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 Dipo Olowookere
A 0.38 per cent loss was suffered by Nigerian stocks on Tuesday on the back of continued selling pressure from investors embarking on profit-taking.
Data from the Nigerian Exchange (NGX) Limited showed that the contraction was influenced by the 1.78 per cent decline recorded by the insurance sector, the 0.24 per cent slip printed by the consumer goods index, and the 0.09 per cent drop posted by the energy space, offsetting the 0.75 per cent growth achieved by the banking sector and the 0.21 per cent growth recorded by the industrial goods segment.
Investor sentiment was weak during the trading day, as the bourse ended with 13 price gainers and 40 price losers, representing a negative market breadth index.
LivingTrust Mortgage depreciated by 10.00 per cent to N3.42, Multiverse also shed 10.00 per cent to N22.95, McNichols dropped 9.92 per cent to N5.45, Thomas Wyatt dipped by 9.87 per cent to N3.56, and Eterna lost 8.57 per cent to trade at N33.00.
On the flip side, AVA Capital improved by 9.94 per cent to N9.95, Livestock Feeds expanded by 9.71 per cent to N8.65, Neimeth increased by 8.43 per cent to N9.00, AIICO gained 3.47 per cent to settle at N4.18, and Oando grew by 3.30 per cent to N36.00.
A total of 1.6 billion equities valued at N28.7 billion exchanged hands in 54,160 deals yesterday versus the 923.0 million equities worth N37.9 billion traded in 72,544 deals on Monday, indicating a 73.35 per cent surge in the trading volume, a 24.27 per cent decline in the trading value, and a 25.34 per cent slip in the number of deals.
The busiest stock was Japaul, which transacted 904.4 million units for N2.7 billion. Sterling Holdings sold 54.0 million units valued at N431.9 million, FCMB exchanged 49.5 million units worth N545.9 million, Chams traded 44.9 million units for N199.2 million, and Neimeth sold 42.4 million units worth N327.8 million.
Business Post reports that the All-Share Index (ASI) gave up 927.70 points to 244,802.83 points from 245,730.53 points, and the market capitalisation receded by N599 billion to N158.016 trillion from N158.615 trillion.
By Adedapo Adesanya
The Naira put up a better performance against the United States Dollar in the various segments of the foreign exchange (FX) market on Tuesday, August 4.
In the parallel market, it improved its value by N5 to settle at N1,400/$1 compared with the previous day’s value of N1,405/$1, and at the GTBank forex desk, it appreciated by N1 to close at N1,373/$1, in contrast to the preceding session’s N1,374/$1.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX) segment, the Nigerian currency gained N2.28 or 0.17 per cent against the greenback to quote at N1,362.55/$1 compared with the N1,364.83/$1 it was exchanged a day earlier.
Also in the official market, the local currency appreciated against the Pound Sterling during the session by N6.48 to finish at N1,831.41/£1 versus N1,837.89/£1, and chalked up N5.22 on the Euro to sell at N1,568.71/€1 versus N1,573.93/€1.
Interbank FX transactions increased 14 per cent day-on-day as market makers’ activities raised total Dollar volume exchanged to $156.23 million, more than 132 per cent above $137.05 million in turnover at the previous close.
The interbank FX turnover rose despite a marginal rise in deals at the NFEM window as data from the central bank put Tuesday’s quote at 139 from 138.
As for the cryptocurrency market, major tokens were mixed as global stock indexes hit fresh records on renewed enthusiasm for artificial-intelligence-related shares.
With cheaper oil, easing rate expectations and a strong risk-on rally in equities supporting digital assets, analysts say crypto appears to be driven by internal market dynamics rather than macroeconomic factors, even as traders watch for a potential Strait of Hormuz deal.
It was reported overnight that Iran and Oman were close to an agreement to reopen the Strait of Hormuz, with an announcement targeted for Wednesday.
Binance Coin (BNB) grew by 1.8 per cent to $600.54, Bitcoin (BTC) rose by 0.9 per cent to $64,199.86, Solana (SOL) jumped by 0.8 per cent to $73.95, and Ethereum (ETH) advanced by 0.7 per cent to $1,867.21.
But Cardano (ADA) depreciated by 1.9 per cent to $0.1908, TRON (TRX) dipped by 0.6 per cent to $0.3268, Dogecoin (DOGE) slumped by 0.5 per cent to $0.0698, and Ripple (XRP) crashed by 0.4 per cent to $1.06, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.
By Adedapo Adesanya
Brent crude dropped below $80 per barrel, precisely losing $4.41 or 5.3 per cent to settle at $79.36 a barrel on Tuesday, after comments by officials from the United States and Qatar raised hopes for a diplomatic resolution to the Iran war, which could improve oil flows through the Strait of Hormuz.
Also, the US West Texas Intermediate (WTI) futures depreciated by $4.57 or 5.7 per cent to trade at $75.77 a barrel.
US Secretary of State Marco Rubio said on Tuesday there was progress in talks with Iran and Oman about moving more ships through the strait, but a final agreement was yet to be reached.
Also, Treasury Secretary Scott Bessent had said earlier on Tuesday that a deal with Iran to reopen the strait could come as soon as Tuesday or Wednesday.
Qatar’s Foreign Ministry spokesperson Majed al-Ansari said efforts to secure a diplomatic resolution to the war were continuing.
Qatar said it has discussed with US President Donald Trump ways to reduce escalation and converge viewpoints between the US and Iran.
Meanwhile, the latest round of US-facilitated talks between Israel and Lebanon began on Tuesday and will continue through Thursday.
Amid this, Iran still wants control over inbound shipping and visibility over outbound traffic through the Strait of Hormuz, with the ability to intervene if necessary, as part of a plan being discussed with Oman to reopen the strategic waterway.
Market analysts noted that the prospect of a diplomatic solution to the conflict has helped remove some of the geopolitical risk premium in oil prices. If negotiations between the US and Iran make meaningful progress, the market could continue pricing in a lower probability of supply disruptions.
Disruptions to shipping through the strait, through which a fifth of global oil and gas flowed before the war, have forced Middle Eastern nations to cut oil output sharply. The world has lost more than 2.6 billion barrels of oil since the Iran war began in February.
Shipping traffic at the key Gulf waterways of Bab el-Mandeb and the Strait of Hormuz remained unchanged at the start of the week.
The American Petroleum Institute (API) estimated that crude oil inventories in the US rose by 2.69 million barrels in the week ending July 30. Commercial crude oil inventories excluding the SPR have lost just over 58 million barrels over the last sixteen weeks, with US crude inventories down just 7.2 million for the year, according to API data.
Official data from the US Energy Information Administration (EIA) will be released later on Wednesday.
