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 Dipo Olowookere
The Nigerian Exchange (NGX) Limited resumed trading activity on Monday after a two-day break last Thursday and Friday for Eid al-Fitr.
At the resumption of trading of shares yesterday, investors embarked on profit-taking, crashing Customs Street by 1.07 per cent at the close of transactions.
The sell-offs were mainly in the banking, consumer goods and insurance sectors, which closed lower by 2.02 per cent, 1.13 per cent, and 0.16 per cent, respectively.
The trio made nonsense of the 0.31 per cent growth posted by the energy index and the 0.17 per cent increase recorded by the industrial goods counter.
Consequently, the All-Share Index (ASI) contracted by 2,142.83 points to 199,014.02 points from last Wednesday’s 201,156.85 points, and the market capitalisation decreased by N1.376 trillion to finish at N127.750 trillion compared with the previous N129.126 trillion.
Consolidated Hallmark was the worst-performing stock for the day after it lost 9.64 per cent to close at N4.50, Deap Capital depreciated by 8.37 per cent to N5.91, GTCO declined by 8.18 per cent to N105.00, International Energy Insurance lost 7.67 per cent to trade at N2.77, and Nigerian Breweries slumped by 7.29 per cent to N70.00.
Conversely, Presco appreciated by 10.00 per cent to N1,871.20, Zichis improved by 9.91 per cent to N9.43, John Holt expanded by 9.70 per cent to N13.00, Premier Paints grew by 9.62 per cent to N25.65, and Sovereign Trust Insurance gained 8.74 per cent to settle at N2.24.
Market participants transacted 848.8 million equities worth N53.3 billion in 139,458 deals on the first trading session of this week compared with the 6.1 billion equities valued at N130.1 billion traded in 58,562 deals in the preceding trading day, indicating a spike in the number of deals by 138.14 per cent, and a shrink in the trading volume and value by 86.09 per cent and 59.03 per cent apiece.
UBA was the most active stock on Monday, with a turnover of 114.2 million units worth N5.5 billion. Wema Bank traded 112.0 million units valued at N2.9 billion, Access Holdings transacted 54.8 million units for N1.4 billion, Zenith Bank exchanged 38.2 million units worth N4.1 billion, and Zichis sold 32.2 million units valued at N272.6 million.
By Adedapo Adesanya
Oil prices dropped over 10 per cent on Monday after US President Donald Trump said he would postpone any military strikes against Iranian power plants for five days.
Brent futures fell by $12.25 or 10.9 per cent to settle at $99.94 a barrel, while the US West Texas Intermediate (WTI) crude lost $10.10 or 10.3 per cent to trade at $88.13 per barrel.
President Trump claimed that constructive talks to resolve hostilities in the Middle East were going, hours before a deadline that threatened to escalate the four-week-old war over the Strait of Hormuz, where roughly 20 per cent of global oil and liquefied petroleum gas (LNG) flows through and which disruption has already driven a sharp spike in crude prices and heightened fears of a prolonged supply shock.
The Iranian media claimed there had been no direct or indirect contact with President Trump.
Iran’s Revolutionary Guards had said they would attack Israel’s power plants and those supplying US bases across the Gulf region if America follows through with Mr Trump’s threat to “obliterate” Iran’s power network. The war has already damaged major energy facilities in the Gulf and effectively halted shipping through the strait.
Amid the tussle, it was reported that two tankers bound for India sailed through the Strait of Hormuz on Monday carrying LNG loaded in the United Arab Emirates and Kuwait.
The head of the International Energy Agency (IEA), Mr Fatih Birol, estimated that since the current crisis, which started with bombings against the regime in Tehran on 28 February, there have been losses of 11 million barrels of oil per day and about 140 billion cubic metres of gas.
Mr Birol said that about 5 million barrels of oil had been lost in the two previous crises in 1973 and 1979, while Russia’s 2022 invasion of Ukraine removed about 75 billion cubic metres of natural gas from international markets.
The supply crunch has led to a temporary waiver of US sanctions on Russian and Iranian oil already at sea. Indian refiners plan to resume buying Iranian oil while refiners elsewhere in Asia are examining such a move.
There was a surplus in global oil markets at the start of 2026, but recent developments have sparked shortages and growing anxieties around the world.
Beyond supply, some demand has also been affected as global air travel remains severely disrupted after the Iran war forced the closure of key Middle Eastern hubs including Dubai, Doha and Abu Dhabi, stranding tens of thousands of passengers.
By Aduragbemi Omiyale
The Director General of the Nigeria Employers’ Consultative Association (NECA), Mr Adewale-Smatt Oyerinde, has run to the rooftop to warn of the negative impact of rising crude oil prices on businesses and households in the country.
In a statement on Monday, he said the Middle East crisis was pushing up domestic energy costs, placing pressure on businesses and eroding the purchasing power of citizens, warning that without urgent intervention, the situation could escalate.
According to him, fuel prices have risen sharply in recent days, with petrol exceeding N1,300 per litre in some locations and diesel approaching N1,800 per litre, reflecting the impact of global oil price movements.
He stressed that energy costs sit at the heart of Nigeria’s economy, and energy is the engine of production and distribution, noting that businesses, particularly in manufacturing, agriculture, and logistics, are already under significant pressure. “What we are witnessing is Nigeria’s oil paradox. Rising crude oil prices are pushing up domestic energy costs, squeezing businesses and worsening the cost of living for citizens.
“Once fuel prices rise, the effects are immediate and widespread: transport costs increase, food prices rise, and the overall cost of doing business escalates.
“For many firms that rely on diesel for operations, current price levels are becoming increasingly difficult to sustain. Profit margins are shrinking, and businesses are being forced to either pass on costs or scale down operations,” Mr Oyerinde stated.
The NECA DG further noted that global oil prices have surged amid geopolitical tensions, with Brent crude rising above $110 per barrel, intensifying cost pressures across energy markets.
He clarified that while the Middle East conflict has contributed to the rise in oil prices, the impact is exposing deeper structural weaknesses, underinvestment, weak infrastructure, and inefficiencies in Nigeria’s energy value chain.
“This situation is not only driven by external factors, but it is also reflecting ongoing constraints within the energy value chain, including supply inefficiencies and infrastructure limitations,” he disclosed.
“The government must act swiftly to ease supply constraints, stabilise prices, and provide targeted relief to critical sectors, he declared, emphasising that, “If this trend continues unchecked, we risk business closures, job losses, and a deeper cost-of-living crisis.”
On the long-term outlook, Mr Oyerinde emphasised the need for structural reforms. Nigeria’s resilience will not be determined by oil prices, but by how effectively we manage them. This is a moment to strengthen institutions, improve transparency, and invest in sustainable energy solutions.
He concluded with a caution that if properly managed, “this could strengthen our economy. If not, the gains from rising oil prices will be completely eroded by inflation and economic hardship.”
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