Obasanjo as Petroleum Minister for 8 years!

[chidiohaz]

The Former President, Chief Olusegun Obasanjo directly overseeing the affairs of the NNPC as Petroleum Minister, how has this Ministry faired during his tenure then compare it to the present administration???? Dig it out guys????

[adeoba okekunle]

Guys,this is business forum and not political forum.

[chidiohaz]

Guys, we are not truly talking about politics YES! but Investors suffered so many financial setbacks/risks becuase of the political policies and decisions undertaken during those periods especially as it affected during the Petroleum Marketing Sector of our Stock Exchange.

Therefore, it is most imperative to have such discussions in view of the present governmental policies that might also affect the trend of the All Share Index again of the Nigerian Stock Exchange.

We cannot just discuss investments without discussing the risk factors that militate against it!!! Please I need your contributions!

[nezvest]

Originally Posted by chidiohaz

Guys, we are not truly talking about politics YES! but Investors suffered so many financial setbacks/risks becuase of the political policies and decisions undertaken during those periods especially as it affected during the Petroleum Marketing Sector of our Stock Exchange.

Therefore, it is most imperative to have such discussions in view of the present governmental policies that might also affect the trend of the All Share Index again of the Nigerian Stock Exchange.

We cannot just discuss investments without discussing the risk factors that militate against it!!! Please I need your contributions!

I think chidi is right. Otherwise how do we talk about recapitalization of banks and insurance companies. Some level of politics were played in all that which we all know. I must also state that investment and enviromental politics vis-a-vis policies are inseperable so let's talk it out.

I must however say that we must not talk against our galantry Ex-President until proofs of corruption is tabbled to us(Nigerians) against him by people empowered to investigate them. Thanks

Thanks.

[crtide]

Originally Posted by chidiohaz

The Former President, Chief Olusegun Obasanjo directly overseeing the affairs of the NNPC as Petroleum Minister, how has this Ministry faired during his tenure then compare it to the present administration???? Dig it out guys????

If we must talk about it, I think it's premature to compare 8 years' performance with less than 1 year's.

For me, no basis for comparison yet

[chidiohaz]

There are every sense of comparison in this issue as the present President has demonstrated good sense of governance so far to the Nigerian people under 9 months in office especially in the reversion of some policies of the Ex-president.

We have seen so many changes and still seeing changes. The Petroleum sector is not an exception as the sales of most oil refineries has been reversed to status quo. Initially, these sales affected the petroluem marketing sector of the stock exchange and after the reversal there, the sector is climbing up gradually. Moreover, there are still quite a lot to explain... don't you think so????

[Taipan]

Originally Posted by chidiohaz

There are every sense of comparison in this issue as the present President has demonstrated good sense of governance so far to the Nigerian people under 9 months in office especially in the reversion of some policies of the Ex-president.
... The Petroleum sector is not an exception as the sales of most oil refineries has been reversed to status quo. Initially, these sales affected the petroleum marketing sector of the stock exchange and after the reversal there, the sector is climbing up gradually.

Much as I hate to join this discussion as I believe it will lead nowhere, I feel constrained to air my views.
The fact is that the present govt did nobody any favour in reversing the sale of the refineries. Privatising them was the best thing that could have happened to the oil sector in general. Why dyou think we have fuel problems in a country blessed with so much oil and refining capacity? Why does govt have to subsidise imported fuel? Why do we even have to import fuel in the first place? Or you think it's the devil that's disturbing us!
For almost a decade now, our refineries have been moribund, consuming money in the name of Turn-Around Maintenance. If only you had an idea of the amounts involved. (In 2004, I worked with a company on the TAM of the refineries. They made a profit of $6m on that contract alone! Now, they weren't they only ones involved. Other companies were 'chopping' much larger shares! And that was just 2004 alone.) Yet what's the state of the refinery now. Meanwhile, we have private plants like Nigeria LNG making a PAT of N500b (2006)!
If I were the govt, I would consider even dashing it out to a proven company a credible option. It's obvious to even the corpses in the graveyards that govt cannot handle business interests. No govt can. And if the grouse is that it was sold too cheap, then we need to consider that each day it remains in govt hands costs us much more - both in terms of opportunity cost and tax payers money going down the drain.
Sometimes we get sentimental about the so-called plight of the workers. Maybe it's because we don't realise that it's our pocket-money that keeps them at 'work' doing nothing. In 2002, I had my Industrial Training in IRS Airlines. Now we had 2 planes and an engineering crew of 12. Nigeria Airways on the other hand had 1 plane and an E Crew of about 200 - if I can still remember the figures. Now, that's what happens in govt controlled establishments. My mum works in PHCN and she hardly leaves home before 9.30am. Maybe that's ok for some. For me, I just want to angrily hand them over to the 1st serious bidder that comes along.
I'm sorry, reversing that sale did us all no good!
And forget that stuff bout the petroleum marketing sector of the stock exchange doing well after the reversal. What we have right now is a bullish market, and every damned stock (please forgive my language) is doing well. If anything, the reversal bodes ill for the oil marketing sector. As long as our refineries are down, they (the oil marketers) will have to import subsidised fuel thereby keeping the sector regulated. This regulation affects their margins and stifles their growth which is why their stocks are so cheap (in terms of PE).
But I'm sure I've started mis-yarning so I'll just take my leave.

[chidiohaz]

Taipan ! I believe you must agree with me that this your posting is really detailed, an insight about our governental establishments and well deserved grading of your 100th posting that has yielded you your new deserved status as a Senior Member of SMN!

You must remember this 100th posting that earned you your new status as Senior Member SMN --- congratulations!!!!!!

[Goddey]

Back to oil business, what is the deal with afroil? I bought it for 85 kobo, is it worth holding on to ? Or is the price hike just a bubble? Any information?
Jusst see what has happened to AP.

[pesadilla]

the goverments best business should be to provide good platform,for real enterprenuers to perform,not hijacking the business herself.
i was talking to a gentleman that was involved in the sales of NNPC on a flight from lagos to abuja,he said the coys infrastructure is so decayed that those who bought the company will have to invest millions in refurbishing alone.why keeping NNPC in goverments hand? sentiments!!! we want it to continue to be NIGERIAN NATIONALwhy we gain nothing from it.
is there a single goverment owned coy that is doing well in naija? where is nigerian airways,while other carriers are increasing thier flight in naija?
YARADUA ERRED FULL TIME SIMPLY PUT.

[pesadilla]

When the dust settles we will know the true share price of the oil coys in NSE.right now the OTEDOLA factor in driving the price of AP and the ripple effects is on the others.people believe the man will perform,what if he doesnt or something happens to him 2mmorrow? when one man is moving the price of a whole sector,you have a cause to be worried.anybody following sheepishly must be prepared.

SHINE SHINE UR EYES.

[chidiohaz]

I am an ardent believer in National Economic Growth! Moreoever, who would not be? Those who have not worked nor had an insight of this Nation's Infrastructure firsthand would not understand nor appreciate the level of negligence that successive Heads of States have ignored all our National Infrastructures thus seeing such opportunities as a windpipe to syphoon our economic resources into their personal estates and those of their friends.

Infrastructures be it National, State, Local or individually owned are supposed to be updated, upgraded, maintained and over-haul from time to time to meet up with the standard of operation. Our Nigerian Patriots who instituted these Infrastructures would be living in absolute regrets seeing the state of affairs in these Institutions that they worked tirelessly to establish and those who are dead would be turning every seconds in their individual/collective graves.

Billions of our Nigerian Naira, US$ Dollars and British Pounds are perpetually being spent in the books whereas in the actual sense of it they are not being invested in what they claim it is being used for, why won't our National Infrastructures collapse as each and every one of them have so sliced the National Cake that it now remains the "paper foil and boards" which the previous President has just broken. From Head of States to Head of States, then from President to President, no one, I mean not even one of them could salvage this Nation's infrastructure with every sense of honesty.

Most of our fathers, grand fathers and perhaps great grand fathers worked in National Establishments as the Railways, Airways, Dockyards, Refineries, Coal Mines, Works and Housing, just name them. These are supposed to be National Monuments for us and those yet to come. From these Governmental supported Infrastructures, most timbers and calibres of this Nation were groomed and brought to be giants of our time, From these structures, most of what you see as today's Nigeria was established and yet they allowed it decay and went into coma!

These infrastructures were subsidized by government to help the masses both in employment and survival, today just 1 man sold it all and you all accept that with open arms and cheers because somehow, you are all beneficiaries!!

Let me hold my breathe, I would continue the again after your comments!!!

[pesadilla]

Originally Posted by chidiohaz

I am an ardent believer in National Economic Growth! Moreoever, who would not be? Those who have not worked nor had an insight of this Nation's Infrastructure firsthand would not understand nor appreciate the level of negligence that successive Heads of States have ignored all our National Infrastructures thus seeing such opportunities as a windpipe to syphoon our economic resources into their personal estates and those of their friends.

Infrastructures be it National, State, Local or individually owned are supposed to be updated, upgraded, maintained and over-haul from time to time to meet up with the standard of operation. Our Nigerian Patriots who instituted these Infrastructures would be living in absolute regrets seeing the state of affairs in these Institutions that they worked tirelessly to establish and those who are dead would be turning every seconds in their individual/collective graves.

Billions of our Nigerian Naira, US$ Dollars and British Pounds are perpetually being spent in the books whereas in the actual sense of it they are not being invested in what they claim it is being used for, why won't our National Infrastructures collapse as each and every one of them have so sliced the National Cake that it now remains the "paper foil and boards" which the previous President has just broken. From Head of States to Head of States, then from President to President, no one, I mean not even one of them could salvage this Nation's infrastructure with every sense of honesty.

Most of our fathers, grand fathers and perhaps great grand fathers worked in National Establishments as the Railways, Airways, Dockyards, Refineries, Coal Mines, Works and Housing, just name them. These are supposed to be National Monuments for us and those yet to come. From these Governmental supported Infrastructures, most timbers and calibres of this Nation were groomed and brought to be giants of our time, From these structures, most of what you see as today's Nigeria was established and yet they allowed it decay and went into coma!

These infrastructures were subsidized by government to help the masses both in employment and survival, today just 1 man sold it all and you all accept that with open arms and cheers because somehow, you are all beneficiaries!!

Let me hold my breathe, I would continue the again after your comments!!!

beneficiaries in which way bros?
what is the need of the subsisdy? just to create jobs? where will the funds be coming from? tax payers!!! subsizing coys that are supposed to be declaring hudge profits is an economics sucide.the gov.has to create good policy and conditions for private enterprenuers to thrive,only that way,can solid jobs be created.without empowering the private sector,the unemploymeny arrow will continue to fly upwards.

[ezegold4wealth]

Chidiohaz,

I Think That U R Not Trying To Insult Our Mentality,how Could U Say That One Man Sold It And That We All Accepted It Wit Open Arms,where U Not In This Country When Baba Was Fighting Everyone Including His Own Life,and U Expect Reasonable Nigerians Like Us To Go Join Issues With Such A Barbaric Being Whom The Devil Was Using As At Then To Destroy The Nation.

Which Benefaciaries Chidi??===if U R A Beneficiary,then Its Better U Tell What And What U Got From Those Sells,to Me All I Know Was That Baba Has Only 2 Or 3 Beneficiary In His Government,they R Dangote,otedola,andy Uba,and Others,and Thats Why We Have To Commend The Courage And Boldness Of This Current President,umaru Musa Yaradua In Reversing Some Of The Nonsense Baba Did.

Could U Imagine That They Used 200 Billion To Do What Is Called (tam) Turn Around Maintainance In The P.h And Kaduna Refineries,but He Went Ahead To Sell Them To His Friends,dangote And Otedola As Scrabs At The Rate Of 150 Billion,can U See The How Level Of Corruption And Neglect Baba Has For The Citizen And U R Saying We R All Beneficiaries,what Of The Federal Roads They Said They Used 300 Billion To Repair,today All The Federal Roads Are All Axis Of Evil And Valley Of Death Especially The Lagos-benin Road,or Should I Talk About The Power Sector,chidi,chidi,pls Dont Insult Our Feelings.

I Think Obj Is The Worlds Most Corrupt Ruler,he Is Good For Nothing,a Critical Look At His 8 Yrs Will Tell U That The Man Did Not Acheive Any Single Project For This Country,instead He Destroyed The System And Manipulated It A Lot,made More Enemies,even The Problems He Created,4yrs Of This Present Government Will Not Be Able To Tackle All Of Them,i Will Stop Here B4 I Expolde,but Thank God For Yaradua.

[chidiohaz]

So Ezegold you dey deny when I say you benefit? Sebi na una say make him come do 3rd term, wey money come dey fly like scud missiles for Legislative Houses, now breeze don blow and we don see fowl yash!

Make una no worry, very soon dis government go play im last game wey go checkmate una farmer and by dat time no where to run to or even hide sef. Make God keep us all alive to witness when im go happen.