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 Aduragbemi Omiyale
Between $30 billion and $50 billion in investments are anticipated from 22 major offshore projects by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) from now till 2030.
Speaking at the Society of Petroleum Engineers’ Nigeria Annual International Conference and Exhibition (NAICE 2026) in Lagos on Wednesday, the chief executive of NUPRC, Mrs Oritsemeyiwa Eyesan, said since 2022, successive licensing rounds have opened access to some of Nigeria’s most prospective oil and gas acreages.
She made reference to the recent 2025 Licensing Round where 31 companies emerged successful bidders for 37 oil and gas blocks after progressing through a robust, data-driven and technology enabled evaluation process.
Mrs Eyesan said the 2026 Licensing Round, which is set to commence soon, is showing greater promise thanks to the transparency that has characterised licensing rounds.
“With preparations already underway for the 2026 Licensing Round, Nigeria is demonstrating that investment certainty is no longer an aspiration; it is becoming an enduring feature of our regulatory framework,” the NUPRC boss stated.
The agency’s chief, who was represented at the event by the Executive Commissioner for Development and Production, Mr Enorense Amadasu, the expected investments are expected to increase production, create jobs and strengthen energy security.
“Since 2024, the NUPRC has approved over $57 billion in Field Development Plan (FDPs) some of which have translated to Final Investment Decisions. Twenty-two major offshore projects are expected between 2026 and 2030 with an estimated investment potential of $30–50 billion.
“Beyond increasing production, these investments will create jobs, expand infrastructure, strengthen energy security and reinforce Nigeria’s position as a leading global upstream investment destination,” she stated.
She noted that besides developing its proven reserves, Nigeria is building a resilient energy future by maintaining a strong pipeline of exploration opportunities that will sustain long-term growth and energy security.
Mrs Eyesan said infrastructure deficit continues to undermine Africa’s promising potential, stating that, Nigeria is, however, addressing this challenge through a series of strategies.
“We are expanding gas gathering systems, processing facilities, pipelines and export infrastructure, while promoting shared facilities, open access, third party access and field tiebacks to reduce costs, speed up project delivery, maximise the use of existing infrastructure and help bring stranded oil and gas resources into production,” the NUPRC boss stated.
Besides these infrastructure strategies, Mrs Eyesan said stronger collaboration among government, security agencies, operators, host communities and private partners; as well as the Host Community Development Trust had led to an improvement in the protection of critical energy assets which had ultimately made Nigeria’s upstream sector more resilient.
By Adedapo Adesanya
Pathway Advisors Limited has launched a N25 billion Series 3 Commercial Paper (CP) issuance for Zeenab Foods Limited, with proceeds expected to strengthen the agro-processing company’s working capital and support its short-term funding needs.
The offer, which is being issued under Zeenab Foods’ N50 billion Commercial Paper Programme, opened for subscription on August 4 and will close on August 10, 2026. Issue and settlement are scheduled for August 11, while the commercial paper will mature on August 10, 2027.
Acting as the lead arranger and issuing house, Pathway Advisors structured the 364-day instrument at a discount rate of 19.69 per cent, translating to an effective yield of 24.50 per cent. The offer has a minimum subscription of N5 million, with additional investments accepted in multiples of N1,000.
Founded in 2011, Zeenab Foods operates across rice milling, the export of processed agricultural commodities, and the supply of food products to international donor organisations, including the United Nations World Food Programme (UN-WFP). The company runs processing facilities in Abuja and Kano, while maintaining export liaison offices in Changsha, Guangzhou and Shanghai in China, as well as Dubai in the United Arab Emirates.
The company has received strong investment-grade ratings from leading credit rating agencies. Agusto & Co. assigned it a short-term rating of A1 and a long-term rating of A-, while DataPro Limited rated it A1 for the short term and A+ for the long term.
According to the transaction details, Zeenab Foods has maintained a strong repayment record under both its previous N20 billion Commercial Paper Programme and the current N50 billion programme. Since 2024, the company has redeemed multiple commercial paper series ahead of maturity, reinforcing investor confidence in its financial position.
The firm has also continued to expand its production capacity to meet growing demand. Its rice milling facility now has an installed capacity of 180 metric tonnes per day following a 50 per cent expansion completed in 2025, with average capacity utilisation standing at about 85 per cent.
Zeenab Foods has also positioned itself to benefit from policy changes in Nigeria’s agricultural sector. Following the federal government’s ban on raw shea nut exports in August 2025, the company leased a shea butter processing facility in Ogun State with an initial capacity of 100 metric tonnes per day. It plans to expand the facility to 300 metric tonnes daily while diversifying into soya oil processing, edible oil refining and cocoa butter production.
The organisation also expects continued growth from its long-standing relationship with the UN-WFP, supported by sustained humanitarian food demand across the Sahel region.
Pathway Advisors Limited, a Securities and Exchange Commission-regulated issuing house and financial advisory firm, said it remains focused on facilitating access to capital for businesses and supporting sustainable economic growth across key sectors of the Nigerian economy through its capital-raising and advisory services.
As MSMEs across the South-East seek opportunities for growth, market expansion and cross-border trade, Stanbic IBTC, in partnership with the Anambra State Government, convened the Nigeria Business Summit Regional Tour in Onitsha to equip businesses with practical solutions for sustainable growth.
The summit, organised in collaboration with the Anambra State Ministry of Commerce, Industry and Trade, brought together government officials, business leaders, trade associations, development partners and entrepreneurs to explore practical pathways for economic growth, business sustainability and increased participation in local and international trade.
Speaking at the event, which took place on Wednesday, 29 July 2026, Honourable Nonso Chukwuma Ebonwu, Commissioner for Commerce and Industry, Anambra State, highlighted the importance of stronger partnerships between government, financial institutions and the private sector in creating an environment where businesses can thrive and contribute meaningfully to economic growth.
“Sustainable economic development requires strong partnerships between the public and private sectors. Financial institutions such as Stanbic IBTC have an important role to play by providing not only access to finance but also business advisory services, capacity building and the knowledge that enables businesses to grow sustainably,” he said.
Given Onitsha’s strategic position as a commercial hub, discussions centred on access to finance, enterprise development, business sustainability and opportunities for expansion into new markets. Stanbic IBTC’s Trade Team also provided practical insights into trade and export opportunities available to businesses operating within the South-East’s manufacturing and distribution value chains, highlighting strategies that can help enterprises improve competitiveness and unlock new growth opportunities.
Commenting on Stanbic IBTC’s commitment to supporting Nigerian businesses, Chuma Nwokocha, Chief Executive, Stanbic IBTC Holdings, said:
“We recognise the critical role businesses play in driving economic growth, creating jobs and fostering innovation. Supporting their growth remains central to our purpose of driving Africa’s growth, and we will continue to provide the solutions, partnerships and platforms they need to thrive.”
Also commenting on Stanbic IBTC’s support for Nigerian businesses, Remy Osuagwu, Executive Director, Business and Commercial Banking, Stanbic IBTC Bank, said:
“Our commitment to supporting businesses is unrelenting. Through strategic partnerships and platforms such as the Nigeria Business Summit Regional Tour, we are connecting entrepreneurs to the knowledge, networks and financial solutions needed to scale their businesses and compete more effectively in today’s evolving marketplace.”
The summit also highlighted Stanbic IBTC’s focus on providing businesses with access to the capital, insights and connections needed to achieve sustainable growth. This commitment aligns with the strategic direction of the bank’s Enterprise Banking business, led by Olajumoke Bello, as Stanbic IBTC continues to deepen engagement with MSMEs and growth-focused businesses across Nigeria.
The Onitsha engagement builds on successful editions of the Nigeria Business Summit Regional Tour previously held in Katsina, Aba and Ibadan. Through the initiative, Stanbic IBTC continues to work with public and private sector stakeholders to equip entrepreneurs with practical insights, strategic partnerships and business solutions that support sustainable growth.
