₦airaland Forum

guardsman:
d handwriting is on d wall & d stealing is not corruption camp will soon start singing. Change has come. Buhari, d nemesis of d corrupt is here. Sorry Diezani, no place to hide your sticky fingers. Kirikiri straaaaaight!

atlwireles:
Moronic ediots, how much was NNPC suppose to return? Generated N8.1T, gave Nigeria N4.3. The remain was the cost of doing business. But most of you ediots will expecting NNPC to return N8.1T to the treasury.

Go and review the public balance sheet of the IOCs, most of you might learn something.

Highvotage:
So even if they were having under head, paying the whole Country salary, their cut (an agency of government) should have more than what the whole federation collected?
Why can't we for once call a spade a spade for Nigeria to move?

netizenbuzz:
I don't think you guys really understand what is going on here. All income from the sales of crude oil must go the the federal government first. That is what the cobstitution says. If nnpc needs to pay for cost, it has to pass through due process. They cannot on their own decide to pay for anything anyhow. Money going out must be approved. The money is also from the fedral account but at least it passes through the government. Nnpc doesn't have the monopoly power to spend above the nass approved budget.

SergeAlain:
My brother 4.3t as dividend from a business that sold N8.1t without any initial allocation from the FG (and spent N3.8t on salaries, JV cash calls etc.) is wonderful returns. Pick up the accounts of any quoted company and show me any that returns 50% profit!!! Also lets remember NNPC has over 15 subsidiaries including the 4 refineries etc. That company must have not less than 20,000 employees!!

By the way is Oshiomole expecting that a national oil company will return to the President each time they need to spend? If we want NNPC budget approved by the Senate that is ok lets say so - that would be a new demand, as it has never been so in any civil regieme. But bear in mind it will be counter productive and we will end up killing our oil and gas industry completely.

Anyway now we know the amount spent, it will be easy to investigate what it was spent on naaah! They should feel free to jail anyone if they can show clear evidence of monies stolen and trace them to any individuals. However, go and write it somewhere, that will never happen because they will find the money was actually spent by NNPC. you may fault their efficiency but they are not fools, people dont just dip hand in the coffers and steal money. Our corruption problems are not that simple.

joseph1832:
Bro I mind am oh!. I mind am wella. See how all the PDP vaudeville of pundits supporters shy away from this thread, only barcanista show up, even though say na opata him dey yan. But if na thread wey say make PMB declare him assets or appoint ministers, dem go swarm the thread like fly wey surround shit.

Tags: OREMUSSANCTUS, temitemi1, ECOTERRORS, Mogidi, whynotthetruth, truckpusher, SeverusSnape, INTROVERT, and gbo gbo aye dot com of PDP supporters.

Whynotthetruth:
I hate engaging folks who are only smart by half and act based on sentiments and misinformed standards...

1)Why not first educate yourself by picking up the NNPC act so that you understand their activities, before pouring spits all over the thread?...

2)How much is expended on operational costs and overhead costs of NNPC?...

3)Was any law contravened?... No because NNPC act allows them to make those expenses and remit the balance to FA...This stunt now is reminiscent of Sanusi $20billion saga which has been proved to be a hot lie and desecration of the seat of CBN by a deranged bigot due to partisan aspiration...

4)Oshiomole was playing politics with figures to shift blames...and retards like you will always fall for it...If $4.1billion was in ECA as at last NEC meeting and now it is $2billion...Has he crosschecked same figure with his finance commissioners because they meet MONTHLY with finance minister to deliberate on same figures?...Why not confirm from his finance commissioner first if he's being sincere?...NEC isn't regular but the latter is(Balance in ECA cum federation account and what to share is done in this meeting)...so we need minutes of such meeting not that of NEC...

5)Why not read again El-Rufai's speech...he's talking about future management of ECA and federation account because he has records of all...He's talking about maintaining the ORIGINAL PLAN for setting up ECA but unfortunately, that cannot happen again because same APC (Fashola & co) took Jonathan to court claiming illegality of ECA; and also current oil price may not even allow for ECA....they can't eat their cake and have it...

6)Buhari would have made such statement too if existing records available to him were contradicting?...

7)NNPC isn't part of NEC...So Oshiomole singing about it as evidence of change shows the reason behind his rants...

Finally, to avoid making your stupidity public...Always understand the operational laws of an organization before your naked dance of shame...

Thanks and nice day...

Cc. midolian

ideykwum:
Very sound and logical write up! Kudos!!

Whynotthetruth:
God bless and thanks boss...good morning!

2n2k:
I get your point but there is a lacuna. The constitutional provision is confusing on this matter. There is a difference between receipts and income. This same situation happened in BPE under El-Rufai during privatization in 2000 - 2003.

The question is - what should be remitted to the Federation account? Is it gross proceed or net of the cost of generating that revenue? In the case of Customs and Federal inland Revenue, it is easy because govt can easily meet the salaries and other overheads since they are service providing organizations.

In the case of NNPC and its joint venture partners, they are producing entities. If all money is remitted to federation account, all such money must be shared by the three tiers of govt. Note that the National Assembly has no power on federation account. It cannot approve budget for direct spending from federation account. Its powers are limited to the share of the FG out of the whole money.

That means once the money enters the federation account, all must be shared. Then NNPC, Shell, Mobil etc must wait for the legislatures at the federal level, each of the 36 states and each of 774 local governments to appropriate their own portion of the required production cost (cash calls) before they can have it and finance their operations!

Nigeria liquified gas company (NNLG) that is praised for efficiency is not run that way. It simply remits net proceed (profit and cost of gas due to FG) to the federation account. NNPC has a Board that oversees its operations. It is not the duty of shareholders of a commercialized companies to approve budgets, that is the Board's function. NNPC should be seen as a company, the way NNLG is seen, not an alternative ministry of petroleum.

I still maintain that NNPC is not a saint but not to the level being bandied.

mapet:
Bro,

You cannot not justify the unjustifiable and ignorantly doing so is even worse.

1. The fiscal regimes in the Oil and Gas Business is not only Joint Venture, so your cash-call arguement is flawed.
2. The average cost per barrel for Shell, Chevron, Mobil etc had always averaged a -$10. So spin it any how, average overhead cost cannot account for a whooping 4trillion
3. On PSC alone, government take is 70%, after Royalties and taxes. Government don't invest a kobo on PSC. Government starts collecting free money even from contract signing stage.
4. This is talking about moneies from Crude sales accruable to government. It is net of all the costs your talking about. Even at JV, government had paid the cash-call upfront i.e as at the time of drilling operations. You don't deduct cash-call as overheads from crude oil sales, and not without the approval of CBN.
5. These are the thing SLS was shouting to the high heavens back then that GEJ crucified him.

mapet:
I wonder why some of you demonstrate crass ignorance and do so bravely......stay off what you know nothing about....
1. This NNPC is not a quoted company. It is a combination of the regulator, the government intermediation agent, holding companies of all government subsidiaries.
2. NNPC's had spent the projected cost in cash-call ahead. It was captured in Federal budget, It was spent many months ago, NNPC did not go borrowing to fund Cash-call, In fact lately NNPC is tacitly asking companies to fund Cash-Call and back it out of sales.
3. NNPC has a small E & P company, NPDC, and it is one of the small time companies who just crossed over 100k bopd. NNPC hardly participate in drilling operations as they are not the operators of the JV Assets, IOCs do.
4. In some cases, Sales from Crude is done by the trading arm of NNPC and nets out charges and what is accruable to the IOCs. So it's the net that enters into government coffers

Spin it as you want. Almost 50% unaccounted revenue is criminal

Whynotthetruth:
I hate engaging folks who are only smart by half and act based on sentiments and misinformed standards...

1)Why not first educate yourself by picking up the NNPC act so that you understand their activities, before pouring spits all over the thread?...

2)How much is expended on operational costs and overhead costs of NNPC?...

3)Was any law contravened?... No because NNPC act allows them to make those expenses and remit the balance to FA(which is what they did)...This stunt now is reminiscent of Sanusi $20billion saga which has been proved to be a hot lie and desecration of the seat of CBN by a deranged bigot due to partisan aspiration...

4)Oshiomole was playing politics with figures to shift blames...and retards like you will always fall for it...If $4.1billion was in ECA as at last NEC meeting and now it is $2billion...Has he crosschecked same figure with his finance commissioners because they meet MONTHLY with finance minister to deliberate on same figures?...Why not confirm from his finance commissioner first if he's being sincere?...NEC isn't regular but the latter is(Balance in ECA cum federation account and what to share is done in this meeting)...so we need minutes of such meeting not that of NEC...

5)Why not read again El-Rufai's speech...he's talking about future management of ECA and federation account because he has records of all...He's talking about maintaining the ORIGINAL PLAN for setting up ECA but unfortunately, that cannot happen again because same APC (Fashola & co) took Jonathan to court claiming illegality of ECA; and also current oil price may not even allow for ECA....they can't eat their cake and have it...karma has caught up with them now and they want to turnaround albeit too late....

6)Buhari would have made such statement too if existing records available to him were contradicting?...

7)NNPC isn't part of NEC...So Oshiomole singing about it as evidence of change shows the reason behind his rants...

I am not saying there may not be shortfalls...but it will always correspond with PWC report of NNPC audit...not this political figures and manoeuvre by Oshiomole and APC...

9)Finally, to avoid making your stupidity public...Always understand the operational laws of an organization before your naked dance of shame...

Thanks and nice day...

Cc. midolian

TheGoodJoe:
I disagree. You can not sell Nigerian Crude under Gen. Abacha's regime and share the money anyhow. Impossible.

ideology:
Hehehe, like the ones in swiss banks hahaha

Guy you funny o o