This is a presentation of the facts and figures of fuel subsidy in Nigeria. It also chronocles the sleaze, corruption and wasteful tendencies of the Nigerian nation.
In today’s’ stressful times, balancing between work and home can prove to be quite challenging. Constantly trying to fulfill demands at work and home can become challenging and lead to stress and dissatisfaction. And gradually, these negative elements take a toll on work performance and personal life.
This webinar goes over some helpful tips and tricks to balance your work and personal life without compromising on spending time with your loved ones.
Here is a presentation which facilitates the learner to know what is Work life Balance? Gives us tips to balance work and life, and also emphasis the importance of work life balance through comical strips. This presentation can clearly frame a outlook of Work life balance.
This presentation suggests how to balance your work and life. What are the impacts of imbalance and how to ensure perfect balance between your office-work and family life.
This presentation is to tell you if YOU HAVE IDENTIFIED WHAT IS IMPORTANT? ARE YOU ARE MAKING IT HAPPEN? ARE YOU IN CONTROL and
ARE YOU ENJOYING EVERY STEP OF YOUR LIFE? If not, then how to do so by maintaining balance between work and life is what you get to master using this presentation.
In today’s’ stressful times, balancing between work and home can prove to be quite challenging. Constantly trying to fulfill demands at work and home can become challenging and lead to stress and dissatisfaction. And gradually, these negative elements take a toll on work performance and personal life.
This webinar goes over some helpful tips and tricks to balance your work and personal life without compromising on spending time with your loved ones.
Here is a presentation which facilitates the learner to know what is Work life Balance? Gives us tips to balance work and life, and also emphasis the importance of work life balance through comical strips. This presentation can clearly frame a outlook of Work life balance.
This presentation suggests how to balance your work and life. What are the impacts of imbalance and how to ensure perfect balance between your office-work and family life.
This presentation is to tell you if YOU HAVE IDENTIFIED WHAT IS IMPORTANT? ARE YOU ARE MAKING IT HAPPEN? ARE YOU IN CONTROL and
ARE YOU ENJOYING EVERY STEP OF YOUR LIFE? If not, then how to do so by maintaining balance between work and life is what you get to master using this presentation.
Developing the Nigeria Manufacturing sector is a route to opening up a new frontier for the expansion of trade, productivity & competitiveness
• Currently, Industrial capacity is very low with critical industries within the real sector performing below expectations
• The contribution of manufacturing to Nigeria’s GDP is less than 10%
• This is very sad given the fact that retail and wholesale trade are growing at a very fast rate
• And given the fact that Agriculture account for almost 24% of Nigeria’s GDP, there are indications that if a proper framework is put in place, Nigeria’s manufacturing can begin to witness phenomenal growth
• Part of the factors that will help shore up local production and reduce the cost of doing business in Nigeria are:
• The Power Sector reforms - this needs to be fine-tuned
• The strengthening of a policy framework which removes double taxation and encourages investment in the vertical integration of primary sector, Agriculture to secondary sector, production
• Such policies must be backed with the right fiscal policies which give a measure of comfort to infant industry against global competition
Welcome Address by Babs Omotowa (MD/CEO, Nigeria LNG Limited) at the Banquet Ceremony to celebrate Nigeria’s 3000th LNG Export Cargo held on 13th March 2014 at Transcorp Hotel Abuja
SWISS TRADING COMPANIES, AFRICAN OIL AND THE RISKS OF OPACITY GE 94
Swiss commodity trading companies buy a
considerable share of the oil sold by African
governments. The payments made by Swiss
companies generate a significant portion of public
revenues in some of the world’s poorest countries,
and are subject to governance risks as they take place
in environments of weak institutions and widespread
corruption. To date, however, these important
transactions have escaped oversight due to opaque
corporate practices and weak regulation.
The West Africa-America Chamber of Commerce & Industries presents: David Lary
The West Africa-America Chamber of Commerce & Industries presents: Doing Business in Nigeria: Creating Wealth from
Opportunities in Africa’s Largest Market
Luna Global Networks, https://lunaglobalnetworks.com/ , was proud to work with partners across the international community to launch an anti-illicit trade alliance, to strengthen networks and find innovative ways to help protect our economies, markets, and communities against the harms and impacts posed by the global illegal economy.
The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 bill forced electronic OEMs to analyze its supply chain to ensure compliance with the new law. The law is not aimed at banning conflict minerals if they originate from the DRC. Manufacturers can still source conflict minerals from the DRC or any adjoining country, but are likely to face liability on failure to disclose their sourcing practices.
Indo Africa Times, a weekly newspaper has its key intend to create extensive awareness amongst people about Africa and India concerning different sectors like economy, politics, culture, fashion, sports and many more. It is our sincere endeavor to bridge the information gap between Africa and India by endowing our readers with updated and latest developments occurring in both the countries.
‘वोटर्स विल मस्ट प्रीवेल’ (मतदाताओं को जीतना होगा) अभियान द्वारा जारी हेल्पलाइन नंबर, 4 जून को सुबह 7 बजे से दोपहर 12 बजे तक मतगणना प्रक्रिया में कहीं भी किसी भी तरह के उल्लंघन की रिपोर्ट करने के लिए खुला रहेगा।
Developing the Nigeria Manufacturing sector is a route to opening up a new frontier for the expansion of trade, productivity & competitiveness
• Currently, Industrial capacity is very low with critical industries within the real sector performing below expectations
• The contribution of manufacturing to Nigeria’s GDP is less than 10%
• This is very sad given the fact that retail and wholesale trade are growing at a very fast rate
• And given the fact that Agriculture account for almost 24% of Nigeria’s GDP, there are indications that if a proper framework is put in place, Nigeria’s manufacturing can begin to witness phenomenal growth
• Part of the factors that will help shore up local production and reduce the cost of doing business in Nigeria are:
• The Power Sector reforms - this needs to be fine-tuned
• The strengthening of a policy framework which removes double taxation and encourages investment in the vertical integration of primary sector, Agriculture to secondary sector, production
• Such policies must be backed with the right fiscal policies which give a measure of comfort to infant industry against global competition
Welcome Address by Babs Omotowa (MD/CEO, Nigeria LNG Limited) at the Banquet Ceremony to celebrate Nigeria’s 3000th LNG Export Cargo held on 13th March 2014 at Transcorp Hotel Abuja
SWISS TRADING COMPANIES, AFRICAN OIL AND THE RISKS OF OPACITY GE 94
Swiss commodity trading companies buy a
considerable share of the oil sold by African
governments. The payments made by Swiss
companies generate a significant portion of public
revenues in some of the world’s poorest countries,
and are subject to governance risks as they take place
in environments of weak institutions and widespread
corruption. To date, however, these important
transactions have escaped oversight due to opaque
corporate practices and weak regulation.
The West Africa-America Chamber of Commerce & Industries presents: David Lary
The West Africa-America Chamber of Commerce & Industries presents: Doing Business in Nigeria: Creating Wealth from
Opportunities in Africa’s Largest Market
Luna Global Networks, https://lunaglobalnetworks.com/ , was proud to work with partners across the international community to launch an anti-illicit trade alliance, to strengthen networks and find innovative ways to help protect our economies, markets, and communities against the harms and impacts posed by the global illegal economy.
The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 bill forced electronic OEMs to analyze its supply chain to ensure compliance with the new law. The law is not aimed at banning conflict minerals if they originate from the DRC. Manufacturers can still source conflict minerals from the DRC or any adjoining country, but are likely to face liability on failure to disclose their sourcing practices.
Indo Africa Times, a weekly newspaper has its key intend to create extensive awareness amongst people about Africa and India concerning different sectors like economy, politics, culture, fashion, sports and many more. It is our sincere endeavor to bridge the information gap between Africa and India by endowing our readers with updated and latest developments occurring in both the countries.
‘वोटर्स विल मस्ट प्रीवेल’ (मतदाताओं को जीतना होगा) अभियान द्वारा जारी हेल्पलाइन नंबर, 4 जून को सुबह 7 बजे से दोपहर 12 बजे तक मतगणना प्रक्रिया में कहीं भी किसी भी तरह के उल्लंघन की रिपोर्ट करने के लिए खुला रहेगा।
03062024_First India Newspaper Jaipur.pdfFIRST INDIA
Find Latest India News and Breaking News these days from India on Politics, Business, Entertainment, Technology, Sports, Lifestyle and Coronavirus News in India and the world over that you can't miss. For real time update Visit our social media handle. Read First India NewsPaper in your morning replace. Visit First India.
CLICK:- https://firstindia.co.in/
#First_India_NewsPaper
An astonishing, first-of-its-kind, report by the NYT assessing damage in Ukraine. Even if the war ends tomorrow, in many places there will be nothing to go back to.
01062024_First India Newspaper Jaipur.pdfFIRST INDIA
Find Latest India News and Breaking News these days from India on Politics, Business, Entertainment, Technology, Sports, Lifestyle and Coronavirus News in India and the world over that you can't miss. For real time update Visit our social media handle. Read First India NewsPaper in your morning replace. Visit First India.
CLICK:- https://firstindia.co.in/
#First_India_NewsPaper
31052024_First India Newspaper Jaipur.pdfFIRST INDIA
Find Latest India News and Breaking News these days from India on Politics, Business, Entertainment, Technology, Sports, Lifestyle and Coronavirus News in India and the world over that you can't miss. For real time update Visit our social media handle. Read First India NewsPaper in your morning replace. Visit First India.
CLICK:- https://firstindia.co.in/
#First_India_NewsPaper
El Puerto de Algeciras continúa un año más como el más eficiente del continente europeo y vuelve a situarse en el “top ten” mundial, según el informe The Container Port Performance Index 2023 (CPPI), elaborado por el Banco Mundial y la consultora S&P Global.
El informe CPPI utiliza dos enfoques metodológicos diferentes para calcular la clasificación del índice: uno administrativo o técnico y otro estadístico, basado en análisis factorial (FA). Según los autores, esta dualidad pretende asegurar una clasificación que refleje con precisión el rendimiento real del puerto, a la vez que sea estadísticamente sólida. En esta edición del informe CPPI 2023, se han empleado los mismos enfoques metodológicos y se ha aplicado un método de agregación de clasificaciones para combinar los resultados de ambos enfoques y obtener una clasificación agregada.
2. Winston Churchill
“In time of
war, when
truth is so
precious, it
must be
attended by a
bodyguard of
3. Nigeria
About 170 Million People
Largest Population of Black
People
159 out of 178 in Human
Development Index
70.2 % live under a dollar a day
8.2 % of the World’s Poor People
143rd Out of 183 Countries in
Corruption
80% of Oil Revenues benefit only
1% of Population (World Bank)
4. Oil
Discovered in 1956
95% of Export
11th Largest Nation in
Proven Oil Reserves
14th Largest Nation in
Oil Production at 2.2
Million Barrels per day
Mainstay of Economy
$1.6 Trillion Revenue
Since Discovery (BBC)
Four Refineries
Source of “Resource
Curse”
5. Refinery Capacity
First Refinery: 1965 (Port Harcourt 1)
Second Refinery: 1978 (Warri)
Third Refinery: 1980 (Kaduna)
Fourth Refinery: 1989 (Port Harcourt 2)
Combined Refinery Capacity : 455,000 BPD
Capacity Utilisation: Less than 30%
Estimated Domestic Demand: 550 BPD or 30
Million Liters
A barrel = 159 Litres
South Africa: 7 Refineries and Egypt: 9 Refineries
6. Why Import ?
Lack of Refining
Capacity
Huge Domestic Demand
Lack of Alternative
Energy
Lack of Alternative
Transportation
Why not Barter ?
Corruption and Greed
7. What is Subsidy?
Government absolves
part of the real cost of
refined petroleum
products and passes
the rest to the
Consumer
Government regulates
prices of the products
through the Petroleum
Products Pricing
Regulatory Agency.
8. How It works ?
• Application
Stage 2 • Reconciliation
• PPPRA • Importation • Settlement
Verification • Verification
• Documentation • Documentation
• Distribution
Stage 1 Stage 3
9. Why Subsidise ?
Fluctuations in Crude Oil
Prices
Economic Growth and
Competitiveness
Product and Export
Promotion
Purchasing Power
Availability of Products
Strategic Importance
10. Growth of Subsidy
Pre-democracy Era Barter
(Limited Subsidy)
Democratic Era (Open)
Growing Population
Increased Dependence on
Petrol
Increased Power of
Petroleum Marketers
Increased Neglect of
Infrastructure
Unsustainable
11. Behind The Subsidy….Sanusi
“You establish an LC for importing 20,000MT of PMS and the
PPPRA says this is at a landed cost of N145 for example per
litre. So u know that for every litre in that vessel you will get at
least N85 as subsidy. Now you have a number of
"possiblities":
1. You can off load 5,000 MT and bribe customs and other
officials to sign papers confirming u offloaded 20k MT. Then
do the same across the chain with a paper trail showing you
delivered 20k MT to a tank farm, and maybe even that u
transported it to Maiduguri entitling you to a share of the price
equalization fund. Maybe for N20-N30 per liter you bribe all
those who sign the papers. The 15k MT you take to Benin or
Ghana or Cameroun and sell at market price thus making an
additional "profit" of N55/ltr on 15,000MT!
12. Behind The Subsidy
“You can just forge documents and have them
stamped without bringing in anything and collect the
subsidy-PPPRA pays based on DOCUMENTS.
You can bring in the fuel, load on tankers, sell some at
N65N some at 80 some at 100 some across the land
borders.
You can do all this and no one can catch it or prove it
because somebody was paid to sign off on docs. And
with a high enough margin there is too much
temptation to be resisted and firepower for bribing
officials. ”
13. Behind The Subsidy
When I spoke to the house of reps I told them why I was
suspecting fraud. It starts from PPPRA "allocations" based on
"capacity". You will find a company like Mobil with
capacity for say 60,000 MT and a relatively unknown
name with a capacity of say 90k MT. Red alert number 1.
Although PPPRA is supposed to give license only to
marketers with a national distribution network you see names
of companies where you have never seen a filling station in
their name.
I was a chief risk officer in UBA and in FBN for many
years approving loans so I know the name of every big
player in every industry that nigerian banks lend to as
these are among the biggest banks in the country. I see
names on the list I don't recognise either from portfolios.
I looked at or industry studies over the years. Red alert
number 2.
14. Behind The Subsidy
I studied the papers presented to PPPRA in a
short period in 2010 (I won't tell you how I got
them!). And I was surprised that on some days
over 10 vessels are said to have discharged
cargo in lagos on the same day-clearly the
same officers stamping and "verifying" that the
vessels were SEEN. Is it really realistic that
on the same day 13-15 vessels can
discharge in Lagos?
Red alert number 3. “
15. Big Scam
False Banking
Transactions
Huge Debts
Zero Monitoring
Connivance and
Complicity
Huge Personal Wealth
Political Complicity
Interconnectedness
Lack of Transparency
16. Current Reality
“The debt crises currently suffered by
developed economies is indication that
governments have a responsibility to the
people to manage revenues and
expenditures wisely. With the subsidy on
fuel projected to reach 118% of the
Federal Government Capital Expenditures
and 4.1% of the country's entire GDP,
maintaining the fuel subsidy would not be
a wise decision.”
Ngozi Okonjo Iweala
17. In English….. WE ARE
BROKE!
We are a borrower nation!
Even our creditors have their own problems
We have been borrowing to subsidise
petroleum products
We have borrowed to pay minimum wage
We have borrowed to pay political office
holders
We cannot continue because or bankruptcy
beckons.
18. Why We Are Broke…
The Senate President: N88.3 Million per
Month
Deputy Senate President : N50 Million per
Month
Senator: N14 Million per Month
72 Ministers
20 Special Advisers
N5 Trillion Internal Debt
$30 Billion External Debt
*** US President : 60 Million Naira Per Annum
19. Conclusion
“It is an Oily
Affair, We have
to Tread Softly”