Economy
Navy Intercepts Stolen Crude Oil, Diesel Worth N1.05bn in One Week
By Adedapo Adesanya
The Nigerian Navy has disclosed that its franchise oil theft troops, Operation Delta Sanity, intercepted 4,036.7 barrels of crude oil and 270,600 litres of illegally refined automotive gas oil (AGO), known as diesel, with a market value at N1.05 billion from oil thieves in one week.
The Director of Naval Information, Rear Admiral Adedotun Ayo-Vaughan, made this known in a statement on Wednesday and said these were seized in the operations conducted by the navy between January 29 and February 4.
The spokesperson said the operations also led to the deactivation of 40 wooden boats, 55 illegal refining ovens, 49 reservoirs, 27 dugout pits and 19 illegal refining sites.
According to him, the various Nigerian Navy platforms deployed for the operation have continued to conduct aggressive patrols to combat oil theft within Nigeria’s maritime environment.
The navy spokesman said the Navy Ship (NNS) Pathfinder, in conjunction with three Naval Security Stations, on January 29 conducted reconnaissance operations around Elem Krakrama Creek and Ke in Degema Local Government Area of Rivers.
He said the team intercepted six wooden boats laden with about 600 litres of products suspected to be stolen AGO and 566 barrels of product suspected to be stolen crude oil.
He said that the Forward Operating Base (FOB) Formoso, on the same day, conducted operations around Brass River, Akassa, and Obama in the Ogbia Local Government Area of Bayelsa as well as Nembe and Southern Ijaw.
“During the operations, the team discovered four illegal refining sites, five ovens and two pumping machines.
“They also arrested five wooden boats laden with about 704.4 barrels (112,000 litres) of products suspected to be stolen crude oil and the sites and items were dismantled while the products were handled appropriately.
“Also, on Jan. 29, FOB Escravos in Delta conducted anti-crude oil theft operations around Saghara Creek in Warri South Local Government Area.
“During the operation, the team visited a previously deactivated illegal refining site which was observed to be under reconstruction and had one empty reservoir and five dug-out pits,” he said.
Rear Admiral Ayo-Vaughan said the NNS Soroh in Bayelsa in conjunction with naval station 030 and Ocean Marine Solution Houseboat Peremebiri, also conducted operations around Ogbotobo and Fish Camp Community in the Atala area of Bayelsa between Jan. 29 and Feb. 2.
He said the team discovered a vandalised flowline station belonging to Shell Petroleum Development Company which was recently reactivated.
According to him, the team also found a newly constructed illegal refining site with two pumping machines, three generators, galvanised pipes, a 50 kg gas cylinder, and other construction items.
He added that the team also found one wooden boat laden with sacks of about 19,000 litres of products suspected to be stolen AGO, adding that the boat was safely deactivated.
According to him, on January 30, Naval Base Oguta in Imo conducted an operation and discovered one fibre boat laden with about 7.5 barrels (1,200 litres) of product suspected to be stolen crude oil.
“Furthermore, from January 30 to February 2, Naval Flying Unit, Port Harcourt conducted aerial surveillance at Abonnema, Temakiri, Aiya Abissa, Ke, Krakrama Tuma, Samkiri, Ukwa West, Ikwuriator, Imo River and Aba River.
“During surveillance, the team sighted various illegal refining sites and wooden boats laden with unspecified quantities of illegally refined AGO in numerous numbers suspected to have been siphoned from a nearby wellhead.
“Accordingly, the incident was reported to relevant Units for appropriate action,” he added.
By Adedapo Adesanya
Three securities lifted the NASD Over-the-Counter (OTC) Securities Exchange by 1.38 per cent on Friday, July 3, with the NASD Security Index (NSI) up by 58.80 points to 4,307.26 points from 4,248.46 points, and the market capitalisation closing higher by N35.30 billion to N2.585 trillion from N2.549 trillion.
The price gainers were led by 11 Plc, which expanded by N20.05 to close at N220.55 per share compared with the previous day’s N200.50 per share, FrieslandCampina Wamco Nigeria Plc increased by N5.36 to N151.82 per unit from N146.46 per unit, and Central Securities Clearing System (CSCS) Plc appreciated by N3.52 to N90.74 per share from N87.22 per share.
Yesterday, the value of transactions surged by 1,431.2 per cent to N160.1 million from the preceding session’s N10.5 million, and the volume of trades rose by 303.7 per cent to 1.8 million units from 440,653 units, while the number of deals decreased by 34.4 per cent to 21 deals from 32 deals.
Great Nigeria Insurance (GNI) Plc was the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 70.7 million units transacted for N4.9 billion.
GNI Plc was also the most traded stock by volume on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infracredit Plc with 2.3 billion units exchanged for N6.5 billion, and Resourcery Plc with 1.1 billion units traded for N415.7 million.
By Dipo Olowookere
The losing streak on the Nigerian Exchange (NGX) Limited was halted on Friday after the bourse closed higher by 2.19 per cent at the close of trading activities.
The gains reported by Nigerian stocks were buoyed by renewed bargain-hunting by investors, which resulted in all the key sectors of Customs Street ended in the green territory.
The banking space rose by 2.78 per cent, the insurance counter appreciated by 1.26 per cent, the energy segment expanded by 0.36 per cent, the consumer goods index chalked up 0.06 per cent, and the industrial goods sector grew by 0.05 per cent.
Consequently, the All-Share Index (ASI) went up by 4,918.37 points to 229,240.34 points from 224,321.97 points, and the market capitalisation increased by N3.156 trillion to N147.103 trillion from N143.947 trillion.
Investor sentiment was bullish after 34 stocks ended on the price gainers’ chart and 18 stocks finished on the losers’ log, representing a positive market breadth index.
The quintet of The Initiates, Universal Insurance, DAAR Communications, Omatek, and Airtel Africa surged by 10.00 per cent to sell for N25.85, 88 Kobo, N1.65, N1.76, and N5,274.00, respectively.
On the flip side, International Energy Insurance lost 9.96 per cent to trade at N4.70, Meyer shed 9.95 per cent to close at N18.55, Veritas Kapital dropped 5.07 per cent to finish at N1.31, Fidelity Bank slipped by 2.17 per cent to N18.00, and Jaiz Bank crashed by 1.84 per cent to N28.12.
During the session, a total of 414.7 million equities worth N25.1 billion exchanged hands in 47,106 deals compared with the 855.4 million equities valued at N28.4 billion transacted in the preceding day in 51,609 deals, implying a contraction in the trading volume, value, and number of deals by 51.52 per cent, 11.62 per cent, and 8.73 per cent, respectively.
By Adedapo Adesanya
The Naira closed flat against the United States Dollar at N1,370.19/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, July 3.
However, it appreciated against the Pound Sterling in the same market segment by N2.29 to settle at N1,829.88/£1 compared with the previous day’s N1,832.17/£1, and marginally depreciated against the Euro by 4 Kobo to close at N1,568.32/€1 versus Thursday’s closing price of N1,568.28/€1.
At the parallel market, the Naira also traded flat against the US Dollar at N1,390/$1, and at the GTBank forex desk, it also maintained stability at N1,832/$1.
Market conditions improved shortly after the following minimal intervention by the Central Bank of Nigeria (CBN) through modest Dollar sales, which boosted liquidity and supported stronger trading activity.
Easing pressure came after half-year profit-taking tapered down, while continued stronger policy signals from the central bank add to near-term support.
Deals executed at the official market on Friday came in at $70.430 million across 82 interbank deals, from $85.517 million the previous day.
Meanwhile, the cryptocurrency market continued its recovery after June non-farm payrolls printed at 57,000, less than half the 113,000 consensus, sending the implied probability of a September Federal Reserve rate hike from 64 per cent to 54 per cent and dragging AI stocks sharply lower.
Weak labour data reduces inflationary pressure and, by extension, the Federal Reserve’s justification for holding rates elevated. That transmission mechanism is direct: lower rate-hike odds compress the opportunity cost of holding non-yielding assets like crypto.
Bitcoin regained the $62,000 mark after it rose by 1.3 per cent to $62,475.29.
Cardano (ADA) gained 6.6 per cent to trade at $0.1759, Ripple (XRP) appreciated by 3.5 per cent to $1.14, Ethereum (ETH) expanded by 2.4 per cent to $1,756.82, Dogecoin (DOGE) improved by 2.1 per cent to $0.0768, Solana (SOL) chalked up 1.8 per cent to $82.65, TRON (TRX) increased by 1.5 per cent to $0.3235, and Binance Coin (BNB) soared by 1.4 per cent to $569.12, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz4 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn