Fuel theft: Senate calls for major shake-up in NNPC

The Senate has advised the Nigerian National Petroleum Corporation (NNPC) to go beyond the sacking and redeployment of a few officials involved in fuel theft and other sharp practices in the industry. The upper legislative chamber gave the advice in a statement issued yesterday in Abuja by its spokesman and chairman, Senate Committee on Media and Public Affairs, Aliyu Sabi. The Senate tasked the NNPC to initiate a comprehensive restructuring of its operations which currently allowed officials and other firms to appropriate national resources for their personal use, thereby contributing…

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Local oil firms walking a tight rope

Indigenous firms are the worst-hit by myriads of challenges bedeviling the oil and gas industry. ADEOLA YUSUF reports on how many of them are running into bankruptcy     Aiteo, an indigenous oil firm, made the headlines penultimate week; basking in the euphoria of its new status as the biggest Nigerian- owned oil firm in terms of production, hitherto known by many as the petroleum product trading firm, it announced the production of the largest share of the 313,602 barrels per day output from indigenous companies. The firm’s management cannot…

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Shall I tell this to the president?

They already own everything; they own our politics, our economy and our money. Even the CBN is being privatised and controlled by this cartel. The same cartel now wants to control the water we drink and the air we breathe to complete their vicious cycle of enslaving and subjugating us all. They don’t care about the future but only about the dark interest they represent. Unrestrained capitalism is evil and should be challenged. The media knows about this but will never write about it. Our elite knows about this but…

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Vessels stranded with 125,500 tons of petroleum products

As loading resumes at Mosimi depot in Ogun State, no fewer than 10 vessels laden with 125,500 metric tons of various petroleum products have been stranded on Lagos water channel since March, 2017, New Telegraph has learnt. The products, which are expected at seven different jetties in the last three weeks, are premium motor spirit (PMS), diesel and Jet A1. These products arrived at Lagos anchorage and are awaiting berthing space. According to Nigerian Ports Authority (NPA)’s shipping position, six of the vessels are being expected at Ibafon jetty with…

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Slippery crude oil swap

The recent payment of over $202 million to the Nigerian National Petroleum Corporation (NNPC) downstream entities by Aiteo Energy Resources Limited for fraudulent deals under the scrapped crude oil swap arrangement has reaffirmed the need to fully unravel all transactions surrounding the controversial barter plan during the last administration. The amount includes Aiteo’s share of the $184 million total indebtedness by three companies on crude swap obligations and other downstream liabilities. Televaras Group of Companies has also pledged to make a tranche payment of $17.2 million while NNPC is still…

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