Revenue Decline: Sell Nigeria’s oil stakes, raise N14.9trillion, CBN governor tells Buhari

Godwin Emefiele, CBN governor

The Governor of the Central Bank of Nigeria, Godwin Emefiele, has advised the president-elect, Muhammadu Buhari, to consider selling off nearly half of Nigeria’s Joint Venture equity with multinational oil companies, to enable the new government raise a huge balance for immediate developmental projects.

If Mr. Buhari accepts the advice, Nigeria stands to generate about N14.9 trillion, about three times the country’s annual budget, which should be immediately ploughed into providing badly needed infrastructure development, Mr. Emefiele said.

The Nigerian economy has faced continued pressure from spiralling debts, in the face of dwindling revenues resulting from falling global crude oil prices.

Many of the 36 states of the federation are barely able to meet their obligations to contractors and workers from their monthly allocations from the federation account.

Foreign reserves slumped to about $29.9 billion as at March ending.

The CBN governor said the incoming administration should give serious thoughts to the proposal for Nigeria to scale down its majority stakes in the joint ventures currently with various multinational oil companies in the country.

The Nigerian National Petroleum Corporation currently holds, on behalf of the Nigerian government, at least 55 per cent equity in the joint ventures with Shell, ExxonMobil, Chevron, Total, Nigerian Agip, and Pan Ocean.

The partnership means for each daily production of oil in Nigeria, the government receives 55 per cent after production cost had been deducted.

Mr. Emefiele wants government to shed at least 25 per cent of that equity to raise some emergency funds for infrastructure development in key sectors of the economy.

The CBN governor said relevant officials in the Bank have already been directed to evaluate prospects of the proposal to see how it could be realized from the JVs, which account for more than 50 percent of Nigeria’s daily average oil production of 2.3 million barrels.

Mr. Emefiele told the Financial Times of London that the outcome of the study would be presented to Mr. Buhari when he assumes office on May 29.

The governor expressed confidence that Nigeria may rake in about $75 billion (about N14.93 trillion) if the government agrees to cut its JV equity to only 30 per cent.

Private equity companies, he said, could be encouraged to take over the relinquished government stakes and compete with the oil companies, to contribute to the development of the industry.

Part of the proceeds from the equity sale, Mr. Emefiele said, could be utilized in rebuilding macroeconomic buffers in the economy through investments in transport and energy developments projects to grow the economy and create jobs.

He said the government could adjust upwards, petroleum profit tax payable by the oil companies, to compensate for the reduction in government’s equity.

The equity cut back proposal, the CBN governor explained, was one of the most attractive options available in view of the impact of the drastic drop revenue earnings in recent times and the need to avoid piling up more debts.

While Mr. Emefiele’s proposal could meet stiff resistance from oil firms, politicians and their allies dependent on oil resources for patronage, the idea would likely be welcomed by others who support the idea of unbundling the NNPC and curbing corruption by allowing private participation in the sector.

For years, Nigeria’s oil production has stagnated at about two million barrels daily average due to several factors, including the failure to pass the Petroleum Industry Bill.

During his campaigns, Mr. Buhari gave a hint regarding what his administration would do after assumption of office on May 29.

“Our manifesto says we are going to break up the NNPC,” he suggested, “but the ultimate answer may well be to divest the whole thing. It is an idea that will be seriously looked at.”

Mr. Buhari, however, said the immediate priority of his administration would be to get the industry back to a position where revenues that belong to the people are getting into the federation account by stopping the leakages, which is costing the nation billions, if not trillions, of naira..

 


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  • Northerner

    N14.9trillion annually? If yes, then it’s worth it. If not, CBN Governor should resign ASAP for this sort of thinking.

    • Bidemi Lukman

      Bros, dont dissapoint the Northerners if you are one. Selling off 25% of the jonit venture will bring in N14.9trn once while montly revenue from the joint venture will reduce by 25% of the Fed Gov state till whenever the agreement changes.

      For me, bad idea.

  • Taster

    Expect all these advisers to just hold their peace and allow buhari to get seated before proffering their ideas – for now we can`t really tell if he would be any different from Jona n coy – hopefully he won`t let the people down.

    • burning spear

      HAS BUHARI EVER JHAD AN IDEA ON HOW TO RUN AN ECONOMY WITHOUT DEPENDING ON MY CRUDE OIL—IS JHE GOING TO SELL HIS COWS TO FEED NIGERIANS

      • Taster

        I once taught buhari was a magician.lol

        After all the lies n names calling against Jona – here comes may-29.

  • True Nigerian

    Sell them to who? Sell them to Jonathan, Emefieles and their cronies, so that they will also use the same money they stole from the rest of us to buy up our national assets? Isn’t it? This is the trap and the hole they dug for ordinary Nigerians.

    No, Emefiele, go and bring out the $20b which you laundered and concealed in Zenith Bank (etc) for Jonathan’s criminal cronies – a hatchet job that qualified you for your current position as CBN Governor.

    No, Emefiele. We will not sell-off our assets to the crooks who will buy them for paltry sums with the money they also stole from us.

    Here is what we (Buhari) should do: we will round up most of you, incarcerate you in solitary confinements upon remand whilst we engage the services of forensic experts to help us to trace the monies you have stolen from Nigeria and the assets you’ve bought with those monies. By the time we recover them, we could have more than the 14 trillion you are projecting.

    • burning spear

      He is flying a kite for APC———————————-what else do the fulanis and Yorubas have———beyond crude oil from the SS—————–The agric sector was developed by Jonathan————————————-not APC———————USE THE STATES UNDER THE CONTROL OF THE APES IN APC-IN THE SOUTH WEST AS EXAMPLE–FOR US————-THE MONEY THEY HAVE SAVED——–JOBS CREATED SO FAR—————————-

  • Stanley

    The stakes being referred to are themselves infrastructural development that yield so much money to the government. It is bad advise to sell them. Let people expect less and pay tax. Lets stop corruption. CBN governors your proposal is very bad. One day you will advise government to sell people to raise money to build roads.

  • i-priest

    On behalf of the in-coming government of the Progressives, Mr Emefiele, we say, “Thank you, sir!” If you don’t know, governor, we have a throng of very qualified persons for your job at the Central Bank, oh, yes, even more qualified than you, of world class. And with Nkojo-Iweala, we don’t need your belated advises, please just go away after May 29, and lecture somewhere @ some universities. Our President-Elect Buhari is wise enough to see to managing Nigeria’s economy profitably than you and your boss Goodluck Jonathan. By the way, we Progressives have a nationalistic and socialist world view and we don’t just go about selling what belong to the people. We will just be alright, Mr Wise. Thank you and leave the Central Bank for us asap.

    • burning spear

      The issue is not about qualification its about the type of revenue that u will generate without touching my oil—————leave the oil alone–can u do that for once–u see how empty u are–?———thought u will never touch anything from the SS– again in yr rotten USA controlled lives—–thieves

  • Yusuf

    sell out the remaining of Nigeria, that is what u are talking about. People borrow money for investment and infrastructure while this man want us to sell our major investment to pay debt and build infrastructure. Sell Nigeria to some oil majors and use the money to build roads and rails for them, what a lazy idea

    • burning spear

      show me one item from sokotot that buhari or the yorubas will use in paying themselves

  • Titi

    I can see why Jonathan appointed this man as our treasury keeper, show me your friend and i tell u who u are; this clueless man has no basic understanding of macroeconomics. How can u solve unemployment, inflation, growth rate by selling your major investment to foreigners

    • eddy

      Don’t mind the thief… i was wondering the same thing.

    • burning spear

      why did the USA and UK government impose Buhari on us then—u think in your janjaweed head that they did it for fun abi————Nigeria operates a rental economy—————for your information——–we only eat when we sell the crude oil owned by the people of the SS region——————————————-The Fulani who claim to have it upstairs have no resources to feed their cows———-did u not see the cows that Buhari claims to own–every year its 150—————–ribadu 150 cows———-ciroma 150 cow kawnka so 150 cows——–atiku 150 cows—————Let my people go———————————-tinubu nko none

      • GOODBYEtoBADLUCK

        What a miserable human being!! GEJ has reduced you to a nuisance on the internet, always regurgitating rubbish from your heavily ogogoro saturated head of yours. Get a life and move on!! GEJ is gone for good and there is nothing you can do about it

  • tom

    What a novel idea from a man who help denzieani, secure her 20b loot in zenith bank, d first step is to take a magnifying glass to look at nnpc books to fish out d other loots, if emefele is culpable, he should be sacked with immediate effect n alacrity. Because he can’t be trusted to advise government, this would v been a Gd time for Sanusi to nail denzieani n her corruption promoting boss, am there is more than enough loot to fund infrastructure when this is done, emefele is trying to use a coy so. Dt gmb will not focus on d loot, hell no, we must take back d loot absolutely.

    • emmanuel

      Another Yoruba lies and wickedness by you

    • burning spear

      The issue is for u to think of developing a fresh resource base————-the oil u talk about is not found in sokoto—-or osun state——————the trouble with u is the greed that yr ancestors relied on to celebrate your birth——–It has never left yr blood–system——See—–that is why u are being asked to leave south Africa————yours is yours—————–Si——-stop depending on the resources of another——biko–U cannot manufacture what is not found in the ground where yr regional umbilical cord was buried——–when the Yorubas had their cocoa none went to Awo to plead for funds——————————why is ours different now———-? U talk about 20b dollars which was never reported missing in any account—and because u are empty—-so empty that the only thing u and the Apes in APC dream of–is what u would have done with that 20b dollars if–and only if u could lay your filthy regional hands on it——————————–

      • Denis_NG

        Burning Spear, at the rate you are going, I am afraid you would develop a heart ❤ disease very soon. You seem to forget that this oil you are shouting about is a gift of nature that neither your generation nor ancestors invested a single day’s toil on. Your heart is been eaten out by hate and my advice to you is to imbibe some cool aid, lest you slump and expire before your appointed time.

      • Omotolaaraujo

        Burning Noodle, you should quit while you’re behind.

      • GOODBYEtoBADLUCK

        The Apes in APC has dethrone the donkeys in PDP. Good riddance to bad rubbish!!

  • burning spear

    The bastardizing of Nigeria by the mindless, who hate the nation. Monumental injustice to a people: 20 Owners Of Richest Oil Blocks In Nigeria Without the people of Niger Delta on whose soil the oil was found. They constitutes the main opposition to President Goodluck Jonathan today. Read on:

    (1) This oil block business is so lucrative that Danjuma’s Sapetro divested of its investment in Akpo condensate for $1billion dollars. This business is second to none in Nigeria. That is why any attempt to investigate the activities in this sector will always be futile. The money is so much that they give bribes in millions of dollars. A birthday gift or child naming gift from an oil block owner to a government official could be as paltry as $2million dollars, and if the official’s father died, the condolence gift could reach mere $3 million dollars. When they want to bribe legislators, it is in millions of dollars and any ongoing investigation ends within weeks. They are so confident that with excess money they can buy up Nigeria and they are succeeding

    (2) OML 110 with high yield OBE oil fields was given Cavendish Petroleum owned by Alhaji Mai Daribe, the Borno Patriarch in 1996 by Sanni Abacha. OBE oil field has estimated over 500 million barrels of oil. In layman’s language and using average benchmark of $100 dollars per barrel, translates to $50 billion dollars worth of oil reserve. When you remove the taxes, royalties and sundry duties worth about 60% of the reserve payable over time you get about $20billion dollars worth of oil in the hands of a family.

    (3) OPL 246 was awarded to SAPETRO, a company owned by General Theophilus Danjuma, by Sanni Abacha in 1998. Akpo condensate exports about 300,000 barrels of crude daily.

    (4) NOML 112 and OML 117 were awarded to AMNI International Petroleum Development Company owned by Colonel Sanni Bello in 1999. Sanni Bello is an inlaw to Abdulsalami Abubakar, former Head of State of Nigeria.

    (5) OML 115, OLDWOK Field and EBOK field was awarded to Alhaji Mohammed Indimi from Niger State. Indimi is an inlaw to former Military President Ibrahim Babangida.

    (6) OML 215 is operated by Nor East Petroleum Limited owned by Alhaji Saleh Mohammed Gambo.

    (7) OML 108 is operated by Express Petroleum Company Limited is owned by Alhaji Aminu Dantata.

    (cool OML II3 allocated to Yinka Folawiyo Pet Ltd is owned by Alhaji W.I. folaw

  • Ogwo Chinedu Onyike

    You mean “dash” it to your cronies, first duty of Buhari’s govt,do real forensic investigation of the CBN and it’s twin monster, the NNPC.

  • burning spear

    I foolishly thought with the coming of Buhari and the FAKE Yoruba eggheads from the south.- west——-they will do all within their reach to leave the oil resources of the people of the Niger Delta region—–alone—-THOUGHT the South-South will be free of the leprosy fingers of the gluttons from the Fulanis emirate whose hatred for anything Ijaw—– led to the USA and UK governments rigging Buhari into power for the Yorubas and Fulanis—
    Jonathan was demonized by the Yorubas——-and Fulanis from day one of his government————–simply because of the oil wells——————-My crude oil wells have never rested since oil was discovered in 1957—-It has been used to feed the over-populated Nation of Nigeria—–Today not one individual among the Apes in Apc are talking about how to generate employment——Not one fulani man has opened his mouth————-which we protected and served for over 45 yrs——–to ask Buhari–how he will be able to generate the 6m jobs he promised Nigerians———
    ———The onyly thing u hear from the Obama cloned mouth of Buhari–is yr money is safe with me–which money–we do not know——I will fight corruption—-How do u fight corruption with your forged certificates—How would u touch Tinubu when he knows how he manufactured those fake certificates for u?—Nigeria is not selling cocoa seedlings or groundnut pyramids from Senegal—–to improve her foreign exchange ——Its the same crude oil from which Danjuma made his billions—————————-

    • JP Anthony

      Burning spear you really need to get healed and grow up

  • MR B

    Mr Emiefele,You sound confused if you sell your major stake in bussiness for short term purposes are yo. BBeing fair the next generation after you are their when public funds are been siphoned. I am forgetting this is the man appointed his inlaw as MD of NSpM pls without following due process, stand as guarantor for inflated contracts of procurement of machines for printing of ballots papers through and already blacklisted firm, appointed a person with criminal records as his Senior technical Adviser. Never mind is a well thought advice to GMB. Thanks

    • staaaaaaaaaaa

      thank you for the most sensible post around here. So one must sell all assets just to eat? And these are the people managing our nation. nigeria this is too much. We spent 6 years not creating wealth during the entire Jona regime. What about our gas projects? what about agricultural exports. Many joint ventures can be used to develop these things. And on top, cut all public leaders salary, and no more hazzard allowance for any senator. david mark see how your generation failed, upon all the trainings you received in the army. A+

  • burning spear

    The bastardizing of Nigeria by the mindless, who hate the nation. Monumental injustice to a people: 20 Owners Of Richest Oil Blocks In Nigeria Without the people of Niger Delta on whose soil the oil was found. They constitutes the main opposition to President Goodluck Jonathan today. Read on:

    (1) This oil block business is so lucrative that Danjuma’s Sapetro divested of its investment in Akpo condensate for $1billion dollars. This business is second to none in Nigeria. That is why any attempt to investigate the activities in this sector will always be futile. The money is so much that they give bribes in millions of dollars. A birthday gift or child naming gift from an oil block owner to a government official could be as paltry as $2million dollars, and if the official’s father died, the condolence gift could reach mere $3 million dollars. When they want to bribe legislators, it is in millions of dollars and any ongoing investigation ends within weeks. They are so confident that with excess money they can buy up Nigeria and they are succeeding

    (2) OML 110 with high yield OBE oil fields was given Cavendish Petroleum owned by Alhaji Mai Daribe, the Borno Patriarch in 1996 by Sanni Abacha. OBE oil field has estimated over 500 million barrels of oil. In layman’s language and using average benchmark of $100 dollars per barrel, translates to $50 billion dollars worth of oil reserve. When you remove the taxes, royalties and sundry duties worth about 60% of the reserve payable over time you get about $20billion dollars worth of oil in the hands of a family.

    (3) OPL 246 was awarded to SAPETRO, a company owned by General Theophilus Danjuma, by Sanni Abacha in 1998. Akpo condensate exports about 300,000 barrels of crude daily.

    (4) NOML 112 and OML 117 were awarded to AMNI International Petroleum Development Company owned by Colonel Sanni Bello in 1999. Sanni Bello is an inlaw to Abdulsalami Abubakar, former Head of State of Nigeria.

    (5) OML 115, OLDWOK Field and EBOK field was awarded to Alhaji Mohammed Indimi from Niger State. Indimi is an inlaw to former Military President Ibrahim Babangida.

    (6) OML 215 is operated by Nor East Petroleum Limited owned by Alhaji Saleh Mohammed Gambo.

    (7) OML 108 is operated by Express Petroleum Company Limited is owned by Alhaji Aminu Dantata.

    (cool OML II3 allocated to Yinka Folawiyo Pet Ltd is owned by Alhaji W.I. folawiyo is also Yoruba—————–Not one Ijaw man have ever been blessed with our own crude oil–soon they will ask what was Jonathan doing–when Nigeria could not even allow him renovate a 100yr old church in his villlage is it—oil blocks that they will alow him go home with? Let my people go–peace without justice is madness

    • Ole

      When your people had the opportunity to prove that they prefer justice and freedom , they blew it. Tell me where jonathan prefer to invest his stolen money. he bought a piece of land in Abuja for $500m to be farmer. I can bet that he has not invest a fraction of that in his state. Asari Dokubo build his university in Republic of Benin. What of Don Etiebet? Ibori’s wealth is in UK. Go to Ajah and see Tompolo house. The gate and the fence are plated with gold. What of Kuku, the special Adviser on Amnesty? His house in Akure was demolished severally before completion, and gulped nothing less than 300 million naira. It is no news that when the Niger-Deltan militants got amnesty money, they took it to New York Exchange and made impact in America. I was just wondering that if you wimps really love the Niger Delta as you claim here, such money would have elevated your people.

      You people rejected your best and opted for the worst. I was thinking that GEj would have surrounded himself with thinkers like Tam David West, Pat Utomi, late professor Tanumo and Professor J.P Clark. he would have made dynamic and forward thinking politician like Donald Duke his buddies. i think Gej should have been friend to Amaechi but he chose to fight him to the last. He had also started fight Dickson who is his stooge in Bayelsa before the his downfall. But who are his friends? The likes of Alams who is jailbird-a thief, Tompolo and their ilk. i thought he should have made Bayelsa, being a littoral state, an investment haven, but what did he do? He gave them an Airforce base to militarise the place. Now the base would be the training ground for militants.

      My friend, i do not want to talk much, but i think you must be saved from your tantrums before you commit suicide. it is not good enough to have resources but the wisdom to make a good use of one senses. The other part of the county might have failed you, but the greatest failure is self inflicted. How sane is a man who chose to rape his mother because others raped his mother?

      • Spoken word

        Simple Question is why the Niger Delta was not developed during GEJ’s 6 years. Bayelsa
        is so undeveloped that I can bet you Madam Piss will not move back to Bayelsa because she knows the place is a glorified village. Of course we know jezebel diezani can never live in Bayelsa

      • JP Anthony

        Only God knows who those people are

  • Sanmi Falae

    Emefiele is a male professional clone of Ngozi Okonjo- Iweala; a bunch of air-heads.

  • ceecee

    I do not think Buhari should start with selling of our assets in JV’s. He should first examine NNPC books. Anybody found to have benefitted illegally should be brought to justice. It is only when the holes are blocked that he should then consider this idea from the CAN governor.

  • MilitaryPolice01

    An imperialist agenda influenced by World Bank to cost Nigeria control of it joint venture interests and the colossal income,influence and leverage that comes with it.I trust Buhari to reject this wrong advice by a CBN Gov I expected to know better.Nigeria must maintain its JV’s,we should send researchers to Russia,Saudi,Kuwait, etc to learn the practical advantage of keeping such ventures,sending them to UK is more of a joke.

    Since APC is forming a majority Govt both at the centre and in the federating units it should use its majority influence to get overhead costs down,bring down allowances and salaries collected by legislators,Ministers,Govs and their stooges.A sacrifice by all these people to scale down the means through which they and their predecessors loot Nigeria will lead to massive scaling down of our deficit and recurrent expenditure hence allowing for more funds to finance capital and infrastructural projects.

  • Maitama Tambari

    Yes the accumulated stolen Nigerian money by the Cabal to have the opportunity to hide them in this proposal of the mindless CBN Governor who devalued the Naira by 40% under six months of his tenure? GMB should not listen to him until they cough out the stolen Nigeria resources first.

    • Major

      You have spoken my mind… thank you sir!

      • Major

        In fact this Emefile should go

        • Major

          In fact this guy has just indicted himself and their cronies.

    • Guest

      Totally agree, GMB should not allow these betrayals to legitimize the looting of Nigeria treasury by laundering the same ill gotten wealth to buy into opportunities, it is time to really stamp the meaning of “crime does not pay” into our national consciousness.

  • Dazmillion

    Emefiele is trying to divert attention from stolen moneys at NNPC. I thought he would be suggesting how best to recover the stolen money

    • Africa

      What the hell did these guys do with the excesss crude revenue? They couldn’t save a dime rather they drew down on our external reserve. Jonathan, Okonjo and Diezani have killed this country!

    • Lanre

      You see the joke that Nigeria is? Not only is it diversionary, it does not address the core, fundamental issue of resource control. Let those who own the resource (on whose land the oil is retrieved) benefit from it. Emefiele is just advising APC how to create more Alhaji Mai Kudis, Otunbas, Ogbuefis and criminal contractors in the corridors of power. Nigeria is Sodom and Gomorrah. Let the evil in that country be destroyed and new entities born.

      • yelosisi

        true talk better person

    • Tboi

      Thank u.

      • Tboi

        The only thing is many youth are not seeing tins from a broader perspective. They only think of ethnicity. We we remove it from our lives has citizens of Nigeria, our judgmental value would help ds country

    • GOODBYEtoBADLUCK

      Zenith Banks Ex-CEOs Jim Ovia, Emefiele and Diezani are partners in crime in the looting of NNPC

  • Jason

    This man is not fit to be CBN governor and he should be sacked by the new government immediately after swearing in. How can you sell the assets at the time the prices are lowest?

    • Tboi

      Thank u

    • Femi

      Well said. A fire sale is lazy thinking

  • hummm

    Erm, Buhari doesnt need advice from you after assisting NNPC keep stolen money. Just hand over when the time comes. What an incopetent man

  • Ole

    The vagabond. The prodigal one.

  • Spoken word

    look at this incompetent barawo CBN governor talking. your days are numbered.

    • burning spear

      AT LEAST HE HAS HIS SCHOOL CERT—WITH HIM

      • Spoken word

        Can you see how dumb you are.you must be in love with thieves.hope you will have kids that will steal from you.maybe you will find that funny.

  • bigbang

    You must be crazy.

  • Omoba1

    Emefiele, what we actually need to do is get Soludo – a think tank, to get us out of this cash strap mess.

    • burning spear

      SOLUDO WAS THE WORST CBN GOVERNOR EVER TO BE APPOINTED–HE WAS LIKE SANUSI–WHO JUST BORROWED IDEAS FROM THE WEST——–NOTHING ORIGINAL ABOUT THEM——

  • PCB

    @Tom, Mr B, Ogwo Chinedu, CeeCee et al, you guys are right on point. Given that Emefele is Allison-madueke’s stooge, we shouldn’t expect anything less from him— it’s obvious he is acting according to script. Where will all the trillions end up if the oil stakes were to be sold off? Of course we know what will be the eventual outcome. This country is haemorrhaging billions daily from the various intuitions through leakages/corruption…..SORRY, “STEALING IS NOT CORRUPTION”. Sadly a chunk of the stolen billions are lying dormant in our banks today which this clown ought to be suggesting how best they can be retrieved and returned to the govt coffers, instead he is talking how best to conceal the stench in NNPC. Once sworn in, Buhari should replace this Allison-madueke’s clone with a capable hand before he brings his govt down. Allowing him to continue as the CBN gov is tantamount to having Allison-Madueke in his govt.

    • burning spear

      SADLY THE IGBOS ARE THEIR OWN ENEMIES———————-HOW DID HE AN IBO MAN FROM ASABA BECOME RELATED TO AN IJAW WOMAN—IS IT BECAUSE SHE IS MARRIED TO AN IGBO MAN OR WHAT—?——-IF AN EGHTNIC GROUP SAYS U ARE NOT WANTED–WHY ATTEMPTS TP IMPOSE YR IDEAS ON THEM—-?———–MRS MADUEKE DID NOT AWARD EVEN 100,000 NAIRA WORTH OF CONTRACT TO ANY IJAW MAN–THROUGHOUT HER TENURE————–SO HER DEPARTURE HAS NO EFFECT ON THE IJAW NATION—JUST LIKE JONATHAN—HE WAS JUST A STATUS SYMBOL FOR THE IJAW NATION PERIOD—————— –THOSE WHO BENEFITTED FROM HER STAY IN NNPC–ARE THE IBOS–YORUBAS AND FULANIS—THE REAL OWNERS OF NIGERIA————-THE IDEA INITIATED BY HIM MEANS THE SALE OF MY CRUDE OIL—————NOT THE GROUNDNUT–OR THE COCOA SEEDLING–GET THAT INTO YR FAT REGIONAL HEAD–

  • Omotolaaraujo

    Reform the CBN! Borrowing money at the inflated interest rates are loans Nigerians don’t need. I hope he’s one of the first to go.

  • Layo

    Someone needs to check this stooge into a mental institution. I pray Mr. Emiefele is sacked after may 29, this same man brought back ATM withdrawal fees after Sanusi scraped it.

    • burning spear

      WHO INSTRODUCED IT WAS IT NOT SANUSI—-THAT IS THEIR NIGERIA–OF YORUBA AND FULANIS————

      • Curseless

        Hope the Fulani and Yoruba’s ghost will not torment you into a coma , because you seem to see both at every turn. Slow down my friend

        • yelosisi

          Guy, can u pls just ignore this slated to be buried whoremonger and anti buhari as never existing? GEJ has already conceded defeat and on May 29, a new govt led by GMB will be sworn in, i prays @disqus_y0dofIadfw:disqus@buringspear:disquswill finally be buried alive. Even his goons fayose, fani kayode, doyin okupe v all gone sole, so what is his problem? A thorn in the flesh

      • GOODBYEtoBADLUCK

        So what? The Yorubas and the Fulanis have sent GEJ packing for messing with them

    • yelosisi

      my broda u are bleesed for this sane comment. na the money dem take do GEJ re-election bid na..

  • Red Flag

    IS ALHAJI MUHAMMADU BUHARI AUTHORIZED UNDER SECTION 137 (j)
    TO TAKE CONTROL OF THE FEDERAL GOVERNMENT OF NIGERIA?
    THE OBVIOUS ANSWER IS, “NO!”. THEREFORE IT IS NOW THE DUTY
    OF EVERYONE – INCLUDING THE UNIFORMED SERVICES – TO STOP
    HIS ILLEGAL TAKE-OVER OF THE GOVERNMENT OF NIGERIA.

    • No Comment

      • The Federal Republic of Nigeria shall not be governed, nor shall any person
      or group of persons take control of the Government of Nigeria or any part thereof,
      except in accordance with the provisions of this Constitution.

      …………….Section 1(2) of Nigeria’s 1999 Constitution

      • A person shall not be qualified for election to the office of President if he has
      presented a forged certificate to the Independent National Electoral Commission.

      ………………………§137 (j) 1999 Constitution of Nigeria

      • ide

        @red flag:

        It is so unfortunate that honest Nigerians who want a good country under rule of law
        get a worse deal under the immoral government of incumbent President Jonathan.
        With Jonathan perplexed and unable to think or act Nigerians make a clarion call.

        They are compelled by President Jonathan’s cluelessness to uphold the Constitution –
        all by themselves – since President Jonathan ignores the constitution for private gains.

        Jonathan has shown intent to pass power to an illegal government in exchange for his
        own safety and profit since that deal is said to include a no-probe agreement of Jonathan
        and his political appointees. The impression overseas now is that Jonathan is irresponsible.

      • Emmanuel Maluba

        That thing you are drinking or smoking really works well! It doesnt allow you to see well wherever reasonable people are.

        • Femi

          Hahaha good one.

        • peaceometer

          Hahahahaha,Hahahaha,hahaha

    • victor mayomi

      Be careful with your post so that you don’t end up being arrested for your very careless and senseless statement. Your statement is inciting and insulting to the electorate.

  • olu

    Gross incompetence. The first CBN governor to perform below average. Soludo was able to manage our economy in the face of global economic melt down, Sanusi was able to save dying banks and stabilize the economy increasing investor confidence. This man is yet to find a meaningful solution to our current situation and now this. Now I see why most Zenith bank staff live like slaves. He doesn’t have what it takes.

    • Usman

      Agreed

  • Ogom

    This was what they were planning to do once Jona won – sell everything cheap! He and his people had taken positions and invested heavily in expectation of that outcome. Unfortunately for him, Bihari won.. and it is very unlikely he will implement this fire sale.

    First order of business for the new administration is to sack this hawk.

  • Funso Ogunsanya

    “If Mr. Buhari accepts the advice, Nigeria stands to generate about N14.9
    trillion, about three times the country’s annual budget, which should
    be immediately ploughed into providing badly needed infrastructure
    development, Mr. Emefiele said.”
    I thought Jonathan claimed he constructed 25, 000KM of roads. Distance more than the nutty-gritty of Nigeria at large.

  • Emeka

    Not a good advice, don’t more privatization is what Nigeria want

  • Guguru

    Wow, I am surprised Jonathan’s lap dog called Emefiele has a voice. Not once did he provide any memorable advice to Jonathan that we can publicly validate. Suddenly, Emefiele the lap dog has now found the right tree to bark at? This is the !d!ot who was trying to expropriate foreign currency from exporters when Nigeria’s currency reserves were falling. Before he tells Buhari what to do, he needs to first account for the fall in the foreign currency reserves.

  • Proud Yoruba

    Please don’t listen to this ibo parasite O! Sell off assets that are generating money to solve a short term cash flow problem, how did this man become CBN gov? Thank you Jona, you always find the worst people to serve. Please go back to your village with Jona.

  • excel

    First was okonjo iweala, now is emefiele. Why this people find it difficult to advice jonathan, when both of them are in jonathan economy team. And the economy is dropping everyday yet the can’t advice their boss with their great idea, but want to advice the income government. Hypocrisy of the highest order. Leave GMB alone without your advice GMB/APC will bring Nigeria out of the mess jonathan and is team has lead her to.

    • bikky

      Thank you o,they failed or decided not to advise somebody that chosen them to serve,now they find it easy to advise in-coming government,so that by the end of next four years will change their tunes that Buhari sold Nigeria only source of income. I will advice Emefuele to keep his advises for now if there is needs for them he will be contacted.

  • Wale

    This is crazy, There goes a typical one of them;
    All of sodden, this guy could found his vocal cord; sell off your income generating investments, in order to take a good vacation to exotic places.
    This f00l has lined up buyers from his enclave to do the bidding.
    Knowingly giving Bad advice to the incoming president is might cost you your job, actually, it should cost your job. This is the kind of Zero head advisers that the present administration is surrounded by.

  • Victor TC Anyanwu

    It is nice to know that Nigeria still has a fall back-on in the present gloomy condition,and thanks to Emefile for bringing up a proposal; any problem without a solution is not a real problem. Fact is that the proposal should be critically evaluated by competent elements in the economy and polity to know to what extent we could divest to optimally meet the current needs without unduly comprising the future. Meanwhile, we must first drastically cut down on the earnings and budget of the legislators, all other public office holders and private technocrats in the organized private sector. We must also begin the Corruption Amnesty, Restitution and Rehabilitation Programme (CARRP), to stem the tide of endemic corruption and begin the recovery of the over $400bn stolen from public treasury in the past decades,,including the massive budget theft under Senator David Mark’s leadership of NASS.

  • Omoefe

    ++++++ THE NIGER DELTA – Where the VULTURES feast!! +++++++

    REVEALED!!!!: “83 per cent of oil blocks in Nigeria are owned by Northerners” – Sen I. Enang (The Nation News)

    …David Mark asked him if he had evidence. Senator Ita Enang, immediately produced a document which he read out loud.
    Below is the list presented by Senator Enang:
    :
    1. Sanusi Lamido (Seplat/Platform Petroleum) – operators of the ASUOKPU/UMUTU marginal field
    2. Rtrd Gen. Theophilus Yakubu Danjuma (South Atlantic Petroleum Ltd (SAPETRO), OPL 246.
    3. Alhaji (Colonel) Sani Bello (AMNI Int’l Petroleum & Dev Comp) operatovrs of OML 112 and OML 117
    4. Rilwanu Lukman, former OPEC Chair (AMNI oil blocks)
    5. Alhaji Indimi (Oriental Energy Resources Ltd) , runs three oil blocks: OML 15, the Okwok field and the Ebok field.
    6. Alhaji Aminu Dantata ( Express Petroleum and Gas Ltd) – operates OML 108.
    7. Alhaji Yinka Folawiyo – (Yinka Folawiyo Petroleum Ltd ) – allocated OML 113
    8. Emeka Offor (Starcrest Energy Nigeria Limited ) – OPL 291 with interest in Addax Petroleum.
    9. Mike Adenuga (Conoil ), with six oil blocks;
    10.Alhaji Saleh Mohammed Gambo (North East Petroleum Ltd) , holder of OPL 215, OPL 276 & OPL 283
    11.Abubakar Atiku, Yar’Adua and Ado Bayero, (INTEL) with substantial stakes in Nigeria’s oil exploration industry

    • peaceometer

      Are you through with your list? Go for more research and find more you never know

  • Tunde

    As a solution to he issue raised by the governor ,the incoming administration should focus more on recovering the $400 billion looted from our treasury over the years!

  • Lemmuel Odjay

    I said it before, that they are covering huge blunders until after the elections. I said it then that if Nigerians knew what big hole these guys have dug through the economy of this great country, no Nigerian would remember to cast their vote for the PDP in both presidential as well as states elections. It would have been a landslide victory for the opposition but because of this deception. They are reckless with money and bad at creating wealth. That has been their style since 1960. When they run down Nigeria’s economy, they relinquish power timidly then pretend to be surprised. Should they resist change, it is only because there are a few billions of dollars left in the treasury waiting to be shared among themselves. They would usually leave an empty treasury full of IOUs only. They are not wealth creators. I want to predict another event that would take place in the future. Because the sight of money bends their blood, these reactionaries would manufacture all sorts of problems for the incumbent government and proffer excuses as to vote them back into government, as soon as light starts shining at the end of Nigeria’s economic tunnel. To avoid identification, they would change their party’s name, pretend to be democrats and then deploy their sons and cousins, themselves neo-reactionaries in the making who would resort to throwing around money stolen by their parents to buy favours and approval of Nigeria’s masses. This is another reason why the incoming government should mop up all excess ill-gotten wealth in the society. I would be surprised should the CBN Governor fail to suggest this to the government that employed him – one that was responsible for the massive bleeding of our economy. He probably did but the government, aware it would raise a red flag and chase people away from Wadata Plaza, wisely and hastily dug a 6 feet hole and then buried the idea in it. We have woken up to find that the same few in our midst have again dragged us to the edge of an economic precipice. The whole saga started long before the crash of oil prices; they were warned but because of plain impunity, refused to take correction. They’d in the past walked away from this evil act, leaving Nigerians to rue lost opportunities and dashed hopes. Are we going to go after them and recover our stolen wealth or are we going to console ourselves once again with that old saying of the ignorant, “god dey”? God loves us, as He loves the children of Israel and He’d blessed us with human and natural resources enough to turn our land into the proverbial Canaan. Now, having blessed us this much, He did not also promise that He would go after any one that stole the blessings, did He? Like Moses, Joshua and others were made to fight, we also must pursue, fight and recover whoever dares to steal our blessings.

    What the CBN governor had suggested is called, in street lingo , “use what you’ve got to get what you want.” It saves a wealthy man from an impending economic calamity, but it sets him many milestones behind all the same. It is like being forced to dump your Nokia Lumia Windows Phone for one of those Nokia 823-whatever, if you know what I mean. If we must go down that way again, I suggest that more than half the 14 trillion envisaged from the sale of our oil stake should be ploughed into the agricultural sector. Every kobo of the amount must not only count, it must be wisely utilized. That would be a huge move towards diversification. Those who have gambled away our wealth MUST be made to pay back for a change. Running away to other lands with stolen wealth is no longer trendy as no country tolerates it anymore, since the practice is believed to encourage money laundering that sponsors global terrorism. It is unfair to ask Nigerians to tighten the belt and embark on forced fasting while those who caused the havoc in the first place are allowed to walk away with our money. If there exist an opt out clause, as a citizen I would insist that the incoming government should not borrow a kobo on my behalf in this regard. I am sick and tired of this monkey-work-baboon-chop tango…

  • peaceometer

    Sell to who? Haba, hahaha,

    • TKBaba

      This is what they paln to do had it been Jonathan won his re-election bid.

  • TKBaba

    So this is what Jonathan and his LOOTER Associates plan to do if re-elected.

    Buhari needs to boot this clueless guy out of CBN.

  • Dr Pat Kolawole Awosan

    Well! the CBN governor should wait till after the new president is sworn into office on may 29,2015 of president elect, Muhammadu Buhari first before sending him monetary/financial advice of what to do with N14.9 trillion oil stocks.
    The president elect Muhammadu Buhari should not allowed any of the current top officials appointed by PDP led by president Ebele Jonathan and his failed finance/banking experts led by the finance minister/co-ordeinator of the economy ,Dr Ngozi Okonjo Iweala and CBN governor Giodwin Emefiele to mis-direct him with their unsolicited advices.Wrong headed advice indeed!

  • burning spear

    We Will Make Rivers State Ungovernable For Governor Elect, Nyesom Wike, – Gov. Amaechi.

    The out-going governor of Rivers state, Mr. Chibuike Amaechi has vowed to make Rivers state ungovernable for the incoming governor of the state, who he has alleges grounded his government for almost two years. He told close associates in the Rivers state Government House while briefing them on the plan and purpose of the LG elections he intends to conduct next month just a week before his handover.

    “The whole idea is make the state ungovernable until we win our mandate. I don’t care what happens but power has changed hands,” he told cheering supporters. “I have told you why I decided to take the position of Minister of Defence…I bankrolled Buhari’s election and I will get the slots I want. There is an agreement.”
    He vowed that he is ready for the fight and that ” There will be no peace in this Brick House, till Adol takes over. I will not handover to Wike.” He declared.

    “Where is Edwin Clarke today, I am the new Edwin Clarke. The say they will start bombing pipelines, I am waiting for them. Now it is fire for fire.”

    The Rivers State Independent Electoral Commission has announced the dates for the LG elections in the state. Most political parties have frowned at the sudden jerk from the commission and the NYSC and Police Force have already sent the signal that they will not be participating in the sham.

  • C.K

    How did this nonentity land this job? Who in his or her right mind will suggest the sale of the FG assets unless he or she is a dumb ass. What happens with cutting unreasonable and ridiculous salaries and allowances paid to public servants? The government is not selling any of it’s assets; instead the government is cutting your pay and all the pay of the senators, governors, police and army chiefs, customs and immigration chiefs, house of reps, governors etc. Every Nigerian living in affluence at the expense of Nigeria state must have a pay cut of 30-50%. Enough is enough. The government needs to cut waste and all avenues that allow for corruption and ghost workers etc.

  • gafar_1

    Although, urgent funds are needed to address the decays in infrastructure and upgrade military hardwar. However, it is ill-advised to suggest that Nigeria’s equity in Oil Joint Ventures be disposed. There are multifarious impediments that make the advice implausible. The exercise will involve a lot of technical analysis to value these equities to avoid understating their intrinsic values. Time factor is another barrier, which could raise serious questions about the intentions of prospective buyers. These assets must be preserved for national security. Also, it is imperative for Nigeria government to be part of the boards of these ventures to blend corporate profiteering objectives, which could be at variance with social & economic responsibilities of the government.

  • Dan maikoko

    I have come to accept that in every modern profession there is a shortage of common sense. Bankers cook their books by creating money from thin air loaning it to people and charging interest. The cause of all chronic metabolic diseases such as cancer, diabetes, osteoporosis, high blood pressure, Alzheimer s, kidney and heart disease is improper nutrition, yet Doctors spend billions in research and in producing the latest high tech drugs and equipment that kill cancer cells at a very huge cost in cash and even lives. Instead of take vit. B17 (which will cost you less than 50 naira) and your cancer will disappear they will put you on radiotherapy, chemo or surgery costing sometimes millions of naira. Same as with lawyers, accountants, engineers…
    This man is saying that Nigeria selling its asset is the best way to make money for quick development. Where is the common sense in this. In case this man reads my comment this is Buhari’s logic. When in 1984 nobody will give Nigeria cash, Buhari decided on trade by batter. If a company wants to work on infrastructure in Nigeria then it is welcome but it will paid in crude.

    • Lemmuel Odjay

      I thought about the oil swap idea, revisited Buhari Part One to jog my memory. Then something spoke in my ear, saying: “Keep your oil, boy. Nobody wants it for now and even if you find a willing barterer, he’d squeeze your barrel so hard it’d amount to much less what it goes for. You know the implications, don’t you?” So I said to myself, whichever way we choose to go, we’d still lose some milestones. I am eyeing the option of going after those who’d brought us down this way. Perhaps I might get them to cough up what was stolen. With that in the coffers in addition to the N14.19 trillion or/plus the crude oil barter trade, we might be able to hit the road running. What think ye?

  • taewo

    Ladies and gentlemen, I have a taxi cab, which is my primary income generating asset and which is in a good working condition. Should I sell the cab to raise cash for my house which is in need of urgent repairs?

  • anwari

    And am sure you are ready with the list of buyers. God has already delivered Nigeria from all of you, so get ready to hand over on may 29th cos nobody needs your yeye pieces of advice in this new dispensation, that is if your master doesnt sack you before then for leaking a well planned secret.

  • MushinSpeaks

    Its surprising these officials are now speaking sane. Where was their brain before?

  • Anonymous11443

    Emefiele,another ibo man put there by the ibo chieftain Ngozi Okonjo Iweala in order to strangulate Nigeria and steal everything not nailed down.Now the cabal want to cannibalise Nigeria and sell Nigeria to each other.They have already started.

  • David Adeniran

    We need not begin to sell our assets because of a temporary problem!
    Buhari is a very prudent man and a good manager of resources. If God wants to be very gracious to Nigeria, He will allow the Federal Government to have surplus income during his tenure so that this man with a good heart can do many incredible things for the Nation. Whether such funds will come from another oil boom or from other sources, whichever way, God is able to do it. Jonathan’s tenure experienced a huge oil boom but whether he spent those funds wisely is an issue for the history to judge. OBJ too the Nation out of debt but Jonathan notwithstanding the oil boom has taken Nigeria back into a huge debt. What a prodigal Government!

  • Anuoluwapo Oladipo

    That is a prodigal advice coming from the erstwhile Governor of the Central Bank of Nigeria, Godwin Emefiele. It’s only a prodigal son that sells his rightful inheritance. I don’t even what to know the basis behind this ill advice.
    Buhari doesn’t need people like this but people with a sound mind.

  • Sal Yarima

    This man has Bad advice for General Buhari. Sell your seeds to feed you now, what happens when petroleum goes to $180 a barrel? Buhari, fire this man ASAP!

    • Anuoluwapo Oladipo

      Trust me He has fired him already.
      Buhari needs people with sound mind and not people beclouded with the “I before Others” syndrome.
      What do you expect from the combination of Emefiele and Ngozi Okonjo Iwela. They have stolen Nigeria dry and wants an avenue to plug-in their stolen wealth. Alison is also part of this shady advice.

  • Riot50000

    LOL
    New revenue to loot and squander. Well, good thing Okonjo Iweala is there to guide Nigeria through it’s financial mess. What would Nigeria be without the Igbo.

    • Sal Yarima

      Okonjo Iweala is an IMF puppet. One of the problems Nigeria has to face. What country in the world ever developed because of the IMF? The IMF’s main purpose is to create slave countries like Ukraine. China had to threaten the IMF with an alternative many years ago in order to get the IMF off China’s back.

      • Riot50000

        Under Iweala, Nigeria became Africa’s largest economy.
        Didn’t you wish ABACH had been able to accomplish the same thing?
        Ah, she is IGBO. And as we know, nothing good can come out of Igbo Land, EXCEPT CRUDE OIL.

        • Sal Yarima

          Fake IMF report. Similar to all the fake reports issued by the IMF