₦airaland Forum

Racoon:
Meanwhile, the battered Niger Delta & other community wherein you have been doing the exploration & lifting crude oil have been struggling for good life from antiqiuty without anyone hearing their cries

Juliusmalema:
The Indigenes are guarding their oil jealously.

softplace:
i remember going to bayelsa from Lagos to handle a server project, and all i saw from edo to bayelsa was greed . let me call it Oil Greed, many of those guys collected money from this companies and swallowed the money

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TheAfricaQueen:
For 64 years you sold oil, there were many glory years of oil at more than 100 dollars a barrel, instead of saving for a rainy day or putting the money in a Sovereign Trust Fund, they looted the money and now we are where we are. Let's see how the leaders that Nigerians voted in with an overwhelming victory in 2019 navigate us out of this crisis.

TheAfricaQueen:
For 64 years you sold oil, there were many glory years of oil at more than 100 dollars a barrel, instead of saving for a rainy day or putting the money in a Sovereign Trust Fund, they looted the money and now we are where we are. Let's see how the leaders that Nigerians voted in with an overwhelming victory in 2019 navigate us out of this crisis.

Racoon:
Meanwhile, the battered Niger Delta & other community wherein you have been doing the exploration & lifting crude oil have been struggling for good life from antiqiuty without anyone hearing their cries

Juliusmalema:
Niger Deltans are living well and feeding fat. No struggling there.

Juliusmalema:
Niger Deltans are living well and feeding fat. No struggling there.

WelcomeToBiafra:
These are the lies Nigerian criminal politicians and those in government has been lying to the global community about section of Biafrans citizens, created by Obasanjo, a Yoruba politicians in government of that year.




Eze Egi as a father, made the request for these palliatives, and as a son, we could not have declined his request.

Must Eze Egi made the request before Nigeria fulani controlled oil agencies give?

Please come to niger deltan to live fat too.

Juliusmalema:
Niger Deltans are feeding fat and living well.

They are not struggling rather they are enjoying the oil companies.

Juliusmalema:
Continue crying on another man matter.

Nonsense.

Farki:
A foreign company that extracts the oil and takes the lions share out of it without contributing to the country and the local population? Do you want me to feel sorry for them? I'm even glad that oil will soon be worthless so the rest of the world can wake up.

WelcomeToBiafra:
The North and Yoruba are living fat on Biafrans resources.

Terrorist/jidhadist

smeag0l:
Let's always verify facts before we make comments here. The lion's share of every oil exploration in nigeria goes to the government. There are two different kinds of contracts that exist in the oil jndustry- The production sharing contract and the joint venture and I'll explain how both work. For the joint venture, a government corporation like nnpc enters a joint venture with another IOC or a consortium of IOC's. I'm yet to find a joint venture in nigeria that nnpc doesn't own more than 50% stake. This means they contribute 50% of the money required for development of a field and also take 50% of the profit. Now, one of the IOC's is usually the operator of the joint venture. The government takes 20% of the revenue made from a joint venture as royalty. This means 20% of investment regardless of capital invested. Then out of the remaining 80%, the government asks other IOC's and nnpc to take away their contribution to production and then taxes 85% of the profit left. The IOC's are left with 15% of the profit to share and nnpc still takes more than 50% of that 15%.So, your senators and reps members take the bulk of these monies and share them.amongst themselves. Now, the production sharing contract that seems more profitable to the IOC's has also been pegged. They now pay a double-faced royalty (Water depth based and price based) and this amounts to about 14% of the total revenue on the average. Then government will now bring it's long tax knife again to cut away most of the profit. If not for economies of scale, these IOC's would have left Nigeria last year.

EdiskyHarry:
It's better you keep quiet than saying what you don't know,
Just come to ibono local government in Akwa ibom state where Mobil is operating and see how they are living well.