Business Times Daily Times Nigeria Monday, January 16, 2017
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Opeoluwani Akintayo Investigation by Business Times has shown how companies importing fuel into Nigeria went from only five in 2006 to about 200 as at last check in 2016. Checks with the Department of Petroleum Resources (DPR) and the Nigerian National Petroleum Corporation (NNPC) revealed that Nigeria had only five fuel importers in 2006. One year later, the number rose to 10. In 2008, the figure grew to 19, and by 2011, it reached 140. Additional report gathered by Business Times revealed that the figure is about 200. Most of the companies joined the fuel import gravy train during the Goodluck Jonathan administration. According to information, the rise was due to the importers interest in tapping into the fuel subsidy regime which sky rocketed during that period. Interestingly, many of the importing companies are also included on the list of those indicted in the fuel subsidy investigations by the Buhari’s administration. The oil subsidy regime between 2009 and 2011, saw Nigeria’s government paying importers subsidy for 59 million litres of fuel per day, a sharp contrast to the country’s actual consumption of 35 million litres. In 2011, Nigeria spent N2.5 trillion on fuel subsidy, a 900 percent increase from the N245 billion in the year’s budget. Companies importing fuel into
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How fuel importing coys jumped from 5 to 200 Nigeria include Duke Oil Ltd, an oil trading arm of the NNPC, Oando, Sahara Energy, MRS Oil and Gas, AA Rano, Bono, Masters Energy, Eterna Oil and Gas, Cassiva Energy, Hyde Energy and Brittania U. Others are NorthWest Petroleum, Optima Energy, AMG Petroenergy, Arkiren Oil and Gas Limited, Shoreline Limited, En-
tourage Oil, Setana Energy and Prudent Energy, Trafigura Beheev BV (TBBV), among others. Shockingly, the above companies, including others, estimated to be more than 30 companies were recently indicted in the subsidy scam after investigations. Last week, the NNPC released the names of 39 winners for the sale and purchase of Nigerian
crude in 2017/2018. According to the contract, the deal will run for one year from January 1 for12 circles of crude oil allocation, involving 18 Nigerian companies, 11 International Traders, five foreign refineries, three National Oil Companies (NOCs) and two NNPC trading arms. At least six of the companies listed were indicted or are still
Markie Idowu, Mr. Seyi Akinmusire (winner of the N100, 000 MoneyGram ‘Receive and Win’ Promo), the Group Head, Retail Banking, Skye Bank, Ndubuisi Osakwe at the cheque presentation event at Skye Bank Head weekend
50 companies bid for NNPC tug boat contract Simon Ugwu A total of 50 companies recently submitted bids to provide seaworthy tug boats on charter time basis for the maritime operational requirements of the Nigerian National
BUSINESS TIMES Editor Andrew Odioko Head Business Azubike Nnadozie Capital Market Editor Bonny Amadi
Petroleum Corporation (NNPC) in Lagos, Warri and Port Harcourt. The Group General Manager, Public Affairs Division (PAD) made this known in Abuja. “The public bid opening event which was held at the Abuja Corporate Headquarters of the Corporation had in attendance representatives of the bidding companies with officials of the Bureau of Public Procurement, Department of Petroleum Resources, Nigerian Extractive Industries Transparency Initia-
facing charges for fuel subsidy fraud. These include Masters Energy, Oando, Eterna Oil and Gas, Seterna Energy, AMG Petroenergy, and Prudent Energy. NNPC said all the contracts for the 2017/2018 crude trade were for 32,000 barrels per day except Duke Oil Ltd, an oil trading arm of the NNPC, which will be for 90,000 barrels per day.
tive, Nigerian Content Development and Monitoring Board, and some members of the civil society as observers,” he said. Successful companies, according to him, will be engaged on a two-year term contract in the first instance with an option of renewal for a further one year. “Winners are expected to provide services which include: aiding the berth and un-berth of all ships operating at the NNPC jetties/buoy, logistics support for safe ship-to-ship opera-
tions which covers movement of fenders, horses, documents, rigging and unrigging of fenders among others.” Speaking recently at the public opening of the bids, NNPC Group General Manager, Supply Chain Management, Mr. Shehu Liman, said the corporation under Dr. Maikanti Baru, the managing director, was determined to instill and sustain the values of transparency, accountability and integrity in the procurement process. CONTINUES ON PAGE B2
How #OccupyCBN protest flopped Simon Ugwu The attempted protest against the foreign exchange policies of the Central Bank of Nigeria (CBN) tagged #OccupyCBN protest on Friday by a group allegedly led by Deji Adeyanju failed, as it could not muster enough public support. The Acting Director, Corporate Communications Department of CBN, Isaac Okorafor made this known in a
statement, describing them as “paid agents of selfish interests and the enemies of the Nigerian economy.” He stated that the group was received by the policemen on routine duty at the junction and after waiting for five minutes left on their own. “The group had been mobilizing Nigerians to join the protest. At about 9:30 am when about 12 people gathered at a juncCONTINUES ON PAGE B2