[size=14pt]Nigeria loses N750bn annually to non-metering of oil wells[/size]
By Ifeanyi Onuba, Abuja
Thursday, 8 Sep 2011


Non-metering of oil wells during loading and offloading of vessels cost Nigeria $5bn (about N750bn) annually in lost revenue, the minister in charge of Trade and Investments, Mr. Olusegun Aganga, has revealed.


Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke


The minister said, “Nigeria is one of the few countries where there are no measures to ensure the fairness, legality, accuracy and quality control of all trade transactions in all sectors of the economy in line with international best practices.


“Consequently, more than $5bn, representing about 10 per cent of the total annual revenue from the export of oil and gas from Nigeria, is lost to non-metering of oil wells and inaccurate ship-to-shore differences while loading/offloading vessels.”


Aganga, who is the country’s immediate past finance minister, said the amount represented about 10 per cent of the total annual oil revenue from exports.


He spoke at a briefing to mark 100 days of the President Goodluck Jonathan administration in Abuja on Thursday.


Nigeria, the nation’s sixth top oil exporter, loses colossal amount in revenue annually. The oil sector which is the mainstay of the nation’s economy is bedeviled with inefficient policies, mismanagement by officials in the sector and corruption at governmental level.


New cables released by the whistleblower, WikiLeaks, on Tuesday, revealed how highly placed Nigerians and senior military officers connived with foreigners to steal the nation’s oil through bunkering.


The cables detail the security, political and humanitarian situation in the Niger Delta, home to the country’s oil wealth, based on field visits by United States political and economic officers and the interviews they conducted with military officers and key players in the illegal business.


One of the oil thieves named in the cables was a wife of an ex-President.


The government is yet to deny the disclosures contained in the WikiLeaks cables.


Aganga also said several billions of naira had been lost to round-tripping owing to poor measuring equipment used at import jetties to ascertain the quantities of petroleum products imported.


Present at the briefing were the minister of Information and Communication, Mr. Labaran Maku; his counterparts at the Ministry of Transport, Senator Idris Umar; Water Resources, Mrs. Sarah Ochekpe; and Aviation, Mrs. Stella Oduah-Ogiemwonyi.


The minister noted that the development had resulted in unfair trade from under-dispensation of petroleum products at petrol stations and charges to consumers of electricity, water and telecommunications.

http://www.punchng.com/Articl.aspx?theartic=Art201109081385495

Nigeria cannot meter their oil wells because that is the major source of egunje from the oil companies. It will allow the oil companies to report 100 barrels as 40 barrels and smuggle the remaining 60 barrels out of the country. Libya metered their oil wells as far back as 1985 and Nigeria is still struggling to do that.

Is WikiLeaks A CIA Operation? 1/3




https://www.youtube.com/watch?v=brGAgrxscOg




More evidence that wikileaks is an intelligence operation. The lesson from Watergate, FOLLOW THE MONEY. The money leads to George Sorros and his shady circles of influence. Sorros has always been connected to CIA and its front companies.


Is WikiLeaks A CIA Operation? 2/3


https://www.youtube.com/watch?v=IAcR8bqVnIk&NR=1

What has wikileaks got to do with oil metering?. Are you wikileak crazy?.