Economy

NNPC Intensifies Efforts to Protect Pipelines

Published

9 years ago

13/09/2017

By Dipo Olowookere

Efforts to safeguard pipelines across the country from vandals and fire outbreaks in line with best safety practices have been intensified by the Nigerian National Petroleum Corporation (NNPC).

Group Managing Director of NNPC, Dr Maikanti Baru, disclosed that this was his agency’s determination to ensure that the current steady supply of petroleum products nationwide was sustained.

Speaking while receiving a delegation of the Occupational Safety and Health Association, (OSHA) UK, Nigeria Chapter, at the NNPC Towers, Abuja, Mr Baru said the corporation would continue to monitor its pipelines and collaborate with the law enforcement agencies to safeguard such critical national asset.

He noted that in line with safety standards, NNPC pipelines right-of-way across all locations had been clearly indicated to keep members of the public away from the facilities so as not to come to harm.

“In our various pipelines running across several kilometres and locations, right-of- way is indicated to show that people should not temper with the facility because of the danger that is involved. This is done to ensure that when there is safety breach, we have access to the affected spot and intervene accordingly,” the GMD stated.

He disclosed that an attack on the Port Harcourt – Aba a few days ago resulted in massive products loss and damage to the environment, adding that though there was no loss of lives in the incident, it took much effort and time to bring the huge fire that broke out under control.

“We will use this opportunity to call on pipeline vandals to please keep away from our pipeline because they are not carrying liquid that can easily be handled like water. We are calling on the general public that when they see the sign on the pipeline, they should not temper with in their own interest and that of the nation,” Dr Baru pleaded.

He said the corporation would stop at nothing to ensure that the pipelines were continuously monitored and that anybody caught trying to sabotage oil facilities would be handed over to the law enforcement agency to face appropriate sanctions, adding that in the Port-Harcourt – Aba pipeline incident one suspect was apprehended and handed over to the authorities.

Mr Baru urged members of the public to support NNPC by reporting any suspicious activity around pipelines and other oil and gas facilities, stressing that the Corporation, on its own part, would do everything possible to ensure the safety of lives and property around its facilities.

Shedding light on NNPC’s safety practice, the GMD said that in view of the complex and technical nature of its operations, the Corporation accords safety a special priority.

“We are very much determined to ensure that our processes and procedures meet the highest safety standard. Dealing with inflammable liquids and gasses requires utmost care. Our watchword to ensure that is: Safety to one is safety to all; that defines how we handle safety issues,” the GMD said.

He said NNPC held HSE Week annually across its subsidiaries to sensitise personnel, contractors and visitors on the need to adhere strictly to its safety standards, adding that the Corporation’s safety policies and procedures were reviewed regularly to comply with the highest safety standards.

Speaking at the event, the leader of the delegation and Regional President of OSHA, Nigeria Branch, Dr Dalhatu Mohammed Ahmed, stated that the purpose of their visit was to carry the GMD along in their drive to ensure safety of workers and equipment in view of the position occupied by the NNPC in the Nigerian economy as one of the largest employer of labour in the country and major revenue earner.

Dr Ahmed applauded the GMD for his numerous initiatives to ensure safety of staff and assets across the corporation’s value chain.

“I want to commend the efforts of the GMD as far as safety of lives and property is concerned in the corporation. It is interesting to see that the NNPC has done a lot in terms of safety. Safety is everybody’s business as it is a multi-dimensional issue that requires multi-dimensional approach,” Dr Dalhatu averred.

The GMD and the NNPC General Manager, Health, Safety and Environment, Mr Ahmed Shehu were conferred with a fellowship of the association.

Economy

Oyedele Eyes Fiscal Discipline, Investor-friendly Environment, Fair Taxation

Published

2 hours ago

25/04/2026

Aduragbemi Omiyale

By Aduragbemi Omiyale

Mr Taiwo Oyedele has set some goals he intends to achieve as Nigeria’s Minister of Finance and Coordinating Minister of the Economy.

While taking over from his predecessor, Mr Wale Edun, on Thursday, the tax expert assured that he has no plans to overturn some of the reforms already put in place by the former occupier of the seat.

In a message on Friday, he emphasised that, “Our immediate task is to consolidate these gains, deepen ongoing reforms, and ensure they translate into tangible benefits for all Nigerians.”

He promised to ensure fiscal discipline by embracing transparent and prudent management of public resources, while also harmonising revenue administration, broadening the tax base, reducing the burden on the vulnerable population, and supporting economic growth.

Mr Oyedele further said his other strategic priorities include creating a predictable and investor-friendly environment anchored on policy coherence, consistency, and clarity; and aligning efforts across all tiers and institutions to maximise policy impact.

He also said efforts would be made to deepen collaboration with the private sector and other key stakeholders for data-driven policy design, co-implementation, and feedback for continuous improvement.

According to him, “Good policy design alone is not enough; success will be defined by execution. We are committed to disciplined implementation, accountability, and measurable results.”

“I look forward to working with colleagues across government, the private sector, and all Nigerians as we move from reform to result, accelerate growth and build a more stable, inclusive, and prosperous economy,” he stated.

Economy

NASD Bourse Edges Up 0.23% as NSI Nears 3,970 Points

Published

20 hours ago

24/04/2026

Adedapo Adesanya

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange further appreciated by 0.23 per cent on Thursday, April 23, with the Unlisted Security Index (NSI) adding 8.99 points to close at 3,969.96 points against the previous day’s 3,968 points.

The rise in the share price of Central Securities Clearing System (CSCS) Plc by N2.86 to N69.34 per unit from N66.48 per unit raised the market capitalisation of the NASD bourse by N5.38 billion to N2.380 trillion from N2.375 trillion.

Yesterday, there were two price losers, led by Food Concepts Plc, which lost 29 Kobo to sell at N2.65 per share versus N2.94 per share, while UBN Property Plc dipped by 22 Kobo to N2.03 per unit from N2.25 per unit.

During the session, the volume of securities traded declined by 97.9 per cent to 451,522 units from 21.5 million units on Wednesday, the value of securities depreciated by 52.32 per cent to N23.6 million from N49.5 million, and the number of deals depreciated by 3.6 per cent to 27 deals from 28 deals.

At the close of business, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis with 3.4 billion units valued at N8.4 billion, followed by CSCS Plc with 59.5 million units exchanged for N4.0 billion, and Okitipupa Plc with 27.8 million units traded for N1.9 billion.

GNI Plc also closed the day as the most traded stock by volume on a year-to-date basis with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units transacted for N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units sold for N1.2 billion.

Economy

Naira Weakens to N1,353/$ at Official Market

Published

20 hours ago

24/04/2026

Adedapo Adesanya

By Adedapo Adesanya

Fresh foreign exchange (forex) demand pressure saw the Naira depreciate against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Thursday, April 22, by N5.46 or 0.4 per cent to trade at N1,353.91/$1 compared with the preceding day’s value of N1,348.45/$1.

It was the same outcome for the local currency in the official market after it depreciated against the Pound Sterling by N4.13 to close at N1,825.88/£1, in contrast to the preceding session’s N1,821.75/£1, and against the Euro, it dropped 72 Kobo to finish at N1,582.72/€1 versus N1,582.00/€1.

But the Nigerian Naira appreciated against the US Dollar at the GTBank FX desk by N2 during the session to quote at N1,361/$1 compared with Wednesday’s closing price of N1,361/$1, and at the parallel market, it closed flat at N1,375/$1.

FX Pressure came as data showed that NFEM interbank turnover was N28.117 million, lower than the N66.084 million recorded the previous day.

Concerns over liquidity pressures, policy transparency, and confidence in Nigeria’s FX market continue to grip the market while the country’s foreign reserve declines further, even as the Central Bank of Nigeria (CBN) recently said that the recent decline in Nigeria’s external reserves should not be a cause for concern.

Global developments also played a significant role, as rising geopolitical tensions boosted demand for the US Dollar, further weakening emerging market currencies, including the Naira.

As for the cryptocurrency market, there was a mixed outcome as traders reacted to rising geopolitical tensions from the Iran war and fresh inflation data from Japan.

Japanese inflation ticked higher in March, stoking expectations that the Bank of Japan may soon signal rate hikes, which could strengthen the yen and unsettle global risk assets.

The Iran conflict has disrupted oil flows through the Strait of Hormuz, raising energy costs and inflation risks worldwide and potentially complicating efforts by the Federal Reserve to cut interest rates.

Ethereum (ETH) declined by 1.8 per cent to $2,316.53, Bitcoin (BTC) lost 0.6 per cent to sell at $77,935.53, Solana (SOL) fell by 0.5 per cent to $85.67, and Binance Coin (BNB) dropped 0.4 per cent to sell for $634.85.

However, Dogecoin (DOGE) appreciated by 1.4 per cent to $0.0976, Ripple (XRP) grew by 0.7 per cent to $1.43, Cardano (ADA) expanded by 0.6 per cent to $0.2493, and TRON (TRX) improved by 0.2 per cent to $0.3279, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.