NNPC Stole Crude Oil Worth $2.06bn in 2015
Samano Sa De CV, an oil trading firm, has said the officials of the Nigerian National Petroleum Corporation (NNPC) stole 48 million barrels of crude in 2015.
The oil firm said despite informing NNPC and top government officials of the theft, they did nothing until the stolen crude oil was moved from China and sold illegally by both NNPC officials and government officials.
In a letter titled, ‘Formal Request for the Payment of five per cent Whistleblower Compensation For Information Furnished In Respect of Crude Oil Stolen from the Federal Republic of Nigeria’ and signed by a lawyer, Gboyega Oyewole, on behalf of the oil firm, the company said Mr. Mele Kyari, the Group Managing Director, NNPC and Mr. Umar Mohammed were informed of the stolen crude oil and expected to act immediately.
Samano Sa De CV also stated that a subsequent letter written to President Buhari on the stolen crude oil was prevented from reaching him.
The stolen crude oil now worth $2.06 billion, going by the current crude oil price of $43 per barrel.
Samano Sa De CV letter read in part, “Sequel to this policy, our client, being a reputable and credible company, promptly brought to the knowledge of the Nigerian Government, information as to criminal activity involving the NNPC and the stolen product.
“This information was given to high ranking officials of the Nigerian government to wit; Mr Mele Kyari, the Managing Director of NNPC; Mr. Abba Kyari, the then Chief of Staff to the President; and Mr. Umar Mohammed.
“Consequently, it was agreed that an investigation into the stolen product should be made to ascertain the veracity of the information and garner more facts as to the fraudulent activities.
“It was also agreed that if the information is found credible, the perpetrators of the offence would be apprehended and that compensation due to our client for the information brought forward would be awarded.
“Further to the above-stated discussions, our client through its Chief Executive Officer, Mr Jose Salaza Tinajero (its representative) wrote to President Muhammadu Buhari notifying him of the stolen products as advised by the high ranking officials.
“The said letter was delivered to Mr Umar Mohammed, who to the surprise of our client, failed to deliver it to the President.”
Attached to the letter were documents including bank transfers, names of vessels and their captains to further validate Samano Sa De CV claim that the crude oil has been sold illegally by some officials in connivance with NNPC officials.
COVID-19 Vaccine: Crude Oil Extends Gain to $48 Per Barrel on Wednesday
Oil prices rose further on Wednesday as hope for an effective COVID-19 vaccine and the news that the United States of America’s President-elect, Joe Biden has begun transition to the White House bolstered crude oil demand.
Brent crude oil, a Nigerian type of oil, gained 1.63 percent or 78 cents to $48.64 per barrel at 11:50 am Nigerian time on Wednesday.
The United States West Texas Intermediate (WTI) crude oil rose by 1.36 percent or 61 cents to $45.52 per barrel.
OPEC Basket surged the most in terms of gain, adding 3.16 percent or $1.37 to $44.75 per barrel.
This was after AstraZeneca, Moderna and Pfizer-BioNTech announced the positive results of their trials.
Moderna and Pfizer had claimed over 90 percent effective rate in trials while AstraZeneca said its COVID-19 vaccine was 70 percent effective in trials but could hit 90 percent going forward.
“The possibility of having a vaccine next year increases the odds that we’re going to see demand return in the new year,” said Phil Flynn, senior analyst at Price Futures Group in Chicago.
Also, the decision of President-elect Joe Biden to bring Janet Yellen, the former Chair of Federal Reserve, back as a Treasury Secretary of the United States is fueling demand and strong confidence across global financial markets.
“President-elect Biden’s cabinet choices, particularly Janet Yellen’s Treasury Secretary position, are adding to upside momentum across a broad space of asset classes,” said Jim Ritterbusch of Ritterbusch and Associates.
Seyi Makinde Proposes N266.6 Billion Budget for Oyo State in 2021
The Executive Governor of Oyo State, Seyi Makinde, has presented the Oyo State Budget Proposal for the 2021 Fiscal Year to the Oyo State House of Assembly on Monday.
The proposed budget titled “Budget of Continued Consolidation” was said to be prepared with input from stakeholders in all seven geopolitical zones of Oyo state.
Governor Makinde disclosed this via his official Twitter handle @seyiamakinde.
According to the governor, the proposed recurrent expenditure stood at N136,262,990,009.41 while the proposed capital expenditure was N130,381,283,295.63. Bringing the total proposed budget to N266,6444,273,305.04.
The administration aimed to implement at least 70 percent of the proposed budget if approved.
He said “The total budgeted sum is ₦266,644,273,305.04. The Recurrent Expenditure is ₦136,262,990,009.41 while the Capital Expenditure is ₦130,381,283,295.63. We are again, aiming for at least 70% implementation of the budget.”
He added that “It was my honour to present the Oyo State Budget Proposal for the 2021 Fiscal Year to the Oyo State House of Assembly, today. This Budget of Continued Consolidation was prepared with input from stakeholders in all seven geopolitical zones of our state.”
World Bank Expects Nigeria’s Per Capita Income to Dip to 40 Years Low in 2020
The World Bank has raised concern about Nigeria’s rising debt service cost, saying it could incapacitate the nation from necessary infrastructure development and growth.
The multilateral financial institution said the nation’s per capita income could plunge to 40 years low in 2020.
According to Mr. Shubham Chaudhuri, Country Director for World Bank in Nigeria, the decline in global oil prices had impacted government finances, remittances from the diaspora and the balance of payments.
Chaudhuri, who spoke during the 26th Nigerian Economic Summit organised by the Nigerian Economic Summit Group and the Federal Government, said while the nation’s debt is between 20 to 30 percent, rising debt service remains the bane of its numerous financial issues and growth.
“Nigeria’s problem is that the debt service takes a big part of the government revenue,” he said.
He said, “Crisis like this is often what it takes to bring a nation together to have that consensus within the political, business, government, military, civil society to say, ‘We have to do something that departs from business as usual.’
“And for Nigeria, this is a critical juncture. With the contraction in GDP that could happen this year, Nigeria’s per capita income could be around what it was in 1980 – four decades ago.”
Nigeria’s per capita income stood at $847.40 in 1980, according to data from the World Bank. It rose to $3,222.69 in 2014 before falling to $2,229.9 in 2019.
Business2 months ago
Npower News on Permanency for Batch A, B
Forex2 months ago
Naira Improves Against Global Counterparts on Black Market
Business1 month ago
Buhari Budgets N420 Billion for Npower, Other Social Investment Programmes in 2021 Budget
Forex3 months ago
Zenith Bank Joins Other Banks to Cap International Spend Limit at $100/Month
Cryptocurrency2 months ago
Bitcoin Gains 1.67 Percent to $11,050 Per Coin Amid Liquidity Issue
Business3 months ago
Again, UBA Reduces International Spending Limit on Naira Card as Forex Scarcity Persists
Business3 months ago
FG Approves Stipends for Exited N-Power Beneficiaries
Stock Market3 months ago
Zenith Bank Declares 30 Kobo Interim Dividend for H1 2020