with a 10-day deadline. Like Sign Oil before it, Synthesis was also not able to meet payment obligations.

True to the expectations of keen watchers wary that the entire bid exercise was a deception ab initio, the slop oil allocation fell on the lap of the third preferred winner, Kurpo Energy Ltd at N99.00k per litre. This development has generated widespread belief in the oil industry that not only was the bid process tailored to sell the slop oil to handpicked bidders but also at the lowest quote possible.

https://www.premiumtimesng.com/news/headlines/484354-investigation-nnpc-caught-in-procurement-fraud-sells-multi-billion-naira-slop-oil-to-non-existent-firm.html

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Governor Willie Obiano of Anambra state has issued a counter order for resumption of full and uninterrupted socioeconomic activities in the state from Monday 13th September, 2021.

According to the press statement released in the early hours of Saturday 11th September 2021 by the state commissioner for Information and Public Enlightenment Mr. C. Don Adinuba, the executive order was given after series of high-powered security meetings with stakeholders in the state economy.

The press statement reads: ” Following the directive yesterday by the Secretary to the State Government, Professor Solo Chukwulobelu, to banks to operate fully on every working day throughout the state, it has become necessary to explain to the people of Anambra State that the order also affects other sectors of our people’s socioeconomic life.

All markets as well as motor parks and commercial vehicles are henceforth to operate fully every Monday and any other weekday except any day declared work-free by the appropriate authorities.

“Before Governor Willie Obiano led a meeting yesterday between heads of security agencies and bank executives in the state, including those from the Awka branch of the Central Bank of Nigeria, he had personally held frank and rewarding discussions with a large spectrum of leaders of the transport union and market association in Anambra State on why they had for the past five weeks been shutting down their businesses every Monday.

“The transporters, for instance, attributed their action to the inability of commuters to come out for regular business owing to fear of attacks by unknown gunmen men while traders explained that without banks opening on any day it was difficult to keep proceeds of the day in a safe place.

“The bankers, on their part, argued that without markets opening and people going about their normal business, there was no need to open their doors to the public.

“It is axiomatic that the good people of Anambra State and, indeed, the Southeast have for the past five weeks been grappling with a vicious cycle on a grand scale. Some pupils have missed terminal terminations, with all the grave implications for the competitiveness of the youngsters and for the future of our state.

“A number of small-scale restaurateurs have had their entire investments destroyed by these non-state actors for coming out to pursue their legitimate business, through which they feed their families, pay house rents, pay for the education of their children and take care of friends, relatives, associates and other dependents.

“Some have lost their cars and motorcycles, their sole means of livelihood, to these non-state actors. The less lucky ones have lost their limbs and even lives most gruesomely in other parts of the Southeast.

“Since no responsible government can stand akimbo while the future of its people is destroyed gratuitously, Governor Obiano held useful discussions in the last couple of days with relevant groups with a view to freeing members to pursue their legitimate businesses.

“After all, the leadership of the organization on whose instructions some persons claim to enforce the stay-at-home order has since rescinded the order.

“The Anambra State Government directive to banks, traders, transporters, other groups and individuals to resume full economic activity throughout the week with effect from Monday, September 13, 2021, was informed by the yearnings of these stakeholders.

“Adequate arrangements have been made with all security and intelligence agencies to provide adequate security for the people of Anambra State. All dark spots in the state have been identified and far-reaching measures taken to end the blights.”

https://independent.ng/obiano-ends-ipob-monday-stay-at-home-blight-on-anambra-people/

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Next stop.......

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Join the strike!

BullShit......Nigeria is done!

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Enoughs enough already!

Nigerians who wish to travel to Caribbean countries and parts of Europe have been provided with the opportunity to tour their dream countries with provision of “strong passport” which would not warrant the use of visas.

Winnington Citizens & Partners, a visa processing and citizenship acquisition agency, disclosed this at a media chat in Abuja Friday.

The Firm’s managing partner and chief executive officer, Mrs. Winnie Omojo Okoh, while unveiling the various packages available for processing, said the organisation, asides providing the opportunity for Nigerians to acquire second citizenship of their choice countries at ease, it also “provides a means of accessing business opportunities, education and health care services in other countries.”

Okoh said the Firm aws partnering five countries in the Caribbean to market their citizenship by investment for those who want to acquire second citizenship and “a strong passport that will take them up to 160 countries without using visas.”

“I have heard of many people that have missed business opportunities because they were not granted visas, but at least with this passport, they could access the countries. If you want to go to school abroad we can help you get admission and package you in a legal way then you go. You don’t have to go and become another thing in another man’s country.

“We also partner with five countries in the Caribbean to market their citizenship by investment for those who want to acquire second citizenship, a strong passport that will take you to up to 160 countries visa-free. Yours is just to buy a ticket and hop into the plane and avoid all the embassy’s problems. And this citizenship will give you access to good health care and good education for the children.

“Once you get this passport, it passes from generation to generation. It doesn’t terminate, except you are found wanting or found to be a criminal. Once it expires you renew it automatically you become a citizen of that particular country. With that passport you can settle in the UK also. You can stay in the UK without a visa,” she said.

While explaining the economic impact of the business on Nigerians, Mrs. Okoh said it would afford Nigerians who wished to study some professional courses in countries of their choice, to have access to education or do business of their choice, provided it is legitimate.

https://www.blueprint.ng/nigerians-can-now-travel-across-160-countries-without-visas/

Dear Buhari,

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Let me look into....

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Na wa ohh....

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lol

How we go get dollar?

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