Port Harcourt—Government security outfits operating across the country have recovered stolen oil worth N86.2bn in August.
This is according to findings by The Punch where a total of 16, 000 litres of diesel valued at N800/litre (N12.8m) were on Monday reported to have been recovered by members of the Nigeria Security and Civil Defence Corps in Cross River.
Rivers State NSCDC Commandant, Samuel Fadeyi, while speaking with the media, said the stolen products, which were mainly Automotive Gas Oil also known as diesel, were recovered within the last two weeks.
Also, last Wednesday, the Nigeria Customs Service, NCS, Seme Area Command, said it intercepted 3,998 jerry cans of Premium Motor Spirit, PMS, in 30 litres each, equivalent to 119,940 litres.
The products, according to the Customs Area Controller, Bello Mohammed Jibo, were about four tanker loads of 33,000 litres each.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, recently approved a price of N191 per litre of PMS ( highest range). An estimation of how much Nigeria would have lost had the 119, 940 litres made it to the Republic of Benin would have been N161m.
The seized petroleum product had a Duty Paid Value of N28.9 million.
According to the Punch, Similarly, last week, the Nigerian Navy confirmed the arrest of a supertanker, MV HEROIC IDUN, by Equatorial Guinea forces over alleged crude oil theft in Nigeria. The arrest was made after it fled from Nigeria’s AKPO Oil Field when its activities were uncovered by operatives of the Navy.
One metric ton of crude oil contains a little over seven barrels of crude oil, bringing total crude oil capacity of the tanker to 2.1 million.
Brent International as at last week was $96 per barrel. Nigeria’s crude oil grade, Bonny Light, usually sells for $1 and above Brent.
Assuming Bonny Light was $97/b last week, 2.1m barrels would have been sold for $204m, equivalent to N86bn.
An addition of the N161m that would have been made from the petrol seized at Benin Republic, N86bn from crude oil intercepted by the Navy, and N12.8m from the recovered 16, 000 litres diesel by the Nigeria Security and Civil Defence Corps in Cross River bring the total estimation to at least N86.2bn that would have been lost to reported oil theft this month alone.
Spokesperson for the Major Oil Marketers Association of Nigeria, MOMAN, Clement Isong, President of the Independent petroleum Marketers Association of Nigeria, IPMAN, Elder Chinedu Okoronkwo, and the National Operations Controller, Depot and Petroleum Products Marketers Association of Nigeria, DAPPMAN, Mike Asatuyi, had vindicated their members of being partakers of smuggling of petrol to neighbourhood countries.
“It is definitely not a good thing to use all revenue to service debts, and those debts are coming from subsidies. It is a potential danger for the country.
“My worry is that what we were avoiding- the suffering and inflation that we were avoiding- by not removing the subsidy will now be worse, because if we get to a point where we find it difficult to service our debts, what it means is that our lenders will charge us more interests because they know we don’t have money.
“Their interests will be much higher, with less revenue to pay salaries. So, from a financial standpoint, it is not good news for Nigeria,” a former chairman of the Major Oil Marketers of Nigeria, MOMAN, Tunji Oyebanji, told The PUNCH when asked about the impact of the Federal Government’s continuous payment of subsidies.”
A startling revelation by the Chairman, Society of Petroleum Engineers, Nigeria Council and a professor of Petroleum Engineering at the University of Benin, Olalekan Olafuyi, to Weekend PUNCH last Sunday, put the loss of crude oil in Nigeria at 2000 trucks daily.
“Crude oil theft is a bad omen for the country. The Society is already discussing with NIMASA to see how we can strategise in terms of telling them the strategy that can be employed in monitoring production, because crude oil theft is quite huge.
” Imagine the country losing 500, 000 barrels per day. One barrel is about 160 litres. One truck/tanker is 250 barrels. So, if you say we are losing about 500, 000 barrels, you can imagine that we are losing about 2000 trucks every day,” he said.
Four suspected internet fraudsters die of alleged drug overdose in Bayelsa
Yenagoa—Four suspected internet fraudsters popularly known as Yahoo Yahoo boys were on Friday confirmed dead after purportedly overdosing on illicit drugs in Yenagoa, Bayelsa State, NaijaLiveTV reports.
The incident took place in an apartment along Nasco Egei road in Biogbolo community, Yenagoa happened at about 12am on Friday.
It was gathered that they lost their lives after they took the illicit drugs in celebration of a mysterious financial breakthrough by one of them.
The deceased boys are identified as Favour Ekezie, 19yrs, Favour Okorie, 18yrs, Mr.Waripamo Bestman Ejele, 25yrs and Richie Mike Prezi, 21yrs.
One Melvin, who claimed to be a friend to one of the deceased boys, Favour who hails from Southern Ijaw Local Government Area of the state declared that they’ve been trying to secure the release of his corpse.
“We believe that they were poisoned.”. But he could not explain who and how they were poisoned.
“We are here at Ekeki Police Station in company of Favour’s father to secure the release of the corpse for burial. But it is proving difficult after swearing to an Affidavit.
“We gathered that they eat a food they ordered which was delivered by a logistics motorbike and they died. One of them who was in the toilet however survived because he did not eat from the meal,” he said.
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Another friend of the deceased boys, who pleaded anonymity, claimed that “the deceased were much awake when we forced the security man to open the gate to their residence.
“Nelson (one of the deceased) was sitting on the chair but his head was on the ground with his vomit. Richie (another deceased) has his computer in his hand and showed he was struggling. It clearly showed that they were poisoned.”
They also dismissed claims that they died from inhaling generator fume.
Contacted on the development, the State Commissioner of Police, Benjamin Okolo, who confirmed the death of the four youths attributed it to drug overdose,
“They died of a drug overdose. It is quite unfortunate that they administered the drug themselves. They were five and the one that survived told us that they took two pills each and that he took one. This was why they died, ”Okolo revealed.
The Police boss, however, assured newsmen that if the friends and family of the deceased insisted that the four boys were poisoned,” the police will conduct an autopsy to determine the cause of death.”
Oil-producing states get N625bn in two years, says Garba Shehu
Abuja—The Presidency on Friday revealed that nine oil-producing states received N625.43bn 13 percent oil derivation, subsidy, and SURE-P refunds from the Federation Account in two years, Punch reports.
“The states that received the refunds dating from 1999 to 2021 are Abia, Akwa-Ibom, Bayelsa, Cross River, Delta, Edo, Imo, Ondo and Rivers,” a statement signed by the Senior Special Assistant to the President on Media and Publicity, Garba Shehu, read on Friday.
The statement is titled ‘Oil derivation, subsidy and Sure-P refunds: Nine oil producing states receive N625.43 billion in two years; N1.1trn still outstanding.’
The Presidency also noted that the Buhari-led regime will continue to render equal service to all the states regardless of affiliation, and “an acknowledgment of this by Governor Nyesom Wike of Rivers State and the others is not out of place.”
Citing data obtained from the Federation Account Department, Office of the Accountant General of the Federation, it said a total of N477.2bn was released to the nine states as the refund of the 13 percent derivation fund on withdrawal from Excess Crude Account without deducting derivation from 2004 to 2019, leaving an outstanding balance of N287.04bn.
The States also got N64.8bn as a refund of the 13 per cent derivation fund on deductions made by NNPC without payment of derivation to Oil Producing States from 1999 to December.
According to Shehu, the benefitting States still have an outstanding balance of N860.59bn windfall from the refunds, which was approved by the President, Major General Muhammadu Buhari (retd.).
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From the figures, under the 13 per cent derivation fund on withdrawal from ECA without deducting derivation from 2004 to 2019, Abia State received N4.8bn with outstanding sum of N2.8bn, Akwa-Ibom received N128bn with outstanding sum of N77bn, Bayelsa with N92.2bn, leaving an outstanding of N55bn.
Cross River got a refund of N1.3bn with a balance N792m, Delta State received N110bn, leaving a balance of N66.2bn, Edo State received N11.3bn with a balance of N6.8bn, Imo State, N5.5bn, with an outstanding sum of N3.3bn, Ondo State, N19.4bn with an outstanding sum of N11.7bn while Rivers State was paid 103.6bn, with an outstanding balance of N62.3bn.
The states were paid eight installments between October 2, 2021, and January 11, 2022, while the ninth to 12th installments are still outstanding.
On the 13 per cent derivation fund on deductions made by NNPC without payment of derivation, the nine oil-producing states were paid in three instalments this year, with the remaining 17 instalments outstanding.
Under this category, Abia State received N1.1bn, Akwa-Ibom, N15bn, Bayelsa, N11.6bn, Cross River, N432m, Delta State, N14.8bn, Edo State, N2.2bn, Imo State, N2.9bn, Ondo State, N3.7bn, and Rivers State, N12.8bn.
Meanwhile, the benefitting States shared N9.2bn in three installments in April, August, and November 2022 as refunds on the 13 per cent derivation exchange rate differential on withdrawal from the ECA.
The three largest benefitting States were Akwa Ibom (N1.6bn), Delta State (N1.4bn), and Rivers State (N1.32bn).
Similarly, all nine states received N4.7bn each, totaling N42.34bn as refunds on withdrawals for subsidy and SURE-P from 2009 to 2015. The refund for all the states and local government councils was paid on November 10, 2022.
The Federation Account also paid N3.52bn each as a refund to local government councils on withdrawals for subsidy and SURE-P from 2009 to 2015 on the same date in November.
“President Buhari considers it a matter of honour and decency that debts owed to states or anyone for that matter be repaid, and in time without regard to their partisan political affiliations.
“The President will continue to render equal service to all the states of the federation and an acknowledgment of this by Governor Nyesom Wike of Rivers State and the others is not out of place,” Shehu said.
Court sentences A’Ibom guber candidate, Bassey Albert to 42 years in prison
Uyo—The governorship candidate of the Young Progressives Party (YPP), Bassey Albert, has been sentenced to 42 years in prison for corruption.
Premium Times reports that Justice Agatha Anulika Okeke of the Federal High Court sitting in Uyo, on Thursday, convicted and sentenced Albert who was prosecuted by the Economic and Financial Crimes Commission.
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He has been taken to Ikot Ekpene prison, Akwa Ibom State, to serve his prison term.
Albert, a serving senator representing Akwa Ibom North East District, was accused of receiving bribes for 12 cars worth N254 million from an oil marketer, Olajidee Omokore, during his (Albert’s) tenure (2010 – 2014) as commissioner for finance in Akwa Ibom State.
The convicted senator was a member of the Peoples Democratic Party, the ruling party in the state before he defected months ago to the YPP, where he secured the party’s ticket for the 2023 governorship election.
He was a major challenger to the PDP candidate, Umo Eno, in next year’s governorship election in Akwa Ibom State.