Slippery crude oil swap

The recent payment of over $202 million to the Nigerian National Petroleum Corporation (NNPC) downstream entities by Aiteo Energy Resources Limited for fraudulent deals under the scrapped crude oil swap arrangement has reaffirmed the need to fully unravel all transactions surrounding the controversial barter plan during the last administration. The amount includes Aiteo’s share of the $184 million total indebtedness by three companies on crude swap obligations and other downstream liabilities. Televaras Group of Companies has also pledged to make a tranche payment of $17.2 million while NNPC is still…

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NNPC swaps 50% of refineries’ crude allocation

…barters 3.75m barrels for Warri Refinery The Nigerian National Petroleum Corporation (NNPC) swapped over 50 per cent of the 445,000 barrels per day crude allocated to refineries in the last 30 days, New Telegraph has learnt. Investigations revealed that the corporation, which is still unraveling the scam in the 2014 crude for product swap contracts, was forced to swap over 6.675 million barrels in the last 30 days due to the shutdown of 125,000 barrels per day capacity Warri Refining and Petrochemical between late February and early April. About 3.75…

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Recruitment scandal rocks EFCC

24 cadet-trainees swapped with ‘special candidates’ Lawyer petitions Saraki, Magu, demands justice     The Economic and Financial Crimes Commis s ion (EFCC) is facing a major integrity test in its recruitment process as 24 cadets who were part of the ongoing training at the Nigeria Defence Academy (NDA) have allegedly been dismissed in questionable circumstance and their positions taken over by others who were not part of the initial recruitment exercise. In a protest letter dated January 16, 2017 and addressed to the President of the Senate, Dr. Bukola…

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Crude swap racket: NNPC recoups $202m from AITEO

The Nigerian National Petroleum Corporation (NNPC) has recouped $202 million as outstanding payment on crude for product swap from Aiteo Group. The corporation, which confirmed this yesterday, stated that it would continue to go public on recovery process for product under-deliveries in the $184 million crude swap racket, which rocked the corporation up till August 2014 when the crude swap contracts were cancelled. Stating that the rigorous recovery efforts were in line with the ongoing reforms in the industry, the NNPC, in a statement by its Group General Manager, Group…

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Confusion as Queen’s College remains shut

Minister orders resumption of WASCE candidates as ‘day students’ There is palpable confusion over the fate of students who are supposed to commence the West African Senior School Certificate Examination (WASSCE) at Queen’s College, Yaba, Lagos, this week, following the outbreak of diarrheoa leading to the death of two students These are not the best of times for the management and students of Queen’s College, Yaba, Lagos. Less than one year after the college was engulfed in crisis over allegation of sexual abuse of one of its pupils by a…

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