₦airaland Forum

Welcome, Guest: Register • Login • With Google • Trending • Recent • New

Stats: 3,344,273 members, 8,510,983 topics. Date: Saturday, 31 October 2026 at 02:24 PM

Toggle theme

Treesun's Posts

Nairaland Forum › Treesun's Profile › Treesun's Posts

1 2 3 4 5 6 7 8 ... 66 67 68 69 70 71 72 73 74 (of 176 pages)

Celebrities › Re: Fresh-Looking Mohbad's Father, Joseph Aloba, Says He Is Single (Video) by treesun: 9:55am On Feb 05, 2024
Politics › Nigeria Fails To Meet Oil Production Targets In 10yrs by treesun(op):
Despite having crude oil in abundance, Nigeria has consistently failed to meet oil production targets as stipulated in national budgets over the last 10 years, investigations by Daily Trust have shown.

The country has, over time, maintained a mono-economy with crude oil sales constituting about 90 per cent of its foreign exchange earnings.


However, experts have projected that non-oil exports should be the nation’s primary concern due to the volatility in the oil sector which Nigeria is susceptible to.



Ambitious projections

NIGERIA DAILY: Can Nigerians Afford To Pay More For Goods And Services This Time?
Boko Haram kills 2 construction workers in Yobe
Data obtained by this newspaper showed that the country consistently failed to meet its oil production targets by an average of 300,000 to 600,000 barrels per day (bpd) recorded shortfalls from 2013 to 2023.

A breakdown of the data showed that in 2013, Nigeria produced between 2.1 million and 2.2 million barrels of crude oil.

The then Minister of Finance and Coordinating Minister for the Economy, Ngozi Okonjo-Iweala had said that Nigeria was losing $1 billion revenue monthly, following the drop in oil production and the falling prices of crude oil at the international market.



“Total losses, which stemmed from shut-in due to force majeure declared by oil companies, oil theft and illegal bunkering, was put at 300,000 barrels per day. The current production ranged from 2.1 million bpd to 2.2 million barrels per day, less than an estimated 2.5 million barrels per day for the 2013 budget,” she had said.

In the 2014 budget, crude oil production was pegged at 2.3883 million barrels per day. However, the figures from the Nigerian National Petroleum Company Limited (NNPCL), then a public corporation, showed that 2.05 million barrels per day (mbpd) of crude were produced that year, a shortfall of at least 450,000 barrels.


In 2015, former President Goodluck Jonathan signed the budget with a projection of 2.27 million bpd, and a crude oil price of $65. However, Nigeria’s oil production averaged 1.9 million bpd in 2015, representing a shortfall of over 300,000 bpd.

Subsequently, the 2016 budget was prepared as Nigeria was on the verge of exiting recession, and oil production was pegged at 2.2 million bpd.

By May 2016, Nigeria’s oil production had fallen drastically to 1.4 million bpd, nearly a 30-year low. After some government interventions, some of the disrupted productions were restored, and crude oil output averaged 1.6 million bpd in June, and continued in that trajectory until the end of the year.

Similarly, in the 2017 budget, oil production was pegged at 2.2 million bpd and the oil price was $42.5 bpb. However, crude oil production has been far below projections as the Medium-Term Expenditure Framework for 2018 showed that the 2.2 million bpd was not met as average oil production fell to 2.04 million bpd.

A similar situation recurred in relation to the 2018 budget which had a proposal of 2.3 million bpd but actual production was pegged at 1.84 million bpd by the then NNPC.

Also, in 2019, oil production was projected at 2.3 million bpd with crude oil price pegged at $60 per barrel. However, crude oil production by Nigeria fell for the third month in a row in December 2019, to a new low of 1.5 million bpd as against a target production level of 2.18 million bpd at $57 per barrel.

In 2020, the assumption of oil production of 2.18 million bpd was presented by the federal government with an oil price benchmark of $57 per barrel.

However, in the year under review, total crude oil production in Nigeria dropped to about 900,000 barrels per day as a result of the effects of COVID-19.




production output of 1.86 million barrels per day, although Nigeria had to shed off about 313,000 bpd for the first half of 2021 in line with Organisation of Petroeleum Exporting Countries (OPEC)+ cut agreement to stabilise global oil prices. Nigeria produced an average of 1.4 million bpd of crude. At the end of the year, the country ended up producing a maximum of 1.5 mbpd.

In 2022, the projected crude oil production was 1.88 million bpd. However, reports from the NNPCL showed that Nigeria was barely able to produce 70 per cent of the total production forecast, losing roughly the rest to oil theft and sabotage, leading to incessant shut-in of planned output for the period. Nigeria’s production hovered around 1 million to 1.5 million bpd in 2022.

In the 2023 budget, the crude oil price benchmark was $75 per barrel with crude oil production pegged at 1.69 million bpd.

However, in the middle of that year, the country produced 998,602 bpd of crude oil, 66,317 bpd of blended condensates, and 180,110 bpd of unblended condensates.

These figures made up 1.2 million bpd recorded, according to the NNPCL.

Consequently, with an average of N1 billion monthly loss, the country lost N12 billion annually due to its inability to meet crude oil production target, which translates to N120 billion in the last 10 years.



Crude theft, vandalism remain our nightmare

Although crude oil theft and pipeline vandalism are not peculiar to Nigeria, the inability of the petrochemical refineries to become fully operational has compounded Nigeria’s woes.

In a recent report posted on its X account formerly Twitter, the NNPCL said it recorded 127 crude oil theft incidents between December 2 and 8, 2023.

During the period, the NNPCL and its security partners said they discovered several incidents, including 51 illegal refineries that were uncovered, 29 illegal connections were identified, vessels were found to have AIS (Automatic Identification System) infractions and six acts of pipeline vandalism were detected.

The report specified that crude oil theft incidents occurred across various locations in Bayelsa, Rivers, Delta, Abia and Imo states, though some arrests were said to have been made.

In a recent interview, the Group Managing Director of the NNPCL, Mele Kyari, said pipeline vandalism was being tackled, adding that when “The Dangote Refinery starts churning out products, they will be transported across the country using trucks.”



Deploy AI in pipeline surveillance to curb theft – Expert

A development expert, Joseph Momoh, said it was high time the federal government, through the NNPCL, commenced the deployment of Artificial Intelligence (AI) in pipeline surveillance.

“We cannot succeed in tackling pipeline vandalism with only human beings watching over it. We also require artificial intelligence to always alert those in charge of imminent danger,” he said.


Momoh further advised the NNPCL not to renege on its promise to resume full operations at the Port Harcourt, Warri and Kaduna refineries as Nigeria not only needed to meet the crude production target, but must also start refining the crude it produces.

https://dailytrust.com/nigeria-fails-to-meet-oil-production-targets-in-10yrs/
Politics › Re: Hardship: Presidency Attacks Atiku Again Over Criticism Of Economy by treesun(op): 9:37am On Feb 05, 2024
Nlfpmod, people are hungry and is looking messy!
Politics › Hardship: Presidency Attacks Atiku Again Over Criticism Of Economy by treesun(op): 7:56am On Feb 05, 2024
ABUJA — THE Presidency last night lampooned former Vice President and Presidential candidate of the Peoples Democratic Party, PDP, in the February 25, 2023 election, Alhaji Atiku Abubakar, over his criticism of President Bola Tinubu’s administration.


The Presidency said that the former Vice President has assumed the position of opposition-in-chief to President Tinubu and his government.

It also said that Atiku’s claim that the government’s policies have created intense cost of living pressures are not grounded on facts, claiming that recent comparative cost of living indices showed that Nigerians still enjoy the lowest cost of living in Africa.

These were contained in a statement issued by Bayo Onanuga, Special Adviser to the President on Information and Strategy, titled, “Atiku Abubakar and his new hobby.”

The Presidency said while President Tinubu and his able team are working very hard to make our country better, ensure our economy is stronger and more competitive, Atiku Abubakar and his cohorts may continue to belly ache.
The statement read: “Alhaji Atiku Abubakar has certainly found a new hobby to keep himself busy, having failed to achieve his lifelong ambition of becoming the President of the Federal Republic of Nigeria. He is increasingly carving for himself the role of opposition-in-chief to President Bola Ahmed Tinubu and his government.

“However, we notice that the former Vice-President, just like in his political contests, is also doing a poor job of it, offering pedestrian and uninformed interventions on our economy and other matters of public concerns.
“Atiku’s latest diatribe was another uncharitable commentary on the state of the economy and the efforts of the President Bola Tinubu administration in remoulding it for sustained prosperity.

“Nigerians can easily see through the hypocrisy of Alhaji Atiku, who in accusing President Tinubu of poor response to the nation’s challenges and causing pains and despair, didn’t offer any better policy options in his run for the Presidency different from the economic reform agenda being pursued by President Tinubu.

“All the major candidates agreed that the fuel subsidy regime, which had become an albatross on the economy, must end. They all agreed that the multiple exchange rates must be fixed. Where President Tinubu and Atiku differed was in selling NNPC Limited and other national assets. Atiku went for this so he could sell these important national assets to his friends and cronies.


“President Tinubu removed the subsidy from Day One and announced moves to harmonise the exchange rates. Since then, he and his economic team have been working vigorously to harmonise the rates and also end the rampant and criminal arbitrage that the multiple windows allowed.”

Related News
Electricity: National grid restored after partial disturbance -TCN
Tinubu, Buhari mourn ex-Yobe gov, Bukar Ibrahim
EFCC renders account of stewardship, as details of recovered Humanitarian Affairs N37bn emerge
According to the statement, President Tinubu acknowledged, on different occasions, that the reforms his government is implementing will cause immediate pains, but will usher in an era of prosperity in the medium and long terms.

It said, “Minus Atiku, reputable local and international agencies who understand the situation the Tinubu administration found itself have commended the administration, having seen a policy trajectory that is clearly positive, realistic and sustainable.

Atiku’s claims that the private sector is shrinking and that multinational companies are leaving our companies in ‘droves’ are not grounded on facts.

“His claim that the government’s policies have created intense cost of living pressures are also not grounded on facts as recent comparative cost of living indices show that Nigerians still enjoy the lowest cost of living in Africa.


“Instead of mouthing platitudes every time in a bid to earn cheap political mileage, Alhaji Atiku who presumes himself as the leader of opposition should tell Nigerians what he would have done better if he had been elected President.”

The statement told the former Vice President to be honest enough to admit that President Tinubu inherited a weak economy, which to all intents and purposes and to ensure the survival of the country needs a complete overhaul.
It said, “The economy was plagued by decades of significant fiscal deficits, a low revenue base, high external and domestic debts, and huge debt service burden.

“The national budget Tinubu met in 2023 showed that 97 percent of revenue was to be spent on debt servicing, with little reserved for capital, thereby foreclosing growth and jobs.

“Confronted with this grim economic reality, President Tinubu faced a difficult choice of balancing the political and economic costs of reforms against the risks of economic recession. His government chose the former, to keep the economy afloat and set it back on the path of growth and prosperity.”

https://www.vanguardngr.com/2024/02/hardship-presidency-attacks-atiku-again-over-criticism-of-economy
NYSC › NYSC To Be Reformed Into Revenue-Generating Agency – FG by treesun(op): 10:38pm On Feb 04, 2024
The Federal Government has announced its plan to reform the National Youth Service Corps (NYSC) to make it a revenue-generating agency.

The Minister of Youth Development, Jamila Bio-Ibrahim, disclosed this while speaking on Channels Television’s Sunday Politics programme.

Asked if there were immediate plans to increase the monthly allowance of corps members, the minister said the Federal Government was working on reforming the NYSC scheme to reflect the present realities of the nation.


“We all understand that resources are dwindling, even oil revenues are not as they used to be but we will find innovative ways of ensuring that corps members’ welfare is well-taken care of.

“When it comes to remuneration and looking totally at the holistic funding of the NYSC, we have announced a reform of the NYSC scheme itself. So, we want the scheme to go beyond that social programme of government to be that revenue-generating scheme and agency.

“The reforms which transform the NYSC into a revenue-generating agency and prepare the corps members for the job market and to be decently and gainfully employed or to be employers of labour through entrepreneurship and of course, perfect matching into primary assignment and all the support they need in that career path.”


She also disclosed that corps members were no longer posted to states deemed unsafe in the wake of worsening security conditions in the country.


“As an immediate intervention of the government and the NYSC as an agency, we have actually stopped posting corps members to the very unsafe states.
https://dailytrust.com/nysc-to-be-reformed-into-revenue-generating-agency-fg/

Politics › Again, CBN Raises Import Duty Rate By Another 4.4% In 24 Hours by treesun(op): 5:18pm On Feb 03, 2024
Barely 24 hours after it increased the Customs exchange rate to N1, 356.883 per dollar on Friday, the Central Bank of Nigeria, CBN, has Saturday morning once again jerked up the rate to N1, 413.62.

The new rate has since been reflected on the Customs trade portal. The increase was vehemently opposed by importers and Customs brokers when it first increased Customs import duty rate by 43 percent on Friday.

Describing the increase as devastating, the Chief Executive Officer of the Centre for the Promotion for Private Enterprise, CPPE, Dr. Muda Yusuf said The drastic upward review of the exchange rate for the computation of import duty from N952 to N1,413.62 would have a negative effect on businesses across all sectors. This is a whopping 42.5% increase. This is like the last straw.

He stated that businesses are yet to recover from the shocks of the new round of currency devaluation resulting from the sudden unification of the exchange rate which has driven the official exchange rate to about N1400.

He said: “It is double jeopardy for the investors across all sectors especially those in the real sector. This action will further fuel inflation as production and operating costs get escalated. The vulnerable segments of the population will be further impoverished as cost push inflation gets exacerbated.

“CPPE appeals to the CBN to reverse this rate hike in the interest of the already impoverished segments of our society and the numerous businesses that are already on the verge of collapse.

“The shocks, disruptions and dislocations are of immense proportions. It is even worse that the rates take immediate effect. This is a policy action that is difficult to justify, especially in the context of the multidimensional headwinds that businesses are grappling with.

“The CPPE recommends that, going forward, the determination of the exchange rate for import duty computation should be treated as a fiscal policy matter and located within the remit of the fiscal authorities which is the finance ministry. This is necessary for proper alignment with extant fiscal policies.

Alhaji Tanko Ibrahim, the National Coordinator of the National Association of Government Approved Freight Forwarders(NAGAFF) told our reporter that the apex bank is not yet done with its fiddling with the Customs exchange rate as it plans to increase it again soon to N1500 per dollar.

”I heard from the grapevine that the CBN plans to push the Customs exchange rate to as high as N1,500 per dollar. That is their target and they are going to do it soon” he claimed.

The agitated stakeholders were still discussing the impact of Friday’s increase before they were once again hit by yet another hike which commentators feared may lead to the collapse of the import business and difficulty of the Nigeria Customs Service to meet its N5.1 trillion revenue target for 2024.

An angry stakeholder who reacted to the latest increase said the development has portrayed the present government as insensitive.

He said: ” The whole situation has given away this government as insensitive to the plight of Nigerians.

“While we are still discussing the implications of Friday’s increase and how it is going to impact the lives of the ordinary Nigerians, this government went ahead to slam yet another increase.

“I don’t know why a government can be so cruel and insensitive the irate freight forwarder lamented.”
https://www.vanguardngr.com/2024/02/again-cbn-raises-import-duty-rate-by-another-4-4-in-24-hours/

Politics › Re: ISWAP Fighters Raid Borno Police Station, Gun Down Officers by treesun(op): 3:53pm On Feb 03, 2024
Nlfpmod, we are back to the days!
Politics › Re: FG Raises Exchange Rate For Cargo Clearance To N1,356/$ by treesun(op): 3:52pm On Feb 03, 2024
Mynd4,Nlfpmod does this affect people who already paid the old rate for thrir containers! FG sending thousands to abject poverty daily!
Politics › Re: FG Raises Exchange Rate For Cargo Clearance To N1,356/$ by treesun(op): 2:58pm On Feb 03, 2024
Increasing hardship!
Politics › ISWAP Fighters Raid Borno Police Station, Gun Down Officers by treesun(op): 2:57pm On Feb 03, 2024
At least four policemen were killed and cache of ammunition carted away when suspected fighters of Islamic State of West Africa Province (ISWAP) attacked a police station in Nganzai Local Government Area of Borno State.

ISWAP fighters reportedly stormed the police station at Gajiram town, Nganzai LGA and opened fire on the policemen on duty.

According to security sources, the invaders partially torched the station during the incident which happened late Friday.

”There was confusion in our town last night. The ISWAP fighters attacked the police station in Gajiram. They outnumbered and overpowered the policemen on duty.”

“We found four dead bodies of the police who lost their lives early this morning, Some policemen are yet to return as we speak
,” a vigilante source said.

A top security source said the invaders had left the scene before the military reinforcement arrived.

“Yes, when we got the report, our troop mobilized and moved to the scene, but unfortunately the invaders had ran away,” the source said.

As of filling this report, the police are yet to issues statement on the incident.

Borno has come under multiple attacks from insurgents.
https://dailytrust.com/breaking-iswap-fighters-raid-borno-police-station-gun-down-officers/

Politics › FG Raises Exchange Rate For Cargo Clearance To N1,356/$ by treesun(op): 10:19am On Feb 02, 2024
The Federal Government through the Central Bank of Nigeria has raised the exchange rate for cargo clearance from N952/$ to N1.356 per dollar.

This is coming weeks after the rate was increased from N783/$ to N952/$.

In November, the exchange rate for cargo clearance was raised from N757 per dollar to N783 per dollar, representing a 3.4 per cent increase, and was later raised from N783/$ to N952/$ in December.

However, our correspondent observed on Friday that the new rate has been reflected on the portal of the Nigeria Customs Service.


Meet Ondo Regent Whose Father Reigned For Three Days | Punch
Reacting to this, a member of the Association of Nigerian Licensed Customs Agents, Remilekun Sikiru, in a chat with The PUNCH on Friday, said, “How do we explain this? From N952/$ to N1.4/$ as of Friday morning with about N404 increase? It’s quite unfortunate that the prices of goods and commodities will automatically increase. Importation would further decrease and depreciate, vehicle prices would skyrocket again.

CBN orders banks to sell excess dollars in 24 hours
“Since this unification of a thing, the government has refused to look inward and critically into the maritime industry as regards importation and exportation. The sector have been neglected and things are getting worse daily. The question now is, how would freight forwarders and customs brokers agents cope with this new rate?”

Also speaking, an agent, Ben Anya, said that they woke up to the new rate, “which was before now set at N951 per dollar,”


Anya explained that with the latest increase in the exchange rate, the cost of clearing would increase.

“And this would also affect the cost of goods in the market. It would also lead to a drop in importation,” he said.

https://punchng.com/just-in-fg-raises-exchange-rate-for-cargo-clearance-to-n1356/
Politics › Re: Tinubu Screws Nigeria Over In Paris, Returns OPL 245 Ownership To Shell-eni by treesun(op): 7:19pm On Feb 01, 2024
Confirmed!
Politics › Business Revenue In Abuja Down 33% Due To Insecurity – Report by treesun(op): 6:01pm On Feb 01, 2024
A new report by SBM Intelligence, a reputable market intelligence, security analysis, and strategic consulting firm, has shed light on the alarming rise in insecurity that is plaguing Nigeria’s capital, Abuja.

The report, titled ‘Inside Nigeria’s Hostage Capital: Unraveling the economic impact of Abuja’s kidnap epidemic,’ reveals distressing statistics and harrowing accounts of the city’s deteriorating security situation.


Surge in Criminal Activities

According to the report released on Thursday, Abuja has experienced a surge in various criminal activities including minor thefts, ‘One Chance’ robberies, armed robberies, and home break-ins.

The situation reached a critical point with the recent spate of kidnappings, showcasing a rapid deterioration in the country’s security landscape.

The report reads, “The deteriorating security situation in Nigeria’s capital has had a real effect on the lives of the city’s residents.

“Insecurity in and around Abuja is fuelling tensions in the capital, and although the violence is still mostly in satellite towns such as Bwari and Kuje, our data, which spans between 15 January 2023 and 15 January 2024, shows a steady increase in abductions in the main city centres in Abuja Municipal Council Area, bringing insecurity closer to the heart of Nigeria’s government.

“The economic environment has seen significant changes, with business revenue declining by 33% and estate security fees increasing by 20%. Transport fares have surged by 100-250%, while rent in upscale areas has risen by 10-50%, and rent in suburbs is subject to dispute.

“Additionally, the number of residents abducted varies across area councils, with notable figures in Bwari (158), Kuje (67), and AMAC (30).


“Similarly, the number of abductions in each area council shows higher rates in Bwari (20), Kuje (11), and AMAC (cool, underscoring the pressing need for improved security measures.”



The report highlights several chilling incidents, including the abduction of Mansoor Al-Kadriyar and six of his daughters on 5 January.

Impact on Residents

In the wake of these incessant attacks, Abuja residents have been compelled to take extensive measures to safeguard themselves and adapt to the grim reality. Interviews conducted with respondents across the city underscore the economic repercussions and profound impact of the kidnap epidemic on the lives of residents.

Safety concerns have prompted many residents to ensure they return home before dark, disrupting the routines of those who work in the night economy.


Affluent individuals seek refuge in the relative safety of hotels, while others shun public transportation in favour of ride-hailing services like Uber, leading to increased transport costs for many.

Escalating Security Costs and Economic Fallout
To fortify their defenses, many residents have invested in enhancing their security infrastructure, leading to escalated security costs. Some resort to extreme measures such as arming themselves with weapons like pepper sprays and knives. Families of victims bear untold financial losses and endure strained relationships, contributing to increased migration and brain drain.

“The economic toll of insecurity is staggering, with business revenue in Abuja plummeting by 33%. Estate security fees have surged by 20%, while transport fares have skyrocketed by 100 – 250%. In upscale areas, rent has risen by 10 – 50%, exacerbating the financial strain on residents,” the report stated.

Urgent Call for Government Action
In light of these alarming developments, SBM Intelligence recommends swift government action against rising kidnappings, including enhanced security measures and provision of public transportation.

“Given that the government’s primary obligation is to ensure the safety and security of its citizens, the government needs to urgently implement the recommended measures so as to ensure a community safe for all residents,” it added.

https://www.vanguardngr.com/2024/02/business-revenue-in-abuja-down-33-due-to-insecurity-report/amp/
Politics › Re: Tinubu Screws Nigeria Over In Paris, Returns OPL 245 Ownership To Shell-eni by treesun(op): 2:28pm On Feb 01, 2024
Mynd44!
Politics › Re: 15 Persons Killed In Ugboju, Agatu, Benue State (Graphic Photos) by treesun(op): 11:07am On Feb 01, 2024
iwaeda:
In Bayo Onanuga's voice just Only 15, when hundreds die in South Africa and USA. grin grin grin grin angry
Nlfpmod, how many will die before
we wake up!
Politics › Re: 15 Persons Killed In Ugboju, Agatu, Benue State (Graphic Photos) by treesun(op): 9:58am On Feb 01, 2024
And one Deluded Bayo Onanuga is telling us, press is hyping the killings!
Politics › 15 Persons Killed In Ugboju, Agatu, Benue State (Graphic Photos) by treesun(op): 9:42am On Feb 01, 2024
At least 15 bodies have been recovered after an attack by armed invaders on Ugboju community in Agatu Local Government Area of Benue State.

Locals said many people were still missing after the invasion of the village on Wednesday evening by the assailants who had continued attacks on the area for two weeks.

A villager, who spoke to our correspondent on telephone, said the bodies were recovered Thursday morning, adding that the people were helpless over the situation.

He stated that before noon, more bodies might be discovered as search parties continued to comb bushes for missing persons.

Prince Inalegwu Adagole Simon, who hails from the affected village, narrated to our correspondent in Makurdi that the attackers besieged the community around 3pm on Wednesday.

[b]“It was around 3pm yesterday (Wednesday) those attackers came to my village and killed 15 persons. Some persons have been displaced from home. Before now, we had no issue with them (attackers),” [/b]Simon said.

The member representing Agatu constituency in the State House of Assembly, Godwin Edoh, also decried the fresh killings which he said happened on Wednesday.

Edoh said, “I’m frustrated as a representative of my people by their cries. I have forwarded all the gory photos of the bodies recovered to the WhatsApp lines of both the governor and his deputy.”

Spokeswoman of the police in Benue, Catherine Anene, said she was yet to receive information about the incident from the Divisional Police Officer (DPO) in Agatu.

“Let’s wait for the DPO, I will confirm from him. As we speak, there are so many police teams deployed to Agatu,” Anene said.
https://dailytrust.com/breaking-15-killed-in-fresh-attack-on-benue-community/

Politics › Re: Tinubu Screws Nigeria Over In Paris, Returns OPL 245 Ownership To Shell-eni by treesun(op): 8:28pm On Jan 31, 2024
christistruth01:
Fake News

The courts were used and settled the Matter
Give us true news!
Politics › Re: Tinubu Screws Nigeria Over In Paris, Returns OPL 245 Ownership To Shell-eni by treesun(op): 3:04pm On Jan 31, 2024
Nlfpmod!
Politics › Tinubu Screws Nigeria Over In Paris, Returns OPL 245 Ownership To Shell-eni by treesun(op): 9:06am On Jan 31, 2024
President Bola Tinubu has restored the ownership of OPL 245 to European oil majors Eni and Shell, Peoples Gazette learnt this week, all but assuring an end to a yearslong corruption inquiry into the massive yet highly controversial deepwater oilfield.



But the president agreed to the deal largely to expand his own riches when he was supposed to maximise its benefits for the Nigerian people, according to two officials familiar with the development. Months ago, as a precursor to the agreement finalised in London and Paris over the past week, Eni had transferred its onshore assets to Oando, run by the president’s nephew Wale Tinubu.



The Gazette was told that there was an arrangement brokered by Mr Tinubu’s controversial ally Gilbert Chagoury that helped Oando acquire Nigerian Agip Oil Company Ltd and other Nigerian assets of Eni towards the end of 2023. The president also withdrew all existing cases against Shell and Eni from international tribunals and allowed both firms to take back control of OPL 245 based on the old contract under Goodluck Jonathan and without fresh dues to Nigeria.



Following the transfer, which came in September 2023, Oando rapidly doubled its oil reserves to nearly one billion barrels, the company said. Both Eni and Oando did not disclose the amount involved, saying it was “price sensitive.” American investment banker Jefferies Group, however, said the deal was around $500 million.



The sale appeared to have landed a hitherto struggling Oando its biggest-ever payday just within the first six months of its CEO’s uncle, believed to own a secret interest in the firm, being Nigerian president.



Once a dealer

The deal came last week after Nigerian officials departed Abuja on January 23 for London, where a so-called “new resolution agreement” was entered with representatives of the two oil firms. Those The Gazette heard were on the trip included state petroleum minister Heineken Lokpobiri, head of Nigerian upstream regulator NUPRC Gbenga Komolafe, attorney-general Lateef Fagbemi and anti-graft chief Ola Olukoyede.

After signing the deal in London, the officials left for Paris to meet the president with the details, The Gazette heard. Mr Lokpobiri mounted enormous pressure on the Nigerian team to ensure the deal was reached, a source said.



“He kept saying the president had an interest in the deal,” an official said. “We later found out that the deal was the main reason the president travelled to Paris.”



One seething official feared the agreement could backfire and ensnare Nigeria in another round of international corruption controversy. Already, the newly revamped national oil company NNPC had distanced itself from the deal, saying it was never consulted by Eni despite holding interest in the business as a joint venture.



In a September 4 letter to Eni, NNPC decried the Oando sale as a major breach and threatened to explore options towards reversing it and holding the Italian group accountable.



NNPC H

But Eni promptly fired back, saying it was under no obligation to inform its Nigerian counterpart before disposing of the assets.



“NNPC has a pre-emption right on the JV shares, but Eni doesn’t have any contractual obligation to inform beforehand NNPC about the deal, also because the information was price sensitive for the potential buyer,” the firm stated.



The Gazette heard that the NNPC has since backed down after learning of the president’s involvement in the contract. A spokesperson for the firm did not answer a call seeking comments.



The deal appeared to suggest that Mr Tinubu was not ready to let go of his reputation as one of Nigeria’s fabled plutocrats, another official said this week.



“We thought that he would want to use the office of the president to rehabilitate himself,” a senior administration aide told The Gazette under anonymity on Tuesday evening. “But it seems that he spends every day trying to validate his worst inclinations as a dyed-in-the-wool con man.”



Prior to his election in February 2023, Mr Tinubu was the subject of a widely publicised U.S. court document that detailed his involvement in narcotics activities between the 1980s and 1990s. He was also previously exposed by The Gazette to have used his businesses to loot the Lagos treasury to the tune of billions of dollars.



Months after his election, the president was found to have gamed his way into power using falsified academic records in violation of the Nigerian Constitution. The Supreme Court sidestepped the case to keep him in power. It was the second time the now-Nigerian leader would escape accountability for forgery, coming over a decade after a federal prosecutor charged and subsequently withdrew a criminal case against him over a slew of fraudulent submissions to the electoral office INEC when he successfully sought office as Lagos governor.

Mr Tinubu has taken initial measures that convinced a section of the country about his readiness to combat corruption. He recently proactively suspended a minister accused of mismanagement, and queried another believed to be tied to the same scandal.



This week, the president also asked the NNPC to direct its revenues to the central bank, earning widespread accolades from public finance experts, including prominent members of political opposition like Kingsley Moghalu.



But beaming a spotlight on his handling of OPL-245 ownership could potentially remind Nigerians of the president’s unsavoury past and keep him under close scrutiny, one of his aides said.



Presidential spokesman Bayo Onanuga won’t speak on the deal when reached Tuesday night, suggesting instead that only NNPC and NUPRC can clarify questions surrounding the deal. Shell, Eni and Oando did not comment between Monday and Tuesday.



Lessons discarded

The oil prospecting licence 245 in Nigeria’s offshore deepwater has courted controversy since April 29, 1998, when it was first awarded by Sani Abacha to Malabu Oil & Gas Ltd, a shady shell business linked to ex-convict Dan Etete, who was at the time serving as Nigeria’s petroleum minister. Eni estimated that the field could readily produce a reserve capacity of 560 million barrels, with experts saying the block’s actual reserve ranged from six to nine billion barrels.



A 2018 report by HEDA and Global Witness found Nigeria stood to earn roughly $6 billion via long-term mining from the field, which sits about 150 kilometres south of Nigeria in the country’s territorial waters in the Gulf of Guinea.



deepwater oil platform

Deepwater oil platform(Credit: Nola.com)

In March 2001, Malabu transferred 40 per cent of its ownership to Shell at $18 million. But a few months later, in July, President Olusegun Obasanjo abruptly withdrew ownership of the field from Shell and gave sole ownership to state-run NNPC.



In 2002, NNPC transferred full ownership of the block again to Shell at a signature bonus of $210 million, which was locked in an escrow until all disputes had been resolved with the government, Malabu and other parties. In 2011, Shell partnered with Eni to pay the $210 million, saying it was the largest ever received by Nigeria for a prospecting licence to date.



The 2011 payment later became one of the biggest scandals of the Jonathan administration and, evidently, the biggest embarrassment Nigeria suffered abroad in its handling of oil deals. Dubbed Malabu oil scandal, it exposed how several Nigerian officials, including former attorney-general Bello Adoke, colluded with Mr Etete, a money-laundering convict, to use Nigeria as a middle-man in the murky deal. About $1.1 billion from Shell and Eni was said to have been disbursed to the Nigerian officials involved through JP Morgan.



Both Shell and Eni admitted knowledge of Mr Etete’s criminal background but, nonetheless, denied bribing him and other Nigerian officials. An Italian top court found both firms not guilty of any wrongdoing in the deal in a 2021 ruling. Mr Adoke also strongly denied any wrongdoing on behalf of himself and other Nigerian officials named with him, but a 2019 Abuja court warrant for Mr Etete’s arrest remained outstanding.



ENI, SHELL

ENI, SHELL

Still, a senior official said the president was hasty in pulling back from other lawsuits relating to the OPL 245 field that were instituted by the previous administration. Unlike Mr Tinubu, President Muhammadu Buhari rebuffed all pressure to resolve the matters outside international tribunals.



Mr Tinubu “discarded all the lessons Nigeria should have learnt from the Malabu oil scandal,” the official said under anonymity to steer clear of retribution. “His personal interest should not take precedence over Nigeria’s.”



50-50

Whereas Mr Tinubu prioritised his business interest around the deal, The Gazette was told Nigeria would benefit from a profit-sharing arrangement after the OPL 245 has successfully transformed into an extraction field due largely to a deal offered to the erstwhile Buhari administration.



One of our sources said Shell and Eni would be compelled to keep to an earlier proposal made to Mr Buhari’s government, but which was suspended until a final resolution of the matter had been reached.



Mr Buhari was pushing for a final decision on the civil liabilities of both Shell and Eni in London and Milan, respectively, before accepting an offer of 50 per cent of all proceeds from the field, according to sources. Mr Buhari’s argument was that the $1.1 billion, including the $210 signature bonus received by the Jonathan administration, that Shell and Eni paid to secure the licence in 2011 was a futile arrangement because the block should not have been awarded to Mr Etete in the first place.



Dan Etete

Dan Etete [Photo credit: Naira Metrics]

The outgone administration based its argument on Nigeria’s code of conduct statute that barred public servants from awarding federal projects to themselves. As a minister in Mr Abacha’s government, Mr Etete should not have awarded OPL 245 ownership to a firm in which he had significant interest.



With Mr Tinubu backing down from his predecessor’s $1.1 billion lawsuit against Shell and Eni in Nigeria and foreign jurisdictions, Eni also suspended its arbitration claims pending before the World Bank.



“So what we are working with now is for the president to insist on the 50 per cent that Shell and Eni proposed in the past now that the cases have been withdrawn and parties are back on the same page,” an official said. “Since he has eaten his own, he should not restrain Nigeria’s hands.”



https://gazettengr.com/exclusive-tinubu-screws-nigeria-over-in-paris-returns-opl-245-ownership-to-shell-eni-after-cornering-lucrative-onshore-assets-to-nephew-wales-oando/
Politics › Shettima: Kidnappings, Banditry Will Be Drastically Curtailed With Job Creation by treesun(op): 3:04pm On Jan 30, 2024
Vice President Kashim Shettima has said delivering on the priority areas will help in addressing some of the challenges bedeviling the country, particularly the security situation occasioned by terrorism, kidnapping and banditry.

The vice president stated this on Monday when he received the Global Managing Director of the Tony Blair Institute, Mr Michael McNair, who was on a courtesy visit to the Presidential Villa, Abuja.


He said as soon as the government created jobs and engaged the youths, the challenges of terrorism, kidnappings and banditry would be drastically curtailed.

He urged development partners to provide more support for the Tinubu administration to deliver on the Renewed Hope Agenda, especially in priority areas such as e-mobility, job creation, agriculture, food security and the power sector, among others.

Shettima urges African leaders to ramp up 3% of continent’s global GDP

Absence of judge stalls trial of Kano APC stalwart, Danbilki

Sen. Shettima who noted the commitment of the Tinubu administration to delivering on the Renewed Hope Agenda said, “It is easy to talk but how to walk the talk is the most important component of leadership”.

In support of the Tinubu administration’s drive to deepen the deployment and use of e-vehicles for public transportation, the vice president urged the TBI to make available its expertise in enhancing the adoption of the technology in Nigeria.



The VP applauded TBI’s partnership with Nigeria, especially in the nation’s “Effort to deepen the quality of governance and leadership in priority areas of job creation, agriculture and food security, support for the power sector through the Niger Delta Power Holding Company (NDPHC) and the delivery unit that will track our efforts.”


On his part, the Global Managing Director of the Tony Blair Institute, Mr Michael McNair, commended President Tinubu and Vice President Kashim Shettima’s leadership, noting that the VP’s impressive outing at the World Economic Forum, particularly his commitment to Africa’s future, was indicative of the country’s direction.

https://dailytrust.com/shettima-kidnappings-banditry-will-be-drastically-curtailed-with-job-creation/
Politics › Yahaya Bello Cancels Okene Trip, Hides To Evade EFCC Arrest - Sahara Reporters by treesun(op): 11:06am On Jan 30, 2024
Kogi Ex-Governor, Yahaya Bello Cancels Okene Trip, Currently Hiding To Evade EFCC Arrest

The immediate past governor of Kogi State, Yahaya Bello, is currently in hiding and on Monday cancelled his trip to Okene town, in order not to “expose” himself to operatives of the Economic and Financial Crimes Commission (EFCC) who are on the lookout for him, SaharaReporters has learnt.

Top government sources said Bello was still at the Government House, Lokoja, where he could enjoy the “protection” of his predecessor and godson, Usman Ododo, while other sources claimed his whereabouts are unknown.

SaharaReporters had on Monday reported that the EFCC concluded plans to probe Bello for alleged fraud and corrupt practices he was involved in during his eight-year tenure.

It had been learnt that the commission would invite Yahaya Bello for questioning to account for his eight years of administration.

SaharaReporters had reported how Bello’s tenure ended as the youngest governor in Kogi State last Saturday. He was succeeded by his party man, Usman Ododo.

Speaking with SaharaReporters on Tuesday, a top source said, “EFCC is currently after Bello. He was meant to go to Okene but when he heard of their presence, he cancelled it and is hiding in Government House, Lokoja currently.”

“He’s clearly attempting to evade arrest and he may have also left the Government House,” another source said.

It had been reported that Justice Nicholas Oweibo of the Federal High Court sitting in Ikoyi, Lagos struck out the commission’s suit seeking the forfeiture of 14 properties belonging to Yahaya Bello as well as the sum of N400million linked to him, citing his immunity from prosecution under the 1999 constitution.

The Commission's notice of appeal had stated that Justice Oweibo erred in law when he dismissed the suit because the Respondent's immunity from civil or criminal proceedings during his tenure as governor of Kogi State does not extend to properties reasonably suspected to be proceeds of crime traced to him.

It also stated that the court erred and caused a miscarriage of justice by refusing to bind itself to the Court of Appeal's decision in EFCC V Fayose (2018) LPELR 44131 CA and the Supreme Court's decision in Fawehinmi V IGP (2002)7 NWLR (PT767)606, on the proper interpretation of Section 308 of the 1999 Constitution.

The EFCC also claimed that the learned trial court erred in law when it overturned a preservation order for properties reasonably suspected to have been derived from the proceeds of illegal activities, despite its findings that the Respondent failed to demonstrate the genuine origin of funds used to acquire the properties under the preservation order.

On Wednesday, February 22, 2023, Justice Oweibo granted an interim forfeiture of the properties in Lagos, Abuja, and the United Arab Emirates, and also ordered the preservation of the sum of N400,000,000.00 (Four Hundred Million Naira) recovered from one Aminu Falala, which "is reasonably suspected to have been derived from unlawful activity and intended to be used for the acquisition of Plot No. 1224 Bishop Oluwole Street, Victoria."

Rotimi Oyedepo, SAN, counsel to the EFCC, moved the application, stating that the properties, including "Hotel Apartment Community, Burj Khalifa lying, being and situate at, Plot 160 Municipality NO 345-7562, Sky View Building No 1, Property No 401, Floor 4, Dubai U.A.E.", were reasonably suspected to have been derived from illegal activity.
https://saharareporters.com/2024/01/30/exclusive-kogi-ex-governor-yahaya-bello-cancels-okene-trip-currently-hiding-evade-efcc

Politics › Re: 2,423 Nigerians Killed With 1,872 Kidnapped Under Tinubu Presidency – Group by treesun(op): 4:07pm On Jan 29, 2024
Nlfpmod!
Politics › 2,423 Nigerians Killed With 1,872 Kidnapped Under Tinubu Presidency – Group by treesun(op): 2:20pm On Jan 29, 2024
The Nigerian Government has been asked to take actionable steps to end the endemic insecurity, mitigate further attacks by kidnap syndicates and terrorist groups, and, account for persons missing in these attacks.

Addressing a news conference in Abuja on Monday, Civil Society Organisations in Nigeria under the auspices of the Civil Society Joint Action Group, Community of Practice Against Mass Atrocities, and, Nigeria Mourns, expressed deep concern over the deteriorating state of security across Nigeria including the Federal Capital Territory, Abuja.

The Group says its mass atrocities and fatality tracking across the country by Nigeria Mourns revealed that at least 2,423 people have been killed in mass atrocities-related incidents and at least 1,872 persons abducted between May 29, 2023 to January 26, 2024 under President Bola Tinubu.

It added that under President Buhari’s second term alone (2019 to 2023), at least 24,816 Nigerians lost their lives, and at least 15,597 persons were abducted.

The Group called on President Bola Tinubu to urgently fulfill the constitutional imperative of safeguarding the lives of all citizens by declaring a state of emergency on kidnapping and other forms of terrorism.

Other demands by the Group to the President include Enhancement of the country’s security infrastructure by conducting an audit of the responsibility matrix within security agencies and departments of government; Bolster capabilities and deployment of technology to effectively address the evolving challenges of insecurity; Prompt prosecution of the 400 sponsors of terrorism arrested under the President Muhammadu Buhari administration.

The Group also wants the prosecution of those responsible for the misappropriation of the $460 million earmarked for the provision of CCTV cameras in the Federal Capital Territory; Implementation of more decisive measures to promptly secure the release of all abducted victims; Creation of a register of victims of abductions and other forms of mass atrocities among other demands.
https://ait.live/2423-nigerians-killed-with-1872-kidnapped-under-tinubu-presidency-group/

Sports › Jannik Sinner Wins Australian Open Champion by treesun(op): 3:10pm On Jan 28, 2024
GRAND SLAM CHAMPION 💪

Jannik Sinner, in his first Grand Slam final, has become #AusOpen    champion!

He came from two sets down to beat Daniil Medvedev 🔥

https://twitter.com/BBCSport/status/1751583804513226964

Politics › Corrupt Governance Responsible For Insecurity, Banditry In North - Shettima by treesun(op): 9:50am On Jan 28, 2024
Vice President Kashim Shettima said corrupt governance was responsible for the crises of insecurity and banditry in the Northern part of the country.

Shettima stated at the 10th Annual Sir Ahmadu Bello Foundation lecture and award hosted by Borno State governor, Prof Babagana Umara Zulum in Maiduguri Saturday.


The vice president, represented by his special adviser on Political Affairs, Hakeem-Baba Ahmed, said Sardauna has left a legacy of accountability, fairness and probity, which the current leaders defied.


He identified corruption by leaders as one of the root causes of insecurity, saying, “The leader cannot engage in corruption if he wants to stand above the common thief, the bandit and the kidnapper.

Governor Babagana Umara Zulum, also blamed corruption as the reason why the country is not getting things right, while calling those in the position of leadership to provide good governance.

The guest speaker, Nigeria’s Permanent Representative to the United Nations, Tijjani Muhammad-Bande, called on the policy makers to address abuse of power and insecurity challenges facing the country.

According to him, the reason why Sardauna is being glorified is the value of teamwork, resilience and commitment to the provision of qualitative education, agriculture, and infrastructural development.

The chairman of Northern Governors Forum, Governor Muhammad Inuwa Yahaya noted that good governance is the only way out of the insecurity in the region and the country as a whole.

Emeritus professor Umaru Shehu, Aisha Muhammed Nahuce, Professor Deborah Eniho and Adams David Baiki were among those that were awarded by the foundation.

The 11th Ahmadu Bello Memorial Lecture is to be hosted by Bauchi State in 2025.
https://www.vanguardngr.com/2024/01/corrupt-governance-responsible-for-insecurity-banditry-in-north-shettima/amp/

Politics › Re: FG Can’t Recruit Area Boys To Collect Taxes – Taiwo Oyedele by treesun(op): 8:09pm On Jan 27, 2024
Nlfpmod!
Politics › FG Can’t Recruit Area Boys To Collect Taxes – Taiwo Oyedele by treesun(op): 7:34pm On Jan 27, 2024
The Chairman, Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele has debunked news making the rounds that the committee would recruit area boys to enforce the payment and collection of taxes.

In an interview on Channels Television’s Sunrise Daily, Oyedele was quoted to have said that area boys could be trained for tax collection and paid decent salaries for doing so.

“We’re also thinking about how you bring all stakeholders on board because at the end of the day, if you stop the livelihood of anyone, whether they are earning it legitimately or not, you can create crises that would be difficult to manage but once you bring everybody in, maybe we need to train those area boys and touts, give them uniforms and then they’ll be the ones to ask you to show the evidence on your phone, right?

“And then they get paid a decent salary. And if you give them the skills, some of them will on their own, move on from that job to something else, right? So, our strategy is let’s think about what’s best for our country and get all stakeholders to align. We do think that all the stakeholders including the government want the best for their country and we just need to make them see that big picture and then come along with us. That’s the plan that we have”, Oyedele was quoted to have said in the interview with Channels TV.

However, in a statement on his social media account on Saturday, Oyedele said he was quoted out of context.

According to him, the area boys in question were already doing the job of enforcing tax payment and collection, so they could not be recruited to do a job they were already engaged in.

He said, “You cannot recruit a person to do the job they are already doing, whether they are legally engaged or otherwise. We have over 40 taxes and levies which States and Local Governments are authorised by law to collect across Nigeria including road taxes on trucks, buses and bicycles, wheelbarrows, kiosks and shop levies.

“In many cases, area boys are engaged to collect these taxes which they often do through crude, unorthodox means and harassment.”

He added that despite the enforcement, the taxes paid yield a meagre revenue as against what is expected.

“Painfully, these taxes yield very little revenue to the government despite the huge burden they place on small businesses, artisans and transporters. We propose to eliminate many of these taxes and harmonise a few of them that may be appropriate and devise a civil means of collection using mobile phones”, he noted.

Setting the records straight, he explained what he meant about the area boys being engaged in tax collection and enforcement.

“The issue I addressed during my interview on Channels TV, which has been sensationalised and taken out of context, was how to get the buy-in of those who currently collect these taxes (and benefit from doing so beyond whatever they are being paid officially). I did not mention any words like recruit or employ. You can watch the extract here …

“My thought on it beyond the legal aspect was to consider the social dimension and find a practical solution that has a high chance of success. The idea being that the government could train the collectors to behave in a civilised manner and pay them decently so that it is comparable to what they currently make.

“Their new role will be to drive and monitor compliance. The payers will pay less and be treated with dignity. Government will earn more, and society will benefit – a win-win outcome for everyone”, he submitted.
https://punchng.com/fg-cant-recruit-area-boys-to-collect-taxes-taiwo-oyedele/

Politics › Re: Bandits Dressed In Hijab Attack Police Checkpoint, Kill Two Inspectors In Katsin by treesun(op): 2:20pm On Jan 27, 2024
¡
Politics › Re: Bandits Dressed In Hijab Attack Police Checkpoint, Kill Two Inspectors In Katsin by treesun(op): 9:27am On Jan 27, 2024
History555:
Chinaza don land for kastina
Phillip?
Politics › Re: Bandits Dressed In Hijab Attack Police Checkpoint, Kill Two Inspectors In Katsin by treesun(op): 9:21am On Jan 27, 2024
Hmm!
Politics › Bandits Dressed In Hijab Attack Police Checkpoint, Kill Two Inspectors In Katsin by treesun(op): 7:27pm On Jan 26, 2024
Bandits Dressed in Hijab Attack Police Checkpoint, Kill Two Inspectors In Katsina
Regional
They carted away their rifles, leaving behind their operational vehicle and teargas at the checkpoint.



Two police inspectors have been killed by gunmen suspected to be terrorists who dressed in Hijab at a checkpoint in Gurbin Magarya village along Jibia-Batsari road in Katsina state.

A credible security source, who confirmed the incident in a telephone interview on Friday, said the officers were killed by the suspected terrorists on Thursday evening.

He explained that the hoodlums after killing the police Joint Border Patrol inspectors, carted away their rifles, leaving behind their operational vehicle and teargas at the checkpoint.

He said: “Some gunmen suspected to be bandits on bike killed two police inspectors and ran away with their guns at a checkpoint at Gurbin Magarya village along Jibia-Batsari road.

“They attacked the police Joint Border Patrol checkpoint at about 4pm yesterday (Thursday) dressed in Abaya (Hijab). The corps of the officers have been evacuated to Katsina general hospital’s matury.”

But when contacted, the State Police Public Relations Officer, ASP Abubakar Sadiq Aliyu, feigned ignorance of the incident.

He, however, promised to investigate and get back to our correspondent but he did not as of press time.


https://www.arise.tv/bandits-dressed-in-hijab-attack-police-checkpoint-kill-two-inspectors-in-katsina/#google_vignette

1 2 3 4 5 6 7 8 ... 66 67 68 69 70 71 72 73 74 (of 176 pages)