Scandal brewing over nigerian fuel imports

He said that while a pipeline was under construction to deliver fuel to the main power plant, NEPA paid some five billion dollars to Sahara over four years for diesel to the back-up plant.

People are hungry and so anything you offer them will make them carry the placard to defend you. The point of departure is on how to tackle this fraud to the benefit of the citizens, 70 per cent of whom live below the poverty line.

Scandal Brewing Over Nigerian Fuel Imports

He said the international traders generally receive at least one million dollars per shipload of fuel to Nigeria and have grown accustomed to the easy money Nigeria offers as long its refineries remain down.

The different positions notwithstanding, all stakeholders seem to share a common view: According to him, such a move would have two positive effects.

As long as people pay for the crime. After OctoberNNPC initially stopped subsidizing fuel sales, letting marketers import fuel to be sold at market prices.

We will continue and sustain the protest until the government sees reason to revert to N You will be punished!!! Otedola said that he, too, was contracted to deliver diesel fuel to the plant on occasion; however, he petitioned the president to investigate the matter after becoming suspicious of NEPA's ongoing contract with Sahara and the fact that the pipeline for the power plant was never finished.

How far can Labour, govt go? He said NNPC recently discovered, however, that bills of lading were altered to reflect loading on days of high market prices.

Scandal Brewing Over Nigerian Fuel Imports

However, sources agree that NNPC is back in the business of subsidizing gasoline sales while it maintains a facade of deregulation by encouraging private marketers to import fuel that NNPC purchases at market price. According to him, such a move would have two positive effects.

According to Otedola, NNPC contracts to pay its suppliers the market price on the day a ship is loaded with fuel. Will the negotiators leave the negotiation table smiling or will they storm out with frowning faces and returning to their battle trenches?

Discrepancies were found when comparing dates on the bills of lading with dates of landing in Lagos. According to Otedola, NNPC contracts to pay its suppliers the market price on the day a ship is loaded with fuel. Otedola went on that most of the fuel traders supplying Nigeria are implicated in over-charging NNPC, and showed a list of 17 companies that supplied fuel in the first quarter ofseveral of which, he said, are significant players in international markets, such as Trafigura and Vitol.

Spokesman of the House of Representatives, Hon. I still want to see the crook called Peter Odili in jail. It was later discovered that NEPA had received only about one billion dollars worth of fuel, according to Otedola.

While the government said there was no going back on removal of fuel subsidy, which has led to the increase of fuel price from N65 to between N to N across the country since January 1, Labour shunned the negotiation table and hinged resumption of dialogue on reversion of fuel price to N65 per litre.

He said NNPC recently discovered, however, that bills of lading were altered to reflect loading on days of high market prices. Otedola calculates that NNPC would save some four billion dollars a year in expenditures on imported fuel.

Nigeria’s galloping fuel import bill

Yet, another view is that the economics of subsidy removal makes sense but the government should first fight corruption. First pointer to mago-mago: After OctoberNNPC initially stopped subsidizing fuel sales, letting marketers import fuel to be sold at market prices.

There have also been intensive debates with Nigerians holding about six positions on the issue.*Ending the fuel or fraud subsidy war *Nigeria loses N2trillion in six days By Clifford Ndujihe, Deputy Political Editor TODAY is a decisive day for the representatives of the Organised Labour and.

Vanguard News Nigeria. A Nigerian newspaper and Online version of the Vanguard, a daily publication in Nigeria covering Nigeria news, Niger delta, general national news, politics, business, energy.

A scandal is brewing in Nigeria over prices paid by the government for imported fuel. International fuel traders have been falsifying the dates of bills of lading to reflect particularly high market prices, overcharging the Nigerian National Petroleum Corporation (NNPC) by $ million or more.

Fuel or fraud subsidy war, Nigeria loses N2trn in six days

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Vanguard News. A Nigerian newspaper and Online version of the Vanguard, a daily publication in Nigeria covering Nigeria news, Niger delta, general national news, politics, business, energy, sports.

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Scandal brewing over nigerian fuel imports
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