Nigeria to sell, buy oil directly, cut out middlemen



By Michelle Faul | AP November 3 at 4:04 PM

LAGOS, Nigeria — Nigeria will start selling and buying oil and gasoline directly to cut out middlemen and curb graft, the new managers of the Nigerian National Petroleum Corp. announced Tuesday night.

The major policy shift fits new President Muhammadu Buhari’s plan to halt corruption endemic in the industry in Africa’s biggest oil producer. The previous administration of President Goodluck Jonathan had ignored warnings from Central Bank Governor Lamido Sanusi that some $20 billion in oil sales over three years was missing from federal coffers, and instead fired Sanusi.

Nigeria produces 2 million barrels of crude a day, according to the corporation’s website. Nigerians consume about 9 million liters (2.4 million gallons) of gas daily, almost all imported because local refineries are inefficient. One barrel of crude produces about 30 gallons of diesel or fuel.

A statement from spokesman Ohi Alegbe said the decision was made after a screening of previously used and prequalified petroleum product importers revealed almost all the 34 international and 10 local companies were middleman businesses.

The shift is “a major steer designed to enshrine transparency and eliminate the activities of middlemen in the crude oil exchange,” said the statement from the corporation’s new management. One of Buhari’s first acts as president was to fire all the old managers.

Corruption that thrived under Jonathan’s watch had favored officials being sold entire shipments of crude at favorable rates so they could pocket the profits. The U.S. Department of Justice warned Buhari earlier this year that one minister had pocketed $6 billion from oil sales.

The massive thefts came as oil prices topped $110 a barrel. Now Nigeria is in crisis, with halved prices for the oil that provides 80 percent of government revenue and Buhari has complained he inherited an emptied treasury.

Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


https://www.washingtonpost.com/world/africa/nigeria-to-sell-buy-oil-directly-cut-out-middlemen/2015/11/03/ce2d0242-826a-11e5-8bd2-680fff868306_story.html

Dedicatin this to Light..

Hit like and share to save a life.

Checkout my signature.

We believe in you and in God we trust. Ride on

Somebody Tell Me Why Jona Go Use Middle Men In The First Place If No Be To Thief. Mtcheeew

ISpiksDaTroof:
Nigeria to sell, buy oil directly, cut out middlemen



By Michelle Faul | AP November 3 at 4:04 PM

LAGOS, Nigeria — Nigeria will start selling and buying oil and gasoline directly to cut out middlemen and curb graft, the new managers of the Nigerian National Petroleum Corp. announced Tuesday night.

The major policy shift fits new President Muhammadu Buhari’s plan to halt corruption endemic in the industry in Africa’s biggest oil producer. The previous administration of President Goodluck Jonathan had ignored warnings from Central Bank Governor Lamido Sanusi that some $20 billion in oil sales over three years was missing from federal coffers, and instead fired Sanusi.

Nigeria produces 2 million barrels of crude a day, according to the corporation’s website. Nigerians consume about 9 million liters (2.4 million gallons) of gas daily, almost all imported because local refineries are inefficient. One barrel of crude produces about 30 gallons of diesel or fuel.

A statement from spokesman Ohi Alegbe said the decision was made after a screening of previously used and prequalified petroleum product importers revealed almost all the 34 international and 10 local companies were middleman businesses.

The shift is “a major steer designed to enshrine transparency and eliminate the activities of middlemen in the crude oil exchange,” said the statement from the corporation’s new management. One of Buhari’s first acts as president was to fire all the old managers.

Corruption that thrived under Jonathan’s watch had favored officials being sold entire shipments of crude at favorable rates so they could pocket the profits. The U.S. Department of Justice warned Buhari earlier this year that one minister had pocketed $6 billion from oil sales.

The massive thefts came as oil prices topped $110 a barrel. Now Nigeria is in crisis, with halved prices for the oil that provides 80 percent of government revenue and Buhari has complained he inherited an emptied treasury.

Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


https://www.washingtonpost.com/world/africa/nigeria-to-sell-buy-oil-directly-cut-out-middlemen/2015/11/03/ce2d0242-826a-11e5-8bd2-680fff868306_story.html

Good

Awesome!! The most useless party in Africa and indeed the world, says Baba's utterances and strategy is "demarketing" Nigeria, meanwhile those to whom he's trying to sell his ideas think otherwise.

Only those with irreparably abused minds and perpetually sore losers would NEVER see the good intentions and deeds of this gentleman for our common good.

My faith in this man remains unwavering as he methodically performs the much needed surgical procedure on this patient that was rushed into the ER on May 29th.

Now Goats would be forced to eat grass which was what God in his infinite wisdom designed they to eat from creation. But somewhere along the line, the natural course of event was altered, the door to the barn was left wide open, and our Goats all became Ajebo Goats that fed exclusively on Yams and lost the appetite for grass, they grew so fat we started mistaking them for Buffalo.

I expect some initial resistance as they are forced out of the Barns into the fields to feed on their natural staple, but of course we know it would all be in futility- they only run the risk of starvation should they insist on Yams.

May God continue to direct your hands Mr President. Slowly but surely, we are on the path towards a full recovery.

God bless Nigeria.



Cc: Modath. The music has gone international.

Lalasticlala when you wake up please check this out.
The church across the street has denied me sleep tonight.

https://www.youtube.com/watch?v=dcOFEoqehaA

[size=15pt]NNPC Opens Bids For The Sale Of Nigeria Crude Oil[/size]

ril19:
Somebody Tell Me Why Jona Go Use Middle Men In The First Place If No Be To Thief. Mtcheeew

I dey tell you. Jonathan is the worst President ever, in Nigeria's history, but ofcourse, his die-hard fans still see him as a hero. A sore loser, a weakling & a bastion of corruption who had to concede defeat after he tried all manner of kindergarten tricks to manipulate the election but failed woefully.

I have really missed his “GEJ Till 2019” robots. I hear their new slogan now is “This Zoo Must Fall” - Useless nonentities!

omenka:
Lalasticlala when you wake up please check this out.

The church across the street has denied me sleep tonight.

Lol... If this thread doesn't make FP, then my concerns over the mods would have been confirmed. They seem not to be pushing much contents that brings this administration into positive light. The first thread that cited this yesterday, though the source was a Nigerian daily, didn't make it to front-page.

These days, all they do is push useless contents to FP, like Fayose buying Akara on the road.

See difference between a certified JONAH nd certificateless BUBU



Buhari u got us , you don't need them cuz they had their time but what did they do with it...........bleeped the nation to 'brokeness'.

A MUST READ 4 ALL MEN, ZOOM D PICTURE BELOW, 2 ENABLE U READ PROPERLY. 18+ ONLY

I expect the cries of secession to increase three folds.

These are the people sponsoring all that nonsense in the hope of distracting the government and ultimately crystalising chaos which would ensure they keep making abominable profits at the expense of the common man.

They see Baba as a threat to their control of the levers of our polity/economy and would do anything, regardless of its propriety, to ensure they perpetually lord it over us.

Toss a few change here and there they would, and the same people we saw yelling GEJ till thy Kingdom come from every rooftop and treetop they could have a foothold would be the ones shouting "Biafra", "death to the zoo"!!

#OnlyTimeWillTell.

THIS IS THE FIST THING THAT BUHARI SHOULD DO SO AS TO CUT OFF THE OIL CABALS FROM THE SCHEME OF THINGS COMPLETELY.
WE DONT NEED CABALS TO HIJACK AND RUN THE ECONOMY ANYMORE.

Lalastica your attention is needed here

Responsible government no dey hide.

Today we know what is happening in NNPC through monthly reports, which were never produced, let alone publicised. As someone said up there, now middle men (goats) are being removed from crude and fuels trading (yam) without too much drama.

And some wailers are still looking for the change.
The dumb deaf and blind!

If we don't kill corruption, corruption will kill Nigeria.


Carry on Mr President, we got your back.




That's the reason I voted for Muhammadu Okechukwu Ilufemiloye Buhari.

This is a game-changing but expected development. Indeed this was the cornerstone recommendation of the Ribadu petroleum task force contained in the report the former EFCC boss handed over to GEJ only for our master looter former President to bin the report and begin hounding Ribadu.

From time immemorial, the entire world has stated that Nigeria must stop using middlemen for its oil sales/purchase as this singular policy robbed Nigeria of billions of dollars. In fact the policy is considered the most harmful to Nigeria with how it made many dollar billionaire yet kept ordinary Nigerians impoverished because the money meant to provide them with opportunities was being looted copiously by a few through the wicked and self-serving arrangement the evil PDP put in place. I remember stating it here that GEJ only notable achievement was the creation of a private jet empire for the most corrupt individuals in Nigeria from the oil industry alone!!!

One PDP president after the other sustained the policy because they were all crooks (OBJ and GEJ) or simply not resolute/strong enough to change the horrid status quo (Yar Adua). In PMB we now have an ascetic President, not interested in material wealth or mansions, who will not flinch or waver when it comes to making the major and fundamental changes that will rescue Nigeria and reposition her to achieve greatness as a nation. This is why I supported Buhari completely. I.e his disinterest in material wealth combined with his innate bravery and love of Nigerians that will see him 'go there' and do what must be done to better the lives of ordinary Nigerians no matter whose Ox is gored. This is a stupendous development and people will not understand what this means for Nigeria until the policy officially swings into place.

We have said it all before. GEJ and co destroyed Nigeria because of unconscionable greed and materialism. Let the usual tribalist and clannish element continue to praise GEJ, a worthless leader, and continue condemning PMB, a decent man not afraid to do what will develop Nigeria, because of the prejudice destroying their souls and reasoning. The question those people will have to confront sooner or later is whether they must put prejudice aside to now support a man doing what they told us can never be done to the glory and greatness of Nigeria.

https://www.nairaland.com/2339465/buhari-not-use-oil-marketers/1

Gbawe:


Simple. GEJ rejected doing the right things always, even when he knew precisely what to do, because this would block the avenues that enables him and his cronies to loot Nigeria. The beginning of the greatness of Nigeria is connected to our nation gaining an immaterialistic, ascetic and highly principled President who will work for Nigerians. One thing most Nigerians do not understand is that the inordinately powerful Nigerian Presidency, if any of us gained control of it today, could turn anyone into a callous and very corrupt man/woman if we are not highly principled and unshakably pro-people to begin with.

When you become President the first to approach you will be those who will show you how you can become richer than Bill Gates. Once you listen to these people, as PDP Presidents always do because of the patronage system the Party favours, then you have condemned Nigerians to underdevelopment and greater misery. It is not the case that GEJ "never thought of this". He was shown what must be done but rejected such because using marketers and middlemen opens up a monumental floodgate of scams against Nigerians and the common man that would see Jonathan and his minions become filthy rich. PDP President will thus always embrace the scammers because this gives them an opportunity to become very rich in return also. Yet Nigeria and Nigerians are the victim of this wickedness. The game changes when you then get a President, Buhari, not interested in self-enrichment and will only accept doing what will improve the lives of ordinary Nigerians. This is why some of us rejected GEJ to back Buhari passionately.

GEJ will be thoroughly disgraced and shown up for the enemy of Nigeria he was by the time PMB has fully swung into action. Nigeria truly dodged the bullet by voting that shockingly horrid and corrupt president out of office.

https://www.nairaland.com/2339465/buhari-not-use-oil-marketers

Gbawe:
Why are you guys surprised at this development? It is what any government that is not corrupt and is genuinely on the side of Nigerians would do. I have said it many times that leading Nigeria is not rocket science. You do not need 4 PHDs to lead Nigeria well. What is required, above everything else, is the fearless will and decency to shun the need for self-aggrandizement and do what is right for the people always and in every sector.

This development is not new and even Femi Otedola has given this advice in the past i.e Nigeria should engage directly with foreign refineries to beat fuel subsidy scams, petrol queues and the other deleterious effects of using fuel marketers i.e glorified and unneeded middlemen that PDP Presidents have all kept in place because this helps their individual drive to stuff their pockets and those of their cronies. Nairalanders themselves can see that this idea is not new and many of us have called for its adoption even if the PDP had remained too corrupt to acquiesce. Some of us know why we wanted Buhari passionately and our reasons will become clear to others too very soon.

https://www.nairaland.com/2339465/buhari-not-use-oil-marketers




I have said this here a million times. GEJ is corruption and corruption is GEJ. Is Otedola not in GEJ's economic team? Does he not have the ears of the President directly? How come, as many have pointed out here many times, GEJ has not taken Otedola's advice , shown below, if he is not the same corruption plaguing Nigeria?

The man's penchant for "don't give a damn" scams are really a disgrace to Nigeria. Nothing would come more naturally than for a President who is a solution provider to do as Otedola suggests below. I think even a child knows why GEJ is always loathe to take good advice and do what will save Nigeria money, promote accountability, defeat corruption, strengthen our institutions, diminish the enrichment of politicians and their cronies plus optimally boost income accruable to the Nation. Nauseating how this President openly abets corruption and the plundering of his own Nation in a brazen and wanton manner.


http://saharareporters.com/news-page/fuel-subsidy-rip-offs-wikileaks-reveals-how-nnpc-cost-nigeria-billions-dollars

I don't think Jonathan and his 'cronnies' should be forgiven.








Useless people!

My people, shey una dey see wetin OBJ, Yar Adua and GEJ refused to stop, even though it was killing Nigeria, that PMB is now about to put an end to? Mr.Bigot, Mrs.Tribalist, Messrs.'We hate ab0k1' and Ms.'See no wrong with GEJ because he is my kinsman' when will basic decency, if you have any left in you, make you acknowledge the damage GEJ has done and get behind the man, PMB, bravely trying to go where others have refused to go in his effort to fix the rot?


http://saharareporters.com/news-page/fuel-subsidy-rip-offs-wikileaks-reveals-how-nnpc-cost-nigeria-billions-dollars

Fuel Subsidy Rip-Offs: Wikileaks Reveals How NNPC Cost Nigeria Billions of Dollars


Following that, on April 6, Femi Otedola, President and CEO of Zenon Petroleum and Gas, essentially corroborated Finlayson's report, saying over $300 million has been overpaid by NNPC for fuel imports, and that many leading international traders are involved in the manipulation of shipments that the NNPC curiously failed to notice. “Discrepancies were found when comparing dates on the bills of lading with dates of landing in Lagos,” the document said.

According to the cable, “Pointing to examples, Otedola said that while a tanker loading fuel at a refinery in Bahrain usually takes four weeks to arrive in Lagos, comparisons between the bills of lading and dates of arrival of some shipments reflected only a four-day difference, and in other cases, if taken at face value, indicated the journey took nine months. Otedola said 73 shipments from refineries in the Persian Gulf, England, and Venezuela listed delivery times of only one day. NNPC is attempting to get compensation for the over-charge. Otedola went on that most of the fuel traders supplying Nigeria are implicated in over-charging NNPC, and showed a list of 17 companies that supplied fuel in the first quarter of 2004, several of which, he said, are significant players in international markets, such as Trafigura and Vitol. Otedola added that three companies clearly not involved in the scandal are British Petroleum, ChevronTexaco and Shell.”



[size=14pt]The most stunning part of the cable is the reported recommendation of Otedola who felt that Nigeria would “save some four billion dollars a year in expenditures on imported fuel” if the NNPC simply stopped contracting with international fuel traders and, instead, negotiated purchases directly from refineries worldwide.[/size]

BALLOSKI:
I don't think Jonathan and his 'cronnies' should be forgiven.








Useless people!

Same here. Buhari is a highly principled individual who believe people in leadership must be accountable to the people. Nonetheless his focus currently is on rescuing Nigeria. In the future, anything could happen . Right now the focus has to be on Nigeria because GEJ and his cronies butchered our nation horribly and left her for dead.

viktagorion:
If we don't kill corruption, corruption will kill Nigeria.


Carry on Mr President, we got your back.




That's the reason I voted for Muhammadu Okechukwu Ilufemiloye Buhari.

Indeed. This is the reason so many voted for PMB and the APC. This is a major and revolutionary policy change that will transform Nigeria simply by making far more money available to Nigeria through defeating the scams and looting these sort of evil and self-serving PDP-driven policies promoted.

But why must everything about Nigeria be about oil sef.?

All the anti-PMB elements, cat got your tongue? At least these sort of development showed the refinement of the APC supporters and bore out the notion we genuinely care about the development of Nigeria above everything else. When GEJ did the right thing, which was almost never, we put our difference with him aside to praise him. I remember myself, EKT bear, Pukkah and other ACN supporters (later APC) coming out to praise GEJ on NL when he began the power deregulation exercise. Of course we had our doubts, which was eventually proven correct, but we still praised GEJ at the time the move was made because it was the right thing to do. I.e support a move, and whoever is behind it, that was positive and that we know could deliver progress for our nation.

Buhari will never get the same grace and courtesy from his detractor because many are hardened bigots, ethnic jingoists and religiously intolerant folks who are more concerned with maintaining enmity with PMB, because of innate prejudice against him, than they are with the progress of Nigeria. In fact the more PMB does well the more these wicked elements die inside and wail more. Imagine such a revolutionary and transformational policy shift, one of those capable of turning around the fortunes of Nigeria, yet not a word from a 'wailer' so far

EasternLion:
But why must everything about Nigeria be about oil sef.?

So that is all you can see and say about a major development, one of the most pivotal since our current democracy began in 1999, that will make Nigeria's oil wealth work for you, your family and other ordinary Nigerians instead of ending up in the bank account of a few connected to the government of the day? Can you not see this is not about oil per se, which will continue to flow anyway, but about how income Nigeria gains from oil and spending she makes on purchasing refined derivatives of crude is managed properly to the benefit of Nigeria and her ordinary citizens? This is not about oil but about saving upwards of 10-20 billion dollars yearly that can then be used to develop Nigeria !!!! You guys are simply incredible with how you deliberately remain blind to what is obvious and can simply never give credit where due.

Zoharariel:


I dey tell you. Jonathan is the worst President ever, in Nigeria's history, but ofcourse, his die-hard fans still see him as a hero. A sore loser, a weakling & a bastion of corruption who had to concede defeat after he tried all manner of kindergarten tricks to manipulate the election but failed woefully.

I have really missed his “GEJ Till 2019” robots. I hear their new slogan now is “This Zoo Must Fall” - Useless nonentities!

the Zoo is already falling on their head cos their nnamdi kanu is currently having gay sex in jail with boko haram militants who have jettison the idea of 72 virgins.

No more fuel scarcity, no marketers will be holding a nation of about 140million citizens to ransome

neolboy:
No more fuel scarcity, no marketers will be holding a nation of about 140million citizens to ransome

Thank you !!! Imagine the horrid PDP-led policy that has made these conmen marketers oil kingpin who could swiftly deliver misery on Nigerians any time they desired? Yet the biggest black nation on earth always had the option of dealing directly with those it sells oil to and with refineries it could buy refined derivatives of crude from. Me and you know why the PDP never allowed Nigeria to utilise the direct dealing route. This would simply close the avenue of graft and non-transparent 'abracadabra' they were using to loot Nigeria blind. God bless PMB and strengthen his hand because lord knows this fight will not be easy.

Many powerful men and women will be wailing today and wishing Buhari all manners of misfortune or death like the thug governor Fayose did, daily and routinely before the elections, all in hope GEJ would continue so that the private jet-level enrichment of 'awon boyz' would also continue. We will continue to pray for Buhari. May he live to age 90 and long after he has successfully reformed Nigeria and taken his Mandela-like place in history as a great and selfless leader who gave his all for his nation and people.