Economy
Apprehended Vessel MT PRAISEL Certified by NMDPRA—Navy
By Adedapo Adesanya
The Nigerian Navy has said the vessel arrested for allegedly transporting stolen crude on Thursday was certified by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the agency of government responsible for regulating midstream and downstream petroleum operations in Nigeria.
The Navy, in a statement, said the vessel MT PRAISEL was duly approved by NMDPRA to load 1,114,721 Litres of High Pour Fuel Oil (HPFO) from Greenmac Energy Storage/Tarus Jetty Koko from July 26 to August 8, 2023.
Business Post had reported that a private security outfit Tanita Security Services (TSS), owned by former Niger Delta militant leader, Mr Government Oweizide Ekpemupolo, also known as Tompolo, arrested the vessel bearing a Togolese flag for transporting stolen crude in the Koko area of Delta State.
According to personnel of the TSS, the 1,117 tons vessel was carrying about 8,100 barrels of crude and was being escorted by some naval officers led by a senior commander, fuelling suggestions of an alleged conspiracy of the Navy with oil thieves.
TSS operatives said they were met with resistance from the navy boat escorting the vessel and that the naval commander threatened to deal decisively with them but refused and contacted National Security Adviser, Mr Nuhu Ribadu, and the Chief of the Naval Staff, Vice Admiral Emmanuel Ogalla.
In reaction, the Nigerian Navy said it is a “misrepresentation of facts” to suggest that the operations of alleged crude oil thieves had the backing of its high command.
The Navy said it was in line with Standard Operating Procedure (SOP) to ensure strict compliance with the NMDPRA approval that its personnel were deployed to monitor the discharge of the product by MT PRAISEL at a facility at Bonny.
TSS at the time said it received intelligence alleging that the vessel was carrying stolen crude oil. The Navy countered and said it was contacted by TSS, and its personnel approached an element of Operation DELTA SAFE to board the vessel in order to verify the alleged stolen product.
The Navy said the vessel had been directed to Forward Operating Base ESCRAVOS anchorage for further investigation of the product onboard.
“The samples of the product onboard MT PRAISEL were collected on Thursday, August 3, 2023, by five agencies including NNPCL, NMDPRA and also TSSL in line with laid procedures for laboratory test and verification of the claim,” the Navy said.
“The NN, therefore, appeals to the general public to await the laboratory test result of the product and in-depth investigations on the allegation.”
The Navy said it has been at the forefront of supporting every single effort to halt economic saboteurs of Nigeria and called for “precaution by all stakeholders to avoid unnecessary impediment to legitimate commercial activities and businesses.”
By Adedapo Adesanya
The Nigeria Customs Service (NCS) is seeking a reduction in import duty exemptions, which rose to N34 trillion, limiting its ability to increase its revenue generation threshold.
The Comptroller-General of the Customs Service, Mr Adewale Adeniyi, disclosed that the value of import duty exemption certificate approvals increased to that level in 2025, describing the policy as one of the major factors restricting its revenue generation.
At an investigative session of the Senate Committee on Finance with revenue-generating agencies in Abuja on Monday, Mr Adeniyi explained that government fiscal policies have continued to impact the revenue-generating capacity of the Customs Service, both positively and negatively.
“The NCS would have generated significantly higher revenue over the years if not for government-approved import duty waivers and other external factors affecting collections,” he said.
He added that the Import Duty Exemption Certificate scheme, introduced in March 2020, accounted for about N34 trillion in approvals in 2025, with nearly 60 per cent covering duty-free importation of military hardware due to Nigeria’s prevailing security challenges.
Other government-backed duty waivers, he noted, covered the importation of Compressed Natural Gas (CNG), electric and hybrid vehicles, healthcare equipment and medical supplies, industrial machinery and manufacturing inputs, as well as food import intervention programmes.
While acknowledging the impact of the waivers on Customs revenue, Mr Adeniyi argued that fiscal policy should not be assessed solely on the basis of revenue generation but also on its broader economic and social objectives.
He, however, urged the federal government to establish stronger monitoring mechanisms to ensure beneficiaries of duty waivers deliver the intended economic outcomes, including lower consumer prices, increased local production and improved healthcare access.
The committee also expressed displeasure over the absence of several heads of government agencies invited to the hearing, including the Nigerian Civil Aviation Authority (NCAA), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Industrial Training Fund (ITF), and the Federal Medical Centre (FMC), Jabi.
The Chairman of the Senate Committee on Finance, Mr Sani Musa, warned that the affected chief executives must appear at the committee’s next sitting or face severe sanctions under the Senate’s rules.
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By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.40 per cent on Monday, July 13, buoyed by buying interest in 11 Plc, Central Securities Clearing System (CSCS) Plc and UBN Property Plc, which offset the profit-taking in Food Concepts Plc, the parent company of Chicken Republic.
11 Plc gained N20.69 to end at N227.64 per share compared with last Friday’s price of N206.95 per share, CSCS Plc grew by N1.83 to N91.48 per unit from N89.65 per unit, and UBN Property Plc added 1 Kobo to sell at N1.81 per share versus N1.80 per share.
On the flip side, Food Concepts Plc depreciated by 24 Kobo to close at N2.45 per unit, in contrast to the preceding session’s N2.69 per unit.
As a result, the market capitalisation increased by N9.2 billion to N2.587 trillion from N2.578 trillion, and the NASD Security Index (NSI) improved by 15.33 points to 4,311.67 points from 4,296.34 points.
Yesterday, the volume of securities traded by investors surged by 615.9 per cent to 9.1 million units from the previous 1.3 million units, and the value of securities rose by 997.1 per cent to N320.4 million from the preceding session’s N29.2 million, while the number of deals decreased by 12.5 per cent to 28 deals from last Friday’s 32 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 73.9 million units exchanged for N5.2 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
