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 Aduragbemi Omiyale
The Debt Management Office (DMO) has asked retail investors interested in investing in the FGN savings bonds to begin to talk to their financial advisers.
This is because subscription for the retail bonds for March 2026 has commenced and will close on Friday, March 6, according to a circular issued by the agency on Monday.
The debt office is selling two tenors of the debt instrument, with the shorter note maturing in two years’ time and the longer maturing a year later.
Details of the notice showed that the two-year paper is being offered at a coupon of 12.906 per cent, and the three-year paper at 13.906 per cent.
Both notes are sold at a unit price of N1,000, with a minimum subscription of N5,000 and in multiples of N1,000 thereafter, subject to a maximum subscription of N50 million. They can be purchased via approved stockbroking firms in Nigeria.
The FGN savings bond qualifies as a security in which trustees may invest under the Trustee Investment Act. It also serves as government securities within the meaning of the Company Income Tax Act (CITA) and the Personal Income Tax Act (PITA) for tax exemption for pension funds, amongst other investors.
It can be used as a liquid asset for liquidity ratio calculation for banks, and is listed on the Nigerian Exchange (NGX) Limited for trading at the secondary market.
The bond is backed by the full faith and credit of the Federal Government of Nigeria (FGN) and charged upon the general assets of the country.
By Adedapo Adesanya
Nigeria has broken up the OPL 245 oil block into four new assets to be operated by Eni and Shell, potentially settling the future of the field at the centre of one of the oil industry’s biggest historic corruption trials.
According to Reuters, the agreement clears the way for the development of OPL 245, one of Nigeria’s biggest deepwater reserves that has remained untapped for almost three decades amid overlapping lawsuits in multiple countries.
The final contracts are expected to be signed starting Monday, the report said, citing a source familiar with the situation.
The Nigerian government had signalled for years that it was keen to find a solution that would bring the block into production. The source wished to remain anonymous as they are not authorised to comment on government policy before an official announcement.
Located in the Niger Delta’s deepwaters, the field has languished since its initial award in 1998 to Malabu Oil and Gas, a shadowy firm controlled by Mr Dan Etete, Nigeria’s oil minister at the time. The block is estimated to hold up to 9 billion barrels of oil equivalent in reserves—enough to rival Nigeria’s entire proven reserves if fully developed.
Mr Etete controversially awarded the lucrative licence to his own company for a nominal $20 million fee, sparking immediate controversy over conflicts of interest.
The saga escalated in 2011 when Malabu sold its rights to a Shell-Eni joint venture for $1.3 billion.
Italian and Nigerian prosecutors alleged that over $1 billion of that sum was siphoned off through bribes to politicians, middlemen, and Mr Etete himself, including hefty payments to then-President Goodluck Jonathan’s associates.
The two European energy giants and some of their former and current executives, including Eni CEO, Mr Claudio Descalzi, faced trial in Italy but all were acquitted in 2021, having denied all wrongdoing.
Shell and Eni have consistently denied wrongdoing, insisting the payments complied with due diligence.
The anti-graft agency, the Economic and Financial Crimes Commission (EFCC), has pursued parallel probes, recovering over $200 million in frozen funds, but progress stalled amid political shifts.
Operations at the Nigerian oil block have been halted for more than a decade by a series of trials and competing legal claims.
In 2023, the federal government withdrew civil claims totalling $1.1 billion against Eni, ending the long battle.
By Modupe Gbadeyanka
The price of Premium Motor Spirit (PMS), otherwise known as petrol, has been increased by at least N100 per litre at the pump.
This followed the recent increase in the price of crude oil in the global market as a result of the bombardment of Iran by the United States and Israel over the weekend.
The air strikes killed the Supreme Leader of Iran, Mr Ayatollah Ali Khamenei, and several others.
Iran has responded by firing missiles at US facilities in some Gulf countries, including Saudi Arabia, Qatar, Kuwait, Bahrain, the UAE, and others.
Crude oil prices rose to about $80 per barrel on the market from about $70 per barrel before the Middle East crisis.
Oil marketers in Nigeria have responded to the tension and have raised the prices of petroleum products.
At most MRS Oil retail stations in Lagos, the new price notice showed an increase of about N100 per litre.
As of Monday, the price of PMS was N837 per litre, but on Tuesday morning, it had changed to N938 per litre, while at NNPC retail stations, it was N930 per litre instead of the previous N830 per litre.
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