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
Nigeria slightly surpassed its quota set by the Organisation of the Petroleum Exporting Countries (OPEC) in July 2026.
In the month under review, the country produced about 1.57 million barrels of crude oil per day.
It was the third consecutive month Africa’s largest oil-producing nation was meeting its monthly quota, set to stabilise the price of the commodity on the global market by the oil cartel.
Data released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Wednesday showed that the 1.5 million barrels per day ceiling for Nigeria was surpassed last month.
The agency disclosed in a statement today that the country produced 1.505mbpd of crude oil and 0.17mbpd of condensate, bringing the combined daily production to 1.67mbpd.
In the month under review, the daily peak production of crude oil and condensate was 1.78mbpd, while the lowest daily production was 1.57mbpd.
Although Nigeria met its OPEC quota in the month of July, the statistics show that on a month-on-month basis, production fell by 4 per cent.
This was attributed to the decline in production due to operational challenges experienced at the Erha and Akpo fields, which impacted crude oil output during the period under review.
These disruptions constrained production volumes and contributed significantly to the overall reduction in national crude oil output.
Despite the challenges, production operations across most other producing assets remained relatively stable, with operators implementing measures aimed at maintaining production efficiency and minimising the impact of operational constraints, NUPRC stated.
By Aduragbemi Omiyale
The over 9 billion shares of Lasaco Assurance Plc issued to shareholders of the company via a rights issue have been listed on the Nigerian Exchange (NGX) Limited.
The equities were brought to Customs Street on Wednesday by the organisation, increasing its total issued and fully paid-up share capital.
Lasaco Assurance, which scaled the recapitalisation hurdle of the National Insurance Commission (NAICOM) in July 2026, raised fresh capital from the capital market to shore up its capital base.
The underwriting firm got about N18.5 billion from the rights issue, which involved the issuance of 9,236,321,546 ordinary shares at a unit price of N2.00.
The exercise was on the basis of five new ordinary shares for every existing six ordinary shares held as of the close of business on Friday, February 20, 2026.
Confirming the listing of the additional stocks of Lasaco Assurance today, the Head of Issuer Regulation Department of NGX RegCo, Mr Godstime Iwenekhai, announced in a circular that, “Trading licence holders are hereby notified that an additional 9,236,321,546 ordinary shares of 50 Kobo each of Lasaco Assurance Plc were today, Wednesday, August 12, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 9,236,321,546 ordinary shares of 50 Kobo each at N2.00 per share on the basis of five new ordinary shares for every existing six ordinary shares held as of the close of business on Friday, February 20, 2026.
“With the listing of the additional 9,236,321,546 ordinary shares, the total issued and fully paid-up share capital of Lasaco Assurance Plc has now increased from 11,083,585,855 to 20,319,907,401 ordinary shares of 50 Kobo each.”
By Adedapo Adesanya
The Nigerian Insurers Association (NIA) has said the successful recapitalisation of the insurance industry will strengthen the sector’s ability to support financial stability and economic growth.
NIA Chairman, Mrs Ebelechukwu Nwachukwu, said a well-capitalised insurance industry would be better positioned to meet its obligations promptly, underwrite complex and large-scale risks and serve as a dependable pillar of the Nigerian economy.
She made the remarks while commending the National Insurance Commission (NAICOM) for its structured implementation of the new minimum capital requirements under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
Mrs Nwachukwu said NAICOM’s clear guidelines, systematic verification process, defined timelines and rigorous supervision had provided operators with a credible framework for navigating the recapitalisation exercise.
She described the outcome as a major milestone for the industry and congratulated the 43 insurance and reinsurance companies that have successfully met the prescribed minimum capital requirements.
According to her, the exercise represents “a major win not just for regulators and operators, but for policyholders, investors and the wider Nigerian economy.”
Mrs Nwachukwu said the association would continue to work with NAICOM and other stakeholders to consolidate the gains of the exercise, with emphasis on sustainable industry growth, stronger market conduct and improved consumer confidence.
The official also expressed solidarity with the eight companies still undergoing final verification and regulatory review, urging them to remain confident as NAICOM completes the process within the 14-day review period.
The NIA chairman assured policyholders and the wider business community that the insurance industry would emerge from the recapitalisation exercise stronger, more resilient and better positioned to contribute to Nigeria’s economic development.
