Friday, December 16, 2005


India has dumped a billion dollar oil field deal with Nigeria into the Indian Ocean!When I was already jubilating for the success of this venture. But, the latest news report says that the Indian government is suspicious of the deal involving the
South Atlantic owned by Theophilus Danjuma, who was previously Nigeria's defense minister and a former army chief.

There was another financial deal involving the This Day newspaper of Nigeria in South Africa, but when the foreign investors discovered that the former head of state of Nigeria, Ibrahim Badamasi Babaginda was actually the godfather of the Nigerian company, they withdrew from the venture.Because of the risks involved.

Most of the retired Nigerian military leaders and their civilian partners in crime have looted the national treasury and invested the stolen funds in local and foreign ventures in oil and gas, banking, media, import and export and other capitalist ventures which they have been using to procure more lucrative contracts for White Elephant projects in Nigeria to continue to siphon more billions of Naira from our treasury.

The Nigerian oligarchy controls the ruling parties in Nigeria, the instruments of the bureaucracy of their kleptocracy.

India Blocks ONGC's $2 Billion Nigeria Investment (Update3)
Dec. 16 (Bloomberg) -- India's government blocked plans by state-owned Oil & Natural Gas Corp. to invest $2 billion in a Nigerian oil field, forcing the company to seek energy assets elsewhere to feed demand in Asia's fourth-largest economy.

Finance Minister P. Chidambaram, speaking to reporters in New Delhi today, didn't say why the government rejected the plan. Oil & Natural Gas wanted to buy a stake in the Akpo deepwater oil project from South Atlantic Petroleum Ltd., two people involved in the transaction said on Nov. 30. China's state-owned Cnooc Ltd. also submitted a bid, they said.

India lags China in acquiring oil and gas assets as the world's two fastest-growing major economies seek the energy supplies to support future expansion. Oil & Natural Gas lost out to Chinese companies that agreed to pay $5.6 billion for assets in Kazakhstan and Ecuador, in part because of price.

It makes sense for India's government ``not to approve an investment after foreseeing the risks involved,'' said K.K. Mital, who manages 2 billion rupees ($44 million) of stocks at Escorts Asset Management in New Delhi. ``The government would like to ensure the safety of its investments.''

South Atlantic is owned by Theophilus Danjuma, who was previously Nigeria's defense minister and a former army chief.


An ex-con said...

I have taken a close look at several of your blogs,and will be sure to return again.I am student of the world,and find your reports fascinating. Excellent writing.
Please email me so I can give you more details of myself.You can find the address from my profile

Free at Last! said... avoid confusion,the previous comment,while from me,was done under a site you may not be familiar with,check the profile here.Sorry for cluttering your comments,feel free to delete.Please use the email address from here.
You left a comment at my one blog,speaking about how it would be good documentary.