Monday, 12 November 2012

Ngozi Okonjo Iweala Is Assuming To Be ‘God’ – Capital Oil Boss

The embattled Managing Director of Capital Oil and Gas, Ifeanyi Uba, on Monday accused the Coordinating Minister of the Economy and Minister of Finance, Ngozi Okonjo-Iweala of using her position to engage in local politics.

Speaking as a guest on Channels Television’s programme, Sunrise Daily, Mr Uba said the Minister is also assuming the position of a god.
“She’s playing Anambra state politics with her job and reputation. She is assuming to be god; she’s not god,” he said.
InformationNigeria.com

Ribadu Task Force Finds NNPC “Not Guilty” of Non-remission of Crude Receipts


NNPC Hq
The Nigeria National Petroleum Corporation (NNPC) has been cleared of allegations of non-remission of crude oil sales as at when due by the Ribadu Task Force Report.
The report was submitted to President Goodluck Jonathan last week but not without hitches and controversies.
Under the sub-head ‘Remittance of Amounts due to the Federation Account relating to Domestic Crude Oil allocation,’ the report stated,  “The amounts outstanding as at 31 December, 2011, represent amounts due for the months of September 2011 to December 2011. In view of the 90-day credit period, the outstanding amount as at 31 December 2011 was not due for payment. The Taskforce, however, sighted evidence of subsequent payments in 2012.”
The committee explained that in order to verify that net amounts payable were remitted to the Federation Account in the Central Bank of Nigeria (CBN), they made sample selections across the 10-year period. They study however revealed that the amounts remitted were most times different from the net payable amount.
“From discussions with the NNPC, the variances were attributed to other miscellaneous receipts from the domestic gas sales and Nigeria Gas Liquids (NGL) supplies which were also included in the remittances to the Federation Account by the NNPC,” it added.
The committee added “The PPPRA subsidy approvals for the sale of the refined products by the NNPC were in excess of deductions made by about N132.7 billion as at 31 December 2011,” this, following reasons that it noted some negative differences attributed to differences in computation of subsidies.
The report noted that the subsidies deducted by the NNPC represent the difference between the Petroleum Product Pricing and Regulatory Agency (PPPRA) approved landing cost and the NNPC retail price (excluding margins) multiplied by the PPPRA observed volumes.
Subsidy is paid based on the difference between the cost of importation of refined products and the proceeds from the sale of refined products. “In the course of the Taskforce’s work, we did not receive sufficient justification and basis for the practice of deducting subsidies from the amount payable to the Federation account. Indeed, this practice does not accord with the law, with particular reference to the Constitution,” it added.
According to the report, it is expected that the NNPC would be allocated approximately 162 million barrels annually since the Federal Government allocates 445,000 barrels of crude oil daily. “Our review of the records received showed an inconsistent pattern in the implementation of this policy with variances found for 10 years review spanning 2002 to 2011,” it said. This means that the NNPC received less than the 445,000 barrels for half of the period under review.
Regarding the discrepancy in the pricing of Domestic Crude, the committee discovered that the average price per barrel payable by NNPC was compared with the average weekly prices for Nigeria Bonny Light, Forcados, obtained from the Energy Information Administration (EIA).
On the wide disparity in the prices in the earlier years, the committee found that until October 2003, the NNPC was granted fixed price regimes by the Federal Government: 1999 – 2001, $9.50bbl, 2002 to July 2003, $18/bbl, August/Sept 2003, $22bbl.
BusinessNews

Suspected armed robber set ablaze in Warri


An armed robber using a motorcycle met his waterloo at the early hours of Sunday in the oil-rich city of Warri, Delta State, while trying to snatch a handbag from a lady.
The incident occurred at Enemejuwa Junction, off Ometan Road, Warri.
The young man was set ablaze by an irate mob.
According to a witness who gave her name as Celina Agbo, the robbers were about six in number, but luck ran out of one of them after snatching a bag from her victim.
The witnessed said the robber’s legs and hands were bound and tyres wound round his neck before he was bathed with premium motor spirit (petrol) and eventually set ablaze, adding that the remaining five robbers, however, escaped.
Sympathisers were seen at the scene, with some relishing the jungle justice meted out to the knife-carrying marauder.
Delta State government had, on November 1, banned commercial motorcycles from plying major roads in Warri, Asaba and other major towns in the state, owing to high rate of crime by some motorcycle riders.
Residents of the popular town have been groaning under the attendant effects of the policy, forcing several people to trek kilometres to their places of work as a result of over 100 per cent hike in intra-city transportation fares.
Meanwhile, the Police Public Relations Officer of the Delta State police command, DSP Charles Muka, who confirmed the incident to the Nigerian Tribune, enjoined the public to go about their normal businesses, saying that the police were on top of the situation.
 DailyPost

Oil Wells: Bayelsa State, Others to Refund N17.5 billion to Rivers


Gov. Amaechi
The Federal Government has ordered seven states to refund N17.5 billion to Rivers State following a chain of controversies over the ownership of some wells involving Rivers and Bayelsa States.
The affected states are Akwa Ibom, Delta, Bayelsa, Imo, Edo, Abia, and Ondo whom have received the said amount as part of their 13 percent derivation revenue from two embattled oil wells.
After series of controversies, the River State government has finally proved that the oil well belongs to it.
After submissive protests by Rivers State that its revenue from the affected oil wells had been shared to oil producing states by the Federal Government since 2007, the Federal Government ordered the refund to Rivers State.
In response to the directive, Revenue Mobilisation Allocation and Fiscal Commission, RMAFC, wrote the Accountant General of the Federation to effect the reduction of the money from the allocations of the seven states with immediate effect.
The letter reads, “I write to inform you that the Rivers State Government in a letter Ref. No. COM/FIN/T/01 of October 3, 2011 requested for the payment of all the 13 per cent derivation revenue due to the state from Nda and Okwori oil fields from 2007 till date.
“The commission examined the request and confirmed that Okwori and Nda oil fields belong to Rivers State based on the report of the Inter-Agency Committee on the attribution of offshore oilfields to Littoral states, 2008 and submissions by National Boundary Commission, NBC and Office of the Surveyor-General of the Federation, OSGF.
“Furthermore, the 13 per cent derivation proceed from the two oil fields were shared amongst all the oil producing states from April 2009 to June 2010, while Akwa Ibom State exclusively enjoyed the proceed from Okwori oil field from July to August, 2010 and from July 2010 to January 2011 in the case of Nda oil field.
“It is to be noted that the Rivers State Government had since September 2010 and February 2011 been receiving its due share of 13 per cent derivation proceed from Okwori and Nda fields respectively.
“Consequently, the commission after considering the request from the Rivers State Government and the submission from both the NBC and OSGF, approved that Rivers State should be refunded the sum of N17.566bn by all the oil producing states being accrued 13 per cent derivation fund from April 2009 to January 2011.
“The amount to be refunded by each state is as follows: Abia, N226.25 million; Akwa Ibom, N9. 567 bn; Bayelsa, N2.071 bn; Delta, N4.142 bn; Edo, N305.69 million; Imo, N260.73 million; Ondo, N952.54 million.”
BusinessNews

Reuben Abati: Jonathan and the Ribadu report


It is so unfortunate that there has been so much ignorant carping and malicious tittle-tattling about the report of the Petroleum Revenue Task Force chaired by Malam Nuhu Ribadu, both failings arising from a deliberate attempt to individualise what was actually group work, a mischievous attempt to politicise one report out of three, and to smuggle into an emergent grand web of conspiracy, elements of blackmail, mischief and outright opportunism.
I should like to dispel the putrefacious stench of the fart that seems to have overtaken the subject by returning all of us to certain basics that have not changed since President Goodluck Jonathan approved the setting up of committees to inquire into different aspects of the petroleum sector and particularly since the reports were presented and accepted. The facts are as follows.
The committees in question and the probe into the petroleum sector were initiated by President Jonathan to ensure transparency and accountability in the extractive industry; the goal was to transform the sector and raise levels of integrity accordingly. Every step that has been taken by this administration in this regard has been in fulfilment of this well-stated principle. This includes the decision to completely deregulate the downstream sector, which has now resulted in the exposure of oily deals in that sector, with consequences for the indicted persons.
It also includes the launch of a concerted fight against crude oil theft and illegal payments of fuel subsidy. Zakari Mohammed of the House of Representatives talks absent-mindedly about “lack of political will” to fight corruption. He certainly doesn’t know what he is talking about. A legislative position should not confer a right to mendacity. He should know, if he had been reading the newspapers, that on the basis of both the report of the House of Representatives and the Aig-Imokhuede committee report on fuel subsidy payments, persons are currently being prosecuted in the law courts by the Economic and Financial Crimes Commission (EFCC).
The Federal Government has not done anything to stop or discourage the prosecution of indicted persons. We have made the point, again and again, that in this on-going fight against corruption, there will be no “cover ups”; and no “sacred cows,” and that President Jonathan’s only interest is the people’s interest. This same President has demonstrated the political will to deal with corruption in the country’s electoral process, to both local and global acclaim. He has no reason to make compromises in other areas of national life. Interestingly, many of those who are now talking ignorantly about “political will” are beneficiaries of this administration’s commitment to the rule of law and fair play.
On the specific issue of the Petroleum Revenue Task Force report, the mischief-makers should go back to the statements made by President Jonathan, and subsequently by the Petroleum Minister, Diezani Alison-Madueke, on the occasion of the presentation of the report. The President’s position that the work of the Ribadu Committee, and of the two other committees that presented their reports on that occasion, the Idika Kalu Committee on Refineries and the Dotun Sulaiman Committee on Governance, is useful and enlightening has not changed. Alison-Madueke has further echoed that position more than twice. The three committees were set up as fact-finding and advisory bodies. That fact was further underscored by the President’s mature response to the altercation that the Ribadu Committee Report generated when he said that those who have issues to raise, should be free to make their own independent submissions. This shows a determination to get every possible piece of information and to accommodate all concerns. This shows a will to act. President Jonathan has not dumped any input, rather he welcomes every possible input and he has no private interest in this matter. So for anyone to say that the Ribadu committee was “calculated to fail from the beginning”, is absolutely uncharitable.
Indeed, for the benefit of those playing politics and doing quick business with this matter, the truth is that President Jonathan is already taking steps to address some of the issues raised in the various reports. When President Jonathan sets up committees to investigate particular issues, he does so, because he wants to address those issues. I had, before now, drawn attention to the fact that the President gave clear directives on the state of the refineries and that at least one meeting had been held since the presentation of the Report on Refineries, to act specifically on the recommendations made. President Jonathan has directed that he wants the refineries fixed and steps are already being taken; deadlines have been set. That didn’t make the headlines, rather, falsehood hugged the headlines, because these days it pays to fart all over the place, and attract attention.
To set the records straight, here is what happened. After the presentation of the reports by the three committees; the President directed the Minister of Petroleum Resources to take up the recommendations of the Kalu Idika Kalu Committee on Refineries. The committee recommended, in part, that the country’s refineries should be rehabilitated without any further delay. On November 8, the minister and her team were at the Villa to brief the President about the state of the refineries, their current capacities, and steps that need to be taken to get them to function at optimum capacity.
The President made it clear that the government is committed to getting the refineries to work, so that we would no longer have to import refined petroleum products, which he considers shameful, and by so doing, government would have succeeded in creating jobs and put an end to the hardship that attends importation. The meeting discussed the possibility of ensuring the Turn Around Maintenance of the refineries by March 2013, and subsequently, the rehabilitation of the facilities. The meeting ended with a directive that the minister and her team should return with further presentations on the technical details of the agreed plan of action. This is one clear example of prompt action and demonstration of commitment.
President Jonathan has no reason to embarrass anyone who served on any of the three committees. While receiving the reports, these were his words: “…we have seen that the people that have been selected in these committees are people that are known by Nigerians, people that are credible, most especially people that are patriotic and I believe that they put all that into consideration for the interest of the country not for the interest of any individual. You have submitted your reports today. We have to thank you very sincerely and government will surely make use of these reports… because we feel that the oil industry as it is, needs to be reformed.” I urge you to note the emphasis on all the reports without exception!
Thereafter, President Jonathan commented on the work of the individual committees. On Dotun Sulaiman committee, he said: “…we feel that our governance and control, (in the oil and gas sector) we need to look at it. And of course quite a number of issues raised by the presenters link up with even the Petroleum Industry Bill (PIB) issues and I believe it will even help the National Assembly robustly in terms of looking at some aspects of the PIB. So we thank you very sincerely for that.”
On the Kalu Idika Kalu Committee, he said: “In the case of the refineries, I really have to thank you because I was listening, trying to see the kind of recommendations you will bring up…Maybe some of you don’t know but those of us who are in politics, they used to “yab” us some years back that in Nigeria, we import what we have and export what we don’t have. They say we import what we have because we have crude oil for God’s sake. Ordinarily if it is a country where we placed our focus right, we should be having filling stations all over Africa and all over the world …It is disgraceful that we are importing petroleum products. If in the next ten years this country still imports petroleum products, then all of us who have the opportunity to be here, in fact when we die, they should write something and put behind us that we did not rule this country well, because we must stop the importation of petroleum products.” Hence, the President held the aforementioned follow-up meeting on refineries.
Now, on the Ribadu Report, President Jonathan said, inter alia: “…Probably not everybody agreed on some of the conclusions but I don’t think we need to bother…what we would say is that any member who has one or two observations should please write it either directly to me through the Chief of Staff or through the Minister of Petroleum Resources…But the issue of finance, if it borders on corrupt practice or outright stealing, definitely it will go to the EFCC for investigation…If there are errors of calculation or misinformation from the relevant agencies of government that are supposed to give the correct figures, that will be filtered out. It will not be used against anybody, because the interest of government to set up these committees is to help us do what is right. It is not to help us do what is wrong. And that is why we have to be careful and do what is right. So I plead with you. But let me assure you that government has no interest in hiding anything…”
Let me cut this short, at this point, by saying that President Jonathan has no reason whatsoever, personal or political (since at least one character has said that the furore over the Ribadu Report has something to do with 2015!) to protect wrong-doers in the land. He took on this assignment to make Nigeria better and that is what he is doing everyday: working hard at the Nigerian project and taking every step to transform it for good. The Nigerian people are enjoined to stand on the side of truth and to reject the mischief of all hunters of fortune whose interest is their own ambitions, for in this Ribadu Committee Report matter, personal ambitions are beginning to becloud the facts. President Jonathan will continue to provide leadership. Nobody should drag him into the cheap arena of opportunistic demagoguery.
DailyPost

TICKER: Ifeanyi Uba says Cosmas Maduka runs a “pure water” business, denies fraud

The Managing Director of Capital Oil and gas, Ifeanyi Uba on Monday denied claims by the Chief Executive Officer of Cosharis group, Cosmos Maduka that he offered him (Mr Uba) a lifeline when his business was in the brink of collapse.
“Is it by his pure water business that he’ll be able to come and help me,” Mr Uba, who was a guest on Channels Television’s breakfast programme, Sunrise Daily, asked.
Mr Uba said he believes politicians were influencing the Cosharis boss, whom he referred to as an uncle, to engage in the media war with him.
Mr Maduka had claimed that since Mr Uba and his company (Capital Oil and Gas) were labelled by most commercial banks in Nigeria as ‘unbankable’, he helped the oil merchant to obtain a loan of $180 million from Access Bank to finance the importation of Premium Motor Spirit (PMS).
The Cosharis boss also alleged that 10 letters of credit were opened and that of the 10 expected cargoes, only six were delivered.
Disputing Mr Maduka’s claims, Mr Ubah said “everything about that story is false.”
When asked if it was true that he is indebted to Access Bank to the tune of N21 billion, Mr Uba said ‘you can’t eat your cake and have it’.
He said the loan he obtained from the bank was what he used to import petrol of which his company is yet to receive subsidy payment. “The money is sitting in Access Bank,” he said.
“Access Bank is the consignee of all the vessels imported. Therefore, if they are accusing of fraud, then it is all of us together,” he added.
YNaija.com

The 7 Most Common Reasons People Cheat

Cheating is one of the most guilt-ridden actions a person can partake in, and being cheated on is one of the most painful experiences a person can have.
So, why does it happen? Why would someone want to hurt someone like that? When you look at the underlying emotional issues behind cheating, nobody ever meant to hurt somebody else—they were just finding an unhealthy way to avoid their own pain. Here’s what I mean.
They’re looking for an escape from real life
Many people use romance and sex as an escape from real life. When with their boyfriend/fling/hookup buddy, real life things such as work, health issues or finances are not discussed. But, no relationship can go on for long without real life issues coming up. And that’s when many people, that use relationships as an escape, will look for someone new that won’t remind them of real life.
They want to be “new” again
Many people are addicted to being “new” to somebody. They like being mysterious, and having a person crave knowing more about them. But they like to keep a person in that state of craving. And obviously, as relationships progress, you can’t remain mysterious forever, or else you wouldn’t be able to get emotionally close. So, as soon as the mystery goes away for some people, so does the fidelity.
They want someone to be “new” to them again
Some people only want to know the facade of another person. A woman meets a man that is successful, has a great reputation, is on top of his game and she likes that. But, it turns out he himself is normal, with a crazy family, quirky habits and maybe some digestive issues. Some people value themselves based on the people they are with, and once they discover their partner is just ordinary, it takes a toll on their own ego. And they seek someone new and “exciting” to feed their ego again.
Co-dependency issues
Pretty much anybody that cheats struggles with some codependency issues. Think about it: cheating is the worst option, and if a person were comfortable and capable of being alone, they wouldn’t cheat. They would just say, “I’m not happy in this relationship” and spare their partner the pain of being cheated on. But, instead of facing the scary world of being single, they let their partner take the brunt and get cheated on.
Their current partner would fall apart
If left, the current partner would become deeply depressed, would have a mental breakdown, or might even do something to harm themselves or others. That is a very tough spot for the emotionally stable partner to be in. But, everybody wants happiness which is why someone with such an unstable partner, might look for love elsewhere, while still being a rock for their partner.
They aren’t getting enough attention from their partner
One partner becomes extremely busy with work, or perhaps taking care of a sick family member, and his or her relationship has fallen to the backburner. This is when the other partner might cheat because they are not getting that constant affirmation that they are an attractive, desirable, lovable person—all the things we usually get from a relationship.
Proximity:
There is a reason co-workers and classmates often fall in love: they bond over a common understanding of one another’s stresses, struggles, ambitions, dreams, and even schedules (they’re thrown together a lot because of their shared activity). Cheating with a co-worker is a verycommon type of cheating for this reason. A person may feel that their co-worker understands them much better than their partner does.
InformationNigeria.org