₦airaland Forum

Welcome, Guest: RegisterLoginWith GoogleTrendingRecentNew

Stats: 3,330,026 members, 8,443,543 topics. Date: Sunday, 12 July 2026 at 12:11 AM

Toggle theme

Revealed: Diezani Sat On $14bn Oil Deal With India-Daily Trust - Politics (4) - Nairaland

Nairaland ForumNairaland GeneralPoliticsRevealed: Diezani Sat On $14bn Oil Deal With India-Daily Trust (35086 Views)

1 2 3 4 5 6 7 Reply (Go Down)

Re: Revealed: Diezani Sat On $14bn Oil Deal With India-Daily Trust by neocortex: 9:30am On Aug 23, 2015
This Indian commissioner is crying because of the concession they failed to get.
When does it become mandatory for Nigeria to grant any bidding country oil
concessions ?

Note that this started since 2006 , but I know the zombies won't see that.
Re: Revealed: Diezani Sat On $14bn Oil Deal With India-Daily Trust by agitator: 9:30am On Aug 23, 2015
makzeze:
The former Minister of Petroleum Resources, Mrs Diezani Allison Madueke, failed to sign a long-term agreement with New Delhi, Nigeria’s Number One oil buyer, but rather used intermediaries in the annual $14 billion deal, the Indian High Commissioner to Nigeria, Ajjampur R. Ghanashyam, has revealed.
Speaking in an interview with Daily Trust on Saturday at the weekend, the High Commissioner stated that Nigeria is the only country who uses intermediaries in its oil deals with India, saying, “From other countries, when we buy oil, whatever we want to pay, we pay to the Ministry of Finance of that country. In Nigeria, we pay to intermediaries. We would like to be dealing directly with the Nigeria National Petroleum Corporation (NNPC). It’s not a good thing. Why should we go through intermediaries? Secondly, we would also like to have long term agreement, which we have with many countries: Iran, Iraq, Saudi Arabia, and other countries from where we buy oil. Nigeria is the only country with whom we don’t have an agreement. .. When we write a letter to NNPC, we don’t get a response.”

The NNPC 2014 Annual Statistical Bulletin indicated that India bought 136,419,844 barrels of crude oil, at a time when the United States’ own purchases from Nigeria was 24,047,758. China’s oil purchases from Nigeria also went as low as 11,412,275, despite the fact that it is one of Nigeria’s major trading partners. Next to India in oil purchases from Nigeria is the Netherlands, which imported 101,953,572 barrels of crude oil in 2014. Spain is next with 79,647,587 barrels, then South Africa comes fifth with the purchase of 51,148,821 barrels of crude oil from Nigeria.

The Indian High Commissioner added that apart from the lack of long-term agreement between the two countries on crude oil purchases, in 2006, an Indian company, Oil & Natural Gas Commission Videsh Limited (OVL) and Mittal Energy International, which is a joint venture between OVL, an Indian government company, and Mittal Energy a private firm, applied for oil concession. The Signature bonus sum of $25 million was paid, but neither was the oil concession granted nor the money paid returned to the Indian companies.
He lamented the situation thus, “How many years is it? Nine years. Even to get the concession is not possible, and the money is not refunded to us.[size=16pt] For nine years your country has been sitting on this, and they make us go round and round and round. [/size]We buy $15 billion worth of crude oil per year and we have the potential of importing $50 billion worth of crude oil from Nigeria. We can buy more because our requirement is going up. But if you continue to make us to pay through agents, and continue to ask us to buy from the swap market, it means you don’t trust us, and if you don’t trust us, we have to look for those who trust us more. We are making concessions to Nigeria by buying your crude oil because you’re our old friends and we’ve been friends for a long time, and your crude oil is better quality. But you must take our interest into account.”

Checks by our reporter at the Department of Petroleum Resources (DPR), Abuja at the weekend revealed that the letter for the signature bonus was prepared by the department, but the former minister failed to sign it until the end of the tenure of the Jonathan administration.
Recently, the Indian Prime Minister Narendra Modi visited the United Arab Emirate (UAE) and signed a deal to deepen Indian trade with the Gulf State, and it is feared that the agreement could mean more oil export from UAE to India, which could affect Nigeria’s share of the oil trade.

Though Mr. Ghanashyam said India’s trade with UAE may not threaten India’s oil import from Nigeria, he revealed that there are other overtures from oil producing states.
According to him, “Today, oil is the buyers’ market, not the sellers’ market. You can’t sit on your high horse and dictate to the buyer. From Iran we used to buy 11 million metric tonnes. They want us to raise it to 22 million metric tonnes because the sanction is being lifted. They want to come back in full force. The last time our prime minister went to Iran, they said they wanted to invest between $8 billion and $10 billion in India. Saudi Arabia has offered to use their own oil fleet to supply crude oil to India. That means we get transportation at Saudi’s cost, that is a difference of 50 cents per barrel.

Countries are trying to woo India because we are the third largest consumer of oil in the world, after the United States and China, .. and we need more. Every year we need between $6 billion and $8 billion additional worth of crude oil. We will go everywhere to buy crude oil.”
Already, Nigeria has lost oil deals with both the United States and China in the last few years. China, which used to import crude oil from Nigeria has shifted its loyalty to Angola, Daily Trust on Sunday gathered. Though no official of the Chinese Embassy could be reached for an explanation to the decline of the Asian country’s oil deal with Nigeria, Mr Charles Onunaiju, who is the Director of the Center from China Studies in Abuja attributed it to the instability in Nigeria’s oil sector.
According to Mr Onunaiju, “China imports more from Angola because of the instability in the oil industry. Also, they are reaching out to Saudi Arabia, Iran, Venezuela. There’s also a huge deal with Russia which is being struck for the supply of some $400 billion worth of crude oil over the next 30 years.”

Meanwhile, the Indian High Commissioner told our reporter that the attempt by two Nigerians to cross the Indian border with Pakistan to join ISIS came as a surprise to the mission in Nigeria.
According to him, “The students came from Kano and went to Bangalore to study. We’ve been liberal about granting students visas to Nigerians. With what has happened they have broken the visa rule, so when students apply to us for visa we have to do more checks. It’s quite unfortunate.

source:http://dailytrust.com.ng/news/news/revealed-diezani-sat-on-14bn-oil-deal-with-india/107666.html
[size=16pt]I didn't know Diezani had been minister of petroluem for nine years, that woman should be stoned in her hospital bed. [/size] angry angry angry
Re: Revealed: Diezani Sat On $14bn Oil Deal With India-Daily Trust by socialmediaman: 9:31am On Aug 23, 2015
4Play:
I have a simple question for you partisan propagandists. You must have noticed that the High Commissioner was speaking in the present tense, why haven't we implemented the things he's requested like signing the agreement as I have noticed that Madueke is no longer in power?
That's because NNPC is being cleaned up, these agreements will be reviewed and investigated, do you expect to rebuild a delapidated house overnight? There are thousands of deals and things gone wrong under NNPC, some will be discovered on the job while some are already known, its gonna happen gradually, rebuilding an almost destroyed system takes time...
Re: Revealed: Diezani Sat On $14bn Oil Deal With India-Daily Trust by agurza(f): 9:31am On Aug 23, 2015
willycrown:
What I have been seeing on Nairaland of late is shameless display of ignorance and lack of dept. If you know anything about international oil market, you will know that Swaps are the most popular hedging instrument used by oil and gas producers to hedge their exposure to volatile oil and gas prices as hedging with swaps allows them to lock in or fix the price they receive for their oil and gas production.

By insisting on this mechanism, Diezani should be applauded rather than vilified.

I sincerely belief our educational systems need comprehensive overhaul. We are a country of "dafties". Shamefull!
Hey mister India is the third largest consumer of crude oil in the world yet it is only Nigeria that deal with her through third party, that they pay directly to other countries central banks but here they pay it that third party, yet to you Nigeria is more educated than all these other countries and Madeuke should be applauded for that. Yet you call yourself educated! Nigeria system of education really needs overhaul indeed. What a country, what a youth, what a generation. So pathetic
Re: Revealed: Diezani Sat On $14bn Oil Deal With India-Daily Trust by menxer: 9:31am On Aug 23, 2015
Wailer: so APC has graduated to using foreign high commissioners for their propaganda?
gringringrin
Re: Revealed: Diezani Sat On $14bn Oil Deal With India-Daily Trust by 4Play(m): 9:34am On Aug 23, 2015
Jesusloveyou:
u mean, PMB should just sign what he has not see, is like u and 4play did not read d report, d high commissioner said they don't want to do business with intermediaries, that they would have sign $50b worth of crude oil, but because of corruption, that d money suppose to be paid directly to govt, d agreement can now be renewed when minister comes in,
So how do we, including you as an ordinary individual, know the failure to sign the proposed agreement is bad if the present Govt with all the resources at its disposal is yet to apprise itself of the contents and to satisfy itself that it is in the interest of Nigeria? That is my point about threads such as this and their sensationalisation. News is spun in a way to cast the previous regime in the most negative light.

Was Madueke corrupt? Absolutely yes. Does this news prove it and provide greater insight into her corruption? I don't think it does.
Re: Revealed: Diezani Sat On $14bn Oil Deal With India-Daily Trust by teadrake(m): 9:37am On Aug 23, 2015
FOLYKAZE:
That you find it hard to accept your praise Lord is an authoritative thief does not mean you should bark at justice.

These people are stealing your future and that of your unborn children. These people are taking whats belong to the nation as their personal properties. They become demi-gods so that your parents, yourself and children will be bounded in poverty slavery. How much is your father's salary? Is he not doing a hardwork? But how much does he earn in a month? How much does Diezene who doesnt do a job harder than your mom does earn? They steal and steal everything and all you are expected to do is to cowardly bark at justice.

Look at the country and ask yourself what is working. If your father develop a stroke, he will dies because the hospitals around does not have any facilities to handle stroke while Diezena will fly out on air ambulance to spain for treatment. If your mother travel from the north to south in a public or private car, she will developed body pains because the road is too bad but you can defend a theiving person who fly around like bird in chartered Jet with out common wealth. Do you know what the standard of education is in India? They steal your money are send their wom children abroad while you lavish in annually striking varsity with poor facilities. Your Granny pension is stolen, he/she is left to die like a rat beating by the rain. Your parents were paid peanuts for working HARD while the Oga you support steals largese of their sweat. Your entitlements and benefits were stolen and all you can do is to shout around like a dog that lost it bone because Diezene is from your tribe.

Sorry for the son of the meat seller who fight over bone and praise those that steal the big flesh. It is a shame tribalism and bigotry has beclouded you.
May your Tea never lack Sugar bro for this wonderful "breakfast"
Re: Revealed: Diezani Sat On $14bn Oil Deal With India-Daily Trust by esere826: 9:37am On Aug 23, 2015
makzeze:
....
Dude although you simply used the title provided by a newspaper publication for this thread
but we really need to be careful about re-echoing certain things

Now I don't know if you're one of the down down Jonathan &PDP, up up APC & Tinubu crew or just a Neutral guy

but the framing of this news is so pedestrian and pandering to external national interests
a bloody diplomat from another country who is only after his personal and national interest possibly to the detriment of ours
should not be setting the agenda for how we engage with our natural resources
the journalist ( and I hope you do not share his or her sentiments) is acting naively for the sake of providing news

...its a case of selling birthrights for plates of porridges
Re: Revealed: Diezani Sat On $14bn Oil Deal With India-Daily Trust by IYANGBALI: 9:38am On Aug 23, 2015
The best punishmeent for this woman,after recovering the stolen money, is for all men in Nigeria between the ages of 21-45 to fok her round,for that her frog eye to comot for ground. Haba her own thief thief too much. Wait and see how her children will come and attack me here,just watch
Re: Revealed: Diezani Sat On $14bn Oil Deal With India-Daily Trust by otr1(m): 9:39am On Aug 23, 2015
4Play:
Ah, the expected emotionally incontinent outburst. Your post does not seem to address the substance of my post. My view is that the scale of looting under GEJ has been exaggerated and that this will become apparent to Nigerians in future because the alleged loot will not be recovered to any sizeable degree. There is nothing in my post that claims that recovering loot is easy and should all be accomplished already.

This thread epitomises the exaggeration of corruption under GEJ's regime. If the failure to sign the oil agreement with India is an unconsionable symptom of corruption, why is the agreement unsigned as we speak? How many months does it take to sign this agreeement, the absence of which it is suggested amounts to condoning or perpetrating corruption?
So in just 3 months in office, Buhari must have uncover every shady deal of the last administration? You certainly take Nigeria for a small retail shopgrin
Who even told you the agreement papers is not in some toilets as we speak?
Now that the issue has been brought to notice, watch if Buhari will allow Jonathan's intermediaries to continue doing business with India on behalf of Nigeria.
If inheriting tens of billions of dollars on assumption of office with close to no debt and leaving that office 6years later with huge debts with close to nothing in the treasury (considering the fact that we made more revenue during his time and nothing on ground to show for it) is being exaggerated by a few media reports, then I pity anyone who would entrust even a kobo in your care.
Definitely to you also, stealing is not corruption.
Re: Revealed: Diezani Sat On $14bn Oil Deal With India-Daily Trust by 4Play(m): 9:40am On Aug 23, 2015
agitator:
[size=16pt]I didn't know Diezani had been minister of petroluem for nine years, that woman should be stoned in her hospital bed. [/size] angry angry angry
That's the thing about these stories that I am trying to drum into these people's heads. We know that Diezani is corrupt but articles like this don't seek to provide illumination but to obfuscate matters and convey the impression that GEJ's regime stole all the money. Some of these practices were in place since at least the OBJ era and remain in place as we speak!
Re: Revealed: Diezani Sat On $14bn Oil Deal With India-Daily Trust by CallPolice: 9:44am On Aug 23, 2015
So Mr Know it all. What happens to other countries that are not using this methods?

willycrown:
What I have been seeing on Nairaland of late is shameless display of ignorance and lack of dept. If you know anything about international oil market, you will know that Swaps are the most popular hedging instrument used by oil and gas producers to hedge their exposure to volatile oil and gas prices as hedging with swaps allows them to lock in or fix the price they receive for their oil and gas production.

By insisting on this mechanism, Diezani should be applauded rather than vilified.

I sincerely belief our educational systems need comprehensive overhaul. We are a country of "dafties". Shamefull!
Re: Revealed: Diezani Sat On $14bn Oil Deal With India-Daily Trust by saintandsinnerz: 9:52am On Aug 23, 2015
sevule:
There are 2 things here
1. A concession deal was signed with India because they buy a lot of crude from us.
2. The NNPC sells oil through intermediaries to India

While we may exonerate the last administration on account of the concession deal, they are wholly to blame for buying oil through intermediaries. You need to read the damning interview again! The Indian high commissioner said that Nigeria is the ONLY country in the world that sells oil through intermediaries! Take note of the word ONLY.

This was obviously done to ensure that the third party agents get illegal fees on EVERY barrel of crude oil Nigeria sells! And if you go back further enough, you would discover that these third party agents are linked to the Minister and corrupt government officials. Diezani obviously didn't want this corrupt practice to stop for 2 reasons

1. The NNPC does NOT want the funds that accrue from the sale of crude oil to be deposited directly with the CBN. They want to be in a position to say how much was received and also decide when and how much of the money they would eventually remit to the Federation
account. Obviously they can quote a much lower figure than was actually received and they can also gain interest by holding on to the funds.

2. The illegal and corrupt kickbacks that the third party agents would receive from the sale of crude oil would obviously find its way back to the Minister, her cohorts and other influential government officials.

I have always said that the NNPC is a CESSPIT of CORRUPTION and this interview obviously proves it. Hopefully the new MD is able to restructure it, nut it would definitely NOT be an easy task. I think it is also high time that the NNPC is privatized.
I respect your opinion bro, but there is always a two side to a story. Having said that, what you need to find out is whether selling through intermediaries is a legal govt. policy. And also if (selling through intermediaries) was a brain child of the immediate past govt or the minister of petroleum. Don't reach judgement in anything without having all the facts to avoid mistakes. That an Indian high commissioner complains about buying through a third party doesnt make the process illegal. After all, he is only protecting the interest of his country. Like I said before , I'm not in any way defending anybody, but we must resist the temptation of sliding into the position of believing anything they said about people we don't supposedly like.
Re: Revealed: Diezani Sat On $14bn Oil Deal With India-Daily Trust by 4Play(m): 9:53am On Aug 23, 2015
otr1:
So in just 3 months in office, Buhari must have uncover every shady deal of the last administration? You certainly take Nigeria for a small retail shopgrin
Who even told you the agreement papers is not in some toilets as we speak?
Now that the issue has been brought to notice, watch if Buhari will allow Jonathan's intermediaries to continue doing business with India on behalf of Nigeria.
If inheriting tens of billions of dollars on assumption of office with close to no debt and leaving that office 6years later with huge debts with close to nothing in the treasury (considering the fact that we made more revenue during his time and nothing on ground to show for it) is being exaggerated by a few media reports, then I pity anyone who would entrust even a kobo in your care.
Definitely to you also, stealing is not corruption.
Look at this obtuse straw man argument. There is nothing in my post that you quoted that explicity or implicitly claims that Buhari should uncover every shady deal within 3 months. It is said in this thread that the failure of Nigeria to sign an agreement is a symbol of corruption, yet that failure continues unpertubed and by implication, the alleged corruption continues as we speak. It is quite simple: if the lack of a signed agreement is bad, then sign it. If you can't tell whether it's bad or not because it's too early, then sensationally claiming that it is a sign of corruption is glaringly misleading as you are effectively contradicting yourself.

To even say that Nigeria had "close to no debt" when GEJ assumed office beggars belief and exposes you as an ignoramus. If the debt left at the expiration of his tenure is so objectionable, why has the present Govt added susbtantially to it in the last 3 months?
Re: Revealed: Diezani Sat On $14bn Oil Deal With India-Daily Trust by chidexy(m):
Tomorrow we'll be complaining about the Indians and the manner with which they treat Nigerian employees.

They want oil concessions on their own terms, which isn't in our interest and we are here lampooning our govt officials for not agreeing to such terms.

Mind you, through this period we've had OBJ, Lukman and Deziani as petroleum ministers and none deemed it fit to sign the agreement. That tells you that the terms of agreement isn't to Nigeria's interest
Re: Revealed: Diezani Sat On $14bn Oil Deal With India-Daily Trust by Nobody: 10:06am On Aug 23, 2015
In as much as It's been established that this woman is dead corrupt and has illegally diverted the wealth of the country into her purse, this article as I understand it, doesn't potraay her in such light. The article only pointed out that Diezani refused or did not sign the oil concession deal before she left office, not that she signed it and the money could neither be found in our accouts nor that of India, so I don't see where corruption is coming from as regards this. However, using intermediaries to take over the job of NNPC to supply crude oil to our customers is shady! That is backyard deal and should be a concern to this present government, Buhari should as a matter of urgency, investigate nd reveal these intermediary companies that trace their ownership, and if their deal has been illegal, they should face the LAW.

Diezani Is Unbelievable sha, and more we get to hear or perceive the stench of corruption oozing from the past government, the more the rage and hate for every one of them. We pray for a better country under this administration and we do hope that all of these guys who have done damage to our economy by looting our treasury should be put in chains for a very long period of time----They should pay for their sins.

Happy Sunday Fellas, God bless our week.
Re: Revealed: Diezani Sat On $14bn Oil Deal With India-Daily Trust by Yeske2(m): 10:09am On Aug 23, 2015
Indian high commission is now APC propagandist to the wailing wailers, anyway i will repeat it again, if GEJ, opolo eye Dieziani and madam gele Ngozi don't end up in jail this year, PMB will lose my support.
Re: Revealed: Diezani Sat On $14bn Oil Deal With India-Daily Trust by Toosure70: 10:14am On Aug 23, 2015
may God punish PDP and their sympathisers
Re: Revealed: Diezani Sat On $14bn Oil Deal With India-Daily Trust by ZUBY77(m): 10:18am On Aug 23, 2015
ayokellany:
Ebele Jonathan and his bandits of unapologetic chronic looters were totally committed to finishing off Nigeria simply because he is from the NigerDelta. I will suggest he is returned to Aso rock to loot the rest of his life away so the wailers can stop feeling short changed, chikena.

PDP should change its power mantra to looting looters. That I believe fits beta.
You know, you made a good response. I like it.

But curiously, the Indians complained that their $25m has been Seized since 2006..

Who was our president then?
Do you have anything to say to that?

Or are you just another bigot?
Re: Revealed: Diezani Sat On $14bn Oil Deal With India-Daily Trust by Lordkratus(m): 10:20am On Aug 23, 2015
FOLYKAZE:
That you find it hard to accept your praise Lord is an authoritative thief does not mean you should bark at justice.

These people are stealing your future and that of your unborn children. These people are taking whats belong to the nation as their personal properties. They become demi-gods so that your parents, yourself and children will be bounded in poverty slavery. How much is your father's salary? Is he not doing a hardwork? But how much does he earn in a month? How much does Diezene who doesnt do a job harder than your mom does earn? They steal and steal everything and all you are expected to do is to cowardly bark at justice.

Look at the country and ask yourself what is working. If your father develop a stroke, he will dies because the hospitals around does not have any facilities to handle stroke while Diezena will fly out on air ambulance to spain for treatment. If your mother travel from the north to south in a public or private car, she will developed body pains because the road is too bad but you can defend a theiving person who fly around like bird in chartered Jet with out common wealth. Do you know what the standard of education is in India? They steal your money are send their wom children abroad while you lavish in annually striking varsity with poor facilities. Your Granny pension is stolen, he/she is left to die like a rat beating by the rain. Your parents were paid peanuts for working HARD while the Oga you support steals largese of their sweat. Your entitlements and benefits were stolen and all you can do is to shout around like a dog that lost it bone because Diezene is from your tribe.

Sorry for the son of the meat seller who fight over bone and praise those that steal the big flesh. It is a shame tribalism and bigotry has beclouded you.
may the good lord add many more years to you for saying the truth as it is.we need more men like u "THINKERS"
Re: Revealed: Diezani Sat On $14bn Oil Deal With India-Daily Trust by Godsonkemz(m): 10:26am On Aug 23, 2015
Nigeria losing its trust and confidence. When the salt loses its taste, it becomes irrelevant and its being thrown away. This contributes to constant naira to dollar decline in value.
Re: Revealed: Diezani Sat On $14bn Oil Deal With India-Daily Trust by ZUBY77(m): 10:31am On Aug 23, 2015
FOLYKAZE:
That you find it hard to accept your praise Lord is an authoritative thief does not mean you should bark at justice.

These people are stealing your future and that of your unborn children. These people are taking whats belong to the nation as their personal properties. They become demi-gods so that your parents, yourself and children will be bounded in poverty slavery. How much is your father's salary? Is he not doing a hardwork? But how much does he earn in a month? How much does Diezene who doesnt do a job harder than your mom does earn? They steal and steal everything and all you are expected to do is to cowardly bark at justice.

Look at the country and ask yourself what is working. If your father develop a stroke, he will dies because the hospitals around does not have any facilities to handle stroke while Diezena will fly out on air ambulance to spain for treatment. If your mother travel from the north to south in a public or private car, she will developed body pains because the road is too bad but you can defend a theiving person who fly around like bird in chartered Jet with out common wealth. Do you know what the standard of education is in India? They steal your money are send their wom children abroad while you lavish in annually striking varsity with poor facilities. Your Granny pension is stolen, he/she is left to die like a rat beating by the rain. Your parents were paid peanuts for working HARD while the Oga you support steals largese of their sweat. Your entitlements and benefits were stolen and all you can do is to shout around like a dog that lost it bone because Diezene is from your tribe.

Sorry for the son of the meat seller who fight over bone and praise those that steal the big flesh. It is a shame tribalism and bigotry has beclouded you.
Such a good response. .
Very correct.. .

But then, I wonder if you would have said all this if your mother or father is one of those stealing this money.

What is wrong is wrong, I believe in that.

IBB to Oshiomole to Tinubu to Kalu to every other criminal leader have children.
This children never say anything to condemn what their parents did and are still doing.
They relax in London and United States, pretending not to read the news of what goes on in Nigeria..
They only make policies that puts the Hausa Cloth factories in danger. More policies that make clearing imported goods so high that the Igbo people have no much option than to start moving drugs all over the world. Then they get caught and jailed or killed, and the rogues sit in Abuja and do nothing but blame the dead man for tarnishing the image of a country that never worked.

Before this country can move forward, there must be a law that stops our leaders from sending their children abroad for education and health issues.. .

Non... Then you will see how fast our schools and hospitals develop..


That's is where everything will start..

Shame to my people..
Re: Revealed: Diezani Sat On $14bn Oil Deal With India-Daily Trust by Gbawe: 10:33am On Aug 23, 2015
sevule:
There are 2 things here
1. A concession deal was signed with India because they buy a lot of crude from us.
2. The NNPC sells oil through intermediaries to India

While we may exonerate the last administration on account of the concession deal, they are wholly to blame for buying oil through intermediaries. You need to read the damning interview again! The Indian high commissioner said that Nigeria is the ONLY country in the world that sells oil through intermediaries! Take note of the word ONLY.

This was obviously done to ensure that the third party agents get illegal fees on EVERY barrel of crude oil Nigeria sells! And if you go back further enough, you would discover that these third party agents are linked to the Minister and corrupt government officials. Diezani obviously didn't want this corrupt practice to stop for 2 reasons

1. The NNPC does NOT want the funds that accrue from the sale of crude oil to be deposited directly with the CBN. They want to be in a position to say how much was received and also decide when and how much of the money they would eventually remit to the Federation
account. Obviously they can quote a much lower figure than was actually received and they can also gain interest by holding on to the funds.

2. The illegal and corrupt kickbacks that the third party agents would receive from the sale of crude oil would obviously find its way back to the Minister, her cohorts and other influential government officials.

I have always said that the NNPC is a CESSPIT of CORRUPTION and this interview obviously proves it. Hopefully the new MD is able to restructure it, nut it would definitely NOT be an easy task. I think it is also high time that the NNPC is privatized.
90% of the response here are the reason I don't bother to poost on NL regularly anymore. Yet the one incisive, intelligent and thoroughly comprehensive response such as you have delivered above deserve a response. Ribadu, through the work of his petroleum task force that GEJ convened and was headed by Allison-Madueke, warned GEJ to amend the condemnable practices of the NNPC abetting corruption and looting against Nigeria. Same as the Indians complain, Ribadu also made it clear that Nigeria must stop, as the only major supplier of crude in the world doing so, selling her crude through traders because this practise enables corruption and looting which is of course detrimental to the growth and development of Nigeria.

Instead GEJ and Allison-Madueke systematically killed the Ribadu report and went on a character-assassination war against the former EFCC boss headed by the odious Doyin Okupe. Some of us warned Nigerians what they were doing was deliberate in their systematic attempt to loot the nations coffers dry. I therefore find it amusing some are here now attacking the Indians, formulating pedantic excuses and regurgitating the usual "our son/daughter is the victim of witch hunt" idiocy that has gotten Nigeria where she is today. Folks should go and read the thread below, from 2013, to see some of us, with precise figures and argument, have done this debate to death and predicted all that is being revealed today about the GEJ government and PDP leadership in general. Thanks for your intelligent, honest and unbiased post . It is 'fresh air' in the sea of idiocy, blindly ethnocentric/partisan and unbelievably dishonest/revisionist talk nairaland is now about. Allison-Madueke and GEJ are big crooks and they directly retained practices that abetted the looting of Nigeria even as they were told continuously to stop the horrid status quo making Nigeria bleed horrendously. That is the bottom line and Nigerians should be thankful, even those that voted for him to continue, that Ali Baba (GEJ) and his forty thieves (Allison-Madueke et al) were ousted.

https://www.nairaland.com/1185867/fg-may-dump-ribadu-report

Gbawe:
Look, stop following others around you worthless cretin. This development, with the disgraceful handling of the Ribadu report, is the sort making the entire world converge in criticism of Nigeria's current leadership. Many areas of National administration are in crisis. When workable solutions are suggested, the entire world has the displeasure of watching the Nigerian government, elected to deliver solutions, playing 'enemy of progress' by discrediting/ignoring those solutions that can turn things around for Nigeria. This is why many, even beyond Nigeria, are now exasperated with "fresh air" and "Mr.Transformation".

Yet clannish and reprehensible folks like you find it expedient to make everything about the "propaganda" of other posters. I just always wonder how people like you were raised to be so mentally unhealthy to the extent you can never rise above biases and affiliations enough to ever call a spade a spade. [size=14pt]Ribadu stated Nigeria is the only major world supplier of crude selling its endowment through traders. [/size]

He suggested this practice, long rejected by others, must stop because it only abets corruption and aids lack of transparency plus mire our oil sector in sleaze and poor accountability. GEJ could demand that this odious practice stops instantly if a solutions provider. He has not done anything and sane folks, throughout the world, even if you are too clannish to be included in that category, must wonder why.

Furthermore, other equally important suggestions were ignored. Yet you can only dishonestly, disgracefully and myopically make this about "propaganda" on a blog when important issues concerning the future of a nation is discussed. Is it "propaganda" GEJ has ignored the solutions suggested? Is it propaganda that 3 months of inaction over the Ribadu report is 3 months of self-inflicted lack of progress for Nigeria? Yet on another topic, your ilk will blame the West for all Nigeria's problem.

I really dislike having to view someone like you as a fellow Nigerian. A Nigerian you are not. A highly clannish and biased person you are. Nothing else explains your jingoistic and biased stance on every issue that makes you comment inanely.
Re: Revealed: Diezani Sat On $14bn Oil Deal With India-Daily Trust by otr1(m): 10:35am On Aug 23, 2015
4Play:
Look at this obtuse straw man argument. There is nothing in my post that you quoted that explicity or implicitly claims that Buhari should uncover every shady deal within 3 months. It is said in this thread that the failure of Nigeria to sign an agreement is a symbol of corruption, yet that failure continues unpertubed and by implication, the alleged corruption continues as we speak. It is quite simple: if the lack of a signed agreement is bad, then sign it. If you can't tell whether it's bad or not because it's too early, then sensationally claiming that it is a sign of corruption is glaringly misleading as you are effectively contradicting yourself.

To even say that Nigeria had "close to no debt" when GEJ assumed office beggars belief and exposes you as an ignoramus. If the debt left at the expiration of his tenure is so objectionable, why has the present Govt added susbtantially to it in the last 3 months?
Prove that Buhari knows about the agreement before now and I'll agree with you. Or isn't that what you think?
Failure to sign an agreement by the immediate past government (an agreement most certainly not known yet to Buhari prior to the notice) is now Buhari's fault.
You definitely think Buhari sees the paper on his table every morning, ain't it?
Have you confirmed that the papers are even anywhere to be found as we speak?

Now can you tell us the volume of savings and debt inherited by Jonathan and what he left behind?

Explain why Jonathan was borrowing to pay salaries and I'll tell you why Buhari had to borrow?

As we speak, the government is struggling with the available resources owing to Jonathan's mismanagement.
Re: Revealed: Diezani Sat On $14bn Oil Deal With India-Daily Trust by kraftykc(m): 10:54am On Aug 23, 2015
kennyman2000:
Mheeennnn..
The only legit response to this sorta news.
Re: Revealed: Diezani Sat On $14bn Oil Deal With India-Daily Trust by Gbawe:
menxer:
Wailer: so APC has graduated to using foreign high commissioners for their propaganda?
gringringrin
Don't mind them. Majority of them are nothing but ethnocentric bigots and enemies of their own nation's success simply because they are more devoted to the biased worship of some leaders (GEJ, Allison-Madueke, okonjo-Iweala et al) they refuse to see their wrongdoing which has now damaged Nigeria considerably and perhaps even fatally. Go on the thread below, from 2013, to see The Indian high commissioner has not revealed anything new and is not up to 'anti-GEJ/Allison-Madueke' mischief as some suggest here.

Ribadu said precisely same as this Indian high commissioner and even in an official capacity as the head of the Petroleum task force convened by GEJ to deliver solutions for our troubled oil sector. Some of us argued back then that the same people pretending to look for solutions (i.e GEJ, Allison-Madueke et al) are the same crooks looting Nigeria with systematic and fraudulent practices they refuse to repeal even as they had the power to do so. Go to the thread below and see all these 'enemies of progress' in action, and even still actively posting anti-progress drivel today on NL, to note that Nigeria has serious issue. this issue being that it is Nigerians who are the biggest enemies of Nigeria.

Look at a Nigerian, in view of the monumental sleaze and looting revealed today, making excuses for how GEJ disregarded and ignored the Ribadu Petroleum task force recommendations back then when it was obvious to even a child that GEJ was simply disinterested in closing avenues of corruption against Nigeria because him and his pals were the biggest beneficiaries of such corruption !!!!

GEJ himself set up the Ribadu task force which Allison-Madueke headed and supervised yet some chap is arguing inanely that the task force finding, entirely truthful from first page to last, is "politically motivated" against the government. I shake my head for Nigerians. Buhari will succeed in my opinion but he must be ready to ignore and disregard the opinion of many Nigerians since they are childishly perverse, dishonest and prejudicially 'damaged' folks who simply can never say/do what is in the best interest of their own nation because of one bias or the other.


https://www.nairaland.com/1185867/fg-may-dump-ribadu-report/1

franchizy:
I think the FG showed disregard d mallam Ribadus report on the ground dat it was politically motivated by those who does not want this country to move 4ward. There is no how such reports cud b implemented as its recomendations are null, void and worthless. GEJ is working very hard and I urge Nigerians to support his good work and remain patient wit him. He has revotated our airports to world class, he gave us steady power, he reconstructed d Benin / Ore road, Lagos / Ibadan road, East /West Road is now been reconstructed. In my state, Abia state, he colaborated wit our God sent Gov T. A. Orji to rehabilitate all major roads in Aba d commercial hub of Abia state and gave Abians steady power. I wil keep supporting GEJ and our messiah T. A. Orji 4 there good deeds. May God duard and protect dem 4 us all.
Re: Revealed: Diezani Sat On $14bn Oil Deal With India-Daily Trust by NIGERIALOLoCOM(m): 11:17am On Aug 23, 2015
Libo45:
There r 2 sides to every story.
Actually there are three: your side of the story, my side of the story, and the truth.
Re: Revealed: Diezani Sat On $14bn Oil Deal With India-Daily Trust by Dkemirate4: 11:22am On Aug 23, 2015
makzeze:
The former Minister of Petroleum Resources, Mrs Diezani Allison Madueke, failed to sign a long-term agreement with New Delhi, Nigeria’s Number One oil buyer, but rather used intermediaries in the annual $14 billion deal, the Indian High Commissioner to Nigeria, Ajjampur R. Ghanashyam, has revealed.
Speaking in an interview with Daily Trust on Saturday at the weekend, the High Commissioner stated that Nigeria is the only country who uses intermediaries in its oil deals with India, saying, “From other countries, when we buy oil, whatever we want to pay, we pay to the Ministry of Finance of that country. In Nigeria, we pay to intermediaries. We would like to be dealing directly with the Nigeria National Petroleum Corporation (NNPC). It’s not a good thing. Why should we go through intermediaries? Secondly, we would also like to have long term agreement, which we have with many countries: Iran, Iraq, Saudi Arabia, and other countries from where we buy oil. Nigeria is the only country with whom we don’t have an agreement. .. When we write a letter to NNPC, we don’t get a response.”

The NNPC 2014 Annual Statistical Bulletin indicated that India bought 136,419,844 barrels of crude oil, at a time when the United States’ own purchases from Nigeria was 24,047,758. China’s oil purchases from Nigeria also went as low as 11,412,275, despite the fact that it is one of Nigeria’s major trading partners. Next to India in oil purchases from Nigeria is the Netherlands, which imported 101,953,572 barrels of crude oil in 2014. Spain is next with 79,647,587 barrels, then South Africa comes fifth with the purchase of 51,148,821 barrels of crude oil from Nigeria.

The Indian High Commissioner added that apart from the lack of long-term agreement between the two countries on crude oil purchases, in 2006, an Indian company, Oil & Natural Gas Commission Videsh Limited (OVL) and Mittal Energy International, which is a joint venture between OVL, an Indian government company, and Mittal Energy a private firm, applied for oil concession. The Signature bonus sum of $25 million was paid, but neither was the oil concession granted nor the money paid returned to the Indian companies.
He lamented the situation thus, “How many years is it? Nine years. Even to get the concession is not possible, and the money is not refunded to us. For nine years your country has been sitting on this, and they make us go round and round and round. We buy $15 billion worth of crude oil per year and we have the potential of importing $50 billion worth of crude oil from Nigeria. We can buy more because our requirement is going up. But if you continue to make us to pay through agents, and continue to ask us to buy from the swap market, it means you don’t trust us, and if you don’t trust us, we have to look for those who trust us more. We are making concessions to Nigeria by buying your crude oil because you’re our old friends and we’ve been friends for a long time, and your crude oil is better quality. But you must take our interest into account.”

Checks by our reporter at the Department of Petroleum Resources (DPR), Abuja at the weekend revealed that the letter for the signature bonus was prepared by the department, but the former minister failed to sign it until the end of the tenure of the Jonathan administration.
Recently, the Indian Prime Minister Narendra Modi visited the United Arab Emirate (UAE) and signed a deal to deepen Indian trade with the Gulf State, and it is feared that the agreement could mean more oil export from UAE to India, which could affect Nigeria’s share of the oil trade.

Though Mr. Ghanashyam said India’s trade with UAE may not threaten India’s oil import from Nigeria, he revealed that there are other overtures from oil producing states.
According to him, “Today, oil is the buyers’ market, not the sellers’ market. You can’t sit on your high horse and dictate to the buyer. From Iran we used to buy 11 million metric tonnes. They want us to raise it to 22 million metric tonnes because the sanction is being lifted. They want to come back in full force. The last time our prime minister went to Iran, they said they wanted to invest between $8 billion and $10 billion in India. Saudi Arabia has offered to use their own oil fleet to supply crude oil to India. That means we get transportation at Saudi’s cost, that is a difference of 50 cents per barrel.

Countries are trying to woo India because we are the third largest consumer of oil in the world, after the United States and China, .. and we need more. Every year we need between $6 billion and $8 billion additional worth of crude oil. We will go everywhere to buy crude oil.”
Already, Nigeria has lost oil deals with both the United States and China in the last few years. China, which used to import crude oil from Nigeria has shifted its loyalty to Angola, Daily Trust on Sunday gathered. Though no official of the Chinese Embassy could be reached for an explanation to the decline of the Asian country’s oil deal with Nigeria, Mr Charles Onunaiju, who is the Director of the Center from China Studies in Abuja attributed it to the instability in Nigeria’s oil sector.
According to Mr Onunaiju, “China imports more from Angola because of the instability in the oil industry. Also, they are reaching out to Saudi Arabia, Iran, Venezuela. There’s also a huge deal with Russia which is being struck for the supply of some $400 billion worth of crude oil over the next 30 years.”

Meanwhile, the Indian High Commissioner told our reporter that the attempt by two Nigerians to cross the Indian border with Pakistan to join ISIS came as a surprise to the mission in Nigeria.
According to him, “The students came from Kano and went to Bangalore to study. We’ve been liberal about granting students visas to Nigerians. With what has happened they have broken the visa rule, so when students apply to us for visa we have to do more checks. It’s quite unfortunate.

source:http://dailytrust.com.ng/news/news/revealed-diezani-sat-on-14bn-oil-deal-with-india/107666.html
$14 billion wow Dat enough to tackle some of problems in dis country
Re: Revealed: Diezani Sat On $14bn Oil Deal With India-Daily Trust by Walexsammy(m):
alexlee50:
Daily trust, a northern newspaper so not surprised at the news.she sat on 14b dollar deal? Thank God say dem no talk say she chop the money.daily trust, leadership, Sahara reporters,the nation are a bunch of useless newspaper. Instead of them to put the new administration on the promises they made to nigerians and the need to actualise these promises., they are busy talking goodluck this, okonjo diverted so and so, diezani begging. Ok naa, is it because they know this administration has nothing to offer. It would 100days of this administration, what have they done for Nigerians? Useless newspaper
100days u said, what did ur past admin do for 6yrs?
Re: Revealed: Diezani Sat On $14bn Oil Deal With India-Daily Trust by kennyman2000(m): 11:28am On Aug 23, 2015
kraftykc:
The only legit response to this sorta news.
Bro, the corruption thing tire me ooo... I wonder how frustrated people on nairaland are managing their frustration with all the kind of looted funds we read here everyday..


May God help us oooo
Re: Revealed: Diezani Sat On $14bn Oil Deal With India-Daily Trust by alexlee50: 11:32am On Aug 23, 2015
Walexsammy:
100days u said, what did ur past admin do for 6yrs? Idiota
I don't want to waste time talking about the achievements of the former administration.we have now voted them out that they were clueless. No need to talk about that one.This administration rose to power on the backdrop of the disssatisfaction of a lot of nigerians on the former administration.this administration promised us change, they promised to hit the ground running. Almost a 100days later we are yet to see this.if something we supported is going astray, we should be courageous enough it and call them to order.
Re: Revealed: Diezani Sat On $14bn Oil Deal With India-Daily Trust by Damjoy(m): 11:33am On Aug 23, 2015
FOLYKAZE:
That you find it hard to accept your praise Lord is an authoritative thief does not mean you should bark at justice.

These people are stealing your future and that of your unborn children. These people are taking whats belong to the nation as their personal properties. They become demi-gods so that your parents, yourself and children will be bounded in poverty slavery. How much is your father's salary? Is he not doing a hardwork? But how much does he earn in a month? How much does Diezene who doesnt do a job harder than your mom does earn? They steal and steal everything and all you are expected to do is to cowardly bark at justice.

Look at the country and ask yourself what is working. If your father develop a stroke, he will dies because the hospitals around does not have any facilities to handle stroke while Diezena will fly out on air ambulance to spain for treatment. If your mother travel from the north to south in a public or private car, she will developed body pains because the road is too bad but you can defend a theiving person who fly around like bird in chartered Jet with out common wealth. Do you know what the standard of education is in India? They steal your money are send their wom children abroad while you lavish in annually striking varsity with poor facilities. Your Granny pension is stolen, he/she is left to die like a rat beating by the rain. Your parents were paid peanuts for working HARD while the Oga you support steals largese of their sweat. Your entitlements and benefits were stolen and all you can do is to shout around like a dog that lost it bone because Diezene is from your tribe.

Sorry for the son of the meat seller who fight over bone and praise those that steal the big flesh. It is a shame tribalism and bigotry has beclouded you.
Your choice of words amaze me so much... Pulchritudinous
1 2 3 4 5 6 7 Reply

The Man Who Sat On The Tor Tiv’s Throne– Reuben AbatiIbe Kachikwu Negotiates $15Billion Oil Deal In IndiaEx-head Of State, Others Named In N1.09b Oil Deal234

Tribunal Judgment: Festus Keyamo Congratulates Buhari At Home (Photo)Salihu Yakasai: No Government Can Condone Sanusi’s Criticisms – Ganduje’s AideEdo: Saraki, PDP Leaders Pressure INEC Chairman To Rig Election- SaharaReporters