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
The National Insurance Commission (NAICOM) has said the passage of the National Insurance Regulatory Commission Bill by the Senate will unlock greater investment in Nigeria by strengthening regulatory oversight, enhancing investor confidence and creating a more transparent and accountable insurance industry.
Describing the development as a significant milestone in efforts to strengthen the regulatory framework of Nigeria’s insurance industry, the commission particularly praised the leadership of the Senate and the Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, Mr Adetokunbo Mukail Abiru, for their roles in securing the successful passage of the Bill in the Red Chamber.
According to NAICOM, the proposed legislation will enhance regulatory oversight, improve transparency and accountability, and boost public confidence in the insurance sector.
The commission said the bill is expected to attract greater investment into the industry, promote sustainable growth, and deliver benefits to policyholders, insurance operators, and the wider economy.
NAICOM also noted that the Senate’s commitment to advancing reforms in the insurance sector would support the modernisation of insurance regulation and strengthen financial inclusion across the country.
It added that the passage of the Bill reflects the legislature’s resolve to protect the interests of citizens while promoting the stability of Nigeria’s financial system.
The Commission reaffirmed its readiness to ensure the effective implementation of the new legal framework once the Bill receives presidential assent, pledging continued collaboration with industry stakeholders to position the insurance sector as a key driver of national economic development.
Earlier this week, the Senate passed the much-anticipated bill to repeal and re-enact the law establishing the National Insurance Commission (NAICOM), paving the way for the regulatory agency to be renamed the Insurance Regulatory Commission (IRC).
The legislation, titled the Insurance Regulatory Commission (Establishment) Bill, 2026, was passed after the Senate considered and adopted the report of its committee on banking, insurance and other financial institutions.
According to lawmakers, the outgoing National Insurance Commission Act 1997 is outdated and does not adequately address the emerging economic growth, needs and development of the country’s insurance business and projections.
By Aduragbemi Omiyale
About $2.5 billion has been raised by Dangote Petroleum Refinery and Petrochemicals FZE (DPRP) from its private equity placement.
The exercise, Business Post learned, attracted broad participation from international and African institutional investors, sovereign-related investment vehicles, development finance institutions, strategic partners, and individual investors.
Notable participants included the Africa Finance Corporation (AFC) and India Infra Buildco, an investment vehicle facilitated by the African Export-Import Bank (Afreximbank), reflecting deep and diversified confidence in DPRP’s long-term prospects.
The transaction is believed to be Africa’s largest publicly disclosed primary equity private placement, marking a significant milestone in the history of the organisation and demonstrating strong investor confidence in the refinery’s long-term growth strategy, including raising its current capacity from 700,000 barrels per day to 1.4 million barrels per day.
The capital raise is the first equity funding round involving external investors beyond the company’s legacy shareholder base, underscoring the growing attractiveness of DPRP as a world-class energy and industrial enterprise. The strong investor response further reinforces confidence in the company’s vision and its ability to deliver sustainable value over the long term.
The proceeds from the placement will be deployed to support the continued expansion of the refinery and petrochemical complex, strengthen the company’s capital structure, and enhance financial flexibility to pursue future growth opportunities.
With the successful completion of the placement, DPRP is well-positioned to accelerate its long-term growth strategy while strengthening Africa’s energy security through world-scale refining and petrochemical capacity.
“This transaction represents a strategic step to deepen and further institutionalise the Enterprise’s shareholder base, while raising capital to complement our internal cash flows and external funding as DPRP advances its expansion agenda.
“It also demonstrates our unwavering commitment to developing Africa’s refining and petrochemical capacity, reducing dependence on imported petroleum products and strengthening the continent’s energy security,” the chief executive of Dangote Industries Limited and Chairman of DPRP, Mr Aliko Dangote, stated.
Also, the chief executive of Dangote Petroleum Refinery, Mr David Bird, said the overwhelming investor response validates the company’s operational performance and growth outlook.
“The exceptional demand we witnessed is a testament to our operational excellence, execution capability and the confidence investors have in DPRP’s leadership and future potential,” he remarked.
By Aduragbemi Omiyale
Shareholders of Transcorp Plc should expect their phones to buzz with bank alerts very soon, as the board has proposed the payment of an interim dividend of 40 Kobo per share for the first half of the 2026 fiscal year.
The company announced the cash reward payment to investors in the unaudited financial statements submitted to the Nigerian Exchange (NGX) Limited.
The interim dividend would be paid on Tuesday, July 28, 2026, subject to appropriate withholding tax deduction and to shareholders whose names appear in the Register of Members as of the close of business on Thursday, July 23, 2026.
Analysis of the results showed that the conglomerate delivered a strong revenue and profit performance, with improved margins and ratios notwithstanding challenges in the operating environment.
The performance was driven by the organisation’s disciplined cost management and operational efficiency, underpinned by a resilient business strategy and solid corporate governance ethos.
In the period under review, the power sector was impacted by gas supply constraints, as well as grid-related challenges, which saw a reduction in the overall power supply in the country.
Similarly, the hospitality business continues to innovate and leverage its assets to deliver superior service excellence.
These challenges impacted Transcorp’s earnings, which contracted to N241.5 billion in the first half of this year from N279.0 billion in the corresponding period of 2025, while profit after tax moderated to N54.4 billion from N65.2 billion in H1 2025.
“These results reflect the quality of the underlying business and resilience of the group’s earnings. Despite a lower revenue base arising from sector-wide power infrastructure constraints, we expanded our profit-before-tax margin to 31.4 per cent, from 30.7 per cent in the prior period, a direct result of disciplined cost optimisation and operational efficiency across our businesses.
“Our financial position remains strong, with a robust equity base which grew to N367.8 billion by half-year 2026. Our strength is hinged on the diversified earnings capability from key sectors, including the hospitality business, which grew its profit after tax by 21 per cent. This financial foundation gives us the confidence to protect and grow long-term value for our shareholders as operating conditions normalise,” the Chief Financial Officer of Transcorp, Mr Festus Izevbizua, stated.
Also, the chief executive of the firm, Mr Owen Omogiafo, said, “Despite disruptions to power transmission infrastructure and a challenging macroeconomic environment, Transcorp delivered a strong profit and an even stronger balance sheet, a reflection of our operational discipline and efficiency.
“At Transcorp Group, our operations are driven by our purpose to improve lives and transform Africa. We continue to create impact in the sectors that matter most to Nigeria’s future, and that same conviction continues to guide us through every phase of the cycle.
“Despite the constrained grid infrastructure seen in the first half of the year, we forged ahead, engaging with strategic partners to deliver much-needed power to Nigerians.
“Through our 5,000-capacity, multi-purpose event facility, Transcorp Centre, and our flagship 1,000-key Transcorp Hilton Abuja, we have continued to make the Federal Capital Territory the preferred location for business and leisure.
“Our strategy is clear, our balance sheet is robust, and our confidence in the value we are creating for our shareholders remains firm.”
