Sunday, March 20, 2022

Re: USA Africa Dialogue Series - Nigeria: Oil, Politics, Theft:What is the Truth? Chukwudi Iwuchukwu and Frends Debate on Facebook

​Any Nigerian oil block owner, including Tony Elumelu, is a robber of collective asset belonging to all Nigerians. That robbery is aided and abetted by the past and present government, empowered by the constitution to manage the natural resources of Nigeria for the benefit of all Nigerians. The vulturine political and business elites in Nigeria pretend to speak for the people and work for the country's good, but they are actors like Nolly wood artists whose chief intent is to enrich themselves from our collective patrimony at the expense of the masses. Tony Elumelu complaining about oil theft is like a treasury looter complaining about pickpockets. 
S. Kadiri
From: usaafricadialogue@googlegroups.com <usaafricadialogue@googlegroups.com> on behalf of Oluwatoyin Adepoju <ovdepoju@gmail.com>
Sent: 18 March 2022 07:08
To: usaafricadialogue <USAAfricaDialogue@googlegroups.com>
Subject: USA Africa Dialogue Series - Nigeria: Oil, Politics, Theft:What is the Truth? Chukwudi Iwuchukwu and Frends Debate on Facebook
 

  • Chukwudi Iwuchukwu is with Phil Smart and 
    2 others
    .

    3c98141S0191ponmeh7 
    Tony Elumelu, His OML OIl Well And His Anger With This Government.
    In Nigeria, there is an unwritten rule among the business elites that as a billionaire businessman, you don't criticize the government of the day publicly.
    You offer your criticism in private just to maintain your access to power and be in the government's good books.
    This is one thing that Aliko Dangote does very well, so he has been named a friend of every government in power.
    Apparently, other billionaires took a cue from him because you don't talk while eating at the table. You observe table manners or else the government of the day will come for your business.
    This is why, as woeful as Buhari has been to businesses and the economy, no high-profile business man has criticised his government in public.
    They only grumble among their private confidants about what Buhari is doing to their businesses with his clueless leadership but maintain dignified silence in public until today, when my good man and UBA chairman, Tony Elumelu, decided to deviate from the billionaire business code by publicly calling this government out for its woefulness, legendary incompetence, and cluelessness.
    But beyond the calling out of the clueless government, Tony is aggrieved with this government and rightly so.
    Let me explain. In detail
    Last year, Tony mobilized everything he had, including a bank loan and his extensive political connections in Abuja, to buy an onshore oil well from oil giant Shell that wanted to divest from onshore fields in Nigeria.
    The oil well was worth $1. 1 billion (600 billion), which he paid with his own money (equity) and was supported by a large number of private banks and development institutions, including Afreximbank, ABSA, Africa Finance Corporation, Union Bank of Nigeria, Hybrid Capital, and the Amundi Fund.
    The oil block known as the OML 17 block, which holds oil and gas reserves, had a production capacity of 27,000 barrels per day before it was sold.
    This block is located onshore, a few dozen kilometers north of Port-Harcourt and Its 2P reserves (proven and probable) amount to 1.2 billion barrels.
    It has 15 gas and oil wells, six of which are producing, according to Wood Mackenzie, a research company.
    After paying for the OML 17 block,Tony Elumelu was over the moon after the acquisition was sealed.
    He then took to Twitter in that euphoric mood to tweet this:
    "As a native of the Delta, I have always believed that the region deserves better (...)." WithTNOG (his own oil company), our approach to Afrocapitalism underlines our commitment to inclusive development and shared prosperity with our host communities. "
    Tony had no idea what kind of future awaited him when he sent the tweet.
    At the moment, the oil well that was producing 27,000 barrels per day is currently producing below capacity as it was when it was purchased as it is producing less than 5,000 barrels of oil today.
    And this is a big problem for Tony to stomach.
    When the valuation for the oil well OML 17 was made, it was made with the valuation that the oil well is producing 27,000 barrels per day and that it can produce more barrels if more investment in the oil well is made by Tony Elumelu's oil company.
    The fact that the OML 17 oil block was producing 27,000 barrels of oil every day was the reason for the high valuation and the reason it was sold by Shell at $1.1 billion to Tony Elumelu.
    Instead of the capacity of the OML 17 oil well going up as projected. it is going down and it is producing less than 5,000 barrels per day.
    What then is the problem?
    The community, in conjunction with security agencies and insiders in this government, are stealing the oil located in their community.
    These guys are stealing 22,000 barrels of oil every day from Tony Elumelu's OML oil well and they are magnanimous and kind-hearted enough to leave only 5,000 barrels per day for Tony and his company to sell.
    This is a profitable business for the host community where the oil well is located, and it has changed the fortunes and the destinies of the oil thieves involved in the oil stealing, but it is making Tony Elumelu poorer, hence his anger and frustration with this government.
    Remember that he borrowed most of the money he used to buy OML's 17 oil wells from Shell from foreign institutional investors and it is a dollar denominated loan.
    It has been over a year now since the dollar loan was granted to him, so he needs to pay it back with the interest on top of it.
    The interest on the dollar loan is accumulating, and the foreign bankers and the local lenders are knocking at his door for their money.
    This would not have been a problem because when the foreign dollar was granted to him, the assumption was that the prolific oil well could pay back the foreign loan, especially now that oil is selling at $100 a barrel. But this is not the case, at the moment that the community is stealing from the oil well, thereby preventing our darling Tony Elumelu from recouping his investment and paying back to the lenders the dollar loan they granted to him.
    Tony is in a fix and in a big state of quagmire.
    He has petitioned the government in Abuja to assist him in combating the oil thieves who steals 22,000 barrels of oil daily from his oil well.
    Nobody is doing anything in Abuja to help out because the business of oil theft is now a big business between insiders in the Buhari government and the host community.
    The frustration of what he is going through at the hands of this APC government is what influenced him to break the billionaires business men code today by calling this woeful government out.
    I feel for Tony a lot. He is a good man as what he is doing with his foundation " Tony Elumelu Foundation" has shown.
    His concerns are as follows:If the oil well theft continues, the lenders will go after his assets and other investments to recover their money, this recovery action will make him a poor man.
    This is one thing he is fighting hard to avoid, knowing that he used his assets and investments as collateral before accessing the dollar loan.
    Nigeria has a way of happening to all of us, and your wealth is not enough to insulate you from the dysfunction that is Nigeria.
    Regardless, Tony, for all his grievances against this government, is right to call them out.
    Please get your PVC.
    This is the only debt we owe ourselves and our kids, and we must reclaim our country from the hands of the jackals and poverty entrepreneurs that are in power today.
    Chukwudi Iwuchukwu
    Tony has 3 oil blocks in Niger delta
    Those 3 oil blocks produce 87,000 in total but thieves steal 50,000 out of the 87,000 barrels but Nigerians here say it is not true
    It is all right
    We lose 50,000 barrels to oil thieves daily, says Elumelu
    We lose 50,000 barrels to oil thieves daily, says Elumelu - Punch Newspapers
    PUNCHNG.COM
    We lose 50,000 barrels to oil thieves daily, says Elumelu - Punch Newspapers
    We lose 50,000 barrels to oil thieves daily, says Elumelu - Punch Newspapers
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    • 9h
    • Edited
    • Nancy Ngozi Ibe
      Chukwudi Iwuchukwu my brother this issue isn't even peculiar to only Tony's company but all other companies operating on land and shallow water, the issue is much more serious than this, these companies are bleeding, but they might not come out vocally like oga Tony to shout. I can't say more than this sha. It's deep.
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      • 3h
  • Nancy Ngozi Ibe
    Unfortunately oil theft is the biggest issue we are having in almost all Nigerian onshore based assets. The saddest part is despite all efforts at pipeline surveillance and monitoring, as they tap crude oil from the pipelines they inject water into the lines to maintain the head pressure such that determining the tapping point isn't easy because there's no noticeable pressure drop...Unfortunately people on twitter will be calculating how much Nigeria makes on crude oil using OPEC cut out quota not knowing a significant volume of our daily crude oil production is stolen by vandals.
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  • Nzube Mbadugha
    I don't think you know him that much go and check how uba staff are payed ,all they do now is use contract staff what of his company that acquired one of power plant .why is that they are not generating power .if tony is living in a country that is working he won't be that rich we have only few genuine business men in this country he is a PDP apologist nothing more and he benefited well from PDP government
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    • 10h
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    • Toochukwu Obi
      Nzube Mbadugha Therefore, loans he took should accumulate and push him out of business when investors come collaterals ?
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      • 10h
    • Israel Campbell
      Honestly!
      90% of our billionaires made their wealth through one gov't or the other. It's an affiliation of tight CONNECTIONS. If not, they wouldn't be this stupendously wealthy.
      Hence the code of SILENCE. THEY'LL NEVER speak against any bad governance, until they're not thriving from it.
      3
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      • 10h
    • Nnamdi Adigwe
      Nzube Mbadugha If this is the only thing you could deduce from what Chukwudi wrote up there, then it's safe to conclude that your reasoning capacity is next to kitchen utensils
      7
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      • 10h
    • Nzube Mbadugha
      Toochukwu Obi when he was buying oli blocks is he not aware of the theft in the Nigerian oil sector
      2
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      • 10h
    • Nzube Mbadugha
      Nnamdi Adigwe You are a big I diot ,I don't like insulting people why making my point but I have to insult you because if you understand what I wrote you won't be talking rubbish ,let me summarize it for you he is part of the evil system that holding down Nigerian for years
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      • 10h
    • Samson Obinna
      Eustas Afamefuna Alagamba l love the ending "greed can never take society anywhere except Anarchy. Well stated bro 👍👍👍
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      • 11m
    • Eustas Afamefuna Alagamba
      Nzube Mbadugha Oga calm down. Even in developed countries, there is an era that conscious efforts are made to "pardon and clean" all accumulated wealth and systematically channel them to everyone's benefit.
      Nigeria is over ripe to pause and go legit. Greed can never take society anywhere except ANARCHY!
      3
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      • 9h
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  • Okahia-Nwachukwu Onyii
    Community Pirates dont have the capacity to steal the quantum of oil to affect maximal output.
    Oil theft has a lot to do with NNPCand their collaborators offshore .
    Dig deeper.
    2
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    • 8h
  • Okoli Chiemeka
    Buhari is increasingly becoming a sitting duck. He has just one year to go. In the coming weeks and months many key players would begin to poke hands in his eyes. What's he going to do, when everyone around him will be busy trying to align with other prospective candidates.
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    • 8h
  • Michael Klechee
    This is terrible. Corruption affects everybody both rich and poor
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    • 10h
  • Victor Chukwuka Obiekezie
    Exquisite. One thing is having an idea. Another is having working governance and a serene workable environment for implementation. I deeply feel for this good man. I hope he surges through this.
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    • 10h
  • Nancy Ngozi Ibe
    It is HHOG.... Heirs Holding Oil and Gas
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    • 10h
  • Amaka Okoye Obidike
    Na to look for a way and leave this country, no hope at all
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    • 10h
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  • John Elliot
    It's also a calculated strategy of the government to keep dangote's refinery on the lead
    2
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    • 10h
  • David Obinna Cookey
    Tony is a good man, I believe the government will come to his aid
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    • 2h
  • Samuel Ekiyor
    The issue of dealing with oil theft is simple, he should make proper consultation, he doesn't need the army or navy
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    • 9h
  • John Elliot
    He's affected many lives in the past years,God will not blink an eyelid on his matter.
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    • 10h
  • Favy Chisimdi
    Businesses are really suffering, REALLY
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    • 5h
  • Emeka Skana
    They're finally speaking up because it has affect them.
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    • 57m
  • Tonwa Chibuzo
    When we celebrate the Gold Palace of Ateke Tom in Rivers State, we don't know where the billions came from..its oil theft proceeds...From Rivers to Warri to Bayelsa, those people siphon Govt crude and ship it with their collaborators at the Atlantic Ocean, reason why there is zero restiveness..Govt is helpless in this regard cos they are all benefiting one way or the other
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    • 10h
  • Ibimina Tom Amachree
    Oil communities suffer a lot from crude oil exploitation. For decades, billionaires are made from other regions through this black gold at the expense of these unfortunate Niger Delta communities. It's no longer business as usual 😒 The owners are striking back. Interesting.
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    • 7h
  • Odenigbo Chidi Anyaeche
    Where did you get the information that he is producing only 5k barrels and the community stealing 22K barrels from?
    4
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    • 10h
  • Israel Campbell
    In as much as I love your post, cause it embodied the oil thieves in particular. Stealing from a business man who has ALREADY paid his dues which it's the code and norm of the billionaires circles. I can only feel that he should settle with the same gov't he's been thriving from and keep mute.
    He NEVER spoke because of the masses, but he made his grievances known because of his own "personal business".
    No wonder, those who thrive in a declining society will NEVER speak up for the betterment of the society but only for their circles who eat from the table of bad governance.
    Go see how his the so called UBA functions. Using HUMANS like jackals whilst paying crumbs.
    Pls he should getat ABEG
    2
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    • 10h
  • Egems Ik Dumdum
    It shows how myopic he was in going into such deal. If he had made proper visibility studies before making such a high risk investment. He could have foreseen this shortcomings attached to the deal, which probably was the reason the previous owners decided to do away with the well in first place. If he had done the necessary investigations needed, he might have got the investment sealed with less than 50% of the amount spent in the same investment.
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    • 8h
  • Zhyon Mgv
    Star Boy 2, goes about acting Mr Fix it while UBA further goes down the drain.
    All of them greedy Capitalist would have suffered same fate with Roman Abramovich if Africa/ Nigeria was a sane place.
    He has the right to rant and he can go a stepper further to b.e.a.t B.u.b.u.
    For every government in Power that his wealth increased did we hear any noise?
    I don't want to hear pim Onyemaechi.
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  • Viktor Chynemerem-Ironsi
    Like David Hundeyin said some time back and I agree, most Nigerians elites can be classified as "Toilet Elites".
    They only speak when they feel their interests are affected.
    Not interested one bit 😒
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    • 10h
  • Obiora Chigbata
    Nigeria wahala be like breakfast
    E go reach all man
    Let's keep pretending
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    • 10h
  • Maduka Kingsley
    Didn't Tony know the reason shell and others were disposing onshore assets, was there no due diligence, did he think he can stop the oil sabotage? Didn't he ask why shell and co declared force majure on all onshore oil field? He thought he could be spared cos he is nigerdeltan. It's really appalling that Nigeria can't reap from the $100pb crude oil price and couldn't meet OPEC quota. But it's not easy to move 50k barrel everyday without order from above. Is tonero not cooking sth🙄🙄
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    • 6h
  • Izuchukwu Okpala
    Will like to know what he will say when he is invited to join the party.
    Remember that book,mafia manager.
    my favorite quote there,he who has no opportunity to steal, declares himself an honest man.
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    • 9h
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  • George Nnochiri
    Where they not stealing before he bought it?
    Why did the theft increase after his acquisition?
    This story no balance
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    • 10h
  • Kingsley Iriogbe
    It figures.
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    • 56m
  • Toochukwu Obi
    Honestly, I was waiting to read where you will criticize Tony Elumelu for calling out this wicked and failed Government.
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    • 10h
  • Monday Daniel Oko Egrinya
    Very perfect analysis
    You really broke it down to anyone understanding.
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    • 6h
  • Chiemeka Obiejesi
    And somebody is still talking about PVC and 2023... Referendum is the solution.... believe it or leave it..or should we just keep pretending 🤣..
    Lols, just laughing in Swahili
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  • Chibuzor Yagazie Ikeh
    His bank should stop charging for atm maintenance that's with m
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    • 10h
  • Agbapuonwu Uzochukwu Anthonia
    Every business in Nigeria is suffering 🥲
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    • 9h
  • Franky Francis
    Chia , him just dey cry , and some people are happy about the situation, where you guys milk these oil, what is their condition , you give Dem peanuts in exchange for wealth.
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    • 9h
  • Awa Chezi Oduah
    If e don reach Tony and his business, then Nigeria don finish o.
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    • 10h
  • Supremee Jonathan
    These rich men
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    • 7h
  • Dotun Olusi
    Under declaring production volume to evade paying royalties and tax while blaming theft by community. No community has the capacity to steal 22,000 barrels per day from a single oil block that produces 27,000 bpd.
    4
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    • 9h
  • Maureen Okafor
    Tony Elumelu is not the good Billionaire your post painted him as.
    Have you seen this tweets by this investigative journalist that has proven time and again the his research and investigations are credible?
    May be an image of text that says '00:31 Thread Baby 5othe liked David Hundeyin @DavidHundeyir Lol oga billionaire too is wailing about bad governance. But if you write a story about bad corporate governance within UBA, he'll have police tailing you for weeks and people calling your phone at night inviting you to addresses in Ikoyi where they re waiting to pick you up. 16:44 17Ma Twitter for Android 2,688 Retweets 108 Quote 5,323 ikes David Hundeyin David lunde.. Because of this man spent months of my life in 2020 living multiple Airbnbs in Lagos. hiding in Dubai and Accra. and eply'
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    • 5h
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  • Victor Eke
    When we cry and protest everyday about bad governance in Nigeria, some people don't understand. The poor masses have been hit many times over by the misrule from our useless set of rulers. Glad to hear Mr. Elumelu in the news on radio asking Nigerians to vote for competent leaders who care about the security of the nation. I think we're getting somewhere now. Let's have a country where the high and low will unite to enthrone a responsible leadership that will improve the ugly situation in Nigeria. Things are in a horrible shape in the country and you may not understand until you are hit like Tony.
    So sad mehn!
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    • 9h
  • Agbo Sunday
    The only reason he is now complaining is because the bad government is hitting him so bad not just because he cared for the poor masses
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    • 1h

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