Economy
JTF Destroys 925 Illegal Refineries, Seizes 6.8 million Litres of Crude Oil
By Adedapo Adesanya
The Joint Task Force South-South, Operation Delta Safe (OPDS), demobilised no fewer than 925 illegal refining sites, dismantled 1,228 storage facilities and destroyed 297 large wooden boats in the last one year.
This was part of major operational successes recorded in the last twelve months, significantly degrading crude oil theft, illegal refining and sea robbery across the Niger Delta.
The Commander of OPDS, Rear Admiral Olugbenga Oladipo, disclosed this in Yenagoa during a Defence Media Operations tour and briefing on the activities of the task force.
The brief was presented by Asst. Commander A. Bako of the Nigeria Security and Civil Defence Corps (NSCDC), on his behalf.
He said sustained intelligence-driven kinetic and non-kinetic operations had strengthened the security of Nigeria’s critical oil and gas infrastructure, leading to improved crude oil production and export stability.
Reeling other milestones, he said “About 6.8 million litres of crude oil, 2.29 million litres of illegally refined diesel (AGO), as well as large quantities of PMS and DPK, were recovered or denied criminal elements,” he said.
The officer added that 136 tanker trucks conveying stolen petroleum products were intercepted, while 1,565 suspects linked to oil theft, illegal refining, kidnapping and other crimes were arrested and handed over to relevant prosecuting agencies.
He noted that the sustained operations helped achieve an average terminal factor of about 95 per cent on major pipelines, including the Trans Niger, Trans Ramos and Trans Escravos pipelines, particularly in the last quarter of 2025.
On maritime security, the OPDS commander said the task force conducted over 3,240 land and sea patrols, leading to the clearance and destruction of 14 militants’ and sea robbers’ camps.
He said the aggressive posture against sea robbery and piracy had resulted in zero piracy incidents in the Gulf of Guinea and the lowest incidence of sea robbery in Nigerian waters within the period.
In the area of arms control, the commander disclosed that 99 illicit weapons were recovered from criminal elements during intelligence-led raids across the joint operations area.
Beyond combat operations, he said OPDS intensified non-kinetic engagements, resolving about 282 Corporate Social Responsibility (CSR)-related disputes between oil companies and host communities.
“These mediation efforts involving companies such as Chevron, Aiteo, Oando and others helped prevent production shutdowns and fostered a more conducive operating environment,” he said.
He added that OPDS also carried out medical outreaches, educational support programmes and community development initiatives, while maintaining strong collaboration with pipeline surveillance contractors and regulatory agencies.
The officer commended the media for its role in public sensitisation and accurate reporting, describing it as a force multiplier in the campaign against crude oil theft and vandalism.
He assured that the task force would sustain operational pressure on criminal networks to further secure national economic assets and maintain peace in the Niger Delta.
In his remarks, the Director of Defence Media Operations, Major-General Michael Onoja, underscored the central role of information operations in modern warfare, describing effective communication as a critical line of operation in ongoing military campaigns across the country.
He said the Chief of Defence Staff (CDS), Gen. Christopher Musa, had placed renewed emphasis on strategic communication to strengthen public trust, improve perception management and enhance cooperation between the Armed Forces and the civil populace.
He described the media as a strategic partner and “heroes of democracy,” noting that the press remained the most effective bridge between the military and the public.
According to him, security communication is a two-way process in which information from citizens aided military operations, while accurate reporting helps promote transparency, accountability and national cohesion, in line with Section 22 of the 1999 Constitution.
He reaffirmed the Armed Forces of Nigeria’s commitment to transparency and accountability, stressing that oversight and responsible media engagement would strengthen professionalism and operational effectiveness.
The defence spokesman also commended troops and sister security agencies for their sacrifices in the fight against insecurity, adding that national security required a whole-of-nation approach and active citizen participation.
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has moved to tighten credit discipline across the banking sector, directing all financial institutions to deny additional loans and banking facilities to large borrowers whose existing loan obligations are classified as non-performing.
The directive, issued in a circular dated March 12, 2026, was signed by Mrs Olubukola Akinwunmi, Director of Banking Supervision, and addressed to all deposit money banks operating in the country.
Under the new policy, any borrower whose loan facility is recorded as non-performing in the Credit Risk Management System (CRMS), the CBN’s centralised credit database, or flagged by any licensed private credit bureau, will be immediately ineligible for new credit.
The measure takes effect without transition, applying across all banks simultaneously.
The apex bank’s restrictions extend beyond direct lending. Affected borrowers will also be denied access to contingent banking facilities, including bankers’ confirmations, letters of credit, performance bonds, and advance payment guarantees, instruments commonly used in trade finance and large-scale commercial transactions.
Banks have additionally been directed to obtain further realisable collateral from affected obligors to adequately secure their existing exposures.
The apex bank did not specify a timeline within which this additional collateral must be obtained.
The CBN defines large-ticket obligors as borrowers whose combined exposures across all banks exceed the Single Obligor Limit, or whose outstanding obligations materially affect a bank’s Capital Adequacy Ratio (CAR) or otherwise pose systemic risks to the broader financial system.
The policy is grounded in Clause 3.2(d) of the Prudential Guidelines for Deposit Money Banks.
The identification of such obligors will be based on data captured in the CRMS and reports from licensed private credit bureaus, according to the circular.
In issuing the directive, the CBN cited the heightened risk that large non-performing obligors pose to individual banks and the wider financial system.
The regulator stated that the new framework is designed to limit contagion risks and reinforce responsible lending practices across the sector.
The move reflects a broader regulatory effort to address the rise in non-performing loans (NPLs) within Nigeria’s banking sector and to ensure that institutions with significant credit exposures to distressed borrowers are not further endangered by extending new facilities to the same counterparties.
Compliance is expected from all deposit money banks with immediate effect.
The CBN did not outline specific sanctions for non-compliance in the circular, though supervisory penalties under the Banks and Other Financial Institutions Act (BOFIA) 2020 would ordinarily apply.
By Aduragbemi Omiyale
The presidential candidate of the Labour Party (LP) in the 2023 general elections, Mr Peter Obi, has blamed the federal government for the high energy costs in Nigeria.
In a post, the former Anambra State Governor said if the central government, led by President Bola Tinubu, had planned for the future, Nigerians would not be paying through their nose for premium motor spirit (PMS), otherwise known as petrol, and Automotive Gas Oil (AGO), also known as diesel.
Disruption in the supply of crude oil on the global market has caused consumers to pay more for petrol and diesel in the country.
The United States and Israel waged war against Iran, killing its Supreme Leader, Ayatollah Ali Khamenei, about two weeks ago in airstrikes.
This has triggered tension in the Middle East, with Iran firing missiles at its neighbours, and closing the Strait of Hormuz, a small water path between Iran and Oman, where one-fifth of global crude oil supply passes through.
Before the crisis, PMS was selling at N835 per litre and crude oil was below $90 per barrel. But oil rose above $100 per barrel, causing the price of petrol in Nigeria to hit over N1,200 per litre.
Reacting to the development, Mr Obi said Nigeria felt the shock despite not being attacked because the government failed to plan.
“Many people wonder why any adverse development in the global economy quickly impacts Nigeria. A recent example is the tension involving Iran, which led to an increase in global oil prices and, subsequently, a rise in petroleum prices in Nigeria.
“A few weeks ago, petrol was selling for less than N1,000 per litre, but today it costs over N1,200 per litre. Diesel, which was also priced below N1,000 per litre, is now over N1,500 per litre. These rapid increases illustrate how quickly external shocks can affect the Nigerian economy.
“The reason for this is straightforward: most countries, whether they are oil-producing or non-oil-producing, maintain strategic petroleum reserves to cushion against supply or price shocks. This means that when there is a disruption in the global oil market, they can release part of these reserves to stabilise supply. However, Nigeria lacks such a buffer, so the impact is felt almost immediately.
“The underlying issue is a lack of planning. Countries that engage in planning create buffers against shocks, while those that do not remain vulnerable to them. The old maxim remains true: when a country fails to plan, it has already planned to fail,” he wrote.
Earlier this week, the Minister of Finance, Mr Wale Edun, said the country’s economy was strong enough to absorb external shocks, saying the over 4 per cent growth in the gross domestic product (GDP) in the fourth quarter of last year was a testament to that.
By Adedapo Adesanya
The Chairman of the National Tax Policy Implementation Committee (NTPIC), Mr Joseph Tegbe, has reiterated that Nigeria’s new tax regime is designed to ease the burden on workers and small businesses while strengthening the country’s fiscal sustainability and economic competitiveness.
Speaking at the BusinessDay Tax Reform Conference 2026, themed “Navigating the New Tax Regime: What It Means for Your Wallet,” Mr Tegbe described the reforms as the most comprehensive overhaul of Nigeria’s tax architecture in decades, aimed at simplifying taxation, improving fairness, and encouraging economic growth.
According to him, the reforms, anchored on four landmark legislations: the Nigeria Tax Act, 2025, Nigeria Tax Administration Act, 2025, Nigeria Revenue Service (Establishment) Act, 2025, and the Joint Revenue Board of Nigeria (Establishment) Act, 2025, introduce targeted reliefs for individuals and small businesses.
Under the new framework, individuals earning less than N800,000 annually will pay no personal income tax, while workers can claim rent relief of up to 20 per cent, capped at N500,000, among other reliefs.
He also said small businesses will benefit significantly, with companies earning below N100 million in annual revenue and with assets under N250 million exempted from Company Income Tax (CIT), while nano-enterprises earning below N12 million annually are exempted from income tax.
He, however, underscored the importance of proper documentation of earnings and subsequent filing of returns, even for those who fall within the threshold exempted from income tax.
“These reforms are designed to make taxation simpler, fairer, and more predictable for Nigerians,” he said, adding that “For most workers and small businesses, the new regime means paying the same or even lower taxes while operating within a more transparent system.”
The reforms also strengthen Nigeria’s tax administration through improved coordination among key institutions, including the Nigeria Revenue Service, the Joint Revenue Board of Nigeria, the Tax Appeal Tribunal, and the Office of the Tax Ombudsman, while accelerating the digitalisation of tax processes.
Mr Tegbe noted that beyond improving revenue efficiency, the reforms aim to create a tax system that supports enterprise, investment, and long-term economic growth.
“The ultimate objective is to build a tax system that works for both government and citizens, one that supports development while protecting the pockets of ordinary Nigerians,” he concluded
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