Economy
NNPC to Set Up Security Council to Tackle Pipeline Vandalism
By Modupe Gbadeyanka
The Nigerian National Petroleum Corporation (NNPC) has outlined plans to establish a security advisory council aimed at bringing a lasting solution to the perennial problem of pipeline vandalism and sundry security challenges bedeviling the oil and gas industry.
Speaking during a visit to NNPC by the management of Media Trust Limited, the Group Managing Director of NNPC, Dr Maikanti Baru, said there was need to evolve new measures to bring an end to pipeline vandalism which is a major threat to the nation’s economy.
Dr Baru said the security advisory council would involve critical stakeholders which include security agencies, Niger Delta leaders, IOCs which would address all security and host community agitations.
“We want to passionately appeal to those behind indiscriminate acts of infrastructure vandalism to put an end forthwith to these despicable acts which are a great threat to the economy, the eco-system and energy security of the country,” Dr Baru stated.
He explained that since coming on board, he has ensured that the NNPC was run as a FACTI-based Corporation (Focused, Accountable, Competitive and a Transparent organisation conducting its business with Integrity.)
He noted that the Corporation’s monthly operational and financial reports were always in the public sphere for all to see, adding that it was this new wave of openness and transparency that has earned the NNPC rave reviews and accolades among Nigerians.
“With the consistent release of our monthly financial and operational reports, the Nigerian Extractive Industries & Transparency Initiative (NEITI) recently commended us for embracing openness, subjecting our activities to greater public scrutiny and providing real-time information about the state of the nation’s oil and gas sector,” Dr Baru said.
He explained that through his 12 Business Focus Areas (BUFA), the Corporation has kick-started the implementation of policies to place the organization on the path of growth and profitability.
The GMD explained that aside increasing the nation’s oil and gas reserves to 37 billion barrels of oil and 192 trillion cubic feet of gas respectively, the Corporation has also commenced exploratory activities in the Gongola Basin with the aim of further growing our oil and gas reserves and taking advantage of low oil prices which make inland exploration cost effective.
Dr Baru also lauded the management of Media Trust Limited for its factual reportage of the corporation’s activities and operations
“You have remained a leading voice in the fight against unwholesome activities of crude oil theft, pipeline vandalism and sabotage of the nation’s oil and gas installations. We will like to see this gesture continue” he stated.
Speaking earlier, the Chairman of the Board of Directors, Media Trust Limited, Malam Kabir Yusuf, stated that the visit was to strengthen the existing cordial relationship between the two organisations and to also thank the NNPC management for the good works it was doing for the country.
“We are here as stakeholders in the media and the economy to say that we appreciate the work you are doing and to also have the opportunity to have more insight into these works and to communicate it to the public,” Malam Yusuf said.
By Adedapo Adesanya
Terrahaptix, a Nigerian autonomous systems startup, has raised $11.75 million in a round that will see it boost drone manufacturing to tackle violent extremism spreading across Africa.
The funding round was led by 8VC founded by the co-founder of Palantir Technologies Inc., Mr Joe Lonsdale. Other investors include Valor Equity Partners, Lux Capital, SV Angel, Leblon Capital GmbH, Silent Ventures LLC, Nova Global and angel investors including Mr Meyer Malka — the managing partner of Ribbit Capital.
Terrahaptix, founded by Mr Nathan Nwachukwu and Mr Maxwell Maduka, will use the new funding to expand Terra’s manufacturing capacity as it expands into cross-border security and counter-terrorism.
The company based in Abuja produces long- and mid-range drones, autonomous sentry towers and unmanned ground vehicles to help secure infrastructure assets valued at about $11 billion across Africa, including hydropower plants in Nigeria, as well as gold- and lithium-mining operations in Ghana.
In June last year, the firm beat an Israeli company to secure a $1.2 million security contract to deploy AI-powered drones and sentry towers at two hydroelectric power plants in Nigeria, awarded by a private security firm, Nethawk Solutions.
According to Mr Nwachukwu, the CEO of Terrahaptix, the rising spate of insecurity must be tackle as the continent continues to industrialize its economy.
“Africa is industrializing faster than any other region, with new mines, refineries and power plants emerging every month,” he said, “But none of that progress will matter if we don’t solve the continent’s greatest Achilles’ heel, which is insecurity and terrorism.”
“Our mission is to give Africa the technological edge to protect its industrial future and defeat terrorism.” Mr Nwanchuku added.
On his part, Mr Maduka, the company’s co-founder and CTO, also reinforced the company’s commitment to the continent by saying, “This is African technology, built by African engineers, for African infrastructure. We are creating skilled jobs, building advanced manufacturing capacity, and ensuring the intellectual property behind Africa’s security stays on the continent.”
The need for security has risen in recent years as groups such as Islamic State and al-Qaeda are gaining ground in Africa, converging along a swathe of territory that stretches from Mali to Nigeria.
By Aduragbemi Omiyale
The credit ratings of Stanbic IBTC Insurance, a subsidiary of Stanbic IBTC Holdings Plc, have been upgraded by Agusto & Co.
The improved ratings underscore the company’s commitment to robust risk management, operational discipline, and its strong capacity to meet obligations to policyholders.
In a statement, Stanbic IBTC Insurance said its long-term and short-term ratings of A and A1 were raised by the rating agency. It was added that the two ratings were given a stable outlook, reflecting stronger confidence in the company’s financial resilience, governance standards, and long-term sustainability.
Agusto also cited Stanbic IBTC Insurance’s sound liquidity position, prudent business strategy, and the strategic backing it receives as part of Stanbic IBTC Holdings.
As part of its growth strategy, Stanbic IBTC Insurance continues to expand its retail footprint across Nigeria, enhancing access to life insurance solutions and deepening its presence in key markets. This expansion supports its mission to serve individuals, families, and businesses with reliable and accessible insurance offerings.
In terms of claims settlement, Stanbic IBTC has consistently demonstrated its commitment to prompt and efficient payout to policyholders and annuitants.
Since its establishment in 2021, the company has settled over 2,000 claims, amounting to more than N1.8 billion in cash.
Additionally, it has paid over 16 billion in annuities to more than 4,900 retirees, reaffirming its dedication to delivering reliable and timely benefits.
“We are delighted with this upgrade as a reflection of our progress and the trust we’ve earned from stakeholders.
“Our focus remains on delivering reliable protection, exceptional service, and enduring value to both policyholders and other stakeholders.
“This recognition motivates us to uphold the highest standards of financial discipline, service excellence, and integrity,” the chief executive of Stanbic IBTC Insurance, Mr Akinjide Orimolade, stated.
By Aduragbemi Omiyale
Additional 2,575,851,543 ordinary shares of First Holdco Plc issued to one of the investors of the company from a private placement have been listed on the Nigerian Exchange (NGX) Limited.
The equities were sold at the exercise at N32.50 per share, amounting to N83.715 billion. They were from the private placement of 3,276,923,077 ordinary shares of the financial services firm.
The listing of the new stocks have increased the total issued and fully paid-up shares of First Holdco Plc to 44,453,693,134 ordinary shares of 50 Kobo each from 41,877,841,591 ordinary shares of 50 Kobo each.
This development was confirmed by the bourse over the weekend in a disclosure to the investing community.
“Trading licence holders are hereby notified that additional 2,575,851,543 ordinary shares of 50 Kobo each of First Holdco Plc were on Monday, January 5, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares listed on NGX arose from the company’s private placement of 3,276,923,077 ordinary shares of 50 Kobo each at N32.50 per share.
“With the listing of the additional shares, the total issued and fully paid-up shares of First Holdco Plc have now increased from 41,877,841,591 to 44,453,693,134 ordinary shares of 50 Kobo each.
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