Economy
NSCDC Nabs Five Suspects Vandalising Heirs/NNPC Pipeline, Seizes 500,000L Stolen Crude
By Adedapo Adesanya
The Nigerian Security and Civil Defence Corps (NSCDC) has uncovered 10 illegal refineries with over 500,000 litres of crude oil and arrested five suspects in Odagwa Community, Etche Local Government Area of Rivers State.
The suspected oil thieves, according to NSCDC, had vandalised the wellhead of Heirs Energies/Nigerian National Petroleum Company (NNPC) Limited JV located around the Imo River II field in Etche and used different pipes to siphon crude oil while processing them within the vicinity.
Speaking, the Spokesperson of NSCDC in Rivers State, Mr Olufemi Ayodele, explained that the feat was achieved by the Commandant General’s Special Intelligence Squad based on credible intelligence.
He further said the illegal refining site had over 50 illegally constructed reservoirs, assuring that NSCDC will continue in the fight against crude oil theft, illegal mining, illegal dealings in petroleum products amongst others across the country.
He noted that the NSCDC Commandant General has been working across the federation to combat the menace of illegal dealings in petroleum products, crude oil theft, vandalism of railway lines, amongst others
“The Commandant General of the NSCDC, Dr Ahmed Abubakar Audi, has said that all acts of economic sabotage should be fought to stand still as suspects arrested would face the full wrath of the law irrespective of their sponsors, hence he gave a marching order to the Special Intelligence Squad to be more thorough and results oriented in their operations.
“Based on credible intelligence the squad swung into action and uncovered 10 illegal refineries in a forest located around Odagwa Community in Etche Local Government Area of Rivers State where five suspects were caught in the act of illegally refining of crude oil.
“About 10 different cooking pots of 50,000 litres capacity were seen with one pumping machine, tanks, 25 rubber hoses used for pumping crude oil and many long galvanized pipes with unquantified litres of crude oil and illegally refined AGO stored in six large reservoirs and other 20 smaller reservoirs dugged in the ground.
“The names of the suspects arrested who have now been handed over to the Rivers State Command for further investigation and possible prosecution are: Favour Chukwu (M) 29 years, Desmond Umeh (M) 25 years, Godwin Amos (M) 22 years, Bineace Galion (M) 38 years and Goodnews David (M) 23 years.
“These unscrupulous elements who tapped into the oilwell head of Heirs Energies and NNPC Limted located around Imo River II oilfield at Odagwa in Etche, through different channels, inserted their galvanized pipes and siphoned crude oil while processing same within the premises without recourse.
“The uncovering of this massive illegal oil bunkering site is a landmark achievement and an indication that the NSCDC as the lead agency in the protection of all critical national assets and infrastructure will continue to combat crude oil theft with a renewed vigour even as we work in synergy with sister-security agencies to salvage the nation’s economy from saboteurs.
“Let me reassure you that thorough investigation has commenced to unravel those behind the scene while all suspects arrested in connection with this act of vandalism and crude oil theft would be charged to court of competent jurisdiction and their sponsors or cartels would be trailed and brought to book without compromise.”
By Aduragbemi Omiyale
The deadline for the recapitalisation of the Nigerian pension industry has been extended by six months to June 2027 from December 2026.
This extension was approved by the National Pension Commission (PenCom), the agency, which regulates the sector in the country.
Addressing newsmen on Thursday in Lagos, the Director-General of PenCom, Ms Omolola Oloworaran, explained that the shift in deadline was to give operators more time to boost the capital base, dismissing speculations that the exercise had been suspended.
“The recapitalisation has not been suspended. We have communicated the requirements to the Pension Fund Administrators (PFAs), and we expect every operator to be compliant by June 2027. Anyone who is not compliant by then will lose their licence,” Ms Oloworaran told journalists.
She added that, “From a regulatory standpoint, our major challenge is ensuring compliance. We are working with ICPC, labour and the TUC to ensure employers remit pension contributions for their employees.”
The DG noted that engagements with industry operators indicated broad acceptance of the policy, with many PFAs already taking steps to raise additional capital or explore mergers and acquisitions.
“You may see some mergers and acquisitions in the industry, but what is clear is that the recapitalisation exercise is on track and the industry agrees with us,” she stated.
PenCom wants the PFAs to increase their capital base and has created three categories, with the first consists operators with Assets Under Management of N500 billion and above. They are expected to have a minimum capital of N20 billion and one per cent of AUM above N500 billion.
The second category has PFAs with AUM below N500 billion, which must have at least N20 billion as capital base.
The last segment comprises special-purpose PFAs such as NPF Pensions Limited, whose minimum capital was pegged at N30 billion, and the Nigerian University Pension Management Company Limited, whose minimum capital was fixed at N20 billion.
By Adedapo Adesanya
Three securities weakened the NASD Over-the-Counter (OTC) Securities Exchange by 0.68 per cent on Thursday, December 18.
According to data, Central Securities Clearing System (CSCS) Plc led the losers’ group after it slipped by N2.87 to N36.78 per share from N39.65 per share, Golden Capital Plc depreciated by 77 Kobo to end at N6.98 per unit versus the previous day’s N7.77 per unit, and FrieslandCampina Wamco Nigeria Plc dropped 19 Kobo to sell at N60.00 per share versus Wednesday’s closing price of N60.19 per share.
At the close of business, the market capitalisation lost N16.81 billion to finish at N2.147 billion compared with the preceding session’s N2.164 trillion, and the NASD Unlisted Security Index (NSI) declined by 24.76 points to 3,589.88 points from 3,614.64 points.
Yesterday, the volume of securities bought and sold increased by 49.3 per cent to 30.5 million units from 20.4 million units, the value of securities surged by 211.8 per cent to N225.1 million from N72.2 million, and the number of deals jumped by 33.3 per cent to 28 deals from 21 deals.
Infrastructure Credit Guarantee Company (InfraCredit) Plc remained the most traded stock by value with a year-to-date sale of 5.8 billion units valued at N16.4 billion, followed by Okitipupa Plc with 178.9 million units transacted for N9.5 billion, and MRS Oil Plc with 36.1 million units worth N4.9 billion.
Similarly, InfraCredit Plc ended as the most traded stock by volume on a year-to-date basis with 5.8 billion units traded for N16.4 billion, trailed by Industrial and General Insurance (IGI) Plc with 1.2 billion units sold for N420.7 million, and Impresit Bakolori Plc with 536.9 million units exchanged for N524.9 million.
By Dipo Olowookere
The All-Share Index (ASI) of the Nigerian Exchange (NGX) Limited has again crossed the 150,000-point threshold on Thursday as the demand of for local intensifies.
The market was up by 0.35 per cent during the session, with the NGX index inching higher by 520.23 points to 150,363.05 points from the previous day’s 149,842.82 points and the market capitalisation climbed by N332 billion to N95.857 trillion from N95.525 trillion.
During the session, the consumer goods index grew by 1.23 per cent, the banking counter expanded by 0.56 per cent, and the energy sector appreciated by 0.05 per cent.
However, the insurance industry went down by 0.23 per cent, while the commodity and the industrial goods sectors closed flat.
Nestle Nigeria gained 10.00 per cent to trade at N1,958.00, Guinness Nigeria improved by 9.98 per cent to N289.70, Aluminium Extrusion Industries rose by 9.76 per cent to N11.25, DAAR Communications soared by 9.20 per cent to 95 Kobo, and Mecure Industries surged by 9.13 per cent to N55.00.
On the flip side, Stanbic IBTC lost 9.33 per cent to settle at N95.20, Lasaco Assurance went down by 9.09 per cent to N2.50, Africa Prudential slipped by 8.82 per cent, Austin Laz depreciated by 8.82 per cent to N12.40, and Sterling Holdings crashed by 6.12 per cent to N6.90.
There were 35 price gainers and 26 price losers yesterday, implying a positive market breadth index and bullish investor sentiment.
During the session, a total of 839.8 million equities valued at N32.8 billion exchanged hands in 23,211 deals compared with the 5.9 billion equities worth N216.2 billion traded in 25,205 deals a day earlier, indicating a decline in the trading volume, value, and number of deals by 85.77 per cent, 84.83 per cent, and 7.91 per cent apiece.
The day’s busiest stock was First Holdco with a turnover of 385.6 million units sold for N15.6 billion, FCMB traded 76.0 million units worth N805.3 million, Lasaco Assurance exchanged 43.6 million units valued at N111.8 million, Access Holdings transacted 29.6 million units worth N616.8 million, and Chams sold 24.8 million units valued at N75.4 million.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism9 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking7 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn