Jonathan Is A CURSE To Nigeria; As He Has Ruined This Country. The Ribadu report on the oil and gas sector put daily crude oil theft at a high 250,000 barrels daily at a cost of $6.3bn (N1.2trn) a year. This puts the total amount lost through oil theft in the two years of Jonathan’s government at over $12.6bn (N2trn). In June, a special naval team impounded a French ship, MT Vannessa, at Brass Loading Terminal, Bayelsa State, for allegedly stealing 500,000 barrels of crude oil per day from the country. In October, Minister of Trade and Investment, Dr. Olusegun Aganga, in a letter to the President, said 24 million barrels of oil worth $1.6bn (N252bn) was stolen between July and September. The Minister of Finance, Dr. Ngozi Okonjo-Iweala, in May, said the government lost a fifth of its oil revenues to theft in April. Ribadu report also said ministers of Petroleum Resources between 2008 and 2011 handed out seven discretionary oil licences and that government lost $183m (N29bn) in signature bonuses via these deals. The Ribadu panel discovered that three of the oil licences were awarded under the current petroleum minister, Mrs. Diezani Alison-Madueke, who took up her position in 2010. The House of Representatives had raised the alarm that the N2.6trn the Federal Government paid for oil subsidy in 2011 could not be properly accounted for. Report by the Presidential Committee on Verification and Reconciliation of Fuel Subsidy Payments, led by Mr. Aigboje Aig-Imoukhuede, revealed that in 2011, 197 subsidy transactions worth N232bn were illegitimate. In July, the House of Representatives Committee on Environment discovered a tree seedling fraud worth N2bn awarded by the Ecological Fund office. The 450MHz frequency, which was valued at over $50m, was allegedly sold for less than $6m (a difference of $44m or N6.9bn) by the Nigeria Communications Commission. The Reps, earlier this year, commenced investigations into the N6.1bn SIM card registration project embarked upon by the NCC in 2011. A global audit and financial advisory firm, KPMG, had on Thursday stated that Nigeria accounted for the highest number of fraud cases in Africa in the first half of 2012. The cost of fraud in the country during the period was put at $1.5bn (N225bn).
Posted on: Mon, 15 Jul 2013 09:03:54 +0000
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