Business
FG moves to stop $1.9bn monthly loss to oil theft
The Federal Government has stepped up moves to halt oil theft, costing Nigeria a monthly loss of $1.9bn, Minister of State for Petroleum Resources, Chief Timipre Sylva, has said.
He said Nigeria was not meeting its production quota at the Organisation of Petroleum Exporting Countries, OPEC, due to oil theft.
Sylva, who led a Federal Government delegation on anti-oil theft to Governor Ifeanyi Okowa of Delta State, said the team was in Asaba to seek the support and buy-in of the state government on measures to be adopted to check oil-theft in the country.
He said, “As a country, we cannot sustain this kind of theft perpetually, oil theft has become a national emergency, especially as the nation has not been able to meet its OPEC production quota.
“Our production has dropped drastically to very unsustainable levels. So, we have decided to take the bull by the horn by putting some structures in place and those structures cannot function effectively without the collaboration of the state government.”
On his part, the Chief of Defence Staff, General Lucky Irabor, who is coordinating the security intervention against oil theft, said security agencies had been dealing with issues of illegal refineries and oil bunkering across the Niger Delta in the last five months.
Irabor advocated the engagement of indigenes and host communities in the fight against the criminal activity.
Mele Kyari, who was also part of the delegation, lamented that Nigeria was currently losing about $2 billion monthly to the activities of oil vandals, with its attendant effect on environmental degradation.
Kyari said, “As a country, we hardly meet our OPEC production quantum of 1.99 million barrels per day with our current production level of 1.4 million barrels per day, which is currently being threatened by the activities of these economic saboteurs.
“This has done extensive damage to the environment and losing 1.9 billion dollars every month is colossal, considering the nature of the global economy at the moment.”
He held that the team needed the support and buy-in of Delta State government “because stopping this oil theft requires the concerted efforts of the Federal, State Governments, oil companies and security agencies”.
In his remarks, Governor Ifeanyi Okowa advocated a review of surveillance contracts on oil facilities to involve host communities in order to check the high rate of oil theft in the country.
Okowa insisted that reviewing oil surveillance contracts based on performance of the contractors and engagement of host communities would ensure effectiveness in securing the nation’s oil and gas assets.
While admitting that the challenge of oil-theft was huge, given the level it had assumed, the governor expressed joy with the steps being taken by the authorities to curb the menace.
He said: “I am glad that we are discussing this hydra-headed issue which impacts directly on our economy and the environment.
“It impacts on the health of the people and sustainability of the environment and I am glad that we are taking some steps because there are so many issues that led us to this.
“We went through situations where gaps where created between host communities and oil companies, and unfortunately criminality set in.
“It has gone so bad but we are doing our best as a state. I am also glad about this collaboration,’’ pointing out that it was often difficult to secure the facilities, especially when the persons given the contracts did not have adequate information on the environment or not have the buy-in of host communities.
“We know that the impact of the nefarious activities on the health of the people cannot be immediately ascertained, and this collaboration is, therefore, very imperative.
“Any measure that will deliberately reduce the level of oil thefts is definitely worth supporting, and as a state government, we pledge our continued support.
“Why investment of the communities is needed is because there are some parts of the creeks that cannot be accessed by the surveillance contractor. Therefore, surveillance contracts should not be such that communities are not involved.
“The surveillance contracts should be tied to performance such that when there are oil thefts you terminate the contract and it is always good that communities are involved because they know the environment better”.
The governor berated oil companies for not keeping faith with their Memorandum of Understanding, MOUs, thereby making the stakeholders to lose confidence in the system.
He explained that when oil companies failed to sign or implement MoUs, “it becomes very difficult for the state government to mediate when there are issues.
“The security agencies must heighten their operations and they need to be resourced to enable them to also increase their level of surveillance and for this to succeed, there must be sincerity on the part of all stakeholders.
Auto
Jetour Unleashes F700 Hybrid Pickup as Abuja Experience Begins Tuesday
Jetour Unleashes F700 Hybrid Pickup as Abuja Experience Begins Tuesday
Jetour is taking its premium pickup game to Abuja as the automaker prepares to showcase the powerful F700 hybrid pickup at the Jetour Experience Abuja, bringing a blend of electrified performance, luxury and rugged off-road capability to the Federal Capital Territory.
The three-day event, scheduled for September 22 to 24 at Maha Event Centre, Area 8, Garki, comes on the heels of strong reception in Lagos and is expected to draw commercial fleet operators, corporate buyers and luxury pickup enthusiasts keen to experience Jetour’s latest hybrid workhorse.
Following high-impact reception in Lagos, the Abuja activation, which holds at Maha Event Centre, Area 8, Garki, answers massive demand from commercial fleet leaders, corporate buyers, and luxury truck enthusiasts eager for an electrified workhorse built without compromise.
Jetour’s rapid ascendancy as Nigeria’s Fastest Growing Auto Brand and Auto Brand of the Year is backed by nationwide after-sales infrastructure, certified technicians, and genuine parts availability through its authorized dealer network including Elizade Nigeria Limited, New Era AutoVehicle Services, Germaine Auto Centre, Kojo Motors, Mandilas Autos, R.T. Briscoe and
Tab Autos.
The Ultimate Hybrid Powerhouse
Engineered on the heavy-duty platform of Jetour’s G700 luxury SUV, the double-cab F700 redefines utility.
READ ALSO:
- Delta Police Intercept Sienna With Military Uniforms, Suspected Drugs
- Jehovah’s Witnesses Adjust Blood Transfusion Rules, Allow Personal Choice
- Ogun 2027: APC Highlights Adeola’s Projects, Challenges Adebutu
Stretching nearly 5.5 meters, it commands road presence via a high-tensile ladder-frame chassis and independent double-wishbone suspension engineered for punishing industrial demands and refined highway cruising alike.
Under the hood lies the revolutionary Kunpeng Super Hybrid CDM-O powertrain—pairing dual high-output electric drive motors with an onboard turbo petrol generator that seamlessly feeds the battery pack on the fly, eliminating range anxiety entirely.
According to Jetour, an advanced CATL 800V architecture surges the battery from 20% to 80% in just 10 minutes, achieving ultra-fast charging.
The vehicle delivers a monumental combined cruising range of up to 1,300 km on a single charge and tank, and achieves exceptional fuel economy, sipping as low as 1.39 L/100 km.
Conquering Terrain in First-Class Luxury
Engineered for unforgiving terrain, the F700 deploys Jetour’s intelligent XWD all-wheel-drive system governed by front, center, and rear mechanical differential locks.
With 9.5 inches of ground clearance and an imposing 900 mm water-wading capability, the F700 glides through deep water crossings, unpaved construction corridors, and rocky trails effortlessly.
Inside, the cabin abandons utilitarian compromises for bespoke executive refinement, featuring
35.4-inch Panoramic “Sky Screen” dominating the dash architecture.
Also, it features the 15.6-inch Central Command Touchscreen for seamless telematics and vehicle dynamics, Sculpted Luxury Finishes combining aviation-grade acoustic insulation, premium materials, and active driver-assist safety suites.
The three-day Jetour Experience Abuja will feature live technical walkarounds, rugged dynamic tests, and hands-on driving trials at the capital.
Jetour Unleashes F700 Hybrid Pickup as Abuja Experience Begins Tuesday
Auto
26th Abuja Motor Fair: NADDC, BKG Set November 10 Date for Auto Industry Show
26th Abuja Motor Fair: NADDC, BGK Set November 10 Date for Auto Industry Showcase
The National Automotive Design and Development Council and BKG Exhibitions Ltd have unveiled plans for the 26th Abuja International Motor Fair, scheduled to hold from November 10 to 13, 2026, at Eagle Square, Abuja.
The four-day event is expected to bring together major players across the automotive value chain, such as vehicle manufacturers and assemblers, component producers, financial institutions, technology firms, transport operators, logistics companies, development partners, investors and government agencies.
A three-day conference will also feature prominently at the fair, with the theme, “Driving Nigeria’s Automotive Transformation: Policy, Production, and Prosperity.”
A statement on Friday by BKG Exhibitions said the conference would examine key issues shaping the development of Nigeria’s automotive industry, with speakers drawn from various sectors of the industry and related fields.
Chairman of the Organising Committee and Managing Director of BKG Exhibitions, Mr Ifeanyi Agwu, said the conference would feature a keynote address by the Director-General of NADDC, Otunba Joseph Osanipin, alongside presentations and speeches by leading stakeholders in the automotive and transport sectors.
READ ALSO:
- BREAKING: Bloodbath at Pakistan Mosque as Suicide Blast Kills 21, Injures 103
- Xenophobia: FG Brings 33 More Nigerians Home From South Africa
- Falconets Thrash England 3-0, Face Colombia in U-20 World Cup Quarter-Finals
According to him, the fair will provide participants with opportunities to engage industry leaders, investors, government officials and business executives while exploring emerging vehicles, technologies, products and investment opportunities.
Other highlights of the event are the Nigeria Automotive Excellence Awards Night, Abuja Automotive Road Show, Ultimate Test-Drive experience, exotic automobile displays and the Automotive and Future Mobility Arena.
Visitors will also have access to professional advice, technical papers and a showcase of some of Abuja’s finest cuisine.
The Abuja International Motor Fair has, over the years, evolved into one of Nigeria’s major automotive exhibitions and platforms for industry and policy dialogue.
The organisers said this year’s edition would further strengthen the platform’s role in promoting investment, innovation, local production and sustainable growth across Nigeria’s automotive sector.
26th Abuja Motor Fair: NADDC, BGK Set November 10 Date for Auto Industry Showcase
Auto
Replace Fuel Subsidy With Vehicle Credit to Drive Mobility, Jobs,LCCI, Ilekuba tell FG
Replace Fuel Subsidy With Vehicle Credit to Drive Mobility, Jobs,LCCI, Ilekuba tell FG
Nigeria’s automotive stakeholders have called for an urgent shift from fuel subsidy to affordable vehicle financing, saying the new model could make vehicle ownership accessible to more Nigerians while driving local production, creating jobs and reducing dependence on imported automobiles.
The call was made on Thursday at the LCCI/National Automotive Design and Development Council Automobile Symposium, themed, “From Subsidy to Credit: Can Vehicle Financing Replace Fuel Subsidy as Nigeria’s Mobility Equalizer?”
Chairman of the LCCI Auto and Allied Sector Group, Dr Femi Eguaikhide, said affordable vehicle credit could restore access to mobility, improve productivity and create a stronger market for Nigeria’s automotive industry.
He said fuel subsidy had for decades effectively functioned as Nigeria’s mobility policy by helping to keep transportation relatively affordable for millions of Nigerians, including commercial drivers, teachers and small-business operators.
However, following its removal in May 2023, Eguaikhide said mobility costs had risen sharply, resulting in higher transport fares and increased prices of goods and services, with knock-on effects on productivity.
“Subsidy made fuel cheap, but cars remained expensive. So only the rich owned productive assets,” he said, arguing that vehicle credit could enable more Nigerians to acquire income-generating vehicles and repay loans from the proceeds.
Eguaikhide called for affordable, preferably single-digit interest rates and longer-tenor lease-to-own schemes for commercial operators using buses, tricycles and motorcycles.
“Can we create a ₦50,000/month plan for a keke driver?” he asked, urging financial institutions to develop financing products around borrowers’ earning capacity rather than conventional lending models.
He also advocated the use of vehicle telematics, tracking systems and cash-flow data to develop “mobility credit scores” that could help lenders assess the repayment capacity of commercial transport operators.
But Eguaikhide warned that vehicle financing must not become a fresh channel for importing used vehicles.
“If we use credit to import more Tokunbo, we’ve solved nothing,” he said, advocating financing for CNG conversions, locally assembled electric and hybrid vehicles, as well as mass-transit buses.
He summed up the proposed policy shift: “Subsidy gave us consumption. Credit can give us production.”
In a special address, Chairman and Chief Executive Officer of Cedric Masters Group, Chief (Sir) Anselm Ilekuba, also canvassed a fundamental shift towards vehicle financing, stressing that such a policy must simultaneously promote Nigeria’s automotive industrialisation.
Ilekuba, who was represented at the event by his Chief Finance Officer and Head of Accounts and Strategy, Christabel Mmesoma Ilekuba, decried the impact of high financing costs, short repayment periods and pressure on household incomes on vehicle ownership, despite strong demand for automobiles.
He urged the Federal Government to seriously consider the proposed National Automotive Bank being championed by NADDC, describing it as a specialised financing institution that could support consumers, vehicle assemblers and component manufacturers.
Ilekuba proposed longer-tenor financing for qualifying locally assembled vehicles, alongside industrial credit for manufacturers and funding for machinery, technology, certification and capacity expansion by component producers.
He also called for stronger localisation of automotive components, citing the proposed National Automotive Components Parts Gateway being developed by ALCMAN with Chinese partners.
According to him, the Automotive Bank and Components Gateway could create a cycle in which increased vehicle purchases stimulate local assembly, boost demand for locally produced components, expand factories and generate jobs, while reducing Nigeria’s exposure to foreign-exchange pressures.
Ilekuba said the success of vehicle financing should therefore not be measured merely by the number of loans disbursed, but also by growth in local vehicle assembly, component production, factory expansion, employment and foreign exchange conserved or earned.
“The old subsidy helped Nigerians consume mobility. The new approach should help Nigerians own mobility—and help Nigeria produce it,” he said.
-
Business3 days agoFuel Prices Climb to ₦1,500 per Litre Across Nigeria, Sparking Calls for Urgent Action
-
News3 days agoOAU Investigates Death of Final-Year Student as Police Begin Probe
-
News2 days agoECOWAS Biometric Card Expands as Seven Countries Begin Rollout
-
Interview3 days agoHe Does Not Lose Elections”: Abdulmumin Jibrin Predicts 65% Landslide for Tinubu in 2027
-
Politics3 days agoAisha Buhari Visits Atiku Amid Opposition Coalition Activities
-
Business3 days agoNCAA Moves Against Airlines Over Rising Flight Delays
-
metro2 days agoFG Suspends Niger NSCDC Commandant As 37 Suspected Illegal Miners Die In Custody
-
Sports2 days agoBallon d’Or 2026: Mbappe Responds to Yamal’s Bold Claim