Court judgement: Navy returns stolen crude-laden vessels to owners in Bayelsa – Newstrends
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Court judgement: Navy returns stolen crude-laden vessels to owners in Bayelsa

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Court judgement: Navy returns stolen crude-laden vessels to owners in Bayelsa

The Nigerian Navy on Friday returned a merchant tanker vessel, MV TIS IV, and a  Barge Podium held for complicity in oil theft to their owners in compliance with a court judgement.

The News Agency of Nigeria (NAN) learnt that the court had convicted the crew and ruled that the stolen crude be forfeited to the federal government while the vessels be returned to their owners.

The impounded vessels were anchored at the Naval facility Forward Operating Base (FOB) Formoso in Brass, Bayelsa.

MV TIS IV was seized for two years while the barge was in custody for six years after they were detained for allegedly engaging in crude oil theft

The release of the vessels followed the directive of the Naval Headquarters, in compliance with the court decision.

The handing over which was held at a brief ceremony at the FOB, Egwema, Brass, was performed by the Commanding Officer, Navy Captain Murtala Rogo, represented by the Executive Officer, FOB, Commander Dantani Bukar.

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Speaking on the circumstances that led to the detention of the vessels, Rogo recalled that MV TIS IV was taken in on Dec 5, 2021, at a creek within Akassa River, in Bayelsa while the Barge Podium was seized on May 15, 2017, around Alaki area of Rivers State.

He said that the MV TIS IV had a total of 17 crew members on board and it was laden with about 700,000 litres of substance suspected to be stolen crude.

According to him, the vessel with her crew was handed over to the Economic and Financial Crime Commission (EFCC) for prosecution.

He explained that the crew members were found guilty and sentenced by Federal High Court, Port Harcourt.

“Ruling was also given by the court that the content of the vessel be forfeited to the federal government, which was evacuated by the EFCC on Feb 23 2023.

“Furthermore, the court ordered that the vessels be released to the owners on bond. FOB Formoso was directed by the Naval Headquarters to hand over the vessel to the owner in the presence of the EFCC representatives,” he said.

The Commander said FOB Formoso will continue to sustain the strategic directive of the Chief of Naval Staff, Vice Adm. Emmanuel Ogalla, on the fight against oil theft and illegal bunkering in the maritime domain.

He said that the Nigerian Navy is determined to ensure that the maritime domain remains secured and safe for all legitimate businesses to thrive towards fulfilment of national security objective.

Court judgement: Navy returns stolen crude-laden vessels to owners in Bayelsa

(NAN)

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CBN fines bank found hoarding cash N150m

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CBN fines bank found hoarding cash N150m

The Central Bank of Nigeria (CBN) has imposed a N150 million fine on a commercial bank for failing to dispense cash through its Automated Teller Machines (ATMs).

This action follows an unannounced inspection by the apex bank, which uncovered deliberate cash hoarding and ATM manipulation by the erring bank.

Sources within the CBN revealed that the sanctioned bank was caught disabling its ATMs, thereby denying customers access to their funds while prioritizing cash disbursements to select VIP clients.

A staff member of the CBN stressed that the apex bank would not tolerate such practices.

“The Bank will not spare any Deposit Money Bank (DMB) caught in the act of hoarding cash or found favoring VIP customers over other customers,” the official stated.

To this end, the CBN has intensified spot checks on banks nationwide, exposing various illicit cash-handling practices by some unscrupulous financial institutions.

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For now, the CBN is imposing financial penalties on defaulting banks. However, according to the official, the next phase of enforcement will include publicly naming and shaming offending banks and prosecuting implicated bank officials.

“This fine is just the beginning. The CBN is determined to hold banks accountable for any actions that undermine public trust and the integrity of the banking system,” the official added.

Despite the ongoing challenges, the CBN has reiterated its commitment to promoting cashless banking in the country.

Another senior official disclosed that the apex bank’s management is intensifying efforts to encourage the use of electronic channels for transactions.

“The frustration faced by account holders is undermining our push for a cashless economy. We are doubling down on initiatives to restore public confidence in electronic banking solutions,” the official said.

CBN fines bank found hoarding cash N150m

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Three days to Christmas, food prices, transport fares hit the roof

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Three days to Christmas, food prices, transport fares hit the roof

According to the Universal Declaration of Human Rights ,UDHR, Article 25(1), everyone has the right to standard of living adequate for their health and well-being, which includes access to food, clothing, and housing.

Similarly, the International Covenant on Economic, Social and Cultural Rights ,ICESCR, Article 11 emphasizes the right to an adequate standard of living, including sufficient food.

Furthermore, the Covenant recognizes the fundamental right to be free from hunger and advocates for measures both individual and international to eliminate hunger.

It is widely acknowledged that inadequate food availability can lead to health issues, as food is as essential to health as air is to breathing.

The situation is exacerbated by the rising costs of healthcare, which are increasingly out of reach for many due to ongoing inflation.

Difficult situations

In Nigeria, harsh economic conditions are forcing households into difficult situations, with many going to bed hungry due to skyrocketing food prices. With Christmas just three days away, our correspondents visited local food markets in Lagos and Abuja to see how citizens are coping with the rising cost of goods and services.

In the locations, buyers and sellers expressed their frustrations over the increasing prices of food items.

At Agric Market in Ikorodu, Mummy Somto, lamented that she had never witnessed such high prices in her lifetime.

She noted that a chicken that cost N15,000 last year now sells for N35,000, with only older layers available for N15,000.

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“What will that do for my family? We have never seen it like this in Nigeria. I hope this hope is the hope,” she said.

At Mile 12 International Market, trucks filled with perishable goods such as tomatoes, peppers, onions, cucumbers, potatoes, carrots, cabbages, and other vegetables were lined up for unloading while eager buyers waited nearby.

When asked about the high prices despite the abundance of food, truck owner Alhaji Shehu, explained that the situation arose from expenses related to diesel, farm security, police and military checkpoints before reaching Lagos.

He mentioned spending between N500,000 and N800,000 per truck, which inevitably raises prices.
“This is our business, and we are not pleased with the high costs either. If I sell my goods, I still need to buy what I don’t sell. It’s suffocating us. I also commend the buyers,” Shehu added.

Bags of rice

Mrs. Bukky Osagie, a rice vendor at Mike 12, shared her concerns about escalating prices: “Last December, a bag of rice was between N65,000 and N70,000. Today, it’s from N95,000 depending on the brand. Traders are exhausted. People are buying half bags because they can’t afford full ones. They also need to buy additional items. How do people survive this trend? This has to stop if the government truly cares for its citizens.”

At Daleko Market, Mrs. Hannah, was seen pricing vegetable oil when she declared, “Whether the devil likes it or not, we will celebrate with our families and share love during this season. We will just have to adjust our spending according to our means.”

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As of the time of filing this report, a 25-liter container of vegetable oil was selling for between N86,000 and N95,000 depending on the brand.

Garri was priced at N56,000, while Ijebu Gaari was N58,000.

A carton of satchel tomatoes ranged from N8,800 to N9,200 while a pack of spaghetti cost N23,000.
70 grams of noodles were priced between N9,800 and N10,500. A roll of curry or thyme sold for N550 each, while small bulbs of onion reached as high as N200, making them almost unaffordable for many.

Christmas cheer

In Abuja, soaring food prices and steep transportation costs are casting a shadow over Christmas celebrations for many families.

The cost of essential holiday items, such as poultry, has surged, with chickens priced between ¦ 15,000 and ¦ 25,000, and turkeys reaching up to ¦ 130,000 in some markets.

Sunday Vanguard learned that rising feed prices, transportation costs, and supply chain disruptions are driving these increases.

Additionally, a 50-kg bag of rice now costs between ¦ 94,000 and ¦ 125,000, a significant leap from previous months.

Transportation fares have also skyrocketed, with transport fare from Abuja to major cities such as Lagos, Port Harcourt, and Enugu increasing from 15 percent to 35 percent in the past month.

For instance, a trip from Abuja to Lagos by road, which previously cost ¦ 28,000–¦ 35,000, now ranges between ¦ 46,500 and ¦ 60,000.

 

Three days to Christmas, food prices, transport fares hit the roof

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Three Ogun varsity students die in auto crash

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Ogun State Command Police Public Relations Officer, SP Omolola Odutola

Three Ogun varsity students die in auto crash

The Police Command in Ogun State has confirmed the death of three university students in a single-vehicle accident on the Ilisan-Ago-Iwoye Road.

In a statement issued on Saturday, the command’s spokesperson, SP Omolola Odutola, revealed that the victims were suspected to be students of Olabisi Onabanjo University (OOU), Ago-Iwoye.

The incident, which occurred around 3:30 p.m. on Friday, involved an Opel car with registration number AAA-126 HE. The vehicle was reportedly driven by Adekunle Adebiyi, a resident of 5 Sunmibare Street, Awa Ijebu.

“The accident was caused by overspeeding, leading to the driver losing control and the vehicle flipping into the bush,” Odutola explained.

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She further disclosed that one male passenger, whose identity is yet to be confirmed but is believed to be an OOU student, died on the spot. His body was taken to the mortuary at General Hospital, Ijebu Ode.

“Two female students from Olabisi Onabanjo University — Dada Oluwanifesimi, 18, and Miracle Daniel, 19 — were rushed to Love and Care Hospital but sadly passed away while receiving treatment,” she added.

The vehicle involved in the crash has been recovered and is now in police custody.

Odutola assured the public that further updates on the tragic incident would be provided and advised motorists to adhere to traffic regulations, particularly during the festive season.

 

Three Ogun varsity students die in auto crash

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