₦airaland Forum

GenBuhari:
Buhari supporters it time to stop responding to this thread.

The liars are not interested in the truth, it just keeps us from promoting what Buhari can do positively for Nigeria.

Ha ha ha Oga why you dey run now ? Come face dem. Show say you be man, say you no dey fear to hear true talk.

Oya post that ya spam when dem dey take BAN you every time. Post Boko Hari picture plenty, together with ten pages of cut-and-paste rubbish wey nobody go kukuma read am.

Ha ha ha come back o. No run like coward, and if you don decide say you go run by force, then kuku leave all ya people here, and stop that ya halla like goat, say make all of dem follow you run. If dem need to stay here, and chop more cane, that one no concern you at all. Just go ya own ha ha ha.

atlwireles:
I did not tell you 55% was saved ,I SAID N6,080B WAS NIGERIA'S 55% SHARE, AS STATED IN THE 1977 BUDGET, BASED ON THE 1974 SHARING FORMULA.

Petroleum production and export play a dominant role in Nigeria's economy and account for about 90% of her gross earnings. This dominant role has pushed agriculture, the traditional mainstay of the economy, from the early fifties and sixties, to the background.

Major Events in the history of the Nigerian Oil and Gas
1908
Nigerian Bitumen Co. & British Colonial Petroleum commenced operations around Okitipupa.

1938
Shell D' Arcy granted Exploration license to prospect for oil throughout Nigeria.

1955
Mobil Oil Corporation started operations in Nigeria.

1956
First successful well drilled at Oloibiri by Shell D'Arcy

1956
Changed name to Shell-BP Petroleum Development Company of Nigeria Limited.

1958
First shipment of oil from Nigeria.

1961
Shell's Bonny Terminal was commissioned.
Texaco Overseas started operations in Nigeria.

1962
Elf started operations in Nigeria. (As Safrap)
Nigeria Agip Oil Company started operations in Nigeria

1963
Elf discovered Obagi field and Ubata gas field
Gulf's first production

1965
Agip found its first oil at Ebocha
Phillips Oil Company started operations in Bendel State

1966
Elf started production in Rivers State with 12,000 b/d

1967
Phillips drilled its first well (Dry) at Osari –I
Phillips first oil discovery at Gilli-Gilli -I

1968
Mobil Producing Nigeria Limited) was formed.
Gulf's Terminal at Escravos was commissioned

1970
Mobil started production from 4 wells at Idoho Field
Agip started production
Department of Petroleum Resources Inspectorate started.

1971
Shell's Forcados Terminal Commissioned
Mobil's terminal at Qua Iboe commissioned

1973
First Participation Agreement; Federal Government acquires 35% shares in the Oil Companies
Ashland started PSC with then NNOC (NNPC)
Pan Ocean Corporation drilled its first discovery well at Ogharefe –I

1974
Second Participation Agreement, Federal Government increases equity to 55%.
Elf formally changed its name from "Safrap"
Ashland's first oil discovery at Ossu –I

1975
First Oil lifting from Brass Terminal by Agip
DPR upgraded to Ministry of Petroleum Resources

1976
MPE renamed Ministry of Petroleum Resources (MPR)
Pan Ocean commenced production via Shell-BP's pipeline at a rate of 10,800 b/d

1977
Government established Nigerian National Petroleum Corporation (NNPC) by Decree 33, (NNOC & MPR extinguished).

1979
Third Participation Agreement (throughout NNPC) increases equity to 60%
Fourth Participation Agreement; BP's shareholding nationalised, leaving NNPC with 80% equity and Shell 20% in the joint Venture.
Changed name to Shell Petroleum Development Company of Nigeria (SPDC)

1984
Agreement consolidating NNPC/Shel1 joint Venture.

1986
Signing of Memorandum of Understanding (MOU)

1989
Fifth Participation Agreement; (NNPC=60%, Shell = 30%, Elf=5%, Agip=5%).

1991
Signing of Memorandum of Understanding & joint Venture Operating Agreement (JOA)

1993
Production Sharing Contracts signed -SNEPCO
Sixth Participation Agreement; (NNPC=55%, Shell=30%, Elf= 10%, Agip=5%).
The coming on-stream of Elf's Odudu blend, offshore OML 100.

1995
SNEPCO starts drilling first Exploration well.
NLNG's Final Investment Decision taken

1999
NLNG's First shipment of Gas out of Bonny Terminal.

2000
NPDC/NAOC Service Contract signed

2001
Production of Okono offshore field.

2002
New PSCs agreement signed.
Liberalisation of the downstream oil sector.
NNPC commences retail outlet scheme

http://www.nnpcgroup.com/NNPCBusiness/BusinessInformation/OilGasinNigeria/IndustryHistory.aspx

After all said and done, did the 55% (bla bla bla) change the earnings (Gross) from N6,060.6B to whatever you said it was? was this 55% taken out of the N6.080.6B we earned as (Gross)? or how did you arrive at $14B and recently $19B?

honeric01:
After all said and done, did the 55% (bla bla bla) change the earnings (Gross) from N6,060.6B to whatever you said it was? so how did you arrive at $14B and recently $19B?

You are a joke!!! a serious joke. A man that would not do a simple computation, after explaining to you for almost three hours. Instead of you to be graceful, you are displaying your silly alamjiri madness. I thank God people like you will remain in your APC forever.

atlwireles:
You are a joke!!! a serious joke. A man that would not do a simple computation, after explaining to you for almost three hours. Instead of you to be graceful, you are displaying your silly alamjiri madness. I thank God people like you will remain in your APC forever.

I do not have time for cheap noise, just answer the questions i am asking you based on your own statements, is the 55% from the gross earnings (Oil) or what?

At least explain what this means since you posted it .."1974 Second Participation Agreement, Federal Government increases equity to 55%.
Elf formally changed its name from "Safrap" Ashland's first oil discovery at Ossu –I"

I am interested in knowing the effect of this on the N6. 060. 6B gross oil earnings in 1977

honeric01:
I do not have time for cheap noise, just answer the questions i am asking you based on your own statements, is the 55% from the gross earnings (Oil) or what?

At least explain what this means since you posted it .."1974 Second Participation Agreement, Federal Government increases equity to 55%.
Elf formally changed its name from "Safrap" Ashland's first oil discovery at Ossu –I"

I am interested in knowing the effect of this on the N6. 060. 6B gross oil earnings in 1977

With all due respect mister, you should return, your fake diploma back to whatever institution gave it to you. This is too sad to watch.

atlwireles:
With all due respect mister, you should return, your fake diploma back to whatever institution gave it to you. This is too sad to watch.

Chai Diariz God o. Too sad to watch a fake diploma holder attempting to communicate.

@ OP
Was it N2.8 billion or actually $2.8 billion Buhari and his cohorts stole,please don't mislead us

atlwireles:
With all due respect mister, you should return, your fake diploma back to whatever institution gave it to you. This is too sad to watch.

Okay, lets assume i got a fake diploma from the institution the PDP led govt funded, can you please educate me on the questions i asked you based on your own statements?

PapiWata:
Chai Diariz God o. Too sad to watch a fake diploma holder attempting to communicate.

Since you understood him perfectly, kindly help him explain to me what he meant with the aforementioned.

honeric01:
Okay, lets assume i got a fake diploma from the institution the PDP led govt funded, can you please educate me on the questions i asked you based on your own statements?



Since you understood him perfectly, kindly help him explain to me what he meant with the aforementioned.

I'm done with you., this joke has gone too far

atlwireles:
I'm done with you., this joke has gone too far

Don't run away na. the 55% equity, was it removed from the gross oil earnings or what since you brought it into the equation?

honeric01:
Don't run away na. the 55% equity, was it removed from the gross oil earnings or what since you brought it into the equation?

whoa, you really think you are saying something here

atlwireles:
whoa, you really thing you are saying something here

You have been talking since na, how come you're running from this question? complete what you started na. haba, you Harvard graduate, educate the so called diploma student.

honeric01:
You have been talking since na, how come you're running from this question? complete what you started na. haba, you Harvard graduate, educate the so called diploma student.

The only thing that needs completion is a withdrawal of your certificate. Sorry, your ignorance is appalling.

Myself2:
@ OP
Was it N2.8 billion or actually $2.8 billion Buhari and his cohorts stole,please don't mislead us

In 1977, N2.8 billion naira is more than $2.8 billion.
This tells you why Nigeria is undeveloped.
President Shagari would have built more power plants like Egbin with the money.
Instead Obasanjo and Buhari stole this money.
While Obasanjo used his own to open Otta farms,
Buhari used his own to buy 200 cows.

tit:
Buhari: Abacha is not kworrupt!
Buhari: It is only 253 handbags!!
Buhari: No $2.8 billion is missing!!!

hehehe,firstly,ask gej if abacha was not corrupt,dat is why he give abacha award,secondly ask atiku if it was 53 suitcase of dollar,thirdly ask obj if $2.8b is missing,finally tell gej not to rig election again.

tit:
Buhari: Boko Haram are freedom fighters!

ask bamaga tukur,if boko haram were not fighting for justice.

atlwireles:
The only thing that needs completion is a withdrawal of your certificate. Sorry, your ignorance is appalling.

Try completing what you started rather than resorting to insults. Show you are educated na.km

4Play:
This thread is both hilarious and depressing. A poster told a bare faced lie - that Nigeria did not earn up to $1bn in 1977 - and got at least 13 likes for it. Having told the lie, people like e-gift sought to defend the brazen mendacity but ended up highlighting how innumerate they are.

The reason why it's depressing is that it illustrates the overwhelming power of dishonesty in Nigerian politics. Nigerians simply do not have the intellectual curiousity and the cognitive capacity to distinguish lies from the truth.

It actually makes you question the wisdom of universal suffrage in our increasingly complex times.

Jesusloveyou:
hehehe,firstly,ask gej if abacha was not corrupt,dat is why he give abacha award,secondly ask atiku if it was 53 suitcase of dollar,thirdly ask obj if $2.8b is missing,finally tell gej not to rig election again.

By their posts we know them. Stop derailing this thread. Men of wisdom are on intellectual war but you carry your dirty mouth to spit rashes. May Omadioha forgive

https://www.youtube.com/watch?v=HvOmuks6zpU&list=PLRzmuN0KKXK9WjHW14Wmbe6K7F7pL7Y4V&index=35

To all PDP goons that are born to die lying go n listen to Fela beast of no nation. He told you the man who stole the 2.8 billion he is in the PDP

Nigeria gettin money

foreign money from oversea

announcement start to happen

newspaper carry dem paper

radio dey shout for studio

Obasanjo turn vocalist

Yardua road manager

7 billion Naira missing

missing from oversea

foreign currency scandal

dey start to arrest everybodyo

e no finish, e no finish, e no finish

doctors, lawyers, Ingenious, photographers all of dem kirikiri 10 to 15 years of jail

after one year inside jail civilian government take over

Dem release all of dem
Dem say dem be innocentio

e no finish, e no finish, e no finish

Two point eight billion Naira

Oil money is still missing

Dey set up inquiry

Dey say money no lost eo

Dey dabaru everybody

supervisor Obasanjo

Dey say make him no talk o

Money no lost dem shout again

Inquiry come closeoo

e no finish, e no finish, e no finish

election story inko

Obasanjo plan am very well


Your likes can only fool myopic PDP lovers n Gullible Nigerians. You can not fool all Nigerian at all times. No matter how far your lies n deceit travelled truth has caught up with it n its time to expose your lies. This is not 2011 where you tell cheap lies n some of us watch hoping for change from the tif that declared that stealing is not corruption. One wonders if he's reelected if he won't declared that armed robbery is not corruption.

Nigeria Crude oil production increased to 395.7 million barrels in 1970. The volume of crude oil exports dropped to 390.5 million barrels in 1987. Oil revenue increased from N166.6 million in 1970. Nigeria was not even earning $2.8 billion in crude oil in 1987.

How or where did Buhari got the $2.8 billion you claim he stole from when Nigeria never made such more in 1987 ? You have senselessly forgotten that the naira was virtually to the dollar in 1987.

http://www.ccsenet.org/journal/index.php/jsd/article/viewFile/14891/10727

PapiWata:
The weeping general is well known for polluting the air and the airwaves with extremist propaganda and threats to attack the state in the wake of his periodic election defeats, so it is at least a nice change to see the serial loser now ready to "clear the air" with respect to his attempted "transfer" of hard currency in 53 suitcases, to the UK, for ahem, safe-keeping in the weeping general's offshore account, back in the 1980s when he was a coup-plotting "reformist".

Your post indicates that you were either not yet born or a minor during GMB era. But then a glance at history or better still reading to understand the topic will do you a lot of good. Just as the topic rightly pointed out the suitcases where in-bound not outbound. Is it clear?