Economy
Illegal Bunkering: Aiteo Distances Self from Niger Delta Protests
By Dipo Olowookere
The management of Aiteo Eastern Exploration and Production Company has denied any involvement in the protests around the oil-rich Niger Delta region of Nigeria.
In a statement issued by the oil firm, it vehemently refuted the claim made by the Commander of Operation Delta Safe (OPDS), Rear Admiral Apochi Suleiman on or about June 1, 2018 citing the company and its Chief Executive, Mr Benedict Peters, as the masterminds behind the serious allegations levied against him by the people of the oil-rich Niger Delta region of Nigeria.
In the statement, Aiteo said to put the factual matrix in perspective, it appears that on June 1, 2018, hundreds of youths connected to the Niger Delta region organised a World Press Conference at Abuja within which one of the central themes was to draw attention to the activities of Rear Admiral Apochi Suleiman in his role as the OPDS, also known as Joint Task Force (JTF), Supremo. OPDS, which comprises of members of the Nigerian Navy, Army, Police, Nigeria Security and Civil Defence Corps and Custom Service personnel was designed to ensure the safety of lives and property in the Niger-Delta but with the continued unabated illegal oil bunkering activities which has translated into the loss of lives and attendant revenue to the tune of billions of dollars, allegations were made against him, accusing him of complicity in the growing menace of illegal bunkering and oil thefts and calling for his immediate removal from office.
“For the avoidance of any doubt whatsoever, any attempt by the embattled Admiral Suleiman to suggest Aiteo’s involvement in the activities of those who undertook the event or indeed any other related activity is a distraction designed to fail.
“It does not, in any way, detract from the weight of allegations with which Admiral Suleiman has been publicly confronted nor the overwhelming need for him to engage in a process that will allow him to deal with the substantive issues that flow from that event,” the statement said.
The management noted that Aiteo has enormous responsibilities in the oil industry requiring focused intensity and attention in the execution of our quite considerable commercial obligations.
With a daily production in the region of 90,000kbp, the NNPC/Aiteo JV is now directly responsible for producing 5% of the country’s daily Oil production.
In doing so, the firm said it employs over several hundred direct staff and thousands of others indirectly through contractors and service suppliers.
“This sense of responsibility is the bedrock on which our commercial and other activities are founded. Sadly, these oil thefts have meant that we are one of the biggest victims of oil theft in the country.
“As the opportunity regretfully presents, we consider it apt to clarify a number of “matters arising” from the Admiral’s unfortunate comments:
“As a result of recurrent thefts along the NCTL pipeline route resulting in significant pressure reductions on the trunk line, theft points identification as well as illegal refineries, and corroborated by several Joint Investigative visits constituted by various regulatory bodies and the applicable host community, Nigeria has experienced loss of production and revenue that should have accrued to the country. In Dec 2016 alone, 45.46% of the total net crude injected into the NCTL was lost on this basis which implies that the country lost revenues that could have been accumulated in the country’s treasury from crude sales.
“Third party interference with the line has often resulted in oil leaks which ultimately culminate in shutting down the NCTL to undertake emergency repairs. This in itself has resulted in the NCTL being shut down for about 145 days and an approximate deferment of 50.386 million barrels of Crude Oil (Net) for the 6 injectors into the NCTL since Aiteo took over the operatorship of the Trunk line in September 2015.
“As recently as May 1, 2018 there were a total of 24 illegal bunkering points identified along the NCTL. Aiteo has successfully repaired 9 of these illegal bunkering points during May 2018 at a huge cost to the company. These illegal bunkering points also contribute to the huge losses on the volumes injected across the NCTL by the six OMLs and the volumes actually received at Bonny Terminal.
“Due to the continued vandalisation of the NCTL and resulting oil theft, Aiteo has written to the Federal Government, through the Chief of Army Staff, General TY Buratai on two occasions (April 17 and 23, 2018), requesting the involvement of the Armed Forces in reinforcing existing security arrangements to the pipeline as the incessant security breaches were resulting in losses amounting to billions of Naira for the country. We have made similar efforts to various other arms of the security apparatus of the country.
“Aiteo is very concerned, not just about the effect of these disruptions on its bottom-line, but the health and livelihood of people living in these areas. This tragic trajectory is not only condemnable, but inimical to human existence, in the long term.
“Some of these issues are captured in recurring questions that may even have been articulated by those communities complaining about the OPDS’s role as follows:
“Why has large-scale illegal oil bunkering and refining assumed unprecedented dimensions in recent times?
“Is it correct that the security forces are now offering protection/escort services to those allegedly responsible for oil thefts?
“How is it that vessel movement of the oil thieves occurs unnoticed in the region despite heightened activity in large scale illegal bunkering?
“Nigeria cannot afford to remain passive as our sovereign wealth is being aggressively pilfered, aided by indifference on the part of relevant stakeholders. These activities are highly injurious to the economy of a country vacillating between recession and the fringes of economic stability. As a major indigenous producer, Aiteo identifies with issues about which the communities rightly complain. “Although – and again we make this abundantly clear – we have NOT instigated them to participate in any protest, we believe the object of their complaint about the persistence of illegal bunkering remains germane. All hands must be on deck to diminish and extinguish the theft of oil across the NCTL and other such national facilities and its attendant implications,” the statement said.
The management emphasised that as a socially responsible organisation, Aiteo understands that the community bears the brunt of illegal bunkering and refining activities.
“Indigenes of these communities remain morally and legally free to exercise their constitutionally guaranteed civic rights to peacefully protest against ills in their community till their voices are heard and desired remedial or corrective actions are taken.
“Aiteo utilizes this opportunity to reiterate its long-standing commitment to due process and international best practices in the discharge of every aspect of its statutory mandate,” it said.
By Adedapo Adesanya
A cross-border payments solutions company, Grey has expanded its business banking platform to include US Dollar corporate accounts, bulk international payments, and USDC stablecoin support, all integrated into a single system.
The company is positioning itself as a low-cost, faster alternative to traditional international banking, particularly for businesses in emerging markets as it enables companies to open US Dollar accounts, receive global payments, and send payouts to 170+ countries, including bulk transfers, within minutes.
Grey aims to solve common cross-border payment challenges, particularly the high transfer costs that often range between 6 and 7 per cent of transaction value, prolonged settlement cycles that can stretch across several days, and the limited access many businesses face when trying to open and operate foreign currency accounts. In addition, companies frequently contend with hidden intermediary fees and poor foreign exchange transparency, both of which undermine cost predictability and effective cash flow management.
By integrating USD business accounts and USDC stablecoin functionality into its platform, Grey enhances its value proposition around faster settlement, clearer pricing structures, improved cost efficiency, and broader global accessibility. The expanded capabilities enable businesses to manage international transactions with greater speed, transparency, and operational control.
“Businesses may operate without borders today, but access to reliable global banking remains uneven, particularly for companies in high-growth markets,” said Mr Idorenyin Obong, Co-founder and Chief Executive Officer of Grey. “We’re closing that gap and enabling businesses to move money faster, with greater transparency and control, wherever their clients or partners are based.”
“When payments are delayed, or costs are unpredictable, growth stalls,” added Mr Joseph Femi Aghedo, Chief Operating Officer and Co-founder of Grey. “Grey eliminates those friction points, giving businesses a faster, simpler way to manage payroll, supplier payments, and partner payouts across borders. Adding USD and stablecoin capabilities makes these benefits accessible to even more customers.”
Established in Africa in 2020, Grey has a presence in key markets, including the United States, the United Kingdom, and Europe, and has recently expanded its services and operations into Latin America and Southeast Asia.
Since its inception, the company has consistently enhanced its services to empower digital nomads worldwide, regardless of location. Grey’s offerings include multi-currency accounts, low-cost international money transfers, a virtual USD card, expense management tools, and robust security measures.
By Aduragbemi Omiyale
A partnership designed to expand access to stablecoins and on-chain financial opportunities for everyday users and businesses has been entered into between Quidax and Lisk.
The partnership provides a critical gateway for the developer community, as builders on the Lisk network can now leverage Quidax’s robust digital asset infrastructure to access stablecoins and local currencies at competitive rates.
This institutional-grade infrastructure is designed to power “future-forward” financial products, ranging from neobanks and cross-border payment platforms to regional exchanges and global fintech solutions. It will also allow Quidax customers to trade and move value seamlessly using USDT, USDC, LSK, and Ether (ETH) on the Lisk network.
The collaboration will also accelerate the adoption of Web3 solutions that solve real-world financial challenges for millions of customers across Africa by combining Quidax’s deep local liquidity and compliant framework with Lisk’s scalable L2 technology.
In 2024, Quidax became the first crypto exchange to receive a provisional operating license from Nigeria’s Securities and Exchange Commission (SEC).
“The partnership with Lisk enables us to extend our platform to serve more people and cater to the increasing demand from products and services that want to integrate our stablecoin and digital assets product to build products across Africa,” the Chief Infrastructure Officer at Quidax, Mr Morris Ebieroma, said.
Also commenting, the Ecosystem Lead for Africa at Lisk, Ms Chidubem Emelumadu, said, “Africa represents one of the most critical frontiers for blockchain innovation, where the demand for reliable and inclusive financial tools is urgent.
“Our partnership with Quidax expands access to stablecoins and on-chain financial opportunities for everyday users and businesses. At the same time, it gives founders building on Lisk the critical infrastructure they need to create solutions that can scale meaningfully across the continent,” she added.
By Adedapo Adesanya
The Nigeria Customs Service (NCS) has urged freight forwarders to adopt its automated Licence and Permits Processing system to reduce the cost of doing business.
This advice was given by the Assistant Comptroller-General of Customs, Mr Muhammed Babadede, during a stakeholders’ engagement on automation held in Lagos on Monday.
He noted that the reform responds to longstanding demands for faster, more transparent and simpler procedures for industry stakeholders, disclosing that Comptroller-General of Customs, Mr Bashir Adeniyi, has approved the full automation of the service’s licences and permits processes.
“For years, stakeholders dealt with paperwork, long queues and uncertainty from manual processing. Those days are coming to an end.
“This sensitisation is across all zones. The goal is to ensure stakeholders understand the automated system before implementation,” Mr Babadede said.
He said automation would enable applications and renewals from offices or mobile phones, eliminating visits to customs formations, assuring stakeholders of a fair and consistent process, and reducing errors associated with manual documentation.
He said automation would improve record-keeping, supervision and service delivery without increasing pressure on officers.
The Deputy Comptroller-General, Tariff and Trade, CK Naigwan, also represented by Mr Babadede, reiterated management’s commitment to seamless implementation.
Meanwhile, the Comptroller of Customs for Licence and Permit Unit, Mrs Ngozika Anozie, praised the Comptroller-General for driving innovation within the Service, saying the automation aligns Customs procedures with global best practice and strengthens institutional efficiency.
According to her, the reform reflects the three-point agenda of the Chairman of the World Customs Organisation, Mr Adeniyi, centred on consolidation, collaboration and innovation.
She said the system would enhance the ease of doing business in the maritime sector and boost national revenue generation.
“Automation will cut business costs and reduce travel risks for stakeholders
“They will no longer travel repeatedly to Abuja, paying for transport, hotels and feeding to process licences and permits,” she said, adding that the platform would automatically reject fake documents and accept genuine submissions, curbing fraudulent practices.
“The CGC is determined to sanitise the system, and we are committed to achieving that objective,” Mrs Anozie said.
On his part, the Assistant Superintendent of Customs, Mr Ibrahim Usman, said the Licence and Permit Unit operates under the Tariff and Trade Department.
He explained that the unit ensures proper issuance of licences and permits and compliance with import regulations.
Mr Usman said all licences and permits expire on December 31 of their issuance year.
He added that the portal would become fully operational after nationwide sensitisation, with stakeholders duly informed.
Customs Area Controller, Tincan Island Command, Mr Frank Onyeka, thanked stakeholders for their continued support.
He urged them to take the exercise seriously to achieve seamless processing across Customs operations.
Stakeholders raised concerns about online payment integration and potential technical disruptions.
Officials addressed the questions and pledged continued engagement to ensure smooth implementation nationwide.
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