Thursday, July 26, 2012
The Nigerian National Petroleum Corporation said on Wednesday it was owed N1.134tn in government fuel import subsidies, debts which would wipe out savings in the Excess Crude Account.
The ECA, where the government saves oil revenues over a benchmark price of $72 a barrel, held $6.9bn on July 19, not enough to pay NNPC’s subsidy claims, let alone a string of other fuel importers’ debts.
The Governor, Central Bank of Nigeria, Mr. Lamido Sanusi, said on Tuesday that risks to the Nigerian economy from high government spending, worsening security problems and lower oil output were “ominous.”
“As at the end of May 2012, NNPC had unpaid (subsidy) claims of N1.134tn,” spokesman for the Nigerian National Petroleum Corporation, Mr. Fidel Pepple, was quoted as saying by Reuters.
Two fuel import unions have threatened to go on strike this week over unpaid subsidies, risking fuel shortages in the country. This issue had prompted public protests in the past.
People are already queuing for hours to get petrol at inflated prices in some areas in the oil-producing Niger Delta.
Nigeria is among the top 10 crude oil exporters in the world but due to decades of corruption and mismanagement it has to import most of its refined fuel needs, the report said.
NNPC said it had 46 days of fuel supplies and it would do its best to meet demand despite “limited resources.”
“Yes, we are concerned about the shortages but just to put it on record, NNPC has been the only organisation importing products since January when the fuel subsidy issue began,” Pepple said.
The finance ministry declined to comment on the missed subsidy payments but had previously said it was waiting for the results of probes into fuel importers before resuming payments.
Several investigations into the import subsidy were launched after President Goodluck Jonathan attempted to remove the support on January 1, before partially reinstating it after more than a week of protests over increased motor fuel costs.
Economic and Financial Crimes Commission on Wednesday charged 12 fuel traders over allegations they illegally collected a combined N11bn in subsidy payments for fuel they never delivered.
The 12 individuals from seven companies charged are all from low-level Nigerian firms, although the Economic and Financial Crimes Commission said more than 100 other marketers were being investigated.
The presidential committee said on Tuesday that fuel traders collected $2.38bn last year in fraudulent subsidy payments.
Meanwhile, members of the Depot and Petroleum Products Marketers Association have requested the Federal Government to pay the subsidy arrears it owes them to the banks they are indebted to.
They said paying the banks directly would help to check interest rate and exchange rate differentials that were accumulating on the debts.
The President, DAPPMA, Chief Dapo Abiodun, who spoke to our correspondent on Wednesday, said most oil marketers had limited or no ‘credit line’ left to raise capital.
He said, “The Federal Government can pay our banks directly. The situation is getting worse. Even our foreign bankers don’t have confidence in us anymore.”
He also said that the association was ready for the strike starting from midnight of Thursday.
Another executive of the association, Mr. Sampson Ogah, said interest rates were fast multiplying on the debt they owed banks; and in the interest of everyone, government should intervene.
According to him, the debts are fast becoming unbearable.
DAPPMA had said it would be joining in the strike started by the Jetty and Petroleum Tank Farm Owners of Nigeria if Federal Government did not settle arrears on subsidy payments, among other issues by Thursday.
Thirty additional oil marketers, who are members of DAPPMA, would join the strike.
Members of JEPTFON had, on Monday, embarked on an indefinite strike over unpaid subsidy payments. The union had shut down jetties and depots of its members.
Wednesday, July 25, 2012
Nollywood actor, Emeka Ike, has said he’s leaving Nollywood temporarily to strategies. Speaking to an Encomium reporter exclusively on Sunday July 22nd, the actor said:
“I have not quit Nollywood in the real sense of the word. What I did was to withdraw all my movies from the market, and I mean all the movies that are related with Emeka Ike…and the reason is not far fetched. I am angry with what is going on in the industry. My conscience would not allow me to go on with the decay in the industry. So, I feel that was the best thing to do, to dissociate myself from the problem and stand out! So, henceforth, any Nollywood movie would not involve Emeka Ike. Rather, I want to market all my movies on the label of Emeka Ike Production. If you want to deal with me as an actor, you have to work with me under the label. That clearly separates me from Nollywood
AKURE-THE Rotimi Akeredolu Campaign Organisation in Ondo State has berated Governor Olusegun Mimiko for describing National Leader of Action Congress of Nigeria, ACN, Asiwaju Bola Tinubu, as an emperor, describing the statement as a sign of ingratitude.
A statement by its Director of Media and Publicity, Mr. Idowu Ajanaku, called on the Labour Party, LP, to quit mudslinging and focus on issue-based campaign.
He said: ''The equally baffling subsequent tactless tirade made by Governor Mimiko, now referring to the much-respected Nigerian democrat and political strategist, Asiwaju Bola Tinubu, as an emperor smirks of gross disrespect and crass ingratitude.
”One only hopes that the transient aroma of political power has not deluded the governor's mind-set into forgetting, so soon, all the moral support he enjoyed from the latter in his most trying times.''
He also frowned at another statement credited to the Deputy Governor, Alhaji Ali Olanusi, who allegedly said ACN was campaigning to impose imported administration on Ondo people, noting that such statement was capable of stirring bad blood in the polity.
''To have said that Ondo people do not want an imported administration in the state, ahead of the October 20,2012 gubernatorial poll, apparently alludes to the increasing impact of ACN in the state. It is unsavoury and unbecoming of a man occupying that exalted political post.''
''As recently exhibited by the ACN-led administration in Edo State, performance is the watchword for any politician to gain the peoples’ confidence and votes. Not undue media hype over the construction of market stalls and ill-equipped hospitals and schools while infrastructural development that touches tellingly on the quality of life of the average Nigerian is criminally neglected.''
Source is Odili.net
Tuesday, July 24, 2012
I got this somewhere on the internet and I decided to share with you guys see what you think about this guy....is'nt this crazy???
You win, I can't take it any longer, and I know you have been waiting for this to happen. I hope it makes you very happy, this is not an easy thing to do, but I've got to the point where there is nothing to live for, graduated for 3 years and still no job, no love. All will and determination to fight on has left me. I feel calm and at peace and grateful that I can go to sleep painlessly. I feel justified in terminating a life which no longer holds any hope of having the essentials which make it worth living. I did desperately want to get a good job, have a beautiful wife, bring forth wonderful kids and love mankind. But now, I am defeated and exhausted emotionally by the situation of my Country, Nigeria.
To my Unborn child: My love for you would have had no limits, I grief that I could not meet you but try to understand that your birth would have made my life worse, life is too corrupt, seeing vision of a broken man. So, with my passing, all menace to your well-being has disappeared. Forgive me for the many mistakes I have made. Now that it is all said I feel at peace.
To my friends: Try not to grieve. I ask all of you, my dear ones, not to mourn my passing. Be glad I am at least free from the misery of the joblessness and intimidation and oppression. I have endured for so long and that at last I'll have peace and rest...This is no way to live either is it any way to die. I'm going to put myself to sleep now for a bit longer than usual. Call the time eternity.
Goodbye, cruel world
Goodbye, God forsaken Nigeria
Goodbye, cruel destiny
I pray the Lord my soul to take. Amen.
Saturday, July 21, 2012
President Goodluck Jonathan on Friday has described the late Ambassador Olusegun Olusola as a genuine leader of peace in Africa. The president made the comment at the burial of Olusola in his country home, Iperu Remo, Ogun State.
Chief Olusola, a former Nigerian ambassador to Ethiopia died on June 21. He won wide acclaim for his hugely popular TV programme, The Village Headmaster and was also one of Nigeria's finest broadcasters of all time.
The Church service was held at Methodist Church, Iperu Remo area of the state where his body was committed to the ground.
According to Jonathan, “he was not only a leader in broadcasting, but international leader in diplomacy and advocate for peace.”
The president who was represented by Mr. Tony Uranta added that Olusola’s actions were always defined by integrity adding that it was the way he lived till he died.
Chief Olusola, founder of the African Refugees Foundation, was also described as a culture icon and humanitarian par excellence whose legacies remain a reference in the fields of culture, theatre and drama in the nation and beyond.
Ogun State Governor, Senator Ibikunle Amosun, gave the description yesterday in his message at the funeral service for the late Olusola.
Amosun said it took the grace of God to attain the age of 77, which the deceased spent on earth and enjoined the family to see his exit as a celebration of life.
He noted that the former Nigerian Ambassador to Ethiopia dedicated his life to the service of the masses and the less privileged.
The state's helmsman also promised that the Local Government election billed for Saturday would be the first that would reflect the true wishes of the people.
Culled from thisdaylive.com
Top Nigerian rapper and Storms Records artiste, Naetochukwu Chikwe popularly known as Naeto C weds his lover, Nicole Chukwueke in a secret wedding today.
The church wedding, as we learnt, is taking place in Lagos at Hecuvactor centre, Lekki Phase 2, Lagos.
We would give more details and pictures as we get hold of them.
In April 2012, Naeto C had his traditional wedding in Owerri, Imo State. He is the son of a former Minister of Aviation, Mrs Kema Chikwe.
Wednesday, July 18, 2012
Founder, Ifeoluwa Mission, Rev. Tela Tella, said on Tuesday that Boko Haram assumed the monster it had become because President Goodluck Jonathan failed to apply the ruthlessness of former President Olusegun Obasanjo.
At a news conference, Tella, said the level the dreaded sect had got to could no longer be tackled by force but by persuasion and dialogue.
He said, “The mistake President Goodluck Jonathan made about Boko Haram was that he did not borrow from Obasanjo’s ruthlessness. Now, he has missed it; he cannot use force anymore.
“Applying force now is too late. There is already total confusion in his administration. Boko Haram is beyond him because he did not take action quickly.”
However, he said Jonathan was the Lord’s chosen and nothing anybody could do about it.
“It is true that Jonathan is not one of the most powerful persons that is supposed to lead the country. But who are you to oppose the Lord’s chosen? Majority of Nigerians voted for him, so that means God wants him there,” he said.