One Chance President At It Again: Buhari Devalues Naira To Please IMF

After months of insisting that he had no plans to devalue the naira, President Muhammadu Buhari has caved to pressure to change course; SaharaReporters has learned from an exclusive briefing by a few top aides of the president.

A day after the Buhari administration increased the price of the pump price of fuel by 67%, from N86.5 to N145 a liter, our sources disclosed that Mr. Buhari has also agreed to demands by the International Monetary Fund (IMF) that he significantly devalues the Nigerian currency. Our sources indicated that the naira would be pegged at N290 to one dollar. The current official rate is about N200 to a dollar.

Our sources said Mr. Buhari and his economic team took the decision to accept the IMF’s terms for funds that the Nigerian government wants to access to bridge a critical shortfall in revenue occasioned by a drastic decline in oil revenues. An administration insider told SaharaReporters that Nigeria could receive as much as $3 billion in credit facilities from the IMF.

“The truth is that Nigeria cannot operate without sourcing credit from the IMF,” said one of our sources, an economic adviser to Mr. Buhari, who spoke on condition of anonymity. “And the IMF was adamant that we must devalue before they can discuss extending credit to us,” he added.

Curiously, administration officials took the decision to devalue the naira without the input of the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, another source revealed. An official of the CBN confirmed to Saharareporters that bank executives were kept in the dark about the discussions that led to the Buhari administration’s decision to devalue the naira. “Some of us here [the CBN] are not opposed to devaluation, given our country’s present circumstances,” the source said, adding that it was the CBN’s function to pilot Nigeria’s monetary policies.

One of our sources pointed to the fact that the naira has been weakened in the parallel market, where it now sells at N360 per dollar. “The government cannot continue to operate under the illusion that the naira is stronger than it is. The only problem is that we did not start early enough to admit to Nigerians how bad the financial outlook was,” the source added.

The Nigerian economy has been pummeled by falling oil earnings that have led to a near collapse of the economy. The IMF had long indicated its readiness to support Nigeria’s economy with credit liquidity but insisted on Nigeria devaluing its currency. President Buhari had insisted on numerous occasions, before and after his election, that he would never devalue the naira.

It is unclear how Mr. Buhari and members of his economic team plan to justify the about-turn on devaluation and other policy somersaults. After initially vowing to reduce the price of fuel, the government yesterday announced a significant hike in fuel price. The administration also set to announce a 10% increase in value-added tax (VAT), another indication that the Buhari government was embracing the kind of liberalization pushed by the IMF.

To compound dwindling oil prices, militants in the oil-rich Niger Delta region have crippled oil exports substantially after bombing oil pipelines and issuing threats to oil companies to leave the region.

Last week, several oil companies evacuated essential staff from the region’s offshore platform leading to a reduction in daily oil outputs from 2.2 million barrels a day to 1.3 million barrels a day.

Credit Sahara reporters

Niger Delta Avengers To Reavel Currency, Flag, Passport And Territory October 2016

In a press release issued by the Niger Delta Avengers, the new militant group stated that its goal is to establish an independent, sovereign Niger Delta State

Since the group’s inception in April, the Niger Delta Avengers have carried out acts of sabotage on the region’s oil blocs in an effort to cripple Nigeria’s economy. Attacks include the blowing up of a Chevron platform in Delta State and crude oil lines that feed oil to the Warri and Kaduna refineries.

In the press release signed by their spokesman, Mudoch Agbinibo, the group vowed to continue their attacks, but emphasized that they are only targeting oil blocs, not people.

"From the high command of the Niger Delta Avengers we congratulating all strike teams of the Avengers without taking any innocent life or that of the Nigeria military we were able to shut down 50% of crude production.

We have been seeing a lot on the media about us. Some are asking, “Who are you avenging?” some calling us empty heads, ex-agitators have been condemning us on daily basis. Our criticizer from other part of the country, we don’t have any thing to tell you because you clearly don’t know how life is in the region.

To our criticizers from the region we want you to know you are all cowards and afraid to stand for your people.

To ex-agitators of the likes of Tompolo, We know why you people are after us. Our agitation is more civilize than yours the Niger Delta Avengers is more concern with people of Niger Delta unlike you (ex-agitations) that were into kidnapping, killing of Nigeria soldiers, sea pirates, vessel and tanker hijacking. But we were able to carry out all our operations without killing a fly. We have sophisticated arms far better than what you use to have during your kidnapping days.

After the amnesty Programme you (ex-agitators) has been enjoying patronize from the government and royalty from multinational oil companies. While we (Avengers) have been strategizing on how the voice of the Niger Deltans can be heard. we are fighting a radical fight without taking any life.

Lets make it clear, to you our elder brothers (ex-agitators) that we are not begging you to join this agitation. We are young, educated, well travelled and most of us were educated in east Europe but don’t worry when we achieved our goal (sovereign state of Niger Delta) then you people will be proud of us. In as much as we respect you as our elder brothers (ex-agitators) please don’t dare to stand on our way because if you do we will crash you.

To the citizens of the Niger Delta who share same idea with us we thank you all. Just know that no amount of criticism within and outside the region can stop us.

For the record the Niger Delta Avengers is enjoying the blame game going around.

To the Nigeria military the Niger Delta avengers is among you. And we know all your plans so we will always ten steps ahead of you. In our meeting comprising all heads of the strike teams, which was held in Bayelsa. The Niger Delta Avengers high Command comes to the conclusion that, if the military harass or invade any community in the region then you (Nigeria military) will get a feel of the Avengers.

If you smart or intelligent enough you will look inward not outside. We know when you are vulnerable but not take our calmness for granted.

To our brothers from Easterner Nigeria, whom have been condemning and calling us names. The simple fact you are living comfortable doesn’t mean we like you.

The Commander of Strike team 9 of the Niger Delta Avengers is from Eastern Nigeria so no body should limit this struggle to the Ijaws of the Niger Delta only. The leader of the strike team 6 that blew up chevron valve platform is Itsekiri. The Commander of our elite team strike team one is from Akwa Ibom.

So if you are calling us empty heads just know you brothers are part of Niger Delta Avengers as well.  Avengers is different from former agitators who limited the struggle to just the Ijaws

To international Oil Companies, this is just the beginning and you have not seen anything yet. We will make you suffer as you have been made the people of Niger deltans suffered over the years from environmental degradation, and environment pollution.

To the President of Nigeria Buhari, we are sure you have not been to the creeks of the Niger delta before and 90% of your cabinets does not know how the region looks like. You think the Niger delta region is full of animals, who are going to frustrate your government. Your government that is not following rule of law, unlawful detention of innocent people just likes of Nnamdi Kanu. All he wanted was to let his people go. Nnamdi kanu didn’t carry any arm against this country but was incarcerated. We want you to know that’s no civilize President will behaves this way. If that is how you devised to run the country we will prefer you do that in the northern region.

When couples are tired of living together to make peace they go their separate ways. That is what Nnamdi kanu and the Niger deltans are asking.

You always say you fought for the unity of this country during the civil war. You haven’t been to the Niger delta, how can you know what the people are facing I believe your Vice will tell how the region is suffering and under developed when he visited the forcados terminal. That is if he ever looks out of his helicopter window.

1.     Apo Well was award to Sapetro Oil owned by Gen Theophilus Y Danjuma .Apo field is capable of producing 300,000 barrels per day and crude reserve of 500 million barrels.

2.     OML 110 Obe oil field own by Alhaji Mai Daribe, Cavendish Petroleum with an estimated 500 million barrel of crude oil that worth $50 billion dollars after tax.

3.     Akpo condensate field was awarded to Sapetro Oil owned by Gen Theophilus Y Danjuma. This field worth $100 billions of dollars.

4.     OML 112 and OML 117 were awarded to AMNI International Petroleum Development Company owned by Colonel Sanni Bello. Son inlaw to former Head of State. Gen Abdulsalami Abubakar. Its worth $150 Dollars after tax.

5.     OML 115 also known as Oldwok field and Ebok field was awarded to Alhaji Mohammed Indimi.  Inlaw to former Head of State Gen. Ibrahim Babangida the two fields worth $200 billion Dollars.

6.     OML 215 was awarded and operated by Nor East Petroleum Limited owned by one Alhali Saleh Mohammed Gambo. The field worth $100 billion Dollars after tax.

7.     OML 108 awarded to Express Petroleum Company owned by Alhaji Aminu Dantata. This field worth $128 billion Dollars.

8.     OML 113 was allocated to Yinka Folawiyo Petroleum Limited owned by Alhaji W. I. Folawiyo. Net worth is $150 billion Dollars.

9.     Prince Nasiru Ado Bayero cousin to the Emir of Kano, Lamido Sanisu, owns ASUOKPU/UMUTU marginal oil fields. It worth $110 billion Dollars.

10. Inter is owned by Atiku Abubakar, Yara dua and Ado Bayero has a substantial stakes in the oil and gas exploration in the Niger Delta of Nigeria.

11. AMNI International Petroleum Company owns OML 112 and OML 117. Former Minister of Petroleum and OPEC Chairman Rilwanu Lukman has major stakes in AMNI International Petroleum Company.

12. OML 67 is operated Afren Plc. Rilwanu lukman also has a major stakes and the field worth $180 billion Dollars.

13. OPL 245 is awarded to Malabu Oil and Gas owned by Dan Etete. Former President Obasanjo and former Vice President Atiku Abukbakar all has major shares. It worth $50 billion Dollars.

14. OPL 289 and OPL 233 was awarded to Cleanwater Consortium, the two fields worth $200 billion Dollars. Former Governor Peter Odili of River State, Obasanjo and Sultan of Sokoto has major Stakes.

15. OPL 288 was awarded to focus Energy Senator Andy Uba, Obasanjo, and Gen Theophilus Y Danjuma are the major stakeholders. The field worth $70 billion Dollars.

16. OPL 291 was awarded to Starcrest Energy Nigeria Limited owned by Emeka Offor. The field worth $100  billion Dollars.

17. Mike adenuga’s Conoil controls and operates Six (6) oil blocs and exports about 500,000 barrels of crude oil daily. These 6 oil bloc worth $500 billion Dollars.

From our analysis above, 90% oil blocs are allocated to individuals from northern Nigeria and some confused elements from the region are calling the Niger Delta Avengers names, some are calling us criminals. Our question to these groups of individuals calling us names are; where were you when all these atrocities were happening to the people of the Niger Delta? IT’S A PITY.

To owners and operators of these oil blocs in our region the Niger Delta Avengers is giving you two weeks ultimatum to shut down your operations and evacuates your staff. If at the end of the ultimatum and you still operating. We will blow up all the locations. It will be bloody. So just shut down your operations and leave.

There is rumor that oil has been discovered in the North East. How will you feel if this found oil is been managed by Niger Deltans. We are very sure the Niger deltans wont even have 2% oil bloc if oil is really found in the Northeast. If you didn’t shut down we will shut your stations permanently for you.

No agent or representative of the Avengers has called the Minister of State for Petroleum Resources and Nigerian National Petroleum Corporation, NNPC, Group Managing Director, Dr. Ibe Kachikwu to threat his life.

To all International Oil Companies, Indigenous Oil Companies and Contractors if anyone called saying there members of Avengers please not listen or take them serious because our ideology and belief is far from that.

Once again on behalf of all the commanders of the avengers strike teams we congratulate our loyal and gallant soldiers who put human life before their targets. On behalf of the Niger Delta people we said congratulation as we have cripple the Nigeria economy by 50% by the grace of God we will make it 100% if our demands are not met soon.

By October 2016 we will display our Currency, Flag, Passport, our ruling Council and our Territory to the world.

To the United Nations, we are not asking for much but to free the people of the Niger Delta from environmental pollution, slavery, and oppression.  We want a country that will turn the creeks of the Niger delta to a tourism heaven, a country that will achieve its full potentials, a country that will make health care system accessible by everyone. With Niger delta still under the country Nigeria we can’t make it possible. So we are calling on the Ban Ki-Moon Secretary General United Nations and all Heads of the government of the five Permanent Security Council members to come to the aid of Niger delta people. We are calling on world leaders to come to the Niger delta to see the atrocities committed by the Nigeria government.

Long Live the Niger delta Avengers.

Long Live the Niger Delta."

Col. Mudoch Agbinibo

Spokesperson

Source Sahara repo

Femi Fani Kayode Is Now A Gonna Under EFCC Find Out Why (Photo)

With the change in government, we habe seen a trend in the fight against coruption, and it starts with getting invitated by the EFCC and the your never see the light of day as a free man.

The Economic and Financial Crimes Commission, EFCC, has obtained an order to detain a former Minister of Aviation, Femi Fani-Fani-Kayode.

Fani-Kayode, who was spokesman for the Goodluck Jonathan Campaign Organisation, was detained on Monday after he responded to an invitation from the EFCC over the receipt of public funds to the tune of N840 million out of the N4 billion campaign funds allegedly sourced from the Central Bank of Nigeria.

With the remand order, the anti-graft agency is at liberty to keep the former minister beyond the time stipulated by law.

It would be recalled that it had been reported that the EFCC is insisting that Fani-Kayode must refund the money he got from the alleged N4 billion from a former Minister of Finace, Nenadi Usman.
Usman was the Director of Finance for the Jonathan/Sambo Campaign Organisation.

Governor Fayose Shreads President Buhari To Bits Over Fuel Hike

Roughly two days after the Federal Government of Nigeria hinted the masses that there was going to

be removal of feul Subsidy, majority of Nigerians woke up to a gloomy reality in which the price of fuel has been hiked to N145.

This news didnt go down well with the majority of the populace and it seems to have made the government  even more unpopular, than initially thought.

One of those to speak up fearlessly is the Governor of Ekiti, who is know of recent claims to be qualified for theoffice of the vice president come 2019.


Ekiti State Governor, Ayodele Fayose, has said that President Muhammadu Buhari and his All Progressives Congress (APC) were playing Nigerians Advanced Fee Fraud with the removal of fuel subsidy and increment of pump price from N86.50 to N145 per litre, describing the increment as wickedness taken too far.

“Was the federal government paying up to N58.50 as subsidy on one litre of petrol before now?” Mr. Fayose asked.

Governor Fayose, who reiterated his call on Nigerians, especially the labour movement to resist what he called “this wicked act of President Buhari and his party”, added that; “those who opposed removal of fuel subsidy in 2012 and funded the Occupy Nigeria protest must not be allowed to get away with this imposition of hardship on Nigerians now that they are in power”.

He said labour unions, civil society organisations and other well-meaning Nigerians should stand up and be counted at this crucial time in the life of the common people of Nigeria, adding that “there is no justification for the increment at this period when government is not paying salaries regularly, Nigerians are losing their jobs daily, prices of foodstuffs have gone over the roof and life has become so difficult for the common people.

To labour Nigerians with this increment is wickedness taken too far!” In a statement issued on Thursday by his Special Assistant on Public Communications and New Media, Lere Olayinka, Governor Fayose said; “In 2012 when the Peoples Democratic Party (PDP) government of Dr Goodluck Jonathan removed fuel subsidy and increased petrol price to N141 per litre, crude oil was selling at $111 per barrel. How then can petrol price be increased to N145 per litre when crude oil is now selling at $40 per barrel?

“It is on record that on May 2 this year, the federal government, in the Petroleum Product Pricing Regulatory Agency (PPPRA) Template released in Abuja, told Nigerians that it was subsidising petrol at N12.62 per litre.

“If as at May 2, petrol was being subsidised at N12.62 per litre, and now that the subsidy of N12.62 has been removed, what ought to have been added to the N86.50 pump price should be N12.62, which would have increased pump price to N99.12 per litre.

“Increasing petrol pump price by N58.50 when the federal government claimed it was subsidising the product at N12.62 per litre is clear political 419, which is aimed at further impoverishing Nigerians as the government will be making profit of N45.88 on each litre of petrol bought by Nigerians.

“How can any government with human feelings attempt to make profit of N45.88 per litre on Nigerians, who are no longer getting their salaries regularly? How can Buhari and his party impose another N45.88 per litre levy on Nigerians who are already facing severe hardship? This is wickedness!”

Speaking further, Governor Fayose said there was no justification for the removal of subsidy and increment of petrol pump price to N145 per litre now that crude oil price is $40 per barrel when the same product was increased to N141 per litre in 2012 when crude oil was $111 per barrel.

While describing President Buhari as a hypocrite, the governor said; “Nigerians should be reminded that the president once said that petrol subsidy never existed and that it was a fraud. How then can the same President Buhari tell us that he has removed the same subsidy he claimed never existed?

“The reality is that these people lied to Nigerians too much. They made promises they knew they won’t fulfil just to get to power. Now they are showing Nigerians their true colours. They are showing Nigerians that they have come to punish them with hardship.

“Buhari and his APC promised to reduce petrol pump price to from N87 to N45 per litre; petrol is now N145. They promised to create three million jobs per year; they have instead created millions of unemployment.

They said $1 will be equal to N1; $1 is now N320. They promised to create better live for Nigerians, they have instead created hardship by making



Edited from Premuim times