Connect with us

Business

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

Published

on

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.

ALSO READ:  Abuja NSE play dominant role infrastructural development —Governor Mbah

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.”

ALSO READ:  Blackout: FG Implements Emergency Measures to Restore Power to Northern States

“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.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Bayelsa Hits N4.2bn Monthly IGR, Credits e-Ticketing System

Published

on

The Bayelsa State Internal Revenue Service has announced a historic increase in the state’s Internally Generated Revenue hitting N4.2 billion in a single month, marking a 320 per cent surge from previous figures.

The development, disclosed in a statement by BIRS on Saturday, was attributed to the introduction of an electronic ticketing (e-ticketing) system, which has eliminated cash leakages, curbed corruption, and improved transparency in tax collection.

BIRS chairman, Daniel Eniekezimene,
stated that the government transitioned to a fully automated tax collection system, ensuring that all payments from transport operators, traders, and businesses go directly into state coffers.

Unlike the old manual system, the e-ticketing platform generates instant receipts, making transactions traceable and reducing opportunities for extortion.

“This is a turning point for Bayelsa. We have blocked revenue leakages and ensured that every kobo collected goes straight into government accounts,” Eniekezimene stated.

A commercial tricycle operator, Isaac Tamuno, described the shift as a relief.

No individual is bigger than PDP – Bayelsa gov
He stated, “Before now, we never knew where our money was going. But with this e-ticket, we get receipts instantly, and no one can cheat us. It’s a big change for us.”

The chairman said the surge in IGR is expected to fund critical infrastructure projects, education, and healthcare.

Speaking on the significance of the revenue jump, Governor Douye Diri said, “This unprecedented revenue growth means we can now invest more in roads, schools, and healthcare. Our administration is committed to ensuring that every Bayelsan benefits from these reforms.”

Bayelsa’s success with e-ticketing is already being touted as a model for other states struggling with low IGR.

ALSO READ:  Elon Musk urged to creat maintenance programmes for Starlink in Nigeria

Eniekezimene emphasised the broader implications of the reform.

“What we have achieved in Bayelsa proves that technology is the way forward. Other states facing similar challenges should consider e-ticketing to improve revenue collection and accountability,” he stated.

Continue Reading

Business

Stock market declines further by N31bn

Published

on

Trading activities on the Nigerian Exchange Ltd. (NGX) on Thursday closed on a negative note, with the market capitalisation declining further by N31 billion.

Specifically, the NGX market capitalisation fell by N31 billion, or 0.05 per cent, to close at N66.109 trillion from N66.140 trillion recorded on Wednesday.

Also, the All-Share Index dropped by 0.05 per cent, or 49.26 points, to close at 105,426.12, against 105,475.38 posted the previous day.

The negative performance was attributed to reactionary behaviour exhibited by some investors.

The market breadth closed negative, with 29 losers and 23 gainers.

On the losers’ chart, John Holt declined by 10 per cent to close at N7.74, while Chams Holding dropped by 8.52 per cent to close at N2.04 per share.

Secure Electronic Technology fell by 8.42 per cent to close at 54 kobo, and May & Baker Nigeria lost 7.95 per cent to close at N8.10 per share.

Similarly, UPDC Real Estate Investment Trust declined by 6.90 per cent to close at N2.70 per share.

On the gainers’ chart, FG202031S1 rose by 12.09 percent to close at N97.52, while The Initiates Plc soared by 9.85 per cent to close at N4.46 per share.

Universal Insurance increased by 9.09 per cent to close at 60k, and Mutual Benefits rose by 9.09 per cent to close at 96 kobo per share.

Also, Royal Exchange gained 8.99 percent to close at 97k per share.

A total of 423.62 million shares, worth N9.181 billion, were exchanged across 11,393 transactions.

This is compared to 5.760 billion shares, worth N342.605 billion, exchanged across 10,908 transactions recorded earlier.

ALSO READ:  NABG: Advancing Agriculture For Sustainable Growth

Transactions in Access Corporation shares topped the activity chart, with 64.962 million shares worth N1.430 billion.

Zenith Bank followed with 41.504 million shares valued at N1.972 billion, while Fidelity Bank transacted 40.703 million shares worth N773.215 million.

Secure Electronic Technology sold 38.419 million shares valued at N20.832 million, and Tantalizers traded 31.503 million shares worth N89.914 million.

Meanwhile, Tajudeen Olayinka, Chief Executive Officer, Wyoming Capital and Partners, said that considering the recent impressive financial results released by United Bank for Africa and Zenith Bank, the stock market should have followed a positive trend.

Olayinka attributed the negative performance to reactionary behaviour from some investors who were not pleased with Zenith Bank’s dividend and reduced share price.

He further described this as mispricing and misjudgment by some investors. (NAN)

Continue Reading

Business

Senate Moves To Slash Data Prices, Calls For FG’s Intervention

Published

on

The senate has called on the federal government to take urgent action to address the rising cost of data services in the country.

During Wednesday’s plenary, lawmakers debated a motion sponsored by Asuquo Ekpeyong, senator representing Cross River south, highlighting the financial strain caused by recent hike in data tariffs.

Ekpeyong warned that the surge in data costs was a major setback for young Nigerians who depend on the internet for their livelihoods.

He argued that many young people use digital platforms for freelancing, e-commerce, content creation, and software development, making affordable internet access crucial to their economic survival.

“Telecommunication providers in Nigeria have recently increased the cost of data services by as much as 200%. A move that has placed significant financial strain on millions of Nigerians, especially young people who rely on the internet for their livelihood,” he said.

“Young Nigerians have embraced the digital economy, leveraging the internet for various income-generating activities including freelancing and remote work, direct marketing and social media management, e-commerce, content creation on various platforms, online training, software development, web design, mobile app creation, content creation of various platforms, online education, etc.

“The senate notes that young Nigerians have embraced the digital economy, leveraging the internet for their livelihood, leaving them heavily dependent on mobile telecommunications companies for internet access, and that the sudden and substantial increase in data cost threatens their economic survival and limits access to critical digital services.

“The senate is further concerned that the reasons provided by telecom providers for the data price hike, including high operational costs of favourable exchanges, are untenable, and appears that instead of addressing the root causes of the high cost of doing business in Nigeria, the burden is being unfairly transferred to end-users.

ALSO READ:  Abuja NSE play dominant role infrastructural development —Governor Mbah

“Senate is aware that the high cost of doing business in Nigeria is driven by multiple challenges, such as increased operational risk and insurance costs.

“The senate believes that urgent government intervention is required to ensure that affordable internet access remains available to all Nigerians, particularly to the young Nigerians who are at the backbone of Nigeria’s digital economy.

“The senate accordingly resolves to urge the federal government to engage with telecommunication providers to review the recent increase in data costs and ensure the pricing remains fair and affordable for all Nigerians.”

The motion was seconded by Titus Zam, senator representing Benue north-west, and received the support of other lawmakers.

Victor Umeh, senator representing Anambra central, criticised not just the rising cost of data but also increases in telecom charges and Pay TV tariffs, accusing regulatory bodies of failing to protect Nigerians.

“If you buy airtime or data, within minutes, you are out of it. Nigerians are suffering so much, and we cannot turn a blind eye,” he said.

Sadiq Umar, senator representing Kwara North, warned that the price hike disproportionately affects young people, who form a significant part of Nigeria’s workforce.

“These service providers must make life easier for young Nigerians, not harder. The government needs to step in before this situation worsens,” he said.

Lawmakers urged the federal government to engage telecom providers to review and reduce the recent increase in data costs.

They also called on the ministry of communications, innovation, and digital economy to develop a policy framework for affordable internet access.

ALSO READ:  CBN Launches Electronic Foreign Exchange Matching System to Mitigate Speculation

Lawmakers further recommended the creation of tech hubs across the country to provide free or subsidised internet for entrepreneurs, students, and innovators.

They also directed the senate committee on communications to investigate the factors driving high data costs and propose solutions to make the telecom sector more business-friendly.

Following the debate, Senate President Godswill Akpabio put the motion to a vote, and it was unanimously adopted.

Akpabio praised Ekpeyong for raising the issue, saying the intervention would support young entrepreneurs and ensure fair pricing in the digital economy.

“This motion, when implemented, will assist our young entrepreneurs, not only to remain in business but also to ensure that they have affordable pricing that allows them to generate profits,” he said.

Continue Reading