Category: Nigeria

The much anticipated report of the forensic audit of the Nigerian National Petroleum Corporation, NNPC, operations on the missing $20 billion oil money may not amount to much after all, as PricewaterhouseCoopers Limited, the audit firm that conducted the probe, has said it cannot vouch for the integrity of its findings. In a startling introductory letter addressed to Nigeria’s Auditor General, the audit firm said findings in its 199-page report were limited to available information and did not constitute a review in accordance with generally accepted standards. "The procedures we performed did not constitute an examination or a review in accordance with generally accepted auditing standards or attestation standards," the firm said. "Accordingly, we provide no opinion, attestation or other form of assurance with respect to our work or the information upon which our work was based," it added. The report and all accompanying deliverables, the company pointed out, […]

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An audit ordered by Nigeria’s outgoing president was published on Monday, seeking to explain why $19 billion in oil revenue never made it into the government’s bank accounts. The report caps a year-long political debate over how Africa’s top oil exporter manages its revenue, a debate that help lead to President Goodluck Jonathan’s ouster last month. PricewaterhouseCoopers Ltd., which conducted the audit, said Nigeria’s state-owned oil company, Nigerian National Petroleum Corp., deposited $19 billion less than expected from January 2012 to July 2013. According to the report, $10 billion went to kerosene and motor fuel subsidies. The remainder went to operations itemized by the audit, such as $2 billion spent financing the growing debt of the company. The oil company spends so much money on fuel subsidies and other operations that it may operate close to a loss this year, barring an overhaul or a rise in oil prices, […]

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Nigeria’s President-elect, Muhammadu Buhari, has stated that his administration will probe the $20 billion alleged to be missing from the coffers of the Nigeria National Petroleum Corporation, NNPC. The immediate past governor of the Central Bank of Nigeria, CBN, Sanusi Lamido, had alleged that the $20 billion made from the sale of Nigeria’s crude oil by the NNPC could not be accounted for. President Goodluck Jonathan sacked Mr. Sanusi from the CBN after he made the allegation. The former bank chief was later crowned the Emir of Kano after the death of Ado Bayero, the former emir. Speaking Sunday when he played host to a delegation from Adamawa State led by the state’s governor-elect, Bindow Jibrilla, in his campaign secretariat, Mr. Buhari said although he received information that some persons already started returning money to government coffers, he would only believe it when he "sees it". "I heard that […]

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Nigeria’s Minister of Petroleum Resources, Diezani Alison-Madueke, has denied planning to flee the country to escape alleged corruption charges under the incoming Buhari government. Mrs. Alison-Madueke struck a defiant tone Wednesday, dismissing allegations that six countries had denied her requests for asylum. The minister said she had no plan to escape as she was not indicted for any offence. Following her recent meeting with former Head of State, Abdulsalami Abubakar, the minister said speculations have been rife that she is looking for a “soft landing” from the in-coming administration. “I have not sought such assistance because I am not aware that I have been indicted of any crime that I will need a soft landing,” Mrs. Alison-Madueke told journalists at the presidential villa in Abuja Wednesday. “Over the last four years, I have been severally and unfortunately accused and labeled in so many malicious and vindictive ways. “I have […]

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opinion "Unsold Nigeria crude grows as buyer interest falls". PUNCH, Thursday, April 9, 2015, p 41. The story by Femi Asu, went on to state that "Weak buying from Asia and other regular buyers of Nigerian crude oil has left a large overhang of March, April and May cargoes, it was learnt". For those who might not fully understand the implications of that report, it is necessary to spell them out. The first casualty, and it has been in that position since last year, is the 2015 budget which is now nothing more than an academic exercise. With crude oil prices hovering between US$45 and US$60 per barrel, the budget which out-going Finance Minister first based on $78 per barrel crude oil price, had by February been dropped in the dust bin. Now, with volume supplied imperiled by weak demand from our traditional customers, it is obvious that the […]

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OPEC non-crude liquids production, which averaged 6.4 million bpd in 2014, is expected to increase by less than 0.1 million bpd in both 2015 and 2016, led by increases in Qatar and Kuwait. In February 2015, unplanned crude oil supply disruptions among OPEC producers averaged 2.7 million bpd, an increase of 0.1 million bpd compared with the previous month. According to U.S Energy Information Administration (EIA), this increase was mainly attributable to rising outages in Iraq, Nigeria, and Libya. It noted that unplanned OPEC crude supply disruptions averaged 2.4 million bpd in 2014, 0.5 million bpd higher than in the previous year. The high level of OPEC disruptions contributed to higher crude oil prices during the first half of 2014. It stated that unplanned supply disruptions could still affect crude oil prices, but the threshold that the market can bear has risen in light of robust global production and […]

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Fire incident on the pipeline network of the Nigerian National Petroleum Corporation (NNPC) in Ijegun area of Lagos State. An Urhobo militant group, Urhobo Gbagbako, on Friday claimed responsibility for Thursday night’s bombing of the NPDC Oil pipelines at Ighrenene, Afiesere and Ekiugbo communities in Delta State. The group, which made the claims in an email sent to some reporters, said it is also planning to shut down all the oil fields in Urhobo and Isoko areas. The email signed by the group’s s spokesperson, Priest Omodjuvwu, said the bombing of the Ekiugbo/Ighrenene/Afiesere was to draw attention to the neglect of ex-militants of Urhobo extraction. It said the Urhobo had been sidelined in the pipelines protection contracts offered to ex-militants from other ethnic groups and they now want to show that they too had the capacity to cause trouble if ignored. The group said it had sent warning signals […]

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THE incoming government of Major General Mohammadu Buhari (rtd) should ensure speedy passage of the Petroleum Industry Bill (PIB), revival of ailing refineries, adoption of zero tolerance on corruption, business friendly electricity tariff and deregulation of the down stream sector of the oil and gas industry. These were the demand list of stakeholders in the oil industry such as the former President of Nigerian Association of Petroleum Explorationists (NAPE) and the President/Managing Director of Danvic Petroleum International, Dr. Mayowa Afe; President, Nigeria-Vietnam Chamber of Commerce and Industry, Prince Oye Akinsemoyin, and the Executive-Secretary of the Lubricant Producers Association of Nigeria (LUPAN), Emeka Obidike. Speaking with The Guardian yesterday, Afe commended the just concluded 2015 elections, saying that the latest development has already started opening doors for investment in the oil and gas sector. According to Afe, what has happened has opened up a lot of enthusiasms among foreign partners […]

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ABUJA, Nigeria — Muhammadu Buhari won an upset victory over Nigeria president Goodluck Jonathan this week using a catchphrase that’s familiar to anyone who’s paid attention to American politics over the past eight years: “change.” Buhari leveraged the same slogan used to much success by Barack Obama’s 2008 presidential campaign to unseat Jonathan and his ruling People’s Democratic Party, which has had its candidates occupy the presidency since Nigeria returned to democracy in 1999. The change Buhari promised was an end to the Boko Haram insurgency that has killed thousands of Nigerians and forced over a million to flee. He campaigned on a reputation as an anti-corruption crusader, and made populist pledges such as stipends for poor people and health care for all. Jonathan campaigned on the motto of continuity for his “Transformation Agenda,” saying the growth Nigeria enjoyed during his first elected term — during which the country […]

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According to unnamed community sources, Shell Petroleum Development Company has closed its flow stations in Nigeria’s Delta and Bayelsa states because of threats from militants, The Nation Online reported April 3. Shell has denied operation interference, but not commented on reports of threat, saying it does not discuss security issues. Militants are suspected to have threatened to attack flow stations following Goodluck Jonathan’s loss in the 2015 presidential election . Stratfor provides global awareness and guidance to individuals, governments and businesses around the world. We use a unique, intel-based approach to analyze world affairs. Copyright © 2015 Stratfor Global Intelligence, All rights reserved. Our mailing address is: 221 West 6th Street Suite 400 – Austin, TX 78701, USA unsubscribe from this list     update subscription preferences | forward email

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