NNPC: The Pendulum Swings Again.

First a bit of brief history. Oil was discovered in Nigeria in 1908 but actual production in commercial quantities only started in 1957. In 1959 the federal government (more like colonial government) instituted the first set of rulesĀ for the oil industry, basically implementing a 50-50 tax on petroleum profits. Basically oil companies (all foreign) did… Continue reading NNPC: The Pendulum Swings Again.

Refineries! Refineries! Refineries!

If I got N100 every time I heard the question, “How can a country blessed with one of the largest reserves of crude oil be importing fuel?”, I would be a millionaire. That question is built on the idea that a country that has crude oil should naturally be refining crude oil. It turns out… Continue reading Refineries! Refineries! Refineries!

Hey we are are broke. No wait, we are not.

Hey we are broke! No wait, we are not broke. Ok you are not broke, you are insolvent. Well we are only insolvent because of the money you owe us and have not paid. But you owe us more than we owe you. You do? Hold on let me ask the CEO you just fired,… Continue reading Hey we are are broke. No wait, we are not.

What do we need to do to get some electricity around here?

Electricity! Seems like the problem with epileptic power supply never goes away. Governments come and go. From Military dictators to civilian dictators, NEPA to PHCN, Minister to Minister. All have failed to figure out how to provide stable power supply. Yes it could be that they were all corrupt and selfish individuals who made no… Continue reading What do we need to do to get some electricity around here?

Mission One: Take down the predecessor

It seems the first job of every Nigerian president so far is to destroy everything the previous president has done. Jonathan is proving to be no different. Why fire a guy who has had less than a year to turn the NNPC around? Yet we wonder why the company is in such bad shape. Of… Continue reading Mission One: Take down the predecessor