Economy
Joint Taskforce Destroys Sites Refining Shell Oil Illegally
By Adedapo Adesanya
The Joint Military Taskforce operating in the Niger Delta, Operation Delta Safe, says it has conducted series of anti-illegal oil bunkering and raid operations, leading to the deactivation of several illegal oil refining sites across the region.
This was disclosed by the Acting Director, Defence Media Operations, Brigadier General Bernard Onyeuko after the raid.
He noted that several illegal pipelines connected to a pipeline operated by the Shell Petroleum Development Company of Nigeria Limited (SPDC) in Ibaa, Emuoha Local Government Area of Rivers State, were disconnected.
He added that troops, during the aggressive raids, conducted between June 3 and 16, 2021, recovered stolen items and sealed reactivated illegal oil refining sites, hence thwarting the activities of oil thieves in Rivers and Delta States.
He further said some contraband vessels were also intercepted and confiscated by troops of Operation Delta Safe.
“These feats were achieved on 3rd and 4th June 2021, as troops conducted anti-illegal oil bunkering operations to deactivate illegal oil refining sites at Ibaa in Emohua LGA and Kumufari and Yalama Towns in Asari-Toru LGA of Rivers State.
“During the operations, several barrels of illegally refined PMS and AGO were impounded and storage tanks immobilized.
“Relatedly, troops, while on patrol on 4 June, intercepted and impounded several wooden boats; some laden with large quantities of stolen crude oil, others loaded with vandalized pipes at DSC Roundabout in Udu LGA and Opuama Creek in Warri North LGA of Delta State.
“Additionally, troops on 5th June disconnected an illegal pipeline laid by criminals connected to SPDC pipeline around Ibaa in Emohua LGA of Rivers State.
“Troops also re-sealed some illegal oil refining sites reactivated by criminal elements at Koko Community in Warri North LGA of Delta State on 6th June 2021.”
The Joint Military Taskforce was established across the Nigerian force and defence services to collaborate in tackling crude oil theft and attacks on oil and gas facilities across the nation.
SPDC had raised worries about the incessant theft of crude and the destruction of its pipeline facilities in Nigeria, a problem that has affecteded its profit turnover over the years.
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.
