See the Huge Amount of Money Buhari Recovered From Oil Swap Deals

The NNPC has recovered N55 billion ($227 million) following a review of toxic crude oil for refined products swap contracts, the Presidency said yesterday.

President Muhammadu Buhari

 

According to an announcement made by the Senior Special Assistant to the President on Media and Publicity Malam Garba Shehu, yesterday, 6th of September, the Nigeria National Petroleum Corporation, NNPC has recovered a huge sum of N55 billion ($227 million) from a review of toxic crude oil for refined products swap contracts. According to him, the great feat was achieved through extensive investigation into the various toxic crude oil for refined products swap contracts.

The report has shown that $420 million (N83 billion) has so far been reconciled in favour of the Nigerian National Petroleum Corporation (NNPC). The report, which was recently submitted to President Muhammadu Buhari by NNPC Group Managing Director Emmanuel Kachikwu, revealed that out of the reconciled amount, $277 million has been recovered in lieu of products.

Malam Garba said in the first 100 days of Buhari’s government, the NNPC had begun the process of recovering over $7 billion (N1.38 trillion) in over-deducted tax benefits from Joint Venture Partners on major capital projects. He said the report detailed successes recorded so far by the new management of the NNPC.

He added that the GMD had commenced performance measurement and bench marking as well as value-for-money review of corporation and the JV Companies covering the period 2008 to 2013.

The presidential aide further stated that the report indicated that this process might lead to further cost recovery. He said the report also indicated that a reputable international accounting firm had been engaged by the NNPC.

The firm is to ascertain the exact amount due government on the Strategic Alliance Contracts “entered by the NPDC where up to $2.46 billion (484.6 billion) of government money is to be recovered”.

Shehu stated: “According to the report, the GMD of NNPC is committed to continued review of all existing contracts and addressing the ones that are not favorable to the Corporation.

“It was noted that significant cost reductions are also expected to ensure the Corporation remains profitable in the prevailing low crude oil price regime.”

 

He added that progress was being made toward bringing back the national refineries to full production, noting that the management of the NNPC is working to ensure that this happens before the end of this year.

“If this is completed, the report said, it is expected to achieve an annual savings of about $1billion ( N197 billion) worth of foreign exchange from fuel import substitution and additional total saving of over $500 million (98.5 billion) annually will be made from the petrochemical products of Kaduna Refinery and Petrochemical Company."

The report also disclosed that efforts at re-positioning the NNPC have started yielding result on the nation’s economy. According to its content, gas supply to the power plants that had hitherto been handicapped by the supply of much-needed gas, has improved significantly from about 630 to 861 million standard cubic feet per day, which has resulted in a more steady power supply being witnessed in the country.

“Indeed, the report revealed that gas supply for power and peak generation have in recent times reached a historical high of 876 million standard cubic feet per day and 4,782 Mega Watts respectively”, he said.

Don Jazzy Reveals the Secret to Success and How He Built His Music Empire

Legendary Nigerian hit maker, Don Jazzy has spoken on how he built his music empire to the level of being one of AFrica's best and enviable label.

Don Jazzy

 

Don Jazzy, the CEO and President of one of Africa's largest and most prominent music record label in Africa, Mavin Records, has revealed secrets to his success story.

 

In a recent chat, Don Jazzy revealed the secret of his label’s success.

 

He said,  “I think I was born to do this. There are other record labels doing well also but in my research, I don’t think there’s any record label that’s as passionate about the careers of their artistes as much as I am.

 

"I’m over passionate about my artistes. Until the last man blows, I am not happy, I think about their success before I think about making money, but most labels are always interested in making back the money they’ve invested and making profit. Don’t you ever worry about the money you spend and the possibility of not recouping it.”

 

He further spoke about his non-greedy approach to artiste management .

 

“I believe in the talent that God has given me, and I believe I’ll make many more hit songs, so if you believe in what you are doing and you work very hard, money will come. You don’t need to be greedy and expect to make all the money in the world when your artiste is not making money. Sometimes my lawyers tell me the way my artiste contract is set up is wrong because I’m cheating myself with the sharing formula, but I don’t think I’m cheating myself. I think I’m making my artiste very comfortable and in the long run, we’ll be fine because I care more about my name and the glory than the money, but most labels care more about the money than the glory.”

 

The ace music producer did not give the exact figure he has invested in his artistes, but however, said he has made ‘stupid’ money in the business, so much so that he is comfortable.

 

His record label oversees the musical career of six artistes including Tiwa Savage, Dr Sid, D Prince, Reekado Banks, Korede Bello and Di’ja; seven, if you include Don Jazzy himself.

My Relocation to the Village Has Paid-off - Highlife Legend, Bright Chimezie Reveals

Veteran high-life singer, Bright Chimezie, has disclosed he is still flourishing, despite his relocation to the village after being on stage for about 35 years.

Highlife musician, Bright Chimezie

 

In a recent chat with The Sun, Nigerian high-life veteran singer, dancer and composer, Bright Chimezie who is popularly known as Okoro Junior, has disclosed he is still flourishing, despite his relocation to the village after being on stage for about 35 years.

The Zigima Sound boss, spoke on the gains and pains of his living in the village and his planned relocation to Lagos.

On if he is in any way making moves to relocate from the village to Lagos:
It is now about 12 years since I relocated to my country home actually, but I am planning on relocating to Lagos soon. I am working on it but it would be a gradual process. You would have noticed that I have been doing a couple of shows in Lagos lately. That is part of the process. Henceforth in terms of regular shows, our presence would be felt more often than before in Lagos.

It is part of the process of re-launching the brand in the city. But the Zigima brand is like an institution, and moving it entirely from the East back to Lagos would not be a tea party, just as it was, when we moved down East from Lagos. I was controlling a 16-piece band, and you know what that means.

On whether the drastic relocation to his home town had paid off in any way:
I don’t know how I would have felt, as someone that promotes indigenous culture, if my 25-year-old son cannot speak Igbo. It would have been torturous. It was drastic like you stated because, I took my family home when my children were still very tender. If I had not done it that time, I would’t have been able to do it again. So, I didn’t regret it. Today, my children can speak Igbo fluently. They know their roots, my people, our culture and everything. So, our relocation has paid off tremendously. Having achieved my goal, we are now set to start the process of returning to Lagos.

On how his family felt when they stopped enjoying Lagos life following his relocation:
They were being exposed to ultimate up-town life because we were living in an elitist environment, which was at Omole estate; and I needed to expose them to their real culture – to keep them abreast of the situation back home. It was not easy but it was a decision that I made as the head of the house. I was pained when I noticed that they were finding it so difficult to flow with me whenever I spoke Igbo to them. So, I silently started planning the movement in 2007. I later explained my plans to my wife and she saw reasons with me. But I must confess that it was not easy at all.

On the lessons he learned and Inspiration he got when he relocated to his hometown:
From my relocation exercise, I can say it has inspired me to write and make a new song, which I plan to use as a come-back when I relocate. The song is almost ready and the working title is Asusu Ejiri Mara Gi (Identity Language). The truth is that Igboland is a gift to the Igbos, so are Yorubaland to the Yorubas and Hausaland to the Hausas. To that effect, every tribe should appreciate their language, and parents should also strive to ensure that their children speak their language. The advantages are unquantifiable and my children are already reaping the advantages, courtesy of my drastic relocation back home.

Dancer Kaffy Puts Her Massive Cleavage on Display (Photo)

Nigerian multi-talented Dancer, Kaffy has put her cleavage on display as she snaps a hot picture beside the swimming pool.

Dance Queen, Kaffy

 

Super dancer, Kaffy who holds a world record of dancing for 52 hours and 3 minutes alongside her crew members has decided to show us something outside dancing. She recently placed her boobs on display as she struck a pose beside the pool.

 

It should be recalled that Kaffy broke the world longest dancing record in 2006. Kafayat Shafau is widely credited as Nigeria’s foremost dancer and choreographer for music videos. She is a fitness and dance instructor and runs her own dance school.

 

In 2006, she danced her way into the Guinness World Record with her team, Imagneto at the Nokia Silverbird Danceathon and has since become a point of reference in the Nigerian entertainment industry whenever dance is concerned.

World's Shortest Man Passes On at 75 (Photos)

The shortest man in the world,passed away at75 years, following an illness.

Chandra Bahadur Dangi

 

The world’s shortest man according to the Guinness World Records has died at 75. Chandra Bahadur Dangi, who resided in Nepal, only measured up to be 21.5 inches tall.

 

Usually being at the comfort of his home throughout his life, Dangi traveled around the world when it was discovered that he was the world’s shortest man back in 2012. He beat out the former record holder who was listed at 23.5 inches. He has posed in many famous pictures while traveling, most notably with the world’s shortest woman, Jyothi Amge, who is listed at two feet, and the world’s tallest man, Sultan Kosen, who is 8-foot-3.
 

Chandra Bahadur Dangi and world’s tallest man, Sultan Kosen

Dangi was admitted into the Lyndon B. Johnson Tropical Medical Center in Pago Pago. He was suffering from pneumonia and died later in the week. Despite only holding the record for a few years, Dangi enjoyed traveling around the world and representing his home country of Nepal.

Mikel Obi Reportedly Begs For Another Chance in AFCON Squad...

Reports has emerged that Chelsea player, Mikel Obi is begging to the recalled to the Nigerian national team.

John Mikel Obi

 

Fresh reports have revealed that Chelsea midfielder, John Mikel Obi is desperate to be recalled to the national team.

 

Sun reports that the Nigerian international has started making calls to top officials of the  Nigeria Football Federation (NFF).

 

According to the report, Mikel called officials of the NFF who hail from the northern part of the country speaking in Hausa language and begging the officials to plead with Coach Sunday Oliseh to forgive him for missing his calls.

 

In his call with the NFF officials, Mikel allegedly begged to be recalled to the team. 

 

Weeks ago, obi was reported to have snubbed coach Sunday Oliseh when he went to England to have a chat with the Nigerian players in that country, hence his being excluded from the AFCON squad.

I've Not Gone to Church in 8 Years - Jesse Jagz Reveals

In a chat with the media at the Chocolate City office, Jesse who is M.I- Jude Abaga's younger brother, stunned all when he stated that he has not been to a church in eight years.

Jesse Jagz

 

Nigerian rapper, producer and songwriter, Jesse Garba Abaga, popularly known as Jesse Jagz, who re-signed with Chocolate City after leaving the label in May 2012 to establish his own imprint known as Jagz Nation, grew up in a church which his father headed, and has said that he has not been in a church in over eight years.

On his relationship with God and time spent in a religious institution
I think every human is spiritual. Prayer is communication with God and there is no definite way of communicating with God. My dad was a pastor so we grew up in church. However, I have not gone to church in eight years. I believe education does not only exist within the four walls of a school the same way God does not only exist in a religious institution. He exists on his own. Growing up in church has made me realize the most important thing is to have a relationship with God. Human beings take religion too seriously.

On why he left Choc City Records and his return:
Coming back to Chocolate City has been wonderful and I am glad about the expansion of the record label. There are more employees and better creative control for the artistes. I left because after I finished recording my album, ‘Thy Nation Come,’ I played it for the record label but for business reasons, they did not want to release it. Actually, if you have listened to the album you would know that it is somehow controversial and you would understand why the label did not want to release it. So I went ahead to release it myself.

On his brother, M.I being his new boss as well as Ice Prince:
I am happy for MI and Ice Prince as they have become the CEO and MD of Chocolate City respectively. I would also want people to understand that MI has always been our president, I have always been the think tank of the trio and Ice prince has always been on the administrative end right from when we were in Jos. I would say those are just titles but everybody has been playing that role. I am a shareholder in Chocolate City and it was so even when I left two years ago.