Tag archive of corruption

$35m lost daily to oil theft – Confab committee

The National Conference Committee on Energy has said that the country is losing about 350,000 barrels of oil per day, estimated at about $35m, to crude oil theft and called on the Federal Government to wake up from its slumber and tackle the menace frontally. The Chairman of the committee, who is also a former Governor of Oyo State, Alhaji Rashidi Ladoja, stated this while presenting the report of his committee to the plenary in Abuja on Monday. Continue

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It was with gladness that I read that the Akwa-Ibom state legislature repealed the portion of the offensive pension law that specified that ex-governors and deputy governors of the state would be provided annual medical treatment up to N100 million and N50 million respectively. Other provisions of the pension law include a mansion in Uyo or Abuja, a new official car and a utility vehicle once in every four years, a personal aide and provision of

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Corruption in the oil sector: The facts and fiction

If there is one thing that has defined the 7th National Assembly it is its penchant for probes. It must however be stated upfront that there is nothing wrong or illegal in the National Assembly carrying out probes as it deems fit. Apart from its primary role of making laws for the good governance of the nation, it is constitutionally empowered to carry out oversight functions to ensure that government ministries, department and agencies carry out

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Shell is pushed to explain its role in $1.1bn Nigerian corruption scandal

Ben van Beurden, the new head of Shell, faced a packed room of global investors on Tuesday at the oil group's annual shareholder meeting. In post since March, the 56-year-old Dutchman can expect probing questions about cash flows, capital efficiency, investment projections and so forth. The list is unsurprising; with investors, it all comes down to the money. How is their capital being spent, what returns is it making and when can they expect to

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EFCC declares “missing” oil marketers wanted

The trio of Abdul Afeez Olarenwaju Olabisi of Fargo Petroleum and Gas Limited, Abubakar Peters Ali Jeldi, managing director of Nadabo Energy Limited and Ikechukwu Onuabuchi Nworgu of Star Inspection Services Nigeria Limited were declared wanted by the Commission for offences bordering on Criminal Conspiracy, Forgery, Obtaining Money by False Pretences and Money Laundering running into several billions of naira.Read full

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How Jonathan spoils Niger Delta Warlords

America’s Wall Street Journal today revealed the mind-boggling million dollar sums that the Nigerian government has been paying Niger Delta warlords to keep them off the oil pipelines in the past 12 months. Mr. Dokubo Asari, the former warlord that first shot to national limelight collects $9million every year to keep his estimated 4000 soldiers at bay. ‘General’ Ateke Toms and ‘General‘ Ebikabowei Boyloaf Victor Ben collect $3.5million

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‘FG alone can’t fight Boko Haram’- Abdullahi Abdulmajeed

"The government is spending resource in tackling the challenges of socio-political crisis, insurgencies and militaries but little is being done to attack the underlining constant factors that are responsible for these problems that we have." Read full

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‘Boko Haram members should be treated as Dokubo, Tompolo’ – Suleiman Shuaibu

The federal Government should stop the contract given to former top Niger Delta militants Dokubo-Asari, Tompolo and others to guard pipelines or else Boko Haram members should be invited and given such contract, National President of African Youths for Conflict Resolution and Prevention Dr Suleiman Shuaibu, said in Kaduna yesterday. Read full

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Subsidy scam: ‘Banks too are culpable’

Marketers and oil traders have expressed concern that banks have been shielded from the fuel subsidy scam investigations. Some of them who spoke with Vanguard argued the banks are as culpable as the operators since they were the ones that issued the Letters of Credit, LCs, that were used for the fuel import transactions. Read full

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PIB and the Niger Delta

With the latest move to address the petrol-carbon sector in Nigeria through the Petroleum Industry Bill, Nigerians are anxious to see how far it will go in addressing among others: the legal, fiscal and regulatory framework, the guidelines for the operation of the upstream, midstream and the downstream sectors, the redistribution  of economic rent in the host oil producing communities, the impact on the environment, especially gas flaring. What

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