As President Muhammadu Buhari continues his quest to wash Nigerian clean from the dirt of corruption, The Indian High Commissioner to Nigeria, Ajjampur R. Ghanashyam, has revealed the dubious practice by former Minister of Petroleum Resources, Diezani Allison Madueke in selling crude to India through intermediaries, thus denying Nigeria’s treasury of the full proceed.
India is now Nigeria’s number one crude buyer, an importation that grosses $15 billion yearly.
But under Diezani Alison-Madueke, commission agents creamed away some of the billions, when Nigeria’s treasury ought to have enjoyed the full benefit. Nigeria is the only oil producing nation selling its oil this way. Other nations make the sale, country-country.
“From other countries, when we buy oil, whatever we want to pay, we pay to the Ministry of Finance of that country. In Nigeria, we pay to intermediaries. We would like to be dealing directly with the Nigeria National Petroleum Corporation (NNPC). It’s not a good thing. Why should we go through intermediaries?
“Secondly, we would also like to have long term agreement, which we have with many countries: Iran, Iraq, Saudi Arabia, and other countries from where we buy oil. Nigeria is the only country with whom we don’t have an agreement. .. When we write a letter to NNPC, we don’t get a response,” Ghanashyam told Nigeria’s newspaper, Daily Trust.
The newspaper quoting NNPC 2014 Annual Statistical Bulletin reported that India bought 136,419,844 barrels of crude oil from Nigeria. The relationship continues.
The Indian High Commissioner added that apart from the lack of long-term agreement between the two countries on crude oil purchases, in 2006, an Indian company, Oil & Natural Gas Commission Videsh Limited (OVL) and Mittal Energy International, which is a joint venture between OVL, an Indian government company, and Mittal Energy a private firm, applied for oil concession. The Signature bonus sum of $25 million was paid, but neither was the oil concession granted nor the money paid returned to the Indian companies.
“How many years is it? Nine years. Even to get the concession is not possible, and the money is not refunded to us. For nine years your country has been sitting on this, and they make us go round and round and round. We buy $15 billion worth of crude oil per year and we have the potential of importing $50 billion worth of crude oil from Nigeria. We can buy more because our requirement is going up.
But if you continue to make us to pay through agents, and continue to ask us to buy from the swap market, it means you don’t trust us, and if you don’t trust us, we have to look for those who trust us more. We are making concessions to Nigeria by buying your crude oil because you’re our old friends and we’ve been friends for a long time, and your crude oil is better quality. But you must take our interest into account.” Click to signup for FREE news updates, latest information and hottest gists everyday
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jonathan why? So I just wasted my vote on u? Jyde
ReplyDeleteIt did not start with her, please find out how Nigerian oil are sold. It is a tradition- good day.
ReplyDeletemight not start with her, but her own is different and special because she was a female thief, in Africa it is a Sacrilege.... Justifying a thief, I am surprised because I wonder what some of us tell our children at home when we wake-up or what we tell God in the morning on why we are alive
DeleteSo she shouldn't be punished abi if I hear na she we catch na she go suffer. It's people like you that won't allow the nation move forward. Fly wey dey support shit
DeleteBefore we get carried away with the corruption that was obviously going on in the oil industry manned by Dieziani and under Jonathan's watch lets not let the gist here get lost in translation. The crux as I gather is that they want us to trust them by selling to them directly on credit and quite frankly, the Indians can not be trusted. If you know the Indians, if they had a better deal they would go for it; forget the issue he is claiming about old friendship.It appears that the Govt is not willing to sell to them on credit (because it does not trust them to pay) so it sells to those who pay it and who in turn can sell on credit to the Indians. Of course being Nigeria this method must be fraught with corruption. Buhari should not be in a hurry to buy their story hook line and sinker but should take his time to study the transaction dynamics with a view to blocking all avenues of corruption and punishing the culprits. But don't be in a hurry to buy the Indians story- they may just be taking advantage of the generally acknowledged corruption in the oil industry to seek to change the transaction dynamics.
DeleteNawa o. Can we say PMB/ APC is the one asking this man to be talking like this or it is darkness giving way for light. The Jonathanians should respond to this revelation.
ReplyDeleteGod is watching GEJ and his cohorts.
ReplyDeleteBe quite. She could have made a change but the looting attitude won't let her. wicked people! now face it. If you can't do the time don't do the crime
ReplyDeleteBe quite. She could have made a change but the looting attitude won't let her. wicked people! now face it. If you can't do the time don't do the crime
ReplyDeleteBe quite you encourager of looting she could have made a difference not to steal public fund because that is what she met
ReplyDeleteHmmmmmmmmmmmm
ReplyDeleteBuhari is capable of correcting this failure in our oil supply.
ReplyDeleteNigeria must deal as a country with integrity to get foreign business opportunity.
What a pity.
ReplyDeleteNow you can see why the shameless woman wanted to seat with president Buhari on a trip so that she can use her usual method to settle Baba like GEJ.Nigerian should made this woman to pay back because she's one of the people that tarnished the image of the former president by swapping Nigerian money into their private account enough is enough.
ReplyDeleteGood revelation, but what was the dealing like before then. Was she following precedent? Or did she change the process to favour her? Passing through intermediaries, did Nigeria get all that was due her in those deals?
ReplyDeleteIs high time this thief is brought to book. What is ICPC/EFCC doing, if they drag a common thief fom the hospital and jail him who is she the BIG thief that should not be jail
ReplyDeleteWhat the man revealed is the way sale of Nigerian oil has been structured for the Past Twenty years. It has nothing to do with Madueke.
ReplyDeleteIf you insist on digging dipper you will find that marketers are employed to market our crude for a fee. You have these Lifters buying the crude and paying upfront before they are allowed to lift. They make money by playing the field selling or lifting when the price fluctuation favours them. it is still going on as we speak. Deziani did not and cannot pocket the money.
If you care to know go to Abuja and you will find that the Marketers are fronts for most Emirs. Only one southern Mornarch was allowed into this cult.
Shut up. Jonathan could have busted it but it would have created too much discontent in the North.
My brother/sister I agree with you. This things started before Diezini and who were the people in the petroleum industry before her. The north held sway in that sector and still holding. Was Obasanjo not his own petroleum minister? This corruption thing is a chain and there is no way catching one person will not link to another person and most of these other links are now in the APC shouting. Let see, fowl yansh go open and we will see how Buhari will fight it cos this fight is definitely a big one dats why jonathan a minority decided to keep his cool.
Deleteyes they did hand-over the corruption relay Barton to her but while running the race the Barton fell from her......... Naija!!! stealing is stealing, the president is at liberty to start this recovery with anybody so long as it is constitutionally done and our monies begins to return back into our covers for developmental purposes..... after Dieziani team is investigated they would definitely be corroborated with other facts so events would take care of themselves, instead of you guys trying to justify which one is what and others that lets give PMB a chance to handle this he is capable.....
DeleteGod, deliver our nation from these marauders and unpatriotic elements.
ReplyDeleteWe are angry about who is looting the niger delta oil that Nigeria is looting
ReplyDeleteDo you think this woman was acting on her own accord? She was doing it as a member of a syndicate. The world should be made to know those who constitute this syndicate. Over to you Okonjo-Oweala, your excellency, Hon. Minister of Finance.
ReplyDeleteThe man said for nine years someone has been sitting on their money ($25M). This confirms that the oil corruption has been going on (of course, everyone here is aware of that), so why all the blame on the lady alone. How about her predecessors. She was minister of petroleum for five years and the corruption have dated way back. This is not to say that she has no question to answer, but the president (GMB) should be fair in his fight against corruption. Don't witch hunts but be real.
ReplyDeleteWhat a man can do, a woman can do better. This theory is still being proven to be very accurate.
ReplyDeleteMurderer are not only people that kills with guns or destructive objects. But those that also destroy the future or destiny of someone or a country
ReplyDeleteGod deliver us from every destiny killer
I'm certain this would just be a tip of the iceberg. Just wait till other birds begin to sing their songs. Let God just keep Buhari, and keep him fit for us. Even if na only corruption e fit fight, Nigeria go surely better.
ReplyDeleteIn as much I don't support the corruption scandal in the story, I CAN NEVER TRUST INDIANS. They are the worst people to deal with in terms of business transactions. I work in an Indian company and I can authoritative tell you these guys are no good. They are corrupt if not much corrupt than Nigeria, fraudulent, racists, and selfish. Do you know that India companies in Nigeria are the biggest tax evasion companies? Infact, they suck much from Nigeria but give back little. Even their staff groan. If you doubt, ask anyone working in an Indian company. If they tell you something now, they will tell you another thing by evening. I have had the privilege to work with people from different races, but of all the Indians are not to be compared. There is no better name for me to call them than Cheats and 419s. Nigeria be careful.
ReplyDeleteGod has special interest in Nigeria for reasons I don't know. That is why he is ensuring that even in the midst of decay, he has not allowed the nation to go down the drain. He always make way even where there seemed to be no way. Let's keep hoping. Nigeria will be a nation to reckon with very soon. God is in control. Just watch and pray. Afterall, we have no other country.
ReplyDeleteWho was the minister of petroleum in 2006
ReplyDeleteWe must learn to address issue per the topic at a time, The Indians may not be trusted as you claimed but this is an international trade and candidly, it is always done directly (Country to Country) there are trues of engagements to be followed. It is highly unacceptable for us to be doing international trade using agents. How do you know the exact crude that was traded? How do you exactly how much was paid? Why will Nigeria need an agent in the first place? What is the duty of NNPC and their subsidiaries? Let us agreed that the rot has been in NNPC before her, does that gives her the licenced to ruin the economy? She is meant to be a mother and women are said to have more compassion. She is wicked and must suffer for her wickedness to her country and motherland
ReplyDeleteDezianiiiiiiiiiii, you disappointed us in Nigeria.Anonymous 24 August,2015.You wasted your vote for Jonathan because you are clueless like him.
ReplyDelete