« Jonathan, Ndigbo And Structural MarginalizationNAMA Bags Agency of The Year Award »

How Babangida, Abacha, Obasanjo Shared Nigeria's Oil Wells

04/28/12

How Babangida, Abacha, Obasanjo Shared Nigeria's Oil Wells

*How Babangida, Abacha, Obasanjo Shared Nigeria's Oil Wells

-Masterweb Reports (Submission By Obinna Akukwe)

The process of sharing Nigeria’s oil block national cake is as fraudulent now as when Ibrahim Babangida started the process of discretionary allocation of oil blocks to indigenous firms. Discretionary allocation of oil blocks entails that a president can reward a mistress who performs wonderfully with an oil block with capacity for cumulative yield of over $20 billion dollars without recourse to any process outside of manhood attachments. Babangida, Abacha, Abdulsalami and Obasanjo awarded discretionary oil blocks to friends, associates, family members, party chieftains, security chiefs and all categories of bootlickers, spokespersons and cult members without any laid down procedures.

The recipients of such oil blocks will get funds from ever willing offshore financiers and partners to graciously settle the benefactors, the awarders, facilitators and the Commander-in-Chief through fronts. These settlements mostly paid into foreign accounts runs into hundreds of millions of dollars according to the potential yield of the block. Sometimes, the awarder (sharer of national cake and direct intermediaries) demand additional stakes in the bidding company. The awarder sends fronts as part of the directorship and management of the bidding firms without leaving a link to them. That is how the oil block national cake is distributed to a few Nigerians. ( Continues below..... )

Nigerian Presidecies Fraud Alert Symbol

Photo Above: Nigerian Presidecies Fraud Alert Symbol

Signature bonuses which are paid when an investor successfully bids, wins and signs agreement with the petroleum ministry, running into tens of millions and sometimes hundreds of millions of naira ,is often waived off. There is actually no waiver; rather a diversion of what would have been paid to government t coffers is paid into private purse as appreciation gifts. That is why those in the Petroleum Ministry dread retirement as though it signifies going to hell fire. No matter how little your influence, something substantial must enter your hands especially in hard currency. The nation loses billions of dollars in diverted revenue whenever any round of auction occurs.

OML 110 with high yield OBE oil fields was given Cavendish Petroleum owned by Alhaji Mai Daribe, the Borno Patriarch in 1996 by Sanni Abacha. OBE oil field has estimated over 500 million barrels of oil. In layman’s language and using average benchmark of $100 dollars per barrel, translates to $50 billion dollars worth of oil reserve. When you remove the taxes, royalties and sundry duties worth about 60% of the reserve payable over time you get about $20billion dollars worth of oil in the hands of a family. ( Continues below..... )

Late Sanni Abacha

Photo Above: Late Sanni Abacha

OPL 246 was awarded to SAPETRO, a company owned by General Theophilus Danjuma, by Sanni Abacha in 1998. Akpo condensate exports about 300,000 barrels of crude daily.

OML 112 and OML 117 were awarded to AMNI International Petroleum Development Company owned by Colonel Sanni Bello in 1999. Sanni Bello is an inlaw to Abdulsalami Abubakar, former Head of State of Nigeria.

OML 115, OLDWOK Field and EBOK field was awarded to Alhaji Mohammed Indimi from Niger State. Indimi is an inlaw to former Military President Ibrahim Babangida.

OML 215 is operated by Nor East Petroleum Limited owned by Alhaji Saleh Mohammed Gambo.

OML 108 is operated by Express Petroleum Company Limited is owned by Alhaji Aminu Dantata.

OML II3 allocated to Yinka Folawiyo Pet Ltd is owned by Alhaji W.I. folawiyo.

ASUOKPU/UMUTU marginal oil fields is operated by Seplat Petroleum. Seplat is owned by Prince Nasiru Ado Bayero, cousin to the Central Bank Governor Lamido Sanusi. This oil field has the capacity of 300,000 barrels of oil daily. This translates to $30million dollars daily at average benchmark of $100 dollars per barrel. Deducting all sundry taxes, royalties etc , this field can yield $12billion dollars daily for the owners. ( Continues below….. )

General Ibrahim Badamasi Babangida

Photo Above: Ibrahim Badamasi Babangida (rtd.)

Intel owned by Atiku, Yarádua and Ado Bayero has substantial stakes in Nigeria’s oil exploration industry both in Nigeria and Principe and Sao Tome. AMNI owns two oil blocks OML 112 and OML 117 which it runs Afren plc and Vitol has substantial stakes in oil blocks. Afren plc is operating EBOK oil fields in OML 67. Vitol lifts 300,000 barrels of Nigerian oil daily. Rilwanu Lukman, former OPEC Chairman has stakes in all these named three companies.

OPL 245 was awarded to Malabu Oil& Gas Company by Sanni Abacha. Dan Etete, Abacha’s oil minister owns Malabu Oil. In 2000, Vice President Atiku Abubakar convinced Obasanjo to revoke

OPL 245 given to Malabu Oil. Etete had earlier rejected Atiku’s demand for substantial stakes in the high yield OPL 245 and it attracted the venom of Ota Majesty who revoked the licence. However, in 2006, Obasanjo had mercy on Dan Etete and gave him back his oil block worth over $20 billion dollars.

OPL 289 and OPL 233 was awarded during Obasanjo era to Peter Odili fronts, Cleanwater Consortium, consisting of Clenwater Refinery and RivGas Petroleum and Gas Company. Odili’s brother in law, Okey Ezenwa manages the consortium as Vice Chairman.

OPL 286 is managed by Focus Energy in partnership with BG Group, a British oil concern. Andy Uba has stakes in Focus Energy and his modus operandi is such that you can never see his name in any listings yet he controls OPL and OML through proxies.

OPL 291 was awarded to Starcrest Energy Nigeria Limited, owned by Emeka Offor by Obasanjo . Immediately after the award, Starcrest sold the oil block to Addax Petroleum Development Company Limited (ADDAX) Addax paid Sir Emeka Offor a farming fee of $35million dollars and still paid the signature bonus to the government. Emeka Offor still retains stake in ADDAX operations in Nigeria.

Mike Adenuga’s Conoil is the oldest indigenous oil exploration industry in Nigeria. Conoil has six oil blocks and exports above 200,000 barrels of crude daily. The oil block national cake sharing fiesta could take twists according to the mood of the Commander-in –Chief at the particular time. In 2006, Obasanjo revoked OPL 246 which Abacha gave to Danjuma because he refused to support the tenure elongation bid of the Ota Majesty. In 2000, Obasanjo had earlier revoked OPL 241 given to Dan Etete under the advice Atiku. However, when the Obasanjo-Atiku faceoff started, the Ota Majesty made a u-turn and handed back the oil block to Etete.

During the time of Late President Yarádua , a panel headed by Olusegun Ogunjana was set up to investigate the level of transparency in the award of oil blocks. The panel recommended that 25 oil blocks awarded by the Obasanjo be revoked because the manner they were obtained failed to meet the best practices in the industry. Sadiq Mahmood, permanent secretary in the Ministry of Petroleum endorsed the report to then president with all its recommendations. As a result of the report Yarádua revoked eleven oil blocks.

In April 2011 Mike Adenuga attempted to buy Shell’s OML 30 for $1.2 billion dollars. The Minister for Petroleum and Nigeria’s most powerful woman refused the sale of the OML30 to Adenuga citing national interest. This block was later sold to Heritage Oil for $800 million dollars eleven months later. ( Continues below….. )

Nigeria Ex-President Olusegun Aremu Obasanjo

Photo Above: Olusegun Aremu Obasanjo

This oil block business is so lucrative that Danjuma’s Sapetro divested of its investment in Akpo condensate for $1billion dollars. This business is second to none in Nigeria. That is why any attempt to investigate the activities in this sector will always be futile. The money is so much that they give bribes in millions of dollars. A birthday gift or child naming gift from an oil block owner to a government official could be as paltry as $2million dollars, and if the official’s father died, the condolence gift could reach mere $3 million dollars. When they want to bribe legislators, it is in millions of dollars and any ongoing investigation ends within weeks. They are so confident that with excess money they can buy up Nigeria and they are succeeding In the name of competitive bidding, which Obasanjo introduced in 2005, Officials bring companies overnight and through processes best described as secretive and voodooist they award blocks to party faithful, fronts and phoney companies. They collect gratifications running into hundreds of millions of dollars which is paid into offshore account and the nation loses billions of dollars of revenue to private pockets.

During the third term agenda, Obasanjo was deceived that the allocation of oil block to party faithfuls is to fund the third term agenda. With the failure of the third term, the beneficiaries went home with their fortunes and thanked God or Allah for buttering their bread. Senator Andy Uba co ordinate the award of the last rounds of oil block by Obasanjo in 2005 and 2007. The then minister of petroleum, Edwin Daukoru was a mere errand boy who took instructions from the presidential aide.

The regime of President Goodluck is not showing any signs of changing the status quo. Controversies have trailed the activities of the Minister of Petroleum and many players in the Industry accuse her of demanding stakes from every oil deal. It is hoped that President Goodluck Jonathan will remember his transformational promise to Nigerians and endeavour to face the hawks in the oil industry. The angst in the air is so much that if this monster of illegal allocation of oil block is not addressed, the much touted revolution could begin all of a sudden and all who condoned this illegality at the expense of hungry Nigerians may have nowhere to hide.

The religious leaders should tell these oil block beneficiaries, awarders, fronts, brokers and all involved in short changing the Nigerian people to find means or returning all these back to the Nigerian people, through massive development projects. They should curtail their constant visits to Mecca, Medina and Jerusalem for prayers and attend to the poverty they spread in the land. They should build affordable secondary schools, universities, specialist hospitals, roads, silos, etc for the Nigerian people. They should fund talent development programmes and sponsor activities capable of alleviating poverty. The voice of impoverished Nigerians is crying daily and if care is not taken the God who delivered Nigeria from Abacha dark days will visit them with calamities untold. With the rot in this oil block awarding system and other loot all over the Nigerian nation, something worse than revolution may happen. Obinna Akukwe

Article Source: Masterweb Reports

Follow MasterwebNews on Twitter

NIGERIA MASTERWEB DAILY NEWS - Publish Yourself

Nigeria / Africa Masterweb Disclaimer

MASTERWEB HOME - NIGERIAN NEWSPAPERS - NIGERIA NEWS HEADLINES - WORLD NEWS HEADLINES

Map of Nigeria

18 comments

Comment from: Onu Otile [Visitor]
Onu OtileUntil these blocks are recovered from these cabals, Nigeria will know no peace and the North will always be pushing to produce the president to solidify their grips of these looted national treasury. Come on Nigerians, let us make some noise.
04/28/12 @ 18:36
Comment from: Obinna Ezike [Visitor]
Obinna EzikeNo Nigerian Head of state or president since after the Nigerian - Biafran war ever believed in Nigeria.Their actions since after the war speak it loud. All the struggles for power is just to grab more of the national cake before their envisaged possible break up of the country. But they are not God who decides what happens. But wait a minute!! ... doesn't it surprise them that after they looted and looted, the wealth is still plenty? The wealth of God will never finish. They have come to this world and they will go but the wealth will remain. Even the ones they have looted will change hand at times to their enemies. Those who amass unnecessary wealth in this world even to the detriment of the poor to me are merely stupid. I will likened them to little children who most often pack all the oiled yams in their plates onto their chests, holding them fast with their two hands and crying, yet looking into the plates of others to grab more.... a little time they will fall asleep with all the food lying on their chests and their clothed spilled with oil..... stupid kids...... so are our leaders.
04/28/12 @ 21:24
Comment from: Asein osman friday [Visitor]
Asein osman fridayPoverty is in heart of men. what makes a man go looking for food is because he his hungry, so I see them has poor and hungry even more then the common man. They are never satisfy cos in their heart they see themself has still poor until they remove the name NIGERIA and raplace it with their own name. I pity them cos they are building their mansion in hellfire
04/29/12 @ 01:57
Comment from: Dr. Fortune Ukonu [Visitor]
Dr. Fortune UkonuThere is nothing new about this than the fact that the writer has given more details or insights into what is already known of how the military shared the oil wells in Nigeria to friends and family.

Should Nigerians be angry on why oil wells were shared by privileged people in positions of power? No! but the question needed to be asked was if there was any transparency, accountability and due process followed in sharing of these oil wells. Which means were Nigerians given every opportunity to own or buy oil wells just like the process of selling company shares and stocks publicised for any interested persons in the country.

Can the present government revoke the alleged ownership of the oil wells in Nigeria? The answer is capital NO! because the owners of these oil wells as wise as they are have used the revenue derived from these oil wells to placate some government officials and remember no political party unless in some developed countries should publicly disgrace another member unless on personal grudges or grounds.

One thing that can overturn how PDP and military stalwarts shared the Nigerian oil wells among themselves is if another political party takes charge of running the government and PDP is out of power. This is when you will witness the quantum crime and corruption the rulling party PDP and those military stalwarts hiding in PDP have committed.

The question now is how possible can PDP as a political party be removed from power? It will not be easy to make PDP lose its grip on power. PDP and its members are ready to throw in the kitchen sink to ensure they do not get out of government because the consequences will be collosal - loss of oil well by revocation will be one.

Instead of PDP to lose power in Nigeria the members are willing and ready to instigate chaos, military attempted coup d'etat or social unrest in Nigeria. This is if the fail to rig the election or fail woefully in buying the electorates with money.

Some development theorists say corruption can be useful if someone who loots the public treasury reinvests the loot in the country and creates employments for the youths of the country but I still do not agree to suh theory. Nigerians please vote in another credible political that will bring change.
04/29/12 @ 03:27
Comment from: Glory okonkon [Visitor]
Glory okonkonrevolution is very very sure
04/29/12 @ 03:42
Comment from: Osa [Visitor]
OsaThank you for the candid answer to the question that has long plagued my mind . How can a general, who stole constitutional mandate, become the richest man in Africa. This is why Obasanjo said with his mouth wide open that the country can investigate him for corruption, and they will find him not wanting. The illgotten wealth are concealed in beneficiary from oil block. How did this block come to being. Who initiated it, and why can't it be stopped by President Jonathan, since Obasanjo wasted 8yrs to set back Nigeria. Is this the way a countries wealth is to be managed. This wealth belong to every nigerian not the so called few. This is why Nigeria lack basic security, no good road and intermittent power supply. These crooks jet themselves around the world, and the nation in rots away. And Obasajo wanted another eight years of servitude. This is how the money is shared and the nation remains lacking, and infrastructure in decay. God, if you are God, save our nation Nigeria from these devil incarnate. You said "call on me in the days of trouble..." You said "if my people a who are called by my name..." The country must be saved, the people have suffered far too long. Nigerians are scatered as slaves all over the world, "for lack of Knowledge" that the good Lord has endowed them with wealth, but few devils stole their portion. God help Nigeria.
04/29/12 @ 07:24
Comment from: jimmy [Visitor]
jimmyNo wondered why they are fighting and preparing for presidency in 2015. this is a hidden treasury, nationl cake and OBASANJI sold bakassi, IBB and his group said no SNC. So Niger Delta oil wells is the battle ground for all these Criminals. Where are the MEND, NDLF AND BOKO HAR, you yug have the real WAR to fight please clear the Niger Delta at once from the looter. South africa please release him immidiately he the freedom figther okay
04/29/12 @ 09:26
Comment from: Jackson2j4 [Visitor]
Jackson2j4When people,especially those opposed to subsidy removal said that President Jonathan should address the rot in the oil industry, though there are some racketeering going on in the name of subsidy but what this government and past governments have been doing was subsidising corruption, this is factually correct.
From evidence it has been proved that this present government headed by Jonathan will not be different from the past ones, if not worse, his sister minister of petroleum is there doing things in her own way. Imagine refusal to sell at 1.2 billion dollars citing national interest as a motivation, only to sell few months latter with more than 30 percent less than the initial bid, a deficit or do I say a discount of 400 million dollars, one wonders the definition of national interest where it lies.With the level of money these people are looting from the national coffers it is a drop of water in the ocean buying a villa worth of millions of dollars in Switzerland.
Now we are left with one and only one choice, to take our destiny in our own hands, we can pray from now till the end of the world-we can pray for Bribery and Corruption, we can pray for Nigeria in distress, we can pray for any nonsense we can imagine, even the Bible has it that prayers without good work is useless, put the other way round,prayer without action is futile.Yes I understand these people are too rich, in other words too powerful that you can't challenge them, let's see when the hour comes even the stock pile of their billions of dollars will not guarantee them the safety of their heads.Thanks for this writer we are knowing them one by one and by names and surnames.These are the people who compromised the future of this generation and they are the ones directly or indirectly still in charge of the affairs of this nation,supporting Jonathan in his confused transformational agenda.How can those who are part ot the problems claim to be the solution to the same problems.Now or never.REVOLUTION!REVOLUTION!! REVOLUTION!!!
04/29/12 @ 09:49
Comment from: lucky tj [Visitor] Email
lucky tjREVOLUTIO!!!!!!!!!!!!!!!IS WHAT WE ARE calling for aganst the LOOTED general,why are BOKO HARAM killing innouncent people when those that put the conutry the situation we fine ourself today are freely walking and enjoying the peoples money.
04/29/12 @ 16:44
Comment from: Eje [Visitor]
EjeEverybody should bear in mind that God or nature is at work in Nigeria to liberate the poor from the evil ones.
When the power above wants to make changes in the lives of people, he will first allow confusion to lead the way. Boko Haram is that confusion. The day of the word Nigeria and the owners of the oil wells are numbered. Boko Haram will not stop until the plan of the evil which they represent is fulfilled. The effort of the army or police to contain them will continue to fail because it is also members of the army and police that are encouraging them in one way to the other to destablize the regime of jonathan.
04/29/12 @ 19:42
Comment from: frank smith [Visitor]
frank smithMy heart is bleeding nd broken wat some few criminals has turn our nation into, I fear 4 d future of my children, hw on earth do we allow atrocities like dis 2 be goin on nd we all keep quite as if nothing is happening, we shld stand up nd chase dis hoodlums of of our country. Hw cn few individuals subject us 2 slavery wat re der doin wit all dis oil wells, poverty nd unemployment is nw our second name while our oil minister is busy buying mansions in Australia nd us 4 her obesity children while orders re suffering wat a nation. 70% of our oil well re owned by northerners who dosent hv evn one in d north wat a shame, jonathan dis is nt wat u promise us b4 we voted u into office plz nd plz return dis oil wells bck 2 nigerians so dat history will 4give u. I cnt evn move freely in my country bcus of insecurity cus by corruption nd poverty. Revolution nw or never.
05/01/12 @ 08:21
Comment from: Jonah M. Oko [Visitor]
Jonah M. OkoPerhaps not many people know that Nigeria is under the captivity of a few hands. Three of them have been identified. However, it is not to identify these three strong hands that matters, what happens to them is more important. Few persons are bigger and stronger than the Nigerian nation and her laws. someone should prove me otherwise.
05/02/12 @ 03:50
Comment from: Ajibade festus [Visitor] Email
Ajibade festusAm vry short of words,Nigerians ar tryin,dspite al ds wickednes people stil manag to liv nd surviv,let nobody rely on any govt to bring abt a change,ds our govt dnt av us in mind,pls do al u cn to comit ur futur nd dt of ur chldren into Gods hand.our leadrs ar nt Livin legend bt Livin Demons,HELL IS DR SOURCE ND DESTINATN
05/04/12 @ 04:02
Comment from: Basilio I. Makendengue [Visitor] Email
Basilio I. MakendengueMy dear brothers of Nigeria, this is a message from Equatorial Guinea.
I want you all to concentrate on the recommendations of this Writer Obinna Akukwe: The Oil Concession Owners must be told and reminded to construct affordable primary and secondary schools with IT technologies, universities with first class laboratory for research, specialist hospital with the most modern equipment for our brothers and sisters to stop dying like goat and rushing to Americaa, Europe or Asia for medical attendance, construct homes as we all see in Europe when we go there, with affordable price so common man can buy and they still make profit, and especially award scholarship (Nigerian not Yorubas will alway remember you MKO).

I disagree with a lot of people comment about REVOLUTION, BOKO HARAN, THE NIGER DELTA etc. because is not the solution. Who are dying? These looters? No. Or the Inocent people?
Dr. Fortune Ukonu is correct when he repeatedly state that REVOKING the given oil consessions is not the solution.
I consider this type of comment a disgrace to the African and especially the Nigerian intellectuals. To shout for violent
Violent had destroy us, and we have countless proofs to demostrate it.

We should challenge them in the news papers, in parties, television discussion, comedies, in social media, so they can spend responsible this fortune their friend had made them to have for the goods for the commonn man. We now know them, let us send them email, letters etc.
It would be wrong for us to go again them. We will not win. We will generate more destruction to the commomn man. Let us challenge them calling it their responsabilities.

Basilio from Malabo, Equatorial Guinea.
05/05/12 @ 11:04
Comment from: adia [Visitor]
adiaSeems to me time enough FOR REAL WORK by TRUE NIGERIANS. We already have ALL the STRUCTURES and FACILITIES to REPAIR ANY FAULT or DAMAGE !!!!!!! OPC MEND BAKASSI MAITASINE now BOKO HARAM ...... !!! The WORK to DO or TARGET/ FAULTS to be REPAIRED are PHYSICAL & VISIBLE !!!! Dont ask me WHY MR RAWLINGS keep coming to Nigeria ...... The INTERNET is *** SENT to FACILITATE erstwhile TABOO INFO reaching MORE Nigerians and EVENTUALLY to the ARTICULATED w h o will perform the needed and long awaited or expected REPAIR WORK ...... May my children see the Nigeria DREAM or whatever in the ALTERNATIVE ...
05/18/12 @ 14:27
Comment from: prosto [Visitor]
prostoHello There. I found your blog using msn. This is a very well written article.
I will make sure to bookmark it and come back to read more
of your useful info. Thanks for the post. I'll definitely return.
05/20/12 @ 16:25
Comment from: Henry Afor [Visitor]
Henry AforMy heart is bleeding as I read this; to think that a bunch of renegades and quislings could enrich themselves so much from our collective wealth, yet so many of us are abroad wallowing in poverty, frustration and depression. My heart is bleeding.
03/26/13 @ 16:36
Comment from: Cofee [Visitor]
CofeeYou've made some realloy good points there. I checked on the web to learn more about the issue and
fiund most individuals will go along with your views
on this site.
11/13/14 @ 11:33

Leave a comment


Your email address will not be revealed on this site.

Your URL will be displayed.
(Line breaks become <br />)
(Name, email & website)
(Allow users to contact you through a message form (your email will not be revealed.)
This is a captcha-picture. It is used to prevent mass-access by robots.
Please enter the characters from the image above. (case insensitive)
LOG-IN

 Nigerian flag

[ MASTERWEB HOME ]

*Click To Read => How To Daily Keep Abreast of All Nigerian / World News Events

________________

NEWS LINKS

Nigerian Newspapers

Nigeria News Headlines

World News Headlines

Masterweb Reports

News Flash

Libya News Headlines Headlines

Follow MasterwebNews on Twitter

*HOW TO USE NIGERIA MASTERWEB DAILY NEWS BLOG:

(1). To Post Articles:- Click on "Log in" above on the top left hand side of this page, then click on "Register" to set up an account to enable you post articles. Enter required fields including Username, Password and Email Address. You will be required to validate your email. Your membership will be approved 2 to 24 hours after your validation. Thereafter, go to the blog, click on "Log in" and log in and click on "Write" to post articles. *Returning members - click on "Log in" and log in and click on "Write" to post articles. It takes beteween 24 to 72 hours for posted articles to be released by moderators. ( Please note that only news articles can be published here. Unconfirmed reports and controversial articles are not allowed and will not be approved. )

(2). If you do not include your full name in posted articles, they will not be approved and will not be published.

(3). To Read Posted Articles/Blogs:- Just click on any of the "Categories" or "Sub-Categories" below

 Masterweb flag and logo

Search

The requested Blog doesn't exist any more!

Random photo

XML Feeds

multiple blogs