Bari22:
If going naked is your right, please understand that covering is the right of a Muslim woman.

Fact

The same Muslim woman who is not allowed to practise as a lawyer, in the Sharia court??

JackBizzle:
You have always been an apathetic somebody.

Apathetic, is a mild word. He is also the Minister of banning and vindictiveness, who punishes those that retaliate, but ignores the prime offender who breached the rules from the start.

Kindly note that the word vindictiveness, as used in this context is not an insult, but a description.

Who painted the living room, that ugly yellow colour??

Is this not the same plot of land that you said had been sold last week??

realpoacher:
Sold last week Friday

Out of Market

Awoo88:
GTB had released it version of what happened through a third party. Refusing to comment directly. GTB have been doing everything to avoid paying the judgement debt. Efcc goofed big rushing to press and making arrest when for a matter that had already being dismissed by a court. If I my in innocent 's shoe, I will use the press at every turn. Owning the narrative is very important.

Awoo88:
Yet he got a judgment against the GTB and custom!!! And won again on appeal. The very case the police withdrew from.

There are 2 different cases between Innoson and GTB. The 1st one which went all the way to the Supreme court had to do with GTB's excessive interest charges on his account. This was said to have been to the tune of 500 million naira. Innoson asked that the money be paid back to him, with interest. GT is said to have agreed to refund the excess charges, but objected to paying interest. So Innoson went to court, and the case has gone all the way to the Supreme Court.

The 2nd case which EFCC arrested Innoson for, recently; had to do with using forged documents to clear goods imported by Innoson, which were under a lien by GTB, as Innoson took a loan to import those goods from the bank. Now, if it is true that Innoson actually did so surreptitiously, behind the back of the bank, then it is a clear case of fraud. And that was why GTB reported him to EFCC for further action. Can you spot the difference now?

flackoFlint:
Deeper life people

Ehm, are you sure? She might be MFM, o!!

GavelSlam:
65 modular refinery licenses were issued when Buhari came into government in 2015 if I remember right.

Since the inception of privatisation and commercialisation government has moved away from setting up businesses .

The blame should be at the foot of private investors who have done nothing so far.

The truth is that arranging funding for such endeavours takes a lot of time, effort and money. Our local banks cannot finance a modular refinery from start to finish by themselves. The cost of financing and interest rate alone, would kill the project. So license owners need international funding, at low interest single-digit rates. And this brings us back to a Catch-22 situation. International funding for such projects would be difficult to get, until the market is fully deregulated. Unless the owners of such licenses can show the international financiers in clear terms, that they can not only run such refineries effectively, but can also turn a profit, even under the current atmosphere of non-deregulation.

It is difficult, but not impossible. Afterall, Niger Delta Exploration & Production Plc (NDEP), an independent oil exploration company successfully set up its own modular refinery about 7 years ago. It wholly operates a mini refinery at Ogbele in the Delta, with a current slated capacity of 1,000bpd generating revenues of USD 1 million per month. The company is planning to expand capacity five-fold to 5,000bpd as part of a two to five year plan, which would run at 60% operational efficiency rate, and generate revenues greater than US$ 3 million dollars per month, or US$36 million dollars, per annum. They currently produce diesel and kerosene, but are planning to produce petrol shortly.

The quantity of diesel produced at their Ogbele refinery, increased from 5,329,981 litres (in 2013) to 15,689,343 litres (in 2014).

darqly:
Lol, Access ALREADY uses the GTBank Playbook, everyone knows this, even your MD. Why do you think it's easy for ex-GT to waltz into Access and not the other way round?

Whose MD? Do I work in Access? Or am I employed by GTB? Why do you people like jumping to conclusions, like this? Were you there when the playbook was written and passed from GTB to Access?

deenee:
Oga stop making a fool of yourself. The collateral collected was for his overdraft facility of 1.4b

And the corporate Comms person @ Innoson is being economical with the truth.

The bottom line is the seller didn't trust Innoson to make good on payment and GTB stepped and the goods were consigned to GTB with the understanding that they will be released to Innoson upon 25% down payment.


This obviously didn't happen and somehow Innoson was able to clear the goods without GT's knowledge or approval.

Same thing ifeanyi UBA did with Access Bank and NNPC when he went and sold PMS stored in his tank farm.

Guy, the money spent on your education was NOT wasted!! You analysed the whole thing clearly.

EternalTruths:
That is not an excuse.

Buhari should give it a trial and ensure that it can be imported through the Eastern ports so that traffic jam at Apapa wharf won't hinder the flow of the product all over the country.

Buhari should give total deregulation of petrol, a trial? Without putting in place measures to prevent inflation from spiralling out of control, or measures to halt prices of goods and services from reaching the skies? Do you even understand the pros and cons surrounding deregulation of petrol?

Well, unless he is ready and willing to increase workers wages at the same time, to cushion the effect of such inflation....then he may take your advice.

igbodefender:
You don't accuse people of being sessesionist, tribalistic without proof and then become a cry baby.

The other day you accused Igbodefender of being a tribalist and a Yoruba gentleman corrected you. Igbodefender asked you to produce the so called threads where you claimed he was advocating dismemberment of Nigeria but you couldn't. We just chose not to report you.

Mynd44 take note of these guy's trolling.

There is no need to debate your unfounded allegations, as you are just seeking attention. Hello Mynd44, another breach of Rule 2 and Rule 8. Please take action. Thanks.

igbodefender:
You accused us of some things and we will dig up threads if we have to to get you counter banned.

Another breach. This is a breach of Rule 8, Mynd44.

igbodefender:
You are a bigoted tribalist trying to project your faults on others. But anyone that reads both our threads will know who is the real tribalistic. Jingoistic tribalistic donkey.

Hello, Mynd44 this is a clear breach of Rule 2. Kindly do the needful. Thanks.

igbodefender:
No. Show me where Igbodefender insulted any tribe in that thread, unlike you that derisively referred to those you called 'my brothers'.

You seem to want to become a Nairaland celebrity by attaching yourself to Igbodefender mentions. It will not work as you are sure to remain a nobody with your wicked and tribal attitude.

See this one! Are you not the one that has been trying to attract my attention on every thread, even when I have not mentioned your moniker? Who was the first person to start such tactics, on this thread? I don't know when the phrase 'your brother' became an epithet for tribalism. Thank goodness everyone can read and confirm that you are the one with a "wicked and tribal attitude."

Hello Mynd44, this is a breach of Rule 2 by Igbodefender. Kindly take action and ban him. Thanks.

igbodefender:
Bigot, still waiting for 'proof' that Igbodefender is tribalistic.

We know that bigot is your name. No need to announce it. Go through that thread and you will see the proof you need! Were you not the one shouting tribalism all over that thread?

arrestdarrester:
You just swallowed the Vanguard story hook, line and sinker and turn around to insult others because of the story? Innoson said the so called case has not been filed in court, otherwise he should be served notice!

You know what is funny about all these? Nigeria has become a place where the media tries cases.

Wait for supreme court judgement on the GTB vs Innoson case and stop all these please!

Guy, the fact that Innoson may have evaded the chance of being served with the court notice, does not mean the case has not been filed!

arrestdarrester:
The guy said this so called filing does not exist.

Where is his proof?! Did the court registrar confirm to him that the case had not been filed?

linearity:
Firstly, There is not case in any court of law for him to defend. EFCC has not filed any charges....He is responding publicly to EFCC public response and display of a document they say, they filed or intend to file...But according to him, he has not been served any court proceeding and based on his legal team's knowledge about court cases, since the EFCC public displayed document have a temporary number, it means it has not been filed.

Secondly, anytime the prosecution in any high profile case; came out and make a public statement about a case they intend filing in court or has filed in court and even go to the extend of uploading that document to the public...any defendant and a screw businessman must response publicly as well. You can't sit idea and allow the Prosecution, who suppose to be professional run a media circus with the case.

Based on past experiences, we know that this case will go no where....so, the only knowledge that the public will have about this case is the current media circuss from EFCC, GTB and Innoson; and he will be doing his brand a great damage if he does not file a public rebuttal. I believe he is not naive about the court process either and must have gotten a good legal team behind him...otherwise, he would not have been winning multiple rounds of the current case with GTB, which GTB had appealed to the Supreme Court after they last lost at the Appellant court.

Point of correction: A case has been filed against Innoson in court, by the EFCC. This case is totally different from the ongoing one between GTB and Innoson, which has to do with excessive interest charges on his account with the bank.

Breaking: EFCC files fraud charge against Innoson | 24 DEC 2017

The Economic and Financial Crimes Commission has filed a fraud charge against Mr. Innocent Chukwuma, alias Innoson, his company Innoson Nigeria Limited and his brother Charles Chukwuma.

The charge was dated 30 November, 2017 and filed at a Lagos High Court. In the case, the EFCC is accusing Innoson of obtaining containers of motorcycles spare parts by false pretences between 2009 and July 2011 in Lagos, ‘with intent to defraud.

The goods, said to be property of Guaranty Trust Bank Plc, were allegedly obtained from Mitsui O.S.K Lines Limited in Apapa . The anti-graft agency claims that Innocent Chukwuma and Charles Chukwuma, “with intent to defraud induced the staff of Mitsui O.S.K and Maersk Line Limited to deliver”, to them through their clearing agents, the motor cycle spare parts, moulds of spare parts and steel structures and raw materials called polyvinlchloride, imported from China.

The charge said the accused falsely pretended that they were authorised by GTB to clear the goods and take delivery of them.

EFCC had on Tuesday arrested Innoson in Enugu, stirring some controversy that the arrest bore some ethnic motive and that the agency should not have waded into a dispute between GTB and the businessman.

Central to this was the story was that the parties were engaged in a dispute over illegal deductions from Innoson’s accounts by the GTB, with Innoson claiming that the bank was indebted to him and his company to the tune of billions of naira. In press and TV interviews, he said he had gotten judgement at both lower and appellate courts and that the GTB has an appeal at the Supreme Court.

GTB responded tersely that it would not join issues with the businessman as the issues between them are in the court.

The EFCC in releasing Innoson on bail Wednesday, explained that he was arrested after he refused to honour invitations by the Commission. He had been arrested by the commission before, and granted administrative bail. But he reneged on the bail and his surety could also not be found.
https://www.vanguardngr.com/2017/12/breaking-efcc-files-fraud-charge-innoson/amp/

matrix199:
The only lesson is that time was wasted enriching another man.

What to do next is become your own boss. Use the experience from your previous job to create a job for yourself, full-time or part-time.

Not everybody is wired to be an entrepreneur. Some people are just good at execution, and remain valuable assets in any company they work for, as long as they steer clear of office politics.

Gerrard59:
Not everyone can be an employer. Using your flawed argument, the individual he will employ will be enriching Omoruyi instead of delving into entrepreneurship. Moreover, entrepreneurship in Nigeria isn't for the fainthearted.

You said it well!

animesteven:
Do you write short stories(entertaining) ?
We're in need of short stories for a YouTube series.
If you write well or know someone who does, please indicate below.

Don't you think it would have been far easier for you to drop an e-mail address or a valid phone number, on which people can reach you, even if it is just by SMS? Also, list out the structure, length and format, in which the story should appear. Finally, include terms and conditions for acceptance of sample stories, as well as how much would be paid to prospective writers, for each story. It is far easier and better that way. It saves time, too. And it is called being transparent and open.

So101:
you are funny oh! So if they buy at 145 they should sell at 240? that is a pure definition of exploitation do the maths! 95naira profit per litre meaning they make 3.8million a day on a good day to the detriment of the poor! if you can’t do the business it’s not by force but don’t come and be exploiting people and then play victim it’s a service not a get rich quick scheme

I cannot remember the last time I laughed this much!! There is more gist here: https://www.dailytrust.com.ng/ipman-wants-dpr-nnpc-to-clamp-down-on-private-depot-over-hike-in-ex-depot-price.html

igbodefender:
Bigot, still waiting for 'proof' that Igbodefender is tribalistic.

Oh, have you forgotten this thread: https://www.nairaland.com/4228223/fuel-scarcity-even-n145/1

wristbangle:
You seems to know much about the downstream oil supply chain.

Can you explain how the structures looks like from NNPC to Retail PMS outlets and how much oil marketers are getting from NNPC abi na DDPMAN, MOAN or PPMC?

Guy, this is called consultancy! There are charges for such info. Give me a few hours, I might be able to dig up a graphic representation from my old files...

EternalTruths:
So why can't the government allow such for the petrol section.

In order to answer this question, you have to examine a lot of factors. First, the transportation infrastructure in Nigeria is very weak. Movement of large numbers of passengers, goods and cargo is still carried out over long distances by road, instead of by rail or water transport, as it is done in many countries.

So any fluctuation in the price of fuel, affects the prices of goods, services and transport in a highly disproportionate sense, and fuels inflation.

Secondly, it takes a lot of funds to even import let's say - a 20,000 MT of PMS from Rotterdam or any of the ports in Europe. There are smaller refineries on the West African coast like in Tema, Ghana and Abidjan, but these produce small or inadequate quantities of petrol, compared to the quantity required in various West African countries. Importation of petroleum products is also dollar-denominated. So as long as your naira continues to fluctuate against the dollar, or the disparity in exchange rate remains high in favour of the dollar, your landing cost will remain high. This will also spike inflation and increase in cost of goods and services.

It takes tons of money to import petroleum products. Initially when diesel was deregulated, a lot of depot owners and marketers got loans from banks, to import small quantities from refineries on the West African coast. A number of them were not able to pay back such loans, due to mismanagement of funds or outright theft of their products. But by the time demand for diesel slowed down, and the market dropped, a lot of them could not cope. Some depots have been empty for over a year, as their bankers refused to grant them further loans. Some are even trying to sell off their depots, at huge sums, while others who used their depot as collateral have had those depots taken over by their creditors.....

Now, instead of importing fuel, many of the private depot owners get allocations of fuel from NNPC/PPMC and store in their tanks, to resell to independent marketers, with their large network of stations. So, if the private depots are getting stock from NNPC at approved, discounted rates, why would the marketers who also get stock from such depots sell at exorbitant rates? Are the depot owners short-changing them? Or extorting money from them? They need to speak up and shame them! Afterall, NNPC/PPMC has been the one importing different cargoes of petrol, for the past 3 months, and not the marketers!

Deregulation worked for diesel, because the number of trucks and machinery using diesel are fewer than the number of vehicles using petrol. Not only that, there has been increased use of natural gas, to fuel industrial generators and turbines, in manufacturing companies and industries, which has translated to a reduced demand for diesel.

In my view, petrol can be deregulated but quite a few things need to be put in place, before it can be done, so that it does not lead to unwanted consequences that can not be contained, or prices that spiral out of control. This was what led to the notion of subsidising fuel prices, in the first place. When Buhari came in, the subsidy was said to be abolished, when petrol prices were increased from 85 naira to 145 naira. But now the rising exchange rate and increase in international oil prices, have pushed fuel prices back up.

Every country subsidises something for its citizens. That notion of letting everything be subjected to a free fall of the currency, or to market forces, does not augur well, in all areas. Some countries subsidise transportation. Others subsidise agriculture or healthcare. The most important thing is to ensure subsidies get to the targeted areas, and are not blindly hijacked by an unscrupulous set.

A long term solution would be to implement refining of crude locally, so that adequate fuel can be obtained at a cheaper rate, which reduces the need to subsidise it to an affordable level for citizens.

EternalTruths:
Pls, don't feel offended that I am asking this question because I want to learn.

1) Was there anytime, independent marketers were allowed to import fuel without passing through NNPC.?

2) Do marketers import diesel without going through NNPC.?

Hi, for you to import diesel you need to be registered with NNPC. You are also given the guidelines for importation. You liaise with them at various steps of the way. However, NNPC does not dictate the price at which you sell your diesel.

Diesel prices fluctuated quite a bit this year. At the beginning of this year it was as high as 220 per litre. But a few months back, diesel was 160 - 180 per litre. Now it is about 200 per litre, within most stations in the SW. I don't know about other parts of the country.

Okoroawusa:

Oga,DPR said,"report to us"

Is that rocket science?

Abi, o! Instead of reporting the private depot owners to DPR, they are buying fuel from them at 145 and selling at 250 per litre! Cunning man die, cunning man bury am!

Meanwhile, have you noticed that the stations being shut down for selling at 250 naira, are the ones that loaded fuel direct from NNPC Depot as documented on the manifest?

Those pointing accusing fingers at private depot owners, are yet to name and shame them, publicly.

Xano:
Interesting

It appears you know to an extent, enquire the NNPC depot price, calculate price for trucking(interstate), add to the price sold.

There is for marine delivery, but this is for trucking.

Remember trucks capacities are about 33,000 - 45,000 litres.

When you post people believe in rumours and lies, you may not know the kind of information the person has.

Bros, you are not the only one with info. I used to work in the downstream oil industry, and my first job was a depot rep. I can even draw the template for calculation of charges for you.

As long as you are buying at 137 - 138 depot price, and you have your trucking margin added, you can still comfortably sell at the approved retail price. On top of that, the truck owner can still apply and get his bridging claims paid.

Note that I am talking about the normal commercial fuel orders, and NOT talking about products sold outside the depot gate between middle men and third parties, which are black market transactions.

Wiseandtrue:

No one is say that criminality should be awarded but use our resources wisely

That is why some people are refered to as wise and behaviour worthy of emulation

Goverment could have taken over those illegal refineries instead of destroying them. Now the same government want to build from the scratch

It would saved resources, time, energy and even this embarrassment called fuel scarcity

Government would make money and fuel will be cheaper because the rate produce in Nigeria will be far cheaper than importing

In the end, government is happy and so also the masses

You don't have to result to an insult when you have nothing important to say

Goodday

Were you a comedian in your former life? You want govt to take over those illegal contraptions called "refineries " and convert them to legal equipment/entity. Which kind of "resources, time, energy and fuel scarcity" would it save?

Those illegal contraptions have never produced PMS, and can never produce petrol! So far, they have only managed to produce sub standard, fake, corrosive diesel that knocks engines, and destroys valuable machinery, in addition to polluting the environment! So what part of those illegal contraptions, is govt supposed to take over?

If govt agrees to this hare brained request, tomorrow any body can wake up and set up any illegal refinery or illegal pharmacy anywhere, and then ask govt to legitimise it, because it would save time and resources...smh.

lastclaire4:
Sorry what environment did u grow up? You sound very warlike. Coming to your observation is the pure water company not registered under a body that oversees safety of water being sold? You can make your opinions known without sounding warlike.

Hehehe.....your post is so funny! Thanks, you just made me laugh a great deal.

omohayek:

And I was part of the Apollo 13 mission, which means I know what I'm talking about when I say the Earth is flat. Anyone can make bogus claims to experience on an anonymous forum.

And the nonsense above is exactly what I meant when I talked about a typical Nigerian penchant for reducing economic matters to simplistic moralizing. If marketers are making "unethical" extraordinary profits, why aren't you getting into the business instead of wasting time here on Nairaland? If you understood the basics of microeconomics, you'd have grasped immediately what I was getting at, but instead you make pointless references to "ethics", as if the proper functioning of markets ought to depend on the "ethics" of individuals who are all selling an interchangeable commodity.

Like I said before, your insistence on substituting empty finger-waving for rational thought is typically Nigerian, and it explains why nothing in the country works properly, not even simple things like fuel distribution or electricity provision.

You should have taken your own worthless advice before quoting me to begin with. Oh wait, didn't you already say you were done responding to me before? So why this new, vacuous post of yours, then? I'm betting you won't keep your promise this time either ...

Another long meaningless rant from you. Again, you missed the point totally. Now, for the last time can you get off my mentions? Or is that too difficult for you to do? You need help for that, too?

Okoroawusa:

Then they should report to DPR

Depots should sell at 137

Source for information before u criticize.

Thank you!! Too many people are quick to believe rumours and lies!

Wiseandtrue:

Guy go and do assigments on how to turn problems into solution then come back for lectures

I will tutor you on a how to make a healthy nation, turning misfortunes to fortunes 111 to be precise

If you are lucky, that is if you impress me I might also give you lectures on long and short term decision making.

But if after these lectures you remain the way you are then your case is irredeemable, it simple means that you can't be a leader cause the blind cannot lead the blinds

Goodluck Dear

Take your own advice first, and ask God to dash you sense. Getting solutions to problems, does not mean justifying criminality or trying to turn illegality into a legit business. Listen and learn.