Kachikwu: FG to Review NNPC’s $6bn Oil Swaps To blacklist non-performing oil traders Will explore mechanisms to encourage marketers to import petrol Ejiofor Alike Apparently scandalised by the acute petrol scarcity, which marred the yuletide celebrations, the federal government is set to review the $6 billion Direct Sale-Direct Purchase (DSDP) contracts
of the Nigerian National Petroleum Corporation (NNPC). The objective is to blacklist some oil traders whose failure to meet their petrol supply obligations plunged the country into the fuel crisis. THISDAY had reported
exclusively that the scarcity was caused by some of the participants in the DSDP scheme, previously referred to as offshore crude oil processing agreements (OPAs) and crude-for-products exchange arrangements, who imported diesel for NNPC in
November-December instead of petrol as stipulated in their contracts. Speaking to THISDAY on the fuel crisis in an exclusive interview, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu stated that some of the oil traders failed to
deliver petrol to NNPC due to either lack of capacity to deliver or for profiteering reasons. According to him, the failure of the companies to meet their contractual obligations caused the fuel crisis, which was aggravated by the high cost
of crude oil in the international market. The minister stated that in order to avert future fuel crises, the federal government would explore support mechanisms, by way of tax relief to boost Continued on page 6
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Gunmen Kill 17 in Rivers New Year Tragedy Ernest Chinwo in Port Harcourt
GROOVING INTO THE NEW YEAR... Former House of Representatives member, Mr. Habeeb Fasinro; Lagos State Governor, Mr. Akinwunmi Ambode; Afro hip-hop star, Wizkid; and Senior Country Partner, PricewaterhouseCoopers (PwC), Mr. Uyi Akpata, during the grand finale of the 2017 One Lagos Fiesta held at Eko Atlantic City, Victoria Island, Lagos… yesterday
Tragedy struck yesterday at Omoku, the headquarters of Ogba/Egbema/Ndoni Local Government Area (ONELGA) of Rivers State, when unidentified gunmen shot and killed 17 persons who were returning from a New Year crossover service. THISDAY gathered that about 26 persons were shot in the attack, 14 persons died on the spot, while 12 Continued on page 6
Southern, Middle Belt Leaders Disagree With Buhari, Insist on Restructuring Balarabe Musa calls for economic restructuring Tobi Soniyi, Shola Oyeyipo and Segun James with agency report The Southern and Middle Belt Leaders’ Forum as well as the President General of Ohanaeze Ndigbo, Dr. John Nwodo have disagreed with President Muhammadu Buhari’s stance
on the restructuring of the country, saying that the only way to go is for the federal government to restructure the federation and devolve powers to the states. The president had in his New Year broadcast yesterday said that the problem with Nigeria was not with its
structure but its processes. Buhari argued that the country had tried many systems of governance in the past and had jettisoned them because they failed. He explained that if things were done properly, the country would perform better. However, disagreeing with
the president’s stance on the thorny issue, the Southern and Middle Belt Leaders’ Forum insisted that restructuring was the only way to go to save Nigeria from imminent collapse. In a statement signed by Yinka Odumakin for the Southwest, Senator Bassey Henshaw
for the South-south, Prof. C. Ogbu for the South-east and Mr. Isuwa Dogo for the Middle Belt, the forum insisted that powers must be devolved to the states. The group said: “We cannot become a productive country under a 1999 Constitution which keeps 68 items on
the Exclusive List including mineral resources which abound all over the country but which the states whose governors are constitutionally vested with authority over land cannot touch. “We need to give authority Continued on page 6