Economy
NPA MD Reveals How Oil Theft Occurs Undetected
By Adedapo Adesanya
The Managing Director of the Nigerian Ports Authority (NPA), Mr Mohammed Bello-Koko, has explained that rogue vessels engaged in crude oil theft on Nigerian waters go undetected because they turn off their Automatic Identification System (AIS).
Mr Bello-Koko made this revelation as he briefed State House correspondents on Tuesday in Abuja, saying such ships evade arrest because they switch off their onboard automated identification system which displays the vessel’s position in the vicinity.
He noted that the authority does not have the required technology to detect their origin or destination.
Speaking against the backdrop of a recent incident where an oil tanker evaded arrest in Nigeria after illegally lifting crude oil, Mr Bello-Koko said the NPA is now in the process of procuring the technology called the Vessel Tracking Service (VTS) to enable it to identify, locate and monitor all vessels in the nation’s waters.
According to him, the agency has been trying to acquire the VTS for about 10 years now and has just identified a certified consultant while also working with the Nigeria Liquefied and Natural Gas (NLNG) Company to help with critical detection.
He further assured that the technology would be procured before the end of the administration of President Muhammadu Buhari.
The Nigerian National Petroleum Company (NNPC) Limited recently said that Nigeria is losing 470,000 barrels per day of crude oil, amounting to $700 million monthly, due to oil theft.
Worried by this, the federal government in August awarded a pipeline surveillance contract to a company led by a former militant leader, Mr Government Ekpemupolo, popularly known as Tompolo, a situation that received criticisms from many Nigerians.
In August, the Group Chief Executive Officer of the NNPC, Mr Mele Kyari, justified the government’s decision to award the multi-billion naira pipelines surveillance contract to Tantita Security Services.
Mr Tompolo’s firm recently made startling revelations on crude oil theft in the Niger Delta area. He said about 58 illegal oil points had been discovered since the operation to end oil theft on the waterways of Delta and Bayelsa states began.
By Adedapo Adesanya
The Dangote Refinery on Wednesday returned the petrol price to N1,200 per litre, less than 24 hours after it increased it by 5 per cent.
The private refinery had raised the ex-depot price by N75 on Tuesday, citing pressure from volatile global oil markets, but quickly brought it back to N1,200 per litre from N1,275 per litre.
The swift downward review is directly linked to a sharp drop in international crude prices. Brent crude has plunged to $95.05 per barrel, after a 13 per cent decline, while the US West Texas Intermediate (WTI) crude closed at $97.18, recording nearly a 14 per cent drop.
This development comes after US President Donald Trump announced a conditional two-week ceasefire with Iran, which eased fears of immediate supply disruptions in the global oil market.
“This will be a double-sided CEASEFIRE!” Trump said on social media, marking a sharp reversal from his earlier warning that “a whole civilisation will die tonight” if Iran failed to comply with US demands.
Iran’s Foreign Minister, Mr Abbas Araqchi, confirmed that the country would halt attacks provided strikes against Iran cease and transit through the Strait of Hormuz is coordinated by Iranian forces.
Despite the breakthrough, tensions remain elevated across the region, with several Gulf states reporting missile launches, drone activity, or issuing civil defence warnings.
While oil prices have fallen back below $100, they remain significantly elevated after surging by a record amount in March. Market analysts noted that regardless of how successful the ceasefire is, geopolitical risk related to the Strait of Hormuz is likely to remain elevated for the foreseeable future under the control of Iran.
By Adedapo Adesanya
Crude oil deliveries from the Nigerian National Petroleum Company (NNPC) Limited to the Dangote Petroleum Refinery doubled in March, boosting prospects for improved fuel availability.
This was revealed by the chief executive of Dangote Industries Limited, Mr Aliko Dangote, on Tuesday, when he received the Deputy Secretary-General of the United Nations, Mrs Amina Mohammed, at the industrial complex in Ibeju-Lekki, Lagos.
While speaking on feedstock supply, Mr Dangote commended the NNPC for increasing crude deliveries to the refinery in March, noting that volumes rose to 10 cargoes—six supplied in Naira and four in Dollars—to support domestic fuel availability, according to a statement by the Refinery.
“Last month, they gave us six cargoes for Naira and four cargoes for Dollars,” he said.
Despite the improvement, Mr Dangote noted that the supply remains below the 19 cargoes required for optimal operations, with the refinery continuing to bridge the gap through imports from the United States and other African producers.
He also expressed concern over the unwillingness of international oil companies operating in Nigeria to sell to the refinery, stating that their preference for selling crude to traders forces it to repurchase at higher costs, with broader implications for the economy.
Mr Dangote added that the refinery is seeking increased access to domestically priced crude under local currency arrangements as part of efforts to moderate fuel costs and enhance long-term energy and food security across the continent.
On her part, Mrs Mohammed underscored the strategic importance of Dangote Industries Limited -particularly Dangote Fertiliser Limited—in addressing Africa’s mounting food security challenges, while calling for stronger global partnerships to scale its impact.
Mrs Mohammed said the United Nations would prioritise amplifying scalable solutions capable of mitigating the continent’s food crisis, describing Dangote’s integrated industrial model as a critical pathway.
“I think the UN’s job here is to amplify and to put visibility on the possibilities of mitigating a food security crisis, and this is one of them,” she said. “I hope that when we go back, we can continue to engage partners and countries that should collaborate with Dangote Industries.”
By Aduragbemi Omiyale
The Securities and Exchange Commission (SEC) has approved a 50 per cent hike in the X-Alert service fee per transaction in the Nigerian capital market.
The X-Alert fee is a flat rate charged for sending real-time SMS/email notifications for transactions to investors from both buy and sell sides.
It was introduced by the Nigerian Exchange (NGX) to replace percentage-based charges, aimed at increasing transparency and reducing total transaction costs for investors.
Investors were earlier charged N4 per SMS, but the country’s apex capital market regulator has approved a 50 per cent increase in X-Alert service fee, meaning the new rate is N6 per SMS.
Business Post gathered from one of the players in the ecosystem that the effective date for the new price was Thursday, March 26, 2026.
“We wish to inform you of a revision to the X-Alert (SMS) service fee applicable to transactions executed on the Nigerian Exchange (NGX).
“Following approval by the Securities and Exchange Commission (SEC), the X-Alert fee has been reviewed upward from N4.00 to N6.00 per transaction,” the notice sighted by this newspaper read.
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