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AFRICA: Pan-African University officially launched - University World News

AFRICA: Pan-African University officially launched - University World News

HOW PRESIDENT JONATHAN LOOTED OUR TREASURY FOR THE 2011 ELECTION

The brazen manner in which the fuel subsidy palaver was handled leaves no one in doubt that there is much to it that we understand.
With the events that preceded the 2011 general election, the intrigues, the dirty power plays, the "hit and run" political clime that beclouded the nations only alludes to the despotic and crude way our national affairs were being handled then by the custodians who swore to protect it.
Oil Subsidy: What
Jonathan Knew About
The N1.76trillion
Payment? Information
recently made available
to 247ureports.com
through sources
within the power
corridors of the federal
capital of Nigeria,
Abuja, indicates that
there appear jolting
intricacies laden within
the sudden quantum-
like spike in oil subsidy
payments to select oil
marketers/importers
during the period
immediately
preceeding the
presidential elections
of
April 2011 [February to
April 2011] and the
period immediately
following the said
elections
[April to August 2011]
– which coincided wit
the arrival of Ngozi
Okonjo Iweala as the
Finance Minister for th
Ministry of Finance in
August 17, 2011. A
principal and
knowledgeable source
within the Jonathan
administration
indicates that the
sudden "quantum-
leap" in the payment o
oil subsidy payments
was not a mistake.
"The
President knew about
it" said the source wh
explained that fake
submissions for oil
subsidy payments
were approved and
disbursements were
made – and the monie
were
used towards
financing the
President's election of
2011. On the afternoo
of January 11, 2011,
two days to the
Peoples Democratic
Party [PDP]
presidential primaries
at the Eagles Square in
Abuja, the source,
pointed to the huge
["staggering"] amount
withdrawn from the
Central Bank of Nigeria
[CBN] for "classified"
expenditure. The sum
withdrawn, according
to the source, was in
excess of N150billion.
The money was
withdrawn for use
against the threat
posed by the PDP
opponent
[Abubakar Atiku] to
President Jonathan.
Atiku was said to be in
a critical race against
the
president for
delegates. The
Jonathan campaign
had received
intelligence the Atiku
campaign reached out
to 3000 delegates and
had disbursed the sum
of $3000 to each
delegate in exchange
for their votes [3000
delegates would give
Atiku the victory over
Jonathan]. In reaction,
the Presidency had to
raise immediate 'cash'
to avert what would
appear an
embarrassing loss.
Within 24hours, the
President's campaign
team raised the
booty on Atiku – by
offering each of the
3000 delegates $7000
in exchange for their
votes
– an equivalent total of
$21million
[N3.381billion]. The
$7,000 was paid in
foreign currency
and an additional
amount of N250,000 i
local currency was
handed to each of the
3000
delegates for "hotel
and transport" costs –
equivalent to a total of
N750million. On the
night
of January 13, 2011, o
the day of the PDP
presidential primaries,
the sum of N4.13billion
[N750million +
N3.381billion] was
disbursed by the
Jonathan campaign.
And so victory was
secured. Following the
victory at the Eagles
Square, the President's
campaign re-focused
its attention
to consultations
[taming] with political
groups within the
North who were
unhappy with
Jonathan's candidacy
and believed that
President Jonathan
should have stepped
down for a
northern candidate –
in line with the zoning
agreement previously
reached by the party.
For this, the president'
men made extensive
consultations with
each of the Emirs in
Northern Nigeria and
with other leaders of
thought in the north.
Confidential
information available
to 247ureports.com
reveals that the
consultation exercises,
by the end of January
2011, cost the
President's campaign
an excess of
N500million. The
Jonathan campaign
took an interesting
turn as it entered
February 2011. A fleet
of
private Jets was leased
from four major
carriers -King Airlines,
Wings Aviation, Top
Brazz
and Overland – for use
towards the national
campaign. The normal
charge for per hour of
each aircraft was
$6000 per hour – and
the Jets operated at 70
hours per week. The
Jonathan campaign
paid the rate of
$10,000 per hour - for
the period of 10weeks
–
equating to an amount
of N100million daily –
totaling to an
equivalent of
N10.5billion for the
said period. Then came
the February 14, 2011
billionaires meeting
where the 28-member
Presidential
Campaign Council [PCC]
was set up at the Eko
Hotel in Lagos. The
billionaires consisted
of
Aliko Dangote, Otedola,
Adenuga, Elumelu,
Jimoh Ibrahim, Emeka
Offor, Kasim Bukar,
Sayyu
Dantata, Jim Ovia and
others. And as the PCC
which was primarily
tasked with raising
funds
for the campaign
began work in
February of 2011, the
oil subsidy requests fo
payment
also began to
experience a quantum
leap from the
budgeted N245billion
to N1.7trillion.
Interestingly, the
Petroleum Resources
Minister, Mrs Allison
Madueke and the
Finance
Minister, Mrs Okonjo
Iweala while testifying
before the House of
Representative
Committee
investigating the Oil
Subsidy funds
management indicated
that the amount
disbursed as at
February 2011 was
N245billion – and that
begining from March
2011 the amounts
submitted for approval
suddenly surged.
Explaining the surge,
the source pointed to
the personalities
within the 28-member
billionaire PCC as
directly responsible for
the surge from
N245billion to
N1.7trillion.
According to the
source, shortly
following the
formation of the PCC,
Sayyu Dantata, a
member, through his
company, MRS Oil
submitted a
N225billion oil subsidy
request for
payment, Femi Otedola,
through his company,
AP, submitted a
N105billion oil subsidy
request for payment, a
'mysterious'
construction company
by the name Pinnacle
Construction also
submitted a claim for
N300billion – during
the same period. It wa
during the same
period that Stella Odua
Ogiemwonyi who was
one of the leaders in
the Jonathan campaig
organization filed a
claim that she had
spent her own
personal
money to the tuned of
N5billion – for the
maintenance of the
campaign secretariat.
Stella
Odua Ogiemwonyi is
the Chief Executive
Officer of Sea
Petroleum and Gas.
Interestingly, her
company submitted
claims for oil subsidy
payments in excess of
N5billion. Her claim
was
approved and paid.
Cursory inquiry
confirms that a
significant percentage
of the claims submitte
by the
members of the PCC
were fraudulent. The
fraudulent oil subsidy
claims freed the
President's
ability to spend in a
manner deemed
unprecedented by
informed experts. On
March 16, 2011, the
campaign released
N55million to a media
company [name
withheld]
for a single
advertisement slot. By
March 31, 2011, the
campaign paid
N7.3billion in
advertisements. On
March 28, 2011, it
donated one car and
one bus to each of the
36
chapters around the
country and the FCT –
along with a cash
donation of N14million
to each
chapter [totaling
N518million]. In
monetary terms, its
equates to a little over
N1billion.
Between April 12 and
April 15, 2011, the
campaign disbursed
N107billion. When
approached regarding
the sourceof the
exobitant spending,
the Director of the
Neighbor to Neighbor
Initiative [the main
NGO funding and
managing the
Jonathan
campaign], Mr. Mike
Omeri stated the
donations came from
online contributors.
Comparing the yearly
trendings of the oil
subsidy claims
submitted from 2006
to 2011,
highlights the anomaly
in the oil subsidy
claims between March
2011 and August
2011. In
2006, subsidy claims
was submitted for
26.9million liters of
petrol for the amount
N200billion, in 2008,
subsidy claims was
submitted for
33.4million liters of
petrol for the
amount N630billion,
and for 2010, subsidy
claims was submitted
for less than 33million
liters of petrol for a
little over N600billion.
And so it begs the
question, What the
President knew about
the N1.76trillion
subsidy
payment.

General strike over fuel hike paralyzes Nigeria

General strike over fuel hike paralyzes Nigeria
General strike over fuel hike paralyzes Nigeria
its may interest us to note that, this "NIGERIA HARMATTAN" has provided a rare window of opportunity for us to really understand what's been happening in our oil and gas industry and also to normalized those anomalies.
So since the release of this cable by wikileaks, it has continued to generate ripples within the public domain as it clearly exposes the level of rot and corruption in that sector.
So lets find out:
Reproduced below is a secret
cable of the
United States Government on the fraud in the
oil sector in Nigeria as published by Wikileaks.
C O N F I D E N T I A L SECTION 01 OF 02 LAGOS
000767
SIPDIS
NOFORN
E.O. 12958: DECL: 04/07/2014
TAGS: EPET EINV EFIN PGOV NI
SUBJECT: SCANDAL BREWING OVER NIGERIAN
FUEL IMPORTS
Classified By: J. GREGOIRE FOR REASONS 1.5 (B),
(D), AND (E).
¶1. (C) SUMMARY. A scandal is brewing in
Nigeria over prices paid by the government
for imported fuel. International fuel traders
have been falsifying the dates of bills of lading
to reflect particularly high market prices,
overcharging the Nigerian National Petroleum
Corporation (NNPC) by $300 million or more.
END SUMMARY.
¶2. (C N/F) On April 2, Chris Finlayson,
Chairman and Managing Director of Shell
Petroleum Development Corporation of
Nigeria (SPDC), told Consul General and
Econoff that a scandal is brewing within the
NNPC over payments made to international
fuel marketers. Finlayson said some marketers
have been changing the dates when fuel
shipments bound for Nigeria were loaded in
order to take advantage of particularly high
market prices. He said the total overpayment
by NNPC may be as high as $330 million.
Finlayson noted that Shell is not one of the
marketers in question, but is becoming a
leading fuel supplier for NNPC.
¶3. (C N/F) On April 6, Femi Otedola, President
and CEO of Zenon Petroleum and Gas, the
largest supplier of diesel fuel in Nigeria,
essentially corroborated Finlayson's report.
Otedola said over $300 million has been
overpaid by NNPC for fuel imports, and that
many leading international traders are
involved. According to Otedola, NNPC
contracts to pay its suppliers the market price
on the day a ship is loaded with fuel. He said
NNPC recently discovered, however, that bills
of lading were altered to reflect loading on
days of high market prices. Discrepancies
were found when comparing dates on the
bills of lading with dates of landing in Lagos.
¶4. (C N/F) Pointing to examples, Otedola said
that while a tanker loading fuel at a refinery
in Bahrain usually takes four weeks to arrive
in Lagos, comparisons between the bills of
lading and dates of arrival of some shipments
reflected only a four-day difference, and in
other cases, if taken at face value, indicated
the journey took nine months. Otedola said
73 shipments from refineries in the Persian
Gulf, England, and Venezuela listed delivery
times of only one day. NNPC is attempting to
get compensation for the over-charge.
Otedola went on that most of the fuel traders
supplying Nigeria are implicated in over-
charging NNPC, and showed a list of 17
companies that supplied fuel in the first
quarter of 2004, several of which, he said, are
significant players in international markets,
such as Trafigura and Vitol. Otedola added
that three companies clearly not involved in
the scandal are British Petroleum,
ChevronTexaco and Shell.
¶5. (C N/F) Otedola recommended that NNPC
stop contracting with international fuel
traders and negotiate purchases directly from
refineries worldwide. According to him, such
a move would have two positive effects.
Otedola calculates that NNPC would save some
four billion dollars a year in expenditures on
imported fuel. (Note: Prior to deregulation in
October 2003, NNPC, then the sole importer of
fuel, lost two billion dollars per year because it
sold stock to retailers below purchase price.
After October 2003, NNPC initially stopped
subsidizing fuel sales, letting marketers
import fuel to be sold at market prices.
However, sources agree that NNPC is back in
the business of subsidizing gasoline sales
while it maintains a facade of deregulation by
encouraging private marketers to import fuel
that NNPC purchases at market price. NNPC
then sells the fuel to marketers and retailers
at a reduced price to ensure that those
companies maintain a profit margin while
holding consumer prices to informal caps set
by the Department of Petroleum Resources.
End Note.)
¶6. (C N/F) Otedola added that by cutting out
the international traders, NNPC would also
enhance the environment in which Nigeria's
refineries could be restored and operated.
Otedola said he believes international fuel
trade "mafias" are behind the failure to bring
Nigeria's refineries back on-line and to
capacity. Otedola is convinced these traders
arrange for the vandalization of crude oil
feeder pipelines, which keep the refineries at
Port Harcourt, Warri and Kaduna closed or
under-capacity. He said the international
traders generally receive at least one million
dollars per shipload of fuel to Nigeria and
have grown accustomed to the easy money
Nigeria offers as long its refineries remain
down.
¶7. (C N/F) As an example, Otedola described
an arrangement the National Electric Power
Authority (NEPA) had with Sahara Energy for
the provision of diesel to an emergency
power generation plant in Abuja. He said that
while a pipeline was under construction to
deliver fuel to the main power plant,
NEPA paid some five billion dollars to Sahara
over four years for diesel to the back-up plant.
It was later discovered that NEPA had received
only about one billion dollars worth of fuel,
according to Otedola. Otedola said that he,
too, was contracted to deliver diesel fuel to
the plant on occasion; however, he petitioned
the president to investigate the matter after
becoming suspicious of NEPA's ongoing
contract with Sahara and the fact that the
pipeline for the power plant was never
finished. He said his intervention led to an
investigation that ultimately resulted in the
cancellation of NEPA's contract with Sahara.
¶8. (C N/F) COMMENT: The allegation that
international traders bilked NNPC of hundreds
of millions of dollars is yet another example of
the poor management of Nigeria's energy
sector, and highlights the complex links
between crude sales, fuel importation,
refinery maintenance, and energy production
here. Otedola is probably right in suggesting
that long-standing sweetheart deals between
the NNPC and a variety of fuel traders is
keeping the system inefficient. That may also
explain why the GON just can't seem to get its
refineries running even after spending a
billion dollars or more on maintenance
contracts over the last four years. Otedola said
he initially bid to purchase the Port Harcourt
refinery offered for privatization, but he
recently told President Obasanjo he will not
invest in the refinery so long as NNPC
purchases fuel from traders instead of
negotiating directly with refineries in other
countries and leasing ships itself to deliver
fuel to Nigeria. It is not clear if Otedola's
assumption that the international traders'
stake in Nigeria's current fuel market is the
main driver behind the country's refinery
woes. But it is clear that the fundamentals of
infrastructure security, interim supply stability,
and transactional transparency must still be
addressed if the GON is to be taken seriously
about its efforts to deregulate and largely
privatize Nigeria's downstream petroleum
sector.