Economy

NNPC Refinery Loses N2b to Illegal Tappers

Published

9 years ago

11/02/2017

Modupe Gbadeyanka

By Modupe Gbadeyanka

The Kaduna Refining and Petrochemical Company Limited (KRPC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC), loses an average of 2.2 billion naira annually to illegal tapping of its raw water pipeline that runs from Kaduna River.

The water generates power for the running of the refinery, serves as coolants for its equipment and is also deployed to combating fire outbreaks.

Sequel to the series of tapping, the refinery now spends more on diesel and other material inputs in the maintenance of its generators and other equipment.

KRPC Managing Director, Mr Idi Mukhtar said in Kaduna, that the consumption of raw water from the tapped pipes by settlers who encroach KRPC premises was an unnecessary additional burden to the refinery industrial requirements, which must be resolved urgently by relevant state government agencies.

Other form of the losses due to the act of illegal tapping of the refinery raw water pipeline is that it slows down the build-up rate of water in the reserve tanks which endangers the refinery, as the plant is expected to maintain a minimum level of water requirement that is considered safe for operations, the Managing Director explained.

The illegal acts are committed mostly in Janruwa, Kamazo, Namaigero and Mahuta areas of Kaduna metropolis, which are the communities along the raw water intake pipeline Right of Way.

Mr Mukhtar said: “We require a particular amount of water sufficient enough to generate steam and other industrial consumption needs, but because of the incidents of illegal tapping of our water pipeline, we need to put more effort to meet our industrial requirements as well as satisfy appetite of illegal tappers.”

Mr Mukhtar said he was pleased that the Kaduna State Government had promised to look into the issue with a view to finding a lasting solution to the challenge.

He explained that Kaduna State Urban Planning and Development Authority (KASUPDA) and Kaduna State Water Board had been contacted to address the issues of land encroachment on KRPC Right of Way.

The Chief Executive advised illegal tappers of the refinery’s raw water pipeline to desist from the act, warning that the raw water was not fit for human consumption because it was untreated.

KRPC’s Executive Director Operations, Mr Shehu Malami, who also spoke on the menace of illegal raw water tappers of KRPC pipelines, expressed the fear that if the challenge was not attended to urgently, a time would come when the plant would not be able to run some of its critical units.

Mr Malami said that the refinery was currently operating at 65 per cent capacity, producing 1.7 million litres of petrol, 1.7 million litres of diesel and 700, 000 litres of kerosene, daily.

“The daily rate of loading is massive, even on Sundays products are being loaded to meet the growing demands in the Country,” Mr Malami stated.

Shedding more light on the issue of encroachment, the Executive Director Services, Mr Abdullahi Idris, said the encroachment on KRPC’s land would not affect the NNPC’s plan of co-location of refineries.

He said the refinery had carried out a lot of community projects such as youth empowerment programmes, electrification of some communities, provision of hospitals, drugs, toilets, classrooms and furniture, to ensure KRPC operate smoothly.

Corroborating Mr Abdullahi’s claim, the District Head of Kamazu, one of the KRPC’s host communities, Mr Auta Makama stated that he was a direct beneficiary of KRPC’s Corporate Social Responsibility, CSR, interventions.

He affirmed that the KRPC has provided boreholes, electricity, schools, hospitals as well as empowered the youth through Youth Empowerment and Skills Acquisition Programme (YESAP) in his community and others.

He called on his wards to desist from any act of land encroachment and illegal tapping of raw water intake for KRPC.

The traditional head said there was no need to tamper with the KRPC’s raw water pipeline since the refinery has provided numerous boreholes as an alternative for the communities.

Economy

NBA Demands Suspension of Controversial Tax Laws

Published

21 hours ago

24/12/2025

Modupe Gbadeyanka

By Modupe Gbadeyanka

The federal government has been asked by the Nigerian Bar Association (NBA) to suspend the implementation of the controversial tax laws.

In a reaction to the tax reform acts, the president of the group, Mr Afam Osigwe (SAN), the suspension of the laws would allow for a proper investigation into allegations of alterations in the gazetted and harmonised copies.

A member of the House of Representatives, Mr Abdussamad Dasuki, alleged that some parts of the laws passed by the parliament were different from the gazetted copy.

To address the issues raised, the NBA said it is “imperative that a comprehensive, open, and transparent investigation be conducted to clarify the circumstances surrounding the enactment of the laws and to restore public confidence in the legislative process.”

“Until these issues are fully examined and resolved, all plans for the implementation of the Tax Reform Acts should be immediately suspended,” the association declared.

It noted that the controversies “raise grave concerns about the integrity, transparency, and credibility of Nigeria’s legislative process.”

“These developments strike at the very heart of constitutional governance and call into question the procedural sanctity that must attend lawmaking in a democratic society,” it noted.

“Legal and policy uncertainty of this magnitude has far-reaching consequences. It unsettles the business environment, erodes investor confidence, and creates unpredictability for individuals, businesses, and institutions required to comply with the law. Such uncertainty is inimical to economic stability and should have no place in a system governed by the rule of law.

“Nigeria’s constitutional democracy demands that laws, especially those with profound economic and social implications, emerge from processes that are transparent, accountable, and beyond reproach. Anything short of this undermines public trust and weakens the foundation upon which lawful governance rests.

“We therefore call on all relevant authorities to act swiftly and responsibly in addressing this controversy, in the overriding interest of constitutional order, economic stability, and the preservation of the rule of law,” the organisation stated.

Economy

MRS Oil, Two Others Raise NASD Bourse Higher by 0.52%

Published

23 hours ago

24/12/2025

Adedapo Adesanya

By Adedapo Adesanya

Demand for hot stocks, including MRS Oil Plc, buoyed the NASD Over-the-Counter (OTC) Securities Exchange by 0.52 per cent on Tuesday, December 23.

The energy company was one of the three price gainers for the session as it chalked up N19.69 to sell at N216.59 per share versus the previous day’s value of N196.90 per share.

Further, FrieslandCampina Wamco Nigeria Plc gained N2.95 to close at N56.75 per unit versus N53.80 per unit and Golden Capital Plc appreciated by 84 Kobo to N9.29 per share from Monday’s N8.45 per share.

Consequently, the market capitalisation went up by N10.95 billion to N2.125 trillion from N2.125 trillion and the NASD Unlisted Security Index (NSI) rose by 18.31 points to 3,570.37 points from 3,552.06 points.

Yesterday, the NASD bourse recorded a price loser, the Central Securities Clearing System Plc (CSCS), which gave up 17 Kobo to close at N33.70 per unit against the previous trading value of N33.87 per unit.

The volume of securities traded at the session went down by 97.6 per cent to 297,902 units from the previous day’s 12.6 million units, the value of securities decreased by 98.5 per cent to N10.5 million from N713.6 million, and the number of deals remained flat at 32 deals.

By value, Infrastructure Credit Guarantee Company (InfraCredit) Plc ended as the most actively traded stock on a year-to-date basis with 5.8 billion units exchanged for N16.4 billion. This was followed by Okitipupa Plc, which traded 178.9 million units valued at N9.5 billion, and MRS Oil Plc with 36.1 million units worth N4.9 billion.

In terms of volume, also on a year-to-date basis, InfraCredit Plc led the chart with a turnover of 5.8 billion units traded for N16.4 billion. Industrial and General Insurance (IGI) Plc ranked second with 1.2 billion units sold for N420.7 million, while Impresit Bakolori Plc followed with the sale of 536.9 million units valued at N524.9 million.

Economy

NGX All-Share Index Soars to 153,354.13 points

Published

23 hours ago

24/12/2025

Dipo Olowookere

By Dipo Olowookere

It was another bullish trading session for the Nigerian Exchange (NGX) Limited as it closed higher by 0.59 per cent on Tuesday.

The market further rallied due to continued interest in large and mid-cap stocks on the exchange by investors rebalancing their portfolios for the year-end.

Yesterday, Aluminium Extrusion sustained its upward trajectory after it further appreciated by 9.96 per cent to N14.90, as Austin Laz gained 9.81 per cent to close at N2.91, Custodian Investment improved by 9.69 per cent to N38.50, and First Holdco soared by 9.35 per cent to N50.30.

Conversely, Royal Exchange declined by 7.22 per cent to N1.80, Champion Breweries shrank by 6.57 per cent to N15.65, NASCON lost 5.36 per cent to trade at N105.05, Sovereign Trust Insurance depreciated by 5.28 per cent to N3.77, and Japaul went down by 4.51 per cent to N2.33.

At the close of business, 29 shares ended on the gainers’ table and 27 shares finished on the losers’ log, representing a positive market breadth index and bullish investor sentiment.

This raised the All-Share Index (ASI) by 895.06 points to 153,354.13 points from 152,459.07 points and lifted the market capitalisation by N579 billion to N97.772 trillion from the previous day’s N97.193 trillion.

VFD Group finished the day as the busiest stock after it recorded a turnover of 192.0 million units worth N2.1 billion, GTCO exchanged 63.5 million units valued at N5.6 billion, Access Holdings traded 49.8 million units for N1.0 billion, First Holdco sold 45.8 million units valued at N2.3 billion, and Secure Electronic Technology transacted 38.3 million units worth N28.4 million.

In all, market participants bought and sold 677.4 million units valued at N20.8 billion in 27,589 deals compared with the 451.5 million units worth N13.0 billion traded in 33,327 deals on Monday, showing an improvement in the trading volume and value by 50.03 per cent and 60.00 per cent apiece, and a shortfall in the number of deals by 17.22 per cent.