Finally, the Fuel Subsidy and NNPC Unprecedented Fraud CLAUSE that EXPOSES NNPC FAKE FUEL SUBSIDY has just been DISCOVERED! Check out the MOU in the terms of the agreement the national oil company SIGNED with the 16-member companies that make up the Consortium in its DSDP arrangement.
To CONVINCE you further, as to why you will be the FOOL of the century to believe that there is indeed a NON EXISTENT Subsidy on fuel, I have lifted the very clause in the MOU, it also refers to as Term Sheet…
NNPC DSDP MOU/TERMS OF AGREEMENT OR TERM SHEET WITH THE CONSORTIUM
ARTICLE 15
HARBOUR WHARFAGE/SHIPPING DUES
15.1. Except as expressly indicated under Article 14(a) above, ALL other FEES including Foreign or Local CHARGES, Harbour wharfage and Shipping Dues PAYABLE at Load Port and Discharge Port INCLUDING Nigeria Maritime Safety Agency (NIMASA) Dues, Jetty Fees and Terminal Charges SHALL be BORNE by CONSORTIUM.
15.2. Consortium SHALL at ALL TIMES indemnify NNPC against ANY LIABILITY and EXPENSE which may be INCURRED by reason of Consortium failure to Pay ALL APPLICABLE Taxes, Charges and Levies.
It is very CLEAR in the fine prints that EVEN the so called LANDING COST is BORNE by the consortium. Please tell me what other evidence you need, to be convinced; that there has been NO FUEL SUBSIDY; at least since 2019 till date…To refresh your memory, let me quickly summarize the process for you.
Step One: NNPC extracts Crude from its Well Head or as you understand it, OIL WELLS. It transports it through its PIPELINES to the Ship of the Refiner; FREE ON BOARD (FOB).
Step Two: From here, the Refiner takes the Crude to its Refinery,in most cases, in Rotterdam, Netherlands.
Step Three: Out of the over 20 Derivatives you can get from a barrel of oil, they refine just three or thereabouts for NNPC; Petrol, Kerosene, Diesel.
The REST is theirs to sell for their own company profit (if you BELIEVE the NNPC officials, would just bring three products for the country and NOT SHARE with the Consortium the PROFIT in the MANY OTHER DERIVATIVES left, then you must be the IGNORAMUS of the millennium, lol).
Step Four: The consortium load their Ships AND NIDAS, NNPC Marine subsidiary; because NNPC forces the consortium, in the Agreement, to make NIDAS carry 50%; of the crude to its refinery and refined products to Nigeria.
Step Five: The loaded ships then bring the Refined products on a Delivered At Place (DAP) term, to the Port of delivery, in Nigeria.
Also Read: NNPC Fraud of The Century: Behold Face of Fake Fuel Subsidy Unmasked
From the PORTION of the MOU provided above, you would have noticed that the consortium PAYS for ALL CHARGES including NIMASA charges. All the talk about Landing Cost is ANOTHER LIE they have ALWAYS promoted through Experts; both the PAID and the downright IGNORANT!.
If after this DEFINING expose on the Fuel Subsidy Scam, you CONTINUE to promote the lie, then you are either a PROBLEM to yourself, your family and Nigeria at large. I hope now, you would AGREE with me that appealing to president Bola Tinubu to REVERSE and FURTHER bring DOWN fuel price is NOT political and WITHOUT sentiment. If he TRULY loves Nigerians, and is SINCERE about his plans for Nigerians, this is the ONLY thing he has to do; NOW!
By the way, his suspension and ARREST of the CRIMINAL CBN Governor, Godwin Emefiele is HIGHLY COMMENDABLE. However, the guy ACTING in the place of the DISGRACED Emefiele, Folashodun Shonubi, is the former CBN Governor’s PARTNER in the MISSING STAMP DUTY TRILLIONS that EXPOSED Emefiele as Nigeria’s MOST CRIMINALLY minded CBN Governor.That’s the CBN Rep on the board of FIRS.
So, we may just be in the same circle of… you know what I mean (lol). I’m sure you must have seen the piece of rumor FLYING around about how the Dangote Refinery is ALLEGEDLY funded by the NNPC and PROTECTED by Mohammadu Buhari’s CROOKED government. Well, true or not, what caught my attention there, is the allegation that the Refinery may NOT actually be READY this year. I don’t want to BELIEVE it because that Refinery to my knowledge is SUPPOSED to have been ready before today. However, what I cannot seem to get over is the INSISTENCE by the Tinubu government and its PERSISTENCE in making Oil Marketers to go IMPORT petroleum products from foreign refineries. What I believe should be the CONVERSATION in government now, SHOULD be how to GET Dangote refinery RUNNING; on or before its July Roll out date; and how to KEY-IN the Marketers into the mix. That way there will be NO MORE PRESSURE on the dollar and Nigerians WON’T have to BUY fuel at International price. All the talk about, MARKET FORCES is a NAUSEATING falsehood; coming from the MOUTH of those who simply love the sound of that EMPTY phrase; just to DECEIVE Nigerians.
In any case, modern day economic realities have DECONSTRUCTED and DEMYSTIFIED the mythical lie pushed by the Apostles of market forces. RESPONSIBLE and RESPONSIVE governments are thus FORCED to respond to its anti consumer DYNAMICS just to PROTECT their people. Former US President, Barak Obama did it; as his response to the global recession that hit America and the world, in 2008. That stupid phrase, MARKET FORCES, was EXACTLY what the Group CEO of NNPCL has been mouthing as the REASON for coming up with the DEMONIC fuel INCREASE Price TEMPLATE! My concern is the rhetoric and narrative Tinubu and his team are pushing; the recent one being the one he said about his government no longer wanting to FEED smugglers. That, right there, should make EVERY Nigerian WORRY; especially against the BACKDROP of information I and few other COURAGEOUS Nigerians have been given you.
There is NO FUEL SUBSIDY! That’s the WHOLE TRUTH and NOTHING but the TRUTH! PERIOD!!
The question here is, why would Tinubu PREFER to take the EASY route of INFLICTING PAIN on Nigerians by ALLOWING Fuel Price increase; rather than MAKING his men do the TEDIOUS job of ENGAGING Stakeholders to working the so called DECEPTIVE PALLIATIVES; why? By TEDIOUS, I’m talking about the gentlemen, such as Dele Alake who has been leading the dialogue with Labor etc. The TEDIUM I’m referring to, here, is moving from Air-conditioned offices to Air-conditioned cars, sitting in air-conditioned conference rooms, for HOURS to DISCUSS, speaking big, big grammar; have coffee breaks, Lunch and even dinner; where these MEETINGS run late into the night. Then they get SEATING ALLOWANCE! That’s how TEDIOUS, the ROUTE Tinubu and his Team were supposed to take before he ANNOUNCED; “Fuel Subsidy is GONE!” On a lighter note of digression…
Speaking to Journalists after the meeting with Tinubu, on behalf of the Oil Marketers, the lady who addressed the Press, made the most IMBECILIC statement ever uttered in the history of fuel subsidy. She said the people the fuel subsidy removal will PUNISH are the people driving SUV Cars! Wow!! Was she high on something before saying that? Has anyone told her that her Driver, house helps, less privileged family members and the rest of Nigerians in their class, have to now cope with over 300% increase in the cost of transportation, goods and services! Another very RETARDED argument is that fuel subsidy is funding a few fat cats. If by this, they are referring to the Nigerian partners in the consortium and the indigenous oil marketers, yes, I would agree that fuel subsidy (as the criminal establishment defines it) should be gone! But then, can’t say it enough, there has NEVER been ANY SUBSIDY on fuel! So, for me, all these post- fuel removal engagements with individuals and relevant stakeholders and institutions, may just likely end up being MOTION WITHOUT MOVEMENT!
This is BECAUSE any Policy BUILT on a non existent fuel subsidy foundation, regardless of how well-intentioned, will SINK; and with it, the economy and the Lives of the Nigerian people.
This is no politics and I must say here, that I admire the SPEED with which he is moving; signing landmark bills, sacking almighty Emefiele and the rest.
Above all these, he would NEED to PROVE to his Critics and MAJORITY of Nigerians that he MEANS WELL for the Nigerian people. Otherwise, he would have just VINDICATED his DOUBTERS that the ONLY TRUTH that may have EVER been TRUE about him and the ONLY PROMISE he may have made good in his presidency is the fact of CONTINUING Buhari’s ANTI PEOPLE LEGACIES!
Lastly, with the MOU Clause that has now EXPOSED the FAKE FUEL SUBSIDY in public space, what Tinubu is left to ADDRESS is the question; to WHOM and on WHAT has NNPC been SPENDING the over $11 billion annually in the name of their so called Fuel subsidy? Good enough, the detained immediate past CBN Governor SHOULD be able to PROVIDE a HINT in that direction. If Tinubu is SERIOUS about proving his Doubters wrong about his GENUINE determination to fight corruption, this for me, is his very MAJOR LITMUS TEST! Nigerians are watching!!
