General
NUPENG Seeks EFCC Support to Tackle Illegal Oil Bunkering
By Adedapo Adesanya
Following its fight against foreign exchange speculators and hoarders, the National Union of Petroleum and Natural Gas Workers (NUPENG) has sought the collaboration of the Economic and Financial Crimes Commission (EFCC) in the fight against illegal oil bunkering in the country.
The collaboration was sought when the National President of NUPENG, Mr Williams Akporeha, led members of his executive council to the corporate headquarters of the anti-graft agency on a courtesy visit.
Mr Akporeha mentioned the challenges involved in the movement of petroleum products across the country and appealed to the EFCC to always come to the aid of truck drivers experiencing difficulties in the course of their work.
While calling for a partnership with the commission in sanitizing the oil and gas industry, he also lauded the EFCC Chairman, Mr Ola Olukoyede, for repositioning the anti-graft agency on the path of professionalism.
“I am not here to patronize you, but your administration has changed the way things were. Before now, when you hear of EFCC what would probably come to your mind is probably the killing of businesses and organizations, but there is a new approach to issues where people now have courage and feel that this is an institution that follows due process.
“Once your hand is clean, you can do genuine business in this country, and you will continue to prosper, and I appreciate you for that vision. I can assure you and your team of a solid collaboration of NUPENG,” he said.
Responding, the EFCC Chairman, Mr Olukoyede, noted that it was important that major players in the oil and gas sector collaborated with the Commission to confront the economic sabotage going on in the sector.
Mr Olukoyede assured NUPENG that the Commission would not arrest or detain any truck or driver who did not dabble into shady deals, noting that the process of profiling arrested suspected oil thieves and evaluation of petroleum products involved are often long drawn.
“It is important for us to come out as Nigerians to eradicate corruption since we all agree that corruption is a cankerworm militating against our progress as a nation. It is also important for us to collaborate and fight that major problem that is limiting our progress.
“As we collaborate from today, if there are members of your association that would want to continue to play hanky-panky, let them know that even their executives would not tolerate sharp practices.
“The EFCC will continue to work with every stakeholder in the oil and gas sector to ensure sanity in the sector,” he said.
Recall that Nigeria recently formed a joint task force, made up of leading law enforcement agencies such as the EFCC alongside the Nigeria Police Force (NPF), the Nigeria Customs Service (NCS), and the Nigeria Financial Intelligence Unit (NFIU), to combat foreign exchange (FX) speculation and tackle the issues affecting the country’s economic stability.
The endeavour signals the federal government’s serious intent to improve its Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) policies, aiming to clear its name from the grey list of the Financial Action Task Force.
By Adedapo Adesanya
Nigeria’s National Economic Council (NEC) has approved the establishment of Cotton, Textile and Garment Development Board as part of efforts to drive non-oil revenues.
This was disclosed by the Governor of Imo State, Mr Hope Uzodinma, while briefing State House Correspondents at the end of the 149th NEC meeting chaired by the Vice-President, Mr Kashim Shettima, on Thursday at Presidential Villa, Abuja.
He explained that in order to make the board function effectively, the council approved a proposal for Public-Private Partnership (PPP).
Mr Uzodinma stated that the chairman of the board would be selected from the private sector, adding that the body would be funded from import levies on textiles.
“The National Economic Council, among others things, received a representation from the members and leadership of Cotton, Textile and Garment Development Forum.
“These are private sector operatives who are into the cotton business, garment and textiles and the presentation highlighted their proposal on how to revitalise the cotton industry in Nigeria.
“The council endorsed the presentation and approved the establishment of a National and regional Offices for the board in each of the six geopolitical zones for proper coordination,” said Mr Uzodinma.
On his part, Governor Douye Diri of Bayelsa said the council also received proposal from the Minister of Livestock Development on acceleration strategy for the livestock industry.
He said the presentation was on on a plan to transformation the livestock industry between 2025 and 2030, stating that the strategy was built on the national livestock growth acceleration plan, which is expected to transform the sector to create jobs, export products and serve as an engine room for internally generated revenue.
“The projection is that the strategy will generate between $74 billion down and $90 billion in that sector by the year 2035.
“It will be a direct partnership with the state governors, the private sector and foreign investors under a very sound federal regulatory umbrella,” said Mr Diri.
He added that the investment would be prioritised into five key pillars between 2025 and 2026, saying the pillars are: animal health and zones control, feed and further development, water resources management, statistics and information and livestock value chain development.
By Adedapo Adesanya
The Nigerian Maritime Administration and Safety Agency (NIMASA) has announced plans to commence the disbursement of the $700 million Cabotage Vessel Financing Fund (CVFF) within the next four months.
Last week, the Minister of Marine and Blue Economy, Mr Adegboyega Oyetola, instructed the maritime regulator to initiate the long-awaited disbursement process for the fund.
This directive marked a significant shift from over two decades of administrative stagnation and ushers in a new era of strategic repositioning of Nigeria’s indigenous shipping.
Speaking on Wednesday, NIMASA’s Director General, Mr Dayo Mobereola, providing a timeline for the disbursement said this will happen within the next four months, which by calculation, is August 2025.
He made the announcement during an oversight visit by the House of Representatives Committee on Maritime Safety, Education, and Administration in Abuja, according to the News Agency of Nigeria (NAN).
“We are acting in accordance with the directive of the Minister to ensure indigenous shipowners finally have access to this critical funding. The guidelines have been streamlined based on the Minister’s approval, so beneficiaries can access the funds within three to four months,” he said.
“To effectively manage the $700 million intervention fund, the number of Primary Lending Institutions (PLIs) has been expanded from five to twelve.”
The CVFF, established under the Coastal and Inland Shipping (Cabotage) Act of 2003, was designed to empower Nigerian shipping companies through access to structured financing for vessel acquisition. However, successive administrations failed to operationalize the fund—until now.
According to Minister Oyetola, the disbursement of the CVFF will represent not just the release of funds, but a profound commitment to empowering Nigerian maritime operators, bolstering national competitiveness, and fostering sustainable economic development.
“This is not just about disbursing funds. It’s about rewriting a chapter in our maritime history. For over 20 years, the CVFF remained a dormant promise. Today, we are bringing it to life—deliberately, transparently, and strategically,” he stated.
NIMASA, in alignment with the Minister’s directive, has already issued a Marine Notice inviting eligible Nigerian shipping companies to apply.
Qualified applicants can access up to $25 million each at competitive interest rates to acquire vessels that meet international safety and performance standards.
The fund will be administered in partnership with carefully selected and approved Primary Lending Institutions (PLIs), ensuring professional and efficient disbursement.
By Adedapo Adesanya
The Ogun State Government, through its Environmental Protection Agency (OGEPA,) has sealed four industries for environmental infractions.
According to a statement by the spokesman of the agency, Mr Luke Adebesin, the affected organisations are Fortune Height Farms Limited and Sanda Wood Industry Limited, both in Odogbolu Local Government, Shengceramic Material Limited in Ogere axis of the Lagos-Ibadan Expressway and Nehemiah Grace Developer Limited at Ijako in Ado-Odo, Ota Local Government.
The Special Adviser to the Governor on OGEPA, Mr Farouk Akintunde, reiterated that all companies must comply with operating and environmental standards laid by the state.
The agency alleged that Fortune Height Farms Limited, which is into production of eggs and catfish, was sealed after a petition was received from its host community for discharging untreated influence into the environment.
Sanda Wood Industry Limited was sealed for allegedly denying government officials access into its facility while engaging in open burning, while Nehemiah Grace Developer Limited was sealed for encroaching on the waterways and constructing drainage without the state government permit.
“Ogun State government will not fold its hand and allow these industries to violate our Environmental laws,” the agency said, adding that it will continue to ensure that the South Western state is safe and secure.
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