₦airaland Forum

Holluwhakemmy:
Jokes of the Year
Let me just keep quiet
God bless president Tinubu Jagaban

iwaeda:
Atiku is the next President, Tinubu knows this, may God keep us all till then.

Guestmale:
Nigeria is truly a difficult country to govern,if corruption is not wickedness then what is corruption. What development can you achieve if the whole government institutions are full of corruption and fraudulent practices. Everyone agrees it is corruption that has been the bane of Nigeria development and corruption is truly a cog in the wheel of progress.

In other countries corruption attract long term imprisonment and even death penalty in some socialist countries.

Just because it's our candidate even if he or she is a confirmed murderer no problem.

WorldRichest:
Check the pages that I posted above if you can read and write. Meanwhile, Atiku will never ever rule Nigeria

ebukal67x:
No one is disputing the fact that Atiku is a consummate and seasoned administrator. The issue is that he is a thief and a criminal who has not been prosecuted due to the lack of evidence.

ogascomax:
You have to see corruption in a more broader way then just being narrow minded. Corruption does not stop development in it entirety. When laws and regulations are made to favour some individuals that is corruption but it does not stop development either. Let me give you example. In a bidding process for contracting. I may favour an individual or a company to get a project for a road construction that is corruption. One can give friends government contract to supply a particular items against others through an unfair bidding process. Whatever way contract is given as long as the work is done. We can see the process is corrupt but that does not stop quality of delivery of the project.
Most people just look at corruption in terms of stealing money. Most developed country today, their wealth was stolen at some point yet they also developed.
USA sponsors war around the world to steal money. Most European countries have engaged in one form of aid support just to divert money to some other things. Corruption is corruption and nobody should defend corruption but what I won't accept is that corruption itself destroys development. Nigeria politicians are very wicked and they want to see that the citizens don't rise. You don't know how wicked people can be that in an oil community very few big men will opposed the development of the area secretly by telling the companies not to empower the youth that if they do they cannot control them. So poverty is being weaponized in African especially .

adenigga:
Source: https://dailypost.ng/2025/12/23/obasanjo-yaradua-jonathan-tinubu-wouldve-prosecuted-atiku-if-he-was-corrupt-dele-momodu

lapintoz:
How about Halliburton and Intel. They were mana from heaven. Transactions consumated vide Special Purpose Vehicles.........

Dele is small boy trying to earn his paymasters confidence for more payouts!

ijustdey:
Nigeria will pay an interest of 11.85 percent per annum on the $3.3 billion “pre-export finance facility” (PxF) facilitated by the Nigerian National Petroleum Company (NNPC) Ltd and arranged by Afrexim Bank, TheCable can report.

Until now, the fine details of the transaction, which has a five-year tenor, had been withheld by all parties involved.

A similar cocoa-backed $800 million facility arranged for Ghana by its cocoa marketing board attracts an interest of 8 percent per annum.

Bilateral lenders, such as the International Monetary Fund (IMF), would typically charge 1-3 percent with a longer tenor.

In the details seen by TheCable, Nigeria pledged a total of 164.25 million barrels of crude oil — at 90,000 barrels per day — starting from 2024 to repay the loan through Project Gazelle Funding Ltd, an “orphan” special purpose vehicle (SPV) incorporated in Bahamas for the PxF.

Effectively, the NNPC has pledged 38.58 percent of five years’ worth of tax and royalty oil to secure the loan.

Nigeria pledges over $12 billion worth of oil
At the beginning of 2024, a barrel of Nigerian oil was sold at the international market at $77.93 per barrel, according to the Central Bank of Nigeria (CBN) data.

At $77.93 per barrel, the 164.25 million barrels of oil pledged by Nigeria equals $12.8 billion — about three times more than the facility taken.

Pre-2014, the national oil company used to remit an average of $3 billion from oil sales every month.

Officially, Project Gazelle Funding Ltd (PGFL) is the borrower while the NNPC is the “sponsor” and will pay with oil to the SPV to liquidate the loan.

To make the repayment, the NNPC will forward-sell 90,000 barrels per day of Nigeria’s share of offshore crude oil under the production sharing contract (PSCs) with the oil companies.

Under PSCs, the companies usually pay royalties and taxes by giving the oil equivalent to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Federal Inland Revenue Service (FIRS) respectively.

The NNPC in turn exports the oil on behalf of NUPRC and FIRS and remits the proceeds to the agencies.

This is part of the revenues paid into the federation account and shared by the three tiers of government.

But under the PxF, the revenue from 90,000 barrels per day will be used to service the loan in the next five years.

The loan arrangers will get a commission of $66 million or 2% of the facility, TheCable further learnt.

Nigeria will pay 2 percent penalty per annum in the event of a default.


‘DOLLAR LIQUIDITY TO STABILISE THE NAIRA’

The national oil company announced in August 2023 that the PxF was to support the federal government “in its ongoing fiscal and monetary policy reforms aimed at stabilizing the exchange rate market”, describing it as “a relief for the naira”.

It called the facility “crude oil repayment” with an upfront cash loan “against proceeds from a limited amount of future crude oil production”.

At the time, the dollar exchanged for an average of N775 in the official market and N885 on the streets.

The rates have now moved to N1,035/$ (official) and N1,230/$ (parallel).

Nigeria’s outstanding forex liabilities are currently thought to be over $7 billion.

In an explainer after announcing the PxF last year, the NNPC said its exposure is very limited, “covering just a fraction” of their entitlements and that “there are no sovereign guarantees tied to it”.

It said it “will also equip the Federal Government with the necessary dollar liquidity to stabilize the Naira, with limited risk”.

A strengthened naira as a result of the initiative, it said, “will lead to a reduction in fuel costs. This means that if the Naira appreciates in value, the cost of fuel will drop and further increases will be halted”.

It also ruled out subsidies, maintaining that a stronger naira “will result in lower prices from the current level, making subsidies unnecessary. The deregulation policy remains unchanged”.

Critics questioned NNPC’s involvement in getting loans to boost forex reserves when it should be concentrating its efforts on bringing in more oil revenues.

There were also questions over the decision to pledge the tax and royalty oil belonging to the entire federation to secure the loan.

Analysts also queried why the details of the deal were never made public.

https://www.thecable.ng/exclusive-nigeria-to-pay-11-85-interest-on-3-3bn-afriexim-nnpc-loan-pledges-164m-barrels-as-security/amp

Arostar2023:
So you also have to drag a whole nation down to probe a past governor? We know that many governors at some point have been probed and some even went to jail for corruption. Obi is not even in the ruling party...the present governor of Anambra is not his fan. And he is presently a thorn in the flesh of the ruling party. If you guys had anything on him,he would be in jail by now.

NovusHomo:
That is if those are not corrupt themselves.

But then, it is Dele Momodu, "Genius" talking. Always full of ish.

OLADD:
When he does, you can do the needful.

SmartPolician:
There are people who are more powerful than Nigeria's institutions. You cannot prosecute such people because Nigeria isn't designed to keep powerful people accountable. The concept of law and order is for broke Nigerians.

SmartPolician:
There are people who are more powerful than Nigeria's institutions. You cannot prosecute such people because Nigeria isn't designed to keep powerful people accountable. The concept of law and order is for broke Nigerians.

Guestmale:
The moment you gave unfair bidding in awarding of contract the corruption has stated. How do you expect someone that got contract through fraudulent way to execute a perfect job, never.

According to Google:
Corruption is the abuse of entrusted power for private gain, involving dishonest or illegal actions like bribery, embezzlement, and fraud, often by officials for personal benefit, but it also extends to private sectors, undermining trust, rule of law, and economic development by misallocating resources and hindering public welfare. It takes many forms, from simple bribery to complex schemes like cronyism, affecting governments, businesses, courts, and civil society.

Key Aspects of Corruption:
Definition: The misuse of authority or position (public or private) for illicit personal or group advantage.

Common Forms: Bribery, extortion, nepotism, embezzlement, kickbacks, influence peddling, fraud, conflicts of interest, and misappropriation of assets.

Where it Occurs: Government (politicians, police), business, courts, healthcare, education, sports, and even within non-profits.

Impact:
Diverts resources from public good.
Erodes public trust in institutions.
Threatens human rights and democracy.
Hindered economic growth and fair resource distribution.

Causes & Enablers:
Personal Greed: Unchecked desire for money or power.

Lack of Ethics: Weak personal or institutional moral standards.

Inefficient Systems: Weak controls, slow judicial processes, lack of transparency.

Cultural Factors: [/b]Environments where corruption is tolerated or expected.

Examples in Action:
[b]A politician taking bribes to award contracts.
A public servant demanding money for a basic service.
Corporations paying officials for favorable deals.
Using public funds for personal projects.

How will a country now progress if it involves in Corruption

ogascomax:
😂 You just went online and copy and paste information about corruption. I am not arguing or debating all those things but that itself does not negate what I said.
One aspect of corruption that was stated in water you said is giving an advantage to an individual or group. If you say corruption totally affect development, I supposed we would have had zero project because almost all project in Nigeria were giving to someone and we have 100 percent completion in several project. You think all the fly overs in River State, Ebonyi, Abuja, Delta etc were not awarded with corruption in the process.

WorldRichest:
Obasanjo calls Atiku a thief everywhere because Atiku outsmarted Obasanjo in the selling of all companies established by our funding fathers to themselves, their friends and families. Atiku sold NEPA, NITEL, Nigerian Airways, Ajaokuta Steel, Delta steel rolling mill, Osogbo steel rolling mill Eleme Petrochemicals and over 100 companies established by our founding fathers to himself, to his boss Obasanjo and to their families and friends at annoyingly giveaway prices that we qualify him for public execution in China

OLADD:
Bring up the evidence or you keep quite forever.

OLADD:
Bring up the evidence or you keep quite forever.

ebukal67x:
No one is disputing the fact that Atiku is a consummate and seasoned administrator. The issue is that he is a thief and a criminal who has not been prosecuted due to the lack of evidence.

Guestmale:
Yes I copied it from google and made mentioned of it.

If those projects are bidded for unfairly, believe me the money used in completing those projects can be used to complete two or three more of that projects. And how will government will able to do other projects if not through borrowing or taxation.

Wotowotoman:
Seun, why your bots no dey ban this kind comments

walozanga:
Ban u said? But you called the man a criminal and complain when they call your dad same. Make we try dey get sense for here

anonimi:
The type of Special Purpose Vehicles that Tinubu is using to borrow money on future oil sales below?

Any idea why he has failed to reach his N300/$1 short term goal despite the $84 billion subsidy savings that has made petrol and life unaffordable

lapintoz:
Do not worry, when it is the turn of your obi-pandora....he can probe the SPV PBAT is using. And turn N1 to $100.

Bitterleaf gang

anonimi:
Blissful ignorance kills faster than wrongful diagnosis of bitter leaf Stockholm syndrome affliction.


https://www.nairaland.com/7277602/peter-obi-reference-thread

Wotowotoman:
Show me where I call am criminal if you no want ogun to strike you this year

Bluntemperor:
SE MUMU talk!
The Book ' My Watch ' of Obj-Is Enough Bundle of an Encyclopedia Evidence against Atiku-looting of Nigeria,which he is heavily aware!
If you don't have anything reasonable to say, just mute,Mr Man!
See Nonsensical talk!