Ok

The 3 States went to court because they were cheated, so someone should tell how that is buhari's credit.The federal govt should implement the judgment. It is not about APC or PDP. These 3 governors should be applauded for a good fight.

Obe! For Buhari...

BREAKING NEWS !!

Meet Nigeria’s ‘Crude Oil Gangsters’

As Diezani Allison-Madueke expects a possible Jail term of between 12-15 years in London, if convicted, the former powerful Petroleum Minister Nigeria has ever had, is also expected to name over 200 accomplice who connived, helped or participated in one of the biggest oil fraud Nigeria has ever had.In a well orchestrated scheme where almost $50Billion was lost in a period in more than five years of her reign as Petroleum Minister, Diezani midwifed oil theft, fraud and money laundering ceespool that milked Nigeria’s oil fortunes.Sources in London and Abuja have told Pointblanknews.com that Diezani is not prepared to go down alone. She is indeed, preparing to name all her accomplice, tell all, in what may be dubbed “Nigeria’s Oil Fraud Gangsters.In one year alone, Diezani and her cronies have fraudulently milked Nigeria about $11Billion from offshore processing agreements (OPAs) popularly known as oil swap. And within the Period she midwifed the Petroleum sector, Nigeria lost about $50Billion.In the well built cell of cronies whom she used at will to perpetrate the most audacious criminal activities in the oil industry, are men who built walls around themselves, spending petro-dollars with impunity, acquiring private jets, yatchs, private islands, undermining and sabotaging the Nigerian economy.With her arrest, Diezani is said to be ready to name names and implicate all those who know about the deals that saw her become richer than some countries.

Some of those who are expected “feature prominently and perhaps go down with Diezani are: Alhaji Abubakar Aliyu, (AKA A.A Oil), Dan Etete, Tope Shonubi, Tonye Cole, Ade Odunsi, Tunde Ayeni, Idahosa Wells Okunbo, Walter Wagbatsoma, Benny Peters, Jide Omokore and Kola Aluko.

Meet Some Members of the ‘Crude Oil Gangsters’

Tunde Ayeni and Idahosa Wells (Ocean Marines Security, PPP FM) The two men since 2011 have been involved in the transportation of five million barrels of crude from Escravos to Warri refinery, and Bonny Island to Port Harcourt refinery, from drilling terminals to the refineries using ships, and circumventing direct linking pipelines, at the cost of N3.063.00($15.4 USD) per barrel of crude.

Mrs. Madueke, Austin Oniwon,Yinka Omorogbe, the legal adviser to the corporation and some others, facilitated the deal for Ocean Marines and PPP Fluid Mechanics.

After the Isrealis that had fronted for the two companies were “paid off,” they jerked up the contract sum to N6.7 billion monthly from N1.1 billion ($5.82 million USD) monthly, in the most bizzare manner in a contract that was never bidded for, according to industry sources.

While the deal was expected to supply Warri Refinery with 105.6 million barrels of crude, NNPC records show that the refinery only received 61.2 million barrels, combined. At least half of what was expected by ship alone was not delivered. Ayeni and Wells allegedly pocketed proceeds from the barrels never recieved by the NNPC.

From his fraudulent proceeds, Ayeni bought major shares in Skye Bank, Mainstreet Bank, bought Ibadan and Yola Discos, Nitel and Ascot.

Sahara Energy (Tope Shonubi, Tonye Cole, Ade Odunsi) Tope Sonubi, Ade Odunsi and Tonye Cole were some of the few oil magnates who benefited immensely from former petroleum minister, Diezani Alison-Madueke sleazy administration.

Sahara Energy was allocated 90,000 barrels per day (bpd), through an agreement with Societies Ivorienne De Refinage crude oil by the NNPC and was expected to use proceeds from the sales to import petrol, Kerosene and other petroleum products into the country. On the other hand, some of the companies received crude to be refined in some refineries abroad under a special arrangement and were expected to import the products back into the country.

It was however discovered that the Sahara Energy short-changed the country in the arrangement as the crude allocated to them could not be accounted for. It was suspected that the companies have been selling the crude allocated to them by NNPC without making returns to the government neither did they import the bye products into the country based on the agreement with NNPC. Investigators said Sahara Energy made over $2Billion from the Oil swap deal alone.

NNPC had requested Sahara Energy, with it’s Switzerland subsidiary, Sahara International Pte Limited at 7, Quai du Mont-Blanc, Geneva to refund N6.034 billion ($37.55 million) of subsidies unless a ‘credible explanation’ can be provided on the subject it oil swap transactions. They never did.

A Swiss report stated that Sahara Energy is entirely unable to justify a bank statement showing another $33.7 million while it is among the companies that have not imported the quantities that they should have but who have nevertheless been able to continue their importing activities with flagrant impunity.

Sahara Energy is a major beneficiary of the Petroleum Ministry under Diezani. Even when the OPA agreement of others were canceled, Sahara and Aiteo were the only ones left behind because of their closeness to Diezani, a source close to both companies told Pointblanknews.com.

Jide Omokore, Kola Aluko, Atlantic Energy, Seven Energy Without any bidding, the NPDC signed “strategic partnership agreements” worth around $6.6 billion with two local firms to manage them; Seven Energy was awarded three fields; while Atlantic Energy got two. Seven was co-founded in 2004 by Kola Aluko, who also co-owned Atlantic with Jide Omokore. Atlantic was incorporated the day before it signed the deals.

According to the contracts signed with the NPDC, Seven Energy retained 10% of profits in the three oil blocks, while Atlantic got 30% in its two blocks. Unlike Shell, neither firm pays royalties, profit tax or duties to the state.

Both companies wasted no time sub-contracting to other operators, on terms that were neither disclosed to the NPDC nor the NNPC. Atlantic Energy does not publish accounts, but Seven’s 2013 annual report showed its deal with NPDC helped its revenue more than triple to $345 million. In May 2013, House of reps called for investigations into the contracts saying Madueke transferred state assets to private individuals without competitive tender.

But Madueke argued no tender was needed because the contracts involved no sale of equity in the oil fields; the probe failed. Seven said on its website its agreement with NPDC pre-dated the Jonathan administration and included an allowance for taxes. The company claimed it had invested over $500 million, more than doubled production from its three blocks, and paid $48.8 million in taxes in 2013.

Aluko owns a fleet of supercars, including a Ferrari 458 GT2 that he races with Swiss team Kessel Racing. He also owns a $50 million yacht, according to Forbes magazine, and divides his time between a $40 million home in Los Angeles, an $8.6 million duplex on Fifth Avenue in New York, and homes in Abuja and Geneva.

Omokore has also become rich from oil and gas. Forbes estimated his annual revenue at Energy Resources at $400 million. His jet-setting lifestyle matches Aluko in equal measure.

According to SuperYatch.com, Aluko owns the Galactica Star yacht, which he acquired in June 2013. The 65m long Galactica is a unique custom built Super Yacht; the newest and largest Heesen yacht ever built and goes for over $100 million! Beyoncé and Jay-Z celebrated her 32nd birthday on one in Italy this year.

Omokore and Aluko both made $3.9Billion from shady oil deals under Diezani. Abubakar Aliyu, Dan Etete/Malabu Oil Scandal Alhaji Abubakar Aliyu, the dimunitive Kogi born has been heavily involved in fraudulent oil deals since the reign of late Gen. Sani Abacha. He is alleged to have been one of those who imported the infamous foul smelling fuel in the late 90’s and early 2000 which killed many Nigerians. Aliyu was a middleman in the yet-to-be resolved Malabu Oil scandal.

Aliyu owns Rocky Top Resources Limited with an account in one of the Abuja branches of Key Stone Bank with number 1005556552, where $336 million of the $400million Malabu money was transferred to. The remaining balance of $60 million was transferred to account No 3610042596 (allegedly belonging to Etete) for forex trading, leaving zero balance with Malabu’s Keystone bank account.

Of the $336 million transferred into the Rocky Top Resources account, $165 million was subsequently transferred into various individual accounts, leaving the balance of only $171 million, the anti-graft agency’s report said.

According to an EFCC’s report, Rocky Top Resources was registered with the Corporate Affairs Commission (CAC) with 100,000 shares capital only and is owned by one Abubakar Aliyu.

Former Attorney General and Minister of Justice Mohammed Adoke and the former Minister for Finance (State) Dr. Yerima Lawal Ngama “instructed the release of $401, 540, 000″ into Malabu Oil and Gas Ltd accounts domiciled with First Bank of Nigeria and $400 million into another Malabu accounts with Keystone Bank (former Bank PHB).

The EFCC report said “JP Morgan complied with this instruction and made the transfers on 23 August, 2011.” Malabu, controlled by Chief Dan Etete, ex-oil minister, who was convicted of money laundering in France in 2007.

The report further said that first payment of $401 million to Malabu’s First Bank account was distributed directly to A Group Construction Co. Ltd-also co-owned by Abubakar Aliyu ($157m); Mega Tech Engr. Co. Ltd ($180M); Imperial Union Ltd ($34m); Novel Property and Development Ltd-also co-owned by Abubakar Aliyu ($30m); leaving the balance of $143 million Malabu’s account. And “reasons for this payment is yet to be ascertained,” the EFCC report said.

Benny Peters (Aiteo Energy)

Benny Peters, the owner of Aiteo Energy. Mr. Peters is one of the major beneficiaries from Nigeria’s notoriously fraudulent fuel subsidy payments. A well known crony of Ms. Alison-Madueke, he is also quite close to President Jonathan.

Sometime in 2014, in a hushed deal that fell far short of the requirement of the bureau of public enterprise, the company acquired 85percent stake in OML 29 ,one of the biggest onshore oil blocks from Shell Nigeria for $2.56 billion. The block is believed to have around 2.2 billion barrels of oil and 300 million standard cubic feet of gas.

He fraudulently made $1.5billion from the Oil Swap deal from which it recieved a 90,000 bpd contract from the offshore processing agreements (OPAs) for which his supplies were short by 193,046,590 litres in 2011. His contract was renewed at the tail end of the President Goodluck Jonathan’s administration and was swiftly canceled by President Mohammadu Buhari.

Walter Wagbatsoma
Wagbatsoma and his Ontario Oil and Gas Nigeria Limited, allegedly defrauded the Nigerian government of N1.9billion in unearned oil subsidy payments.

Wagbatsoma and his firm, Ontario Oil and Gas Limited, received payment in excess of N414 million by filing fraudulent fuel importation claims.

He is part of numerous fuel marketers standing trial for allegedly defrauding Nigeria by forging documents that enabled them to receive fuel subsidy payments from the Petroleum Support Fund (PSF).

- www.pointblanknews.com

olaolulazio:
Obasanjo is in soup.....


Atiku+late =Atiku is late....


PMB is d man I know....

OkaNaUbe:


I have been involved in the oil sector in the past and I can tell you that Nigeria government doesn't know exactly how much oil is exploited by these oil companies. It is the number of barrels they tell NNPC that we know. The oil companies are richer than Nigeria itself.

wrong! Every oil exporting terminal has Nnpc DPR customs and other third party body monitoring them 24/7

chloride6:
Ade Adesomoju

Abuja

The Supreme Court on Wednesday ordered the Federal Government to immediately commence steps to recover all revenues lost to oil exploring and exploiting companies due to wrong profit sharing formula termed as the Production Sharing Contracts since August 2003.

A seven-man panel of the apex court led by the Chief Justice of Nigeria, Justice Walter Onnoghen, made the order in a consent judgment in a suit filed by three states, Rivers, Bayelsa and Akwa Ibom, against the Federal Government in 2016.



The states, through their various Attorneys General and the Federal Government, through the Attorney General of the Federation, had on April 6, 2018, filed the terms of settlement which the apex court adopted as its judgment on Wednesday.

The terms of the settlement were signed by the Attorneys General of the three states, Emmanuel Aguma (SAN) (for Rivers), Kemasuode Wogu (for Bayelsa) and Uwemedimo Nwoko (for Akwa Ibom) as well as the lead counsel for the AGF, Mr Lucius Nwosu.

The Permanent Secretary in the Federal Ministry of Justice, Mr Dayo Apata, signed as the witness.

By virtue of the agreement between the three states and the Federal Government leading to the consent judgment of the apex court, the AGF, Mr Abubakar Malami (SAN), is to work with the three states to “immediately set up a body and the necessary mechanism for recovery” of all the lost revenue since August 2003.

The mechanism is to be put in place by the AGF within 90 days.

The three states which had jointly filed the suit marked SC.964/2016, in the names of their respective Attorneys General, had contended that the Federal Government had been short-changed on its supposed shares of estimated earnings of $1,149,750,000,000, under the Production Sharing Contracts for the period between 2003 and 2015.

According to them, the huge loss suffered by the Federal Government is due to the failure of the Minister of Petroleum Resources for over 15 years to kick-start the re-adjustment of the sharing formula (the PSC) of 60 per cent share of oil profits to the Federal Government and 40 per cent to the oil companies.

They argued that the Federal Government had suffered huge losses under the PSC because of non-compliance with Section 16(1) of the Deep Offshore and Inland Basin Production Sharing Contracts Act which was said to have come into effect since January 1, 1993.

The plaintiffs faulted Section 8(1)(f) of the Production Sharing Contracts between the Federal Government and the oil companies, which makes provision for the 60 to 40 per cent sharing agreement.

They stated that, under the Deep Offshore and Inland Basin Production Sharing Contracts Act, there ought to be an upward re-adjustment of Federal Government’s share of oil profit “in a manner as to become economically beneficial to the Federal Government” whenever the price of crude oil exceeded $20 per barrel.

The plaintiffs, therefore, argued that the PSC which provides for the current sharing formula between the Federal Government and the oil companies could no longer be valid because the oil prices had since overshot the $20 per barrel.

https://punchng.com/scourt-orders-fg-to-recover-18-year-lost-revenue-from-oil-giants/

Buhari the looter.

olaolulazio:
Obasanjo is in soup.....

Atiku+late =Atiku is late....

PMB is d man I know....

Atikulate...Atiku [is] late! lol

seunmsg:


This is another wonderful development. The fact that Federal government also supported the states to get this judgement is very significant. Those who managed the petroleum industry between 2003 and 2015 should cover their faces in shame. I am very sure they knew about this law and the huge revenue that the country was losing but decided to look away after collecting huge bribes. Same set of people are attempting to come back again to continue the looting of our common patrimony. We say no to them.

Before you run your mouth carelessly the federal government only joined the suit after it was initiated by the 3 PDP states so I don't understand this your rambling...Your so-called minister of petroleum I'm sure he doesn't know what the judgement is all about.

Lagos state chamber of commerce that wanted to join the suit were thrown out, so as far the matter is concerned it is a PDP initiative.

SAI BABA till the coming of JESUS CHRIST.

richidinho:


but the 3 states are PDP state

This is one of most outstanding performance of buhari, if it is APC state doing that, am sure PDP federal will never support it because they are looters

yazach:


This is one of most outstanding performance of buhari, if it is APC state doing that, am sure PDP federal will never support it because they are looters

Sorry bro, but drop political sentiments when u analyze issues, it cloud your judgement.

The federal government is compelled by the Supreme court to go after the oil firms after the 3 PDP states instituted it.

What's APC federal will in this?

I think those political inclined teenagers are not capable of straight talk. Just biased ramblings.

new2012:


Sorry bro, but drop political sentiments when u analyze issues, it cloud your judgement.

The federal government is compelled by the Supreme court to go after the oil firms after the 3 PDP states instituted it.

What's APC federal will in this?

I think those political inclined teenagers are not capable of straight talk. Just biased ramblings.

sorry, read the post again you will understand better

PDP and the theives will not like this...

greatcrown:
One trillion US dollar

This is nothing but big time fraud/incompetence of people managing NNPC / Nigeria finance for those period.

I think all of them need to be investigated and punishment serve if anyone is found to have compromised.

Kudos to Rivers, Bayelsa and Akwa Ibom states for intistuting the case and seeing it through.

1 trillions dollars is the total estimate of oil revenue accrued before sharing ratios are applied and not what they owe Nigerians

NothingDoMe:
I don't believe the amount is correct.

Me too o. Over 1 trillion dollars?! 1 trillion naira sef go do plenty!