₦airaland Forum

falmeetme5:
So what is the bottom line?is Bihari corrupt or not?

BlueMurder:
I thought there was new evidence counteracting Baru's submission and Kachikwu's clarification! What's all these mumbo jumbo? Bunch of educated illiterates!

KINGS100:
unless Nigerians turn from party jingoism to National patriotism, Nigeria might never move forward till the kingdom come.

onojiwizardgmailcom:
can't say much, it all has been said. A Nation that apply double standard in all it affairs is destined to fail

factsandfigures:
The problem with Nigeria is not APC ,PDP or the politicians. The problem with Nigeria is the ordinary Nigerians who foolishly take sides with these politicians because of ethnic and religion affiliations. Even when it is so glaring that the APC Government is looting the country dry, some shameless and unemployed youths who can hardly feed themselves will still come to these forum to support them. If all Nigerians irrespective of religion and tribe are united in protesting against these corrupted politicians they will not have the gut to play on our intelligence. I am totally disappointed in PMB. There is no need for him to pretend to be a saint. The facts are obvious......If most of your associates are corrupt then you are corrupt period!

eprynce:
The worst thing about this president is that he does absolutely nothing to punish or reign in his cronies, even as a pretence. They just rub it in our face like' what can you do'?

DutchBruh:
E no finish, e no finish...

Two-point-eight-billion naira
Oil money is missing
Two-point-eight-billion naira
Oil money is missing
Them set up inquiry
Them say money no lost o
Them dabaru everybody
Them say make him no talk o
"Money no lost," them shout again
Inquiry come close o

https://www.youtube.com/watch?v=h6ouQTAaxHc

Nothing is new under the sun. $2.8 billion was missing under Buhari when he was Minister of Petroleum in the 70's.

GreyLaw:
The governmenr told you that no money was stolen and you believed?!? Gosh!

How do you think politicians usually steal money?

They cannot withdraw money from the government accounts, but the steal money through awarding dubious contracts (with inflated prices) without due process (which is what Baru did), and then share the excess money gotten from such contracts.

Let's stop siding this government and begin to ask them questions.

billyG:
is it today u start asking questions,oya brings out your verifiable documents d contract papers,bank transanctions,use freedom to information to get us d facts & proof to us that $25 or $26 or $28bn was stolen & from which acct?

billyG:
d entire revenue of nnpc & nigerian budget is not up $2.8bn in d 70's,pple steals in thousands where u won see $bn haba!even $10k na big money for head of state to steal.

DutchBruh:
Wrong!An American Accounting firm that was hired to do the audit during the Shagari regime found a difference in $2.8 billion unccoountable receipts payment

billyG:
which accounting firm?pls show us d receipts,bank transanctions & supporting documents so that we can also audit & believe or else SFUFE.

DutchBruh:
Does it mean the sense of shame has been completely lost in this country by people holding positions of trust in and around government? How do you reconcile that some highly-placed individuals can come out to say there were no issues of contract awards raised by the Minister of State Petroleum, Ibe Kachikwu, in his leaked memo to President Muhammadu Buhari, who also doubles as the substantive Petroleum Minister? The broad day lies being dangled by the government and its agents to change the actual color and content of the leaked memo - is it not outright corruption in itself?

If the arrangements previously referred to as Offshore Crude Oil Processing Agreements (OPAs) and Crude-for-Products Exchange and now known as Direct Sale-Direct Purchase Agreements (DSDP), are not contracts for crude oil lifting in exchange for imported petrol and diesel, what are they - cha cha (gambling) abi?

What exactly is transparent in a deal where crony local companies obviously connected to politicians in the ruling party are paired with multinationals simply to collect rent and share with political elites in government?

Just see the fumbling of a mendacious bunch: Kachikwu, in his memo, alleged that Baru awarded contracts worth about $25 billion without recourse to the board, or Federal Executive Council (FEC).

Buhari ordered Baru to respond to Kachikwu’s allegations. The NNPC boss, in his original response, did not deny awarding the controversial oil contracts but rather insisted that he does not require Kachikwu’s nor the board’s approvals to enter into such contracts which are part of daily the running of the nation’s apex oil concern.

Spokesperson to the Vice President, Laolu Akande, either was pushed or willingly accepted to announce that his boss, Prof. Osinbajo actually approved two of the controversial oil contracts while the president was attending to his ill health in London. The Vice President came out few hours later to deny what his spokesperson said and disclosed he never approved any oil contract but loans for Joint Venture cash calls which is even an entirely different story and a discussion for another day.

The last scene thus far was that the Presidency last Sunday, totally dismissed reports that $25bn worth of oil contracts were awarded by the Nigerian National Petroleum Corporation (NNPC), saying, “a closer look at each of the said projects indicate clearly that these are not procurement contracts.”

Is this story not becoming increasingly interesting? First version, Buhari signed the contract while in London; second version, Osinbajo signed the contract; latest version, Presidency says there is no contract anywhere. Haba! How did we get to this point in the governance of this country?

Even Baru admitted awarding the controversial contracts, while Osinbajo clarified the role he played. So how come spin doctors are coming to tell us there were no issues of contract awards with the associated fraud and corruption thereof?

As my Warri people would say, Bros see explanation by the Presidency: “When you look diligently at the referenced projects/transactions one by one, you will see, as NNPC has shown, that none of them was actually a procurement contract. Take the Crude Term Contract and the Direct Sale, Direct Purchase (DSDP) agreements, for instance, these are not procurement contracts involving the expenditure of public funds. It is therefore wrong and misleading to refer to them as though they’re contracts involving the expenditure of NNPC funds, or public funds of any sort.” ‘Chai, who do Nigeria this’?

You see our country! So Kachikwu lied in his memo; Baru lied in his initial response that Buhari approved with dates the contracts while in bed in London; and the vice president through his spokesperson initially lied or made a mistake in saying he approved two of the contracts? Couldn’t it have been better if Nigerians were dished with one turn-key corporate lie rather than these pockets of unintelligent rations?

How could the presidency say there were no contracts procured by NNPC based on the leaked memo by the Minister of State for Petroleum? Saying that such impressions were maliciously created was an outright insult to our sensibility as a nation. Did Osinbajo not read Kachikwu’s letter with the itemized sub-headings under contracts? Was it maliciously created by the press or the opposition? Was it not Kachikwu who in his memo described these deals as contracts? So the minister does not know what a contract is? How can you then turn around to say it was maliciously created by the press and the opposition? The deals highlighted under that heading, if they are not contracts, what are they- cha-cha?

The fuel subsidy scam of the Jonathan era, were they not mostly crude oil lifting deals similar to these ones by Baru? And you are telling us these are not contracts. Any business transaction between entities more especially the government is a contract because there are contractual obligations to be fulfilled by the parties and profits/benefits to be derived from such arrangements.

Ibe Kachikwu listed concerns up to the tune of $25 billion and the only thing Baru and the Presidency could do is to paint a cover up. If Osinbajo agreed that he signed for Baru some loan deals for joint venture cash call obligation, how much exactly did he approved and what percentage is the approved money (loans) in the $25 billion sum total of the secret contracts? How much is the vice president’s approval covering for these scams? As the VP has agreed he approved N640 billion which is just about $2 billion for JV cash calls, who approved the balance of over $23 billion for Baru and his NNPC?

Saying that these contracts are not about public funds is outright rubbish. It is not about public funds, it is about deals that has remained the drain pipe of the massive corruption in the NNPC and the entire Nigerian oil sector. Does anybody get into a deal without expecting to make profit and it is in these “profits” that our oil monies have been stolen massively by those in and around government. So by telling us that these deals are not paid for in cash is simply insulting our intelligence.

A lot of these deals are paid for through crude oil liftings. You ask a contractor to come and lift the oil equivalent of his money in the deal, is the contractor going to discharge the oil in his recreational swimming pool? Is he not going to sell the oil to make money to cover his expenses and profits? Everything we call corruption in Nigeria come from deals like this where people in and around government build-in their criminal interests rather than our collect interests as a nation.

Meanwhile, the substantive minister of petroleum who should take responsibility and account to us what really transpired has remained dead silent on this matter.

It will shock Nigerians to know that what is involved in this racket is over 600,000 barrels of crude oil on daily basis being picked by international traders in exchange for imported petrol and diesel alone. This is the same NNPC that wants us to believe that the nation’s three and half refineries have been working at over 65 percent cumulative capacity utilization.

Now that the bubble is bursting in the ongoing fraud, the NNPC has come out to inform us that the Port Harcourt, Warri, and Kaduna refineries have been shut down for Turn-Around-Maintenance. Has it ever happened in this country that the three plants will be shut down at the same day for TAM and does it even make a sound engineering management sense? The truth is that the refineries were not working in the first instance. That a plant is flamed -up like what Kaduna does daily does not mean it is processing anything. Of course, how can our refineries process anything when it is more lucrative in Nigeria to do deals and collect rents. God help Nigeria!
http://saharareporters.com/2017/10/19/nnpc-25bn-secret-oil-deals-and-buhari%E2%80%99s-dissonant-lying-game-ifeanyi-izeze

DutchBruh:
You will change your mind when you find the local companies obviously connected to politicians in the ruling party are paired with multinationals simply to collect rent and share with political elites in government?

Let APC in the spirtit of transparency publish the companies and their shareholders awarded the billion dollar oil swaps and various contracts.This is one of the biggest heists pulled on the Nigerian public.

How do you think nonentities like Jide Omokore and Kola Aluko made their billions?Through fraudulent deals that didn't follow due process.
What are the terms given the the companies and do they benefit Nigeria.
Right from the time Buhari became the first Minister and Chairman of NNPC in the 70's it has remained a bastion of corruption

factsandfigures:
The problem with Nigeria is not APC ,PDP or the politicians. The problem with Nigeria is the ordinary Nigerians who foolishly take sides with these politicians because of ethnic and religion affiliations. Even when it is so glaring that the APC Government is looting the country dry, some shameless and unemployed youths who can hardly feed themselves will still come to these forum to support them. If all Nigerians irrespective of religion and tribe are united in protesting against these corrupted politicians they will not have the gut to play on our intelligence. I am totally disappointed in PMB. There is no need for him to pretend to be a saint. The facts are obvious......If most of your associates are corrupt then you are corrupt period!

jpphilips:
This is the nonsense you read when a media outlet avails its space to a glorified nincompoop who has no idea what the scandal is all about rather, painting his ignorance as everyone's problem.
Mr dumb writer, the president is right those are not procurement contracts, the break down you gave here proves that, if you don't understand something, you ask those who do to explain, when you do, then you can air your views, the problem with the so called glorified kids addressing themselves as youths is they don't know anything but will be the first to mount the Facebook podium to expose their Ignorance, I am only replying this because I can see that the f00l who wrote this nonsense is not alone.

Now, the First contract DSDP is the previous OPA Jonathan created, the only difference is that Jonathan used middle men like Sahara energy to exchange the products thereby shortchanging Nigerians, At a time the overall process is subsidized, rightly put, jonathan killed us twice in one process. Kachikwu came on board, with the help of the president, sacked the middle men, once the crude is available, a refiner can apply for it and return to us products in such quantity that covers his logistics and refining cost.
This oil target a cache called the Domestic supply obligation crude otherwise would be refined in Nigeria if the refineries were working.
From this explanation, one can clearly see that it is not a procurement contract because the refiner did not pay for the oil, in return we didn't pay for the product either, the price tag Kachikwu affixed on the DSDP I guess is the value of crude he assumed will be exchanged during the lifespan of the programme, 1 yr in this case, my question to kachikwu is;

I am aware we always have supply issues with the DSO, how was he able to predict a 1yr availability?
How was he able to predict the price of crude for 1yr to arrive at the so called contract sum? in a country where the educated are barely reasonable let alone the uneducated, his memo will appear like fraud to individuals with extremely low IQs, especially most Nairaland participants who don't know their left from right.

In summary, the DSDP was Kachikwu's brain child so if it was a fraud, kachikwu should be responsible, conversely, in reality, Nigeria does not pay anybody anything to run the programme so the president was right saying it is not a procurement contract, finally, It is only called a contract because the refiner owes us a supply obligation simple as that. No fraud here!!

The other two contracts I will address together, the first is Shell JV and the other is chevron JV, before you will understand the misinformation from kachikwu, you need to know what a joint venture is, it is a type of synergy where both parties share profit and liabilities in the ratio of their equity holdings, in this case, Nigeria 60% and Shell/Chevron 40%.

This is a layman's explanation, Our JV partners (Shell and Chevron) wants to embark on new projects, from my explanation above, nigeria is supposed to pay them 60% of the project cost as per our JV equity, since we don't have money but want the project to continue, we raised a contract asking our partners to go ahead using an instrument called investment funds guarantee. if we don't do that, our partners won't invest, if they eventually invest, then we are indebted to the tune of 60% of the project cost, you can see that it is a loan structured with a guarantee contract. to deceive gullible Nairalanders, Kachikwu now calculated the 60% of the project sum as if NNPC awarded contracts of that volume.
Again the president is 100% right. no fraud here!!

Who are the companies that benefitted from the contracts and who are their shareholders?

Was it competitive bidding process since the Board of NNPC was bypassed?

Why where the management appointment done with due recourse to the board?

Why does the NNPC board exist in the first place,since Buhari chooses to act like they don't exist?

onojiwizardgmailcom:
Bros do you know what you are talking about?
NNPC is a state owned company, by Nigeria, for Nigerians, we have the right to question everything it does. this is the kind of excuse that make our politicians to be thieving us blind, make una help me see oooo. In a civilized and advanced society the NNPC boss and the minister should have both resigned.

onojiwizardgmailcom:
Bros do you know what you are talking about?
NNPC is a state owned company, by Nigeria, for Nigerians, we have the right to question everything it does. this is the kind of excuse that make our politicians to be thieving us blind, make una help me see oooo. In a civilized and advanced society the NNPC boss and the minister should have both resigned.

jpphilips:
You are asking questions you understand or questions you dont even understand, go study for your jamb.

onojiwizardgmailcom:
hahahahahaha because you are still a Jambite you think everybody is like you.
wait ooo is that the answer you have for the point I made. Nairaland is now populated by kids whom have no respect for elders.

DutchBruh:
Don't mind him,he is a kid

ivandragon:
lastly, you notice how 'they' are all silent on the postings/appointments? they are still looking for a way to defend that.

a president who signs a document where his name is spelt wrongly can be easily bamboozled by technical languages...