A REQUIREMENT for the presentation of guarantees or performance bonds (issued by Nigerian banks) by oil marketing and trading companies participating in the scheme on a transactional basis as a mitigant against the presentation of false subsidy claims.

THE year was 2007, while the setting was the Aso Rock Presidential Villa in the Federal Capital Territory, Abuja. And the event of the day, was a courtesy visit by World Bank Vice President for Africa, Dr. Oby Ezekwesili. On hand to host the visiting World Bank Chief, was President Umar Musa Yar’Adua.

Nigeria does not have a verifiable statistical basis for computing its daily consumption of petroleum products and the absence of this data opened up the determination of the nation’s requirement for imported petroleum products to abuse

In the first part of this series, the price of Brent Crude, which is closer to the Nigerian light crude, was quoted at $95.56 per barrel on June 20, 2012. On June 28, 2012, it came down to $93 and that was on account of the strike in Norway, the world’s eighth largest producer.

The Senate has been in the forefront in the debate on how to resolve issues emanating from the state of insecurity that has partially closed-down a number of cities in the North. The appointment of a new National Security Adviser in the person of Col. Sambo Dasuki (rtd.) is one of the pro-active measures that have been taken by President Goodluck Jonathan towards frontally confronting the problem.