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112 Crude Oil Theft: Group Asks NNPCL To Terminate Contract Linked To Olu Of Warri

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A pan Nigeria group, National Awareness Forum (NAF) has asked the Nigerian National Petroleum Company Limited (NNPCL) to speedily terminate the oil pipelines surveillance contracts awarded to the Pipelines Infrastructures Nigeria Limited (PINL).

The PINL believed to be operated by the Itsekiri monarch, the Olu of Warri, Ogiame Atuwatse 111, was awarded the contract for the surveillance of the oil pipelines in some parts of the Niger Delta and South-East zones .

The PINL was mandated by the NPPCL to watch over oil pipelines and installations in some parts of Rivers and Imo State.

The NAF, in a statement issued in Abuja on Monday, said its position was in response to the alarm raised by the management of NNPCL that 112 cases of crude oil theft were recorded between December 23rd and 29th, 2023 alone .

The group accused the management and officials of PINL of conniving with oil thieves to sabotage the nation’s economy, adding “the private security outfit in collaboration with criminals was behind the crude oil theft”.

The NAF statement signed by its President, Alhaji Abdul-Azeez Abdullahi and Publicity Secretary, Mr. Ikechukwu Ngozi, lamented that the scenes of the 112 illicit oil deals were under the jurisdiction of PINL.

Arguing that PINL has failed to deliver in view of the latest development, the body requested the Presidency to prevail on the board and management of NNPCL to revoke the the contract for breach of agreement.

NAF stressed that the outcome of its preliminary findings in the wake of the alarm raised by NNPCL in the aftermath of the 112 cases of oil theft revealed that the unsavoury actions took place majorly in the areas under the contractual agreement with PINL in Rivers and Imo states.

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In reviewing the PINL’s handling of the surveillance pipelines contract, the body noted that the Trans- Forcados pipelines in Delta state, suffered the same fate of incessant attacks by oil thieves when it was under the protection of the private security company.

The NAF stated that the Trans-Forcados pipelines began to experience peace when it was taken away from PINL and given to another private security company to manage.

The NAF said PINL was not dutifully and painstakingly executing the contracts, adding that while other private security outfits hired men to keep the vigil over the pipelines, the PINL abandoned its responsibility as enshrined in the contracts, for pecuniary gains.

Stating that the management of PINL was just pocketing billions of naira annually “for doing nothing”, the group said there was no wisdom in retaining the PINL for the job.

According to the group, “There is no wisdom in NNPCL retaining the Pipelienes Infrastructures Nigeria Limited for surveillance contracts again because the private security provider has failed the country. The large chunk of the recent 112 cases of oil theft reported by NNPCL in the Niger Delta and South-East took place in the areas under the surveillance of PINL.

“That was how the Trans-Forcados pipelines in Delta state was being constantly and regularly vandalised with crude oil steadily stolen from it when it was under the guidance of the Pipelienes Infrastructures Nigeria. Limited.
The Trans-Forcados has since been at peace after it was taken away from PINL and given to another private security company to manage.”

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“We call on the Presidency to do the needful because those collaborating with the illicit oil barons to steal the nation’s oil wealth cannot still be patronised to watch over the same installations and facilties they are sabotaging,” the group added.

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MTN Nigeria posts N1trn revenue surge

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MTN Nigeria Communications Plc generated N1.0 trillion in service revenue in the first quarter of 2025.

This marks a 40.5 per cent increase from the N752.99 billion earned in Q1 2024.

The company confirmed this in a corporate filing with the Nigerian Exchange Ltd. on Tuesday.

Profit after tax dropped by 134 per cent, falling to N133.7 billion from N392.7 billion in the same period of 2024.

Its total subscriber base grew by 8.2 per cent to 84.1 million, with 3.2 million new additions in Q1 2025.

Active data users rose by 13 per cent to 50.3 million, following the addition of 2.6 million users.

EBITDA climbed 65.9 per cent to N492.7 billion, while EBITDA margin improved by 7.2 percentage points to 46.6 per cent.

The company recorded free cash flow of N209.9 billion and earnings per share stood at N6.38.

MTN Nigeria CEO, Karl Toriola, expressed satisfaction with the Q1 2025 results, citing strong strategic execution and resilient service demand.

He said momentum from Q4 2024 had helped put the firm on track to restore profitability and achieve a positive net asset position.

He added that regulatory approval for price adjustments was essential to sustain investment and maintain service quality.

This approval enabled N202.4 billion in capital expenditure, up 159 per cent, aimed at expanding capacity and enhancing user experience.

Toriola said the 40.5 per cent growth in service revenue underscored strong demand and commercial discipline.

He noted that Q1 results do not yet reflect the full impact of price changes made late in the quarter. (NAN)

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NGX transacts 733.05m shares worth N35.29bn

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The Nigerian Exchange Ltd. (NGX) on Tuesday transacted 733.05 million shares worth N35.288 billion in 16,619 transactions.

This is in contrast with 500.59 million shares worth N12.110 billion that was traded in 17,637 deals earlier.

Meanwhile, transactions in the shares of Fidelity Bank topped the activity chart with 285.15 million shares worth N5.774 billion.

MTN Nigeria followed with 86.850 million shares valued at N20.931 billion while Access Corporation transacted 35.56 million shares worth N851.27 million.

Universal Insurance traded 29.810 million shares valued at N15.188 million and Guaranty Trust Holding Company sold 28.510 million shares worth N1.935 billion.

Meanwhile, the stock market on Tuesday witnessed a downturn as investors lost N1.116 billion with mixed performance indices.

Market capitalisation dropped by N1.116 billion or 0.70 per cent to close at N65.577 trillion, compared with N66.693 trillion posted on Monday.

Similarly, the All-Share Index (ASI) fell by 185 points or 1.17 per cent, to settle at 105,931.18 from N106,116.18 earlier recorded.

The negative trend was driven by profit taking in MTN Nigeria, Africa Prudential, PZ, First Bank Holding Company and others.

However, the market breadth closed positive with 33 gainers and 19 losers, suggesting positive sentiment.

On the gainers’ chart, Legend Internet Plc rose by 10 per cent, closing at N8.25 while ABC Transport gained by 9.94 per cent, to settle at N1.88 per share.

Cadbury Nigeria rose by 9.91 per cent, ending the session at N32.15 and Champion increased by 9.79 per cent to close at N4.71 per share.

Similarly, Eterna soared by 9.46 per cent, closing at N48.00 per share.

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On the losers’ chart, Livestock Feeds declined by 9. 71 per cent, settling at N7.22 while Multiverse Mining fell by 9.62 per cent, closing at N7.05 per share.

McNichols Plc dropped by 9.47 per cent to close at N1.72 and Omatek lost by 9.23 per cent, closing at 59k per share.

Also, MTN Nigeria shed by 6.07 per cent to finish at N240.00 per share. (NAN)

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CAC Gives Unregistered Businesses 6 Weeks to Register or Face Prosecution

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The Corporate Affairs Commission (CAC) has directed companies, limited liability partnerships, and business owners operating under unregistered business names to register within six weeks.

In a statement on Tuesday, the CAC warned that failure to register will result in enforcement action, including prosecution.

“The commission wishes to inform the general public that its a criminal offence under Section 863 of the Companies and Allied Matters Act, 2020 to carry on business in Nigeria as a Company, Limited Liability Partnership, Limited Partnership or under a Business Name without registration under the Act or by a name (or acronym) other than the name (or acronym) by which the business was registered under the Act,” the statement reads.

“The General Public should note that Section 729 of the Act requires every Company registered under the Act to state its name as registered and its registration number outside every place where it carries on business.

“In addition, the Company is required to state its registered name and registration number on all its official publications, including its letterhead, signage(s), marketing and publicity materials.

“In particular, the General Public should note the provisions of Section 862 (1) of the Act which provides that any person who, in any document required by, or for the purpose of any of the provisions of the Act (including the aforementioned official publications of a Company), makes a statement which is false in any material particular knowing it to be false, commits an offence and is liable on conviction to imprisonment for a term of two years in addition to a daily fine against the Company for every day during which the offence continues.

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“In view of the foregoing, every Company, Limited Liability Partnership, Limited Partnership and Business Name proprietor(s) is hereby required to ensure full compliance with the above requirements of the Act within six (6) weeks of this notice failing which the Commission shall take all necessary steps (including prosecution) to enforce compliance.”

In April 2024, Mahmud Bello, the commission’s registrar-general, said business owners in Nigeria can conveniently register their businesses online within 48 hours.

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