Business

Nigeria lost $1.5bn to oil theft in three months – NNPC GMD

Published

2 years ago

April 8, 2022

Group Managing Director of Nigerian National Petroleum Company Ltd, Mele Kyari, says the nation has lost $1.5bn worth of oil to vandals and operators of illegal refineries between January and March this year.

He said this when he appeared before the House of Representatives Committee on Petroleum (Upstream) on Thursday.

He said the country’s oil sector was recording an all-time low crude oil production of 1.49 million barrels per day due to increase in the activities of vandals and operators of illegal refineries.

“What is going on has nothing to do with the PIA. It is purely an act of thieves; acts of vandals which have rendered the industry unworkable and taken us to the level where today, our production is around 1.49 million barrels per day.”

“When you lose about 200,000 barrels per day, even at an average price of 65 dollars per barrel, we lost close to one billion dollars between January and March. From January till date, we lost an average of 250,000 barrels per day and at the current price of about 100 dollars to the barrel, even within this short period, we have lost close to 1.5 billion dollars.

“This situation deteriorated to the extent that by March 7, 2022, it came to zero and so, we shut down the line and declared force majeure. Even on our most reliable pipeline which is the Forcados pipeline, we still lose about 7,000 barrel per day. Needless to say that this is all coming as a result of the acts of vandals and oil thieves,” he said.

Kyari, however, assured the lawmakers that massive joint security operations among agencies were currently ongoing to address the situation.

“Many of these illegal refineries are being taken down and also the insertions are being constantly removed and we believe that these interventions will pay off. And we will be able to restore production. And this is centrally coordinated. There is a coordinated action now because we are using a number of strategies including community based security outfits”, he said.

Kyari said due to the negative impact of the activities of the oil vandals on the country’s economy and environment, there was a need to set up a special court to prosecute such cases to ensure speedy dispensation.

Chairman, House Committee on Petroleum (Upstream), Sarki Ada (APC-Sokoto), had earlier said the interface with the NNPC GMD was to ascertain the factors responsible for the decline in the country’s oil production with a view to proffering solutions.

He promised the House would give the necessary support to address the issue in the interest of the country.

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Naira depreciates again, trades at N1,402/$

Published

21 hours ago

May 3, 2024

Trends Admin

Naira depreciates again, trades at N1,402/$

The Nigerian currency, naira, on Thursday slightly depreciated at the official market, trading at N1,402.67 to the dollar.

Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), showed that the naira lost N11.71

Naira depreciates again, trades at N1,402/$

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Appeal court takes over NURTW case as NIC withdraws

Published

2 days ago

May 1, 2024

Trends Admin

Appeal court takes over NURTW case as NIC withdraws

The National Industrial Court has withdrawn from a case involving Alhaji Najeem Usman Yasin, Board of Trustees chairman of the National Union of Road Transport Workers (NURTW), and Alhaji Tajudeen Ibikunle Baruwa’s ambition to return as president of the union over lack of jurisdiction.

The industrial court’s decision was made to avoid conflict with the Court of Appeal, where the matter is already being heard.

Before the NIC announced its decision to hands-off the case, the defendants’ counsel, Mr. O.I. Olorundare SAN, had informed the court that the matter is currently before the Court of Appeal, Abuja division, and that the industrial court could not continue to adjudicate on the same matter.

The counsel cited authorities to support his claim, adding that the National Industrial Court does not have concurrent jurisdiction with the Court of Appeal.

The presiding judge, O.O. Oyewunmi, struck out the case, stating that the Appeal Court had taken over the matter and that the Industrial Court must respect the hierarchy of courts.

Alhaji Yasin and six others took the case to the Appeal Court, challenging the decision of the industrial court recognising a delegates’ conference held on May 24, 2023, where Baruwa was proclaimed as President of the union for a second term in office.

With the latest NIC judgement, both parties will now proceed to defend their positions at the Court of Appeal and await the final judgement.

Business

Multichoice shuns court order, proceeds with increase of DSTV, Gotv packages

Published

3 days ago

May 1, 2024

Trends Admin

Multichoice shuns court order, proceeds with increase of DSTV, Gotv packages

Despite the intervention of the CCPT, Multichoice Limited has proceeded to increase packages price for DSTV and GOTV as announce on Wednesday last week.

Newstrends had earlier reported that the corporation announced that the new rates will go into effect on Wednesday, May 1, 2024, in a statement.

Meanwhile, on Monday, MultiChoice Nigeria Limited was ordered by the Competition and Consumer Protection Tribunal (CCPT) in Abuja to suspend the planned prices and tariffs hike on packages and services.