FG will soon reveal prominent people behind oil theft, says Garba Shehu – Newstrends
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FG will soon reveal prominent people behind oil theft, says Garba Shehu

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2 years ago

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The Federal Government will soon reveal the identities of prominent personalities behind oil theft in the country, Senior Special Assistant to President Muhammadu Buhari on Media and Publicity, Malam Garba Shehu, has said.

Already, he said security operatives had raided locations where illegal oil bunkering thrive as  part of efforts to rid the country’s economic saboteurs.

He disclosed this during an interview on the Trust TV’s Politics Today, pointing out that there might be cases of law enforcement agents engaging in the illegal act and stressed that new measures were being taken to put a stop to it.

He added that the military would soon get more equipment to aid the fight.

“Oil theft is being tackled. The big problem we have in this country is that we ought to see more commitment from communities in assisting law enforcement agents. In some cases, where some actors in the law enforcement are complicit, it becomes bad,” he said.

He said it was embarrassing for Nigeria not to meet up with the quota given to it by the Organisation of Petroleum Exporting Countries (OPEC).

“We used to fight the OPEC for more quotas; now, they have given us and we are not able to meet up. This is embarrassing. Security agencies are fully involved in stopping this act. I am hopeful that in the next few days, the office of the National Security Adviser will be presenting to the country, big men who are promoters of this kind of business as they are being caught and illegal refineries are being bombed out. 

“The Nigerian National Petroleum Company (NNPC) Limited is also installing a monitoring capacity to detect or advise immediately when sabotage of oil pipelines happen,” he said.

On insecurity, Shehu said that ending the insurgency in the North East was the president’s priority when he came into office and a lot of efforts had been put in to curtail the menace. He added that terrorists no longer laid claim to any territory due to the might of the Nigerian Army.

He, however, said cases of banditry and kidnapping were as a result of the previous administration’s failure to tackle the root cause, as well as negligence of military personnel in the area of adequate training. 

“The fight against banditry and kidnapping and the results have begun to reach an important turning point. A momentum has been generated, and we are hoping there would be no turning back. These days, all we hear is that the military is being frontal in its activity of attacking bandits’ enclaves; freeing hostages and all of that. We hope there would be no turning back,” he said. 

He said the victory recorded by the army had justified the money spent on the military, saying, “Public expenditure is justified because if we didn’t fight Boko Haram to what we have today, they would have probably taken over many more cities. Before now, they were active, up to Abuja, bombing the United Nations’ headquarters and other places. Is it 100 per cent success? Clearly no, but substantially, they are degraded.” 

 

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Lagos Rail Mass Transit part of FG free train ride – NRC

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14 hours ago

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December 21, 2024

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Lagos Rail Mass Transit part of FG free train ride – NRC

The Nigerian Railway Corporation (NRC) has disclosed that the Lagos Rail Mass Transit (LRMT) trains are included in the Federal Government’s free train ride initiative for the Christmas and New Year celebrations.

The LRMT, which currently includes the Phase 1 Blue Line Rail and the Phase 1 of the Red Line Rail, operates under the Lagos Metropolitan Area Transport Authority (LAMATA).

This announcement was made by Ben Iloanusi, the Acting Managing Director of the NRC, during an interview on NTA News TV on Friday, following the launch of the initiative earlier that day.

While Iloanusi stated that Phase 1 of both the Blue Line and Red Line Rail projects are part of the program, LAMATA has yet to confirm this inclusion.

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Iloanusi outlined the other routes benefiting from the scheme, which include the Lagos-Ibadan Train Service, Kaduna-Abuja Train Service, Warri-Itakpe Train Service, Port Harcourt-Aba Train Service, and the Bola Ahmed Tinubu Mass Transit in Lagos. Notably, little was previously known about the Bola Ahmed Tinubu Mass Transit service until this disclosure.

“Let me mention the routes where this free train service is happening. We have the Lagos-Ibadan Train Service, we have the Kaduna-Abuja Train Service, we have the Warri-Itakpe Train Service, we have the Lagos Rail Mass Transit trains, we have the Port Harcourt-Aba Train Service, and we have what we call the Bola Ahmed Tinubu Mass Transit, which is also in Lagos,” he stated.

Iloanusi provided operational updates, stating that passengers nationwide can access free tickets online or, for those unable to do so, at train stations where they will be profiled and validated.

He noted that passengers using NRC-managed services (excluding the Lagos Rail Mass Transit) should reserve tickets via the official website, www.nrc.gov.ng, with a valid ID required. He also advised travelers to plan, arrive on time, and bring valid identification.

Lagos Rail Mass Transit part of FG free train ride – NRC

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NNPC denies claim of Port Harcourt refinery shutdown

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15 hours ago

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December 21, 2024

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Port Harcourt refinery

NNPC denies claim of Port Harcourt refinery shutdown

The Nigerian National Petroleum Company Limited (NNPCL) has denied claims in media reports that the newly refurbished Port Harcourt refinery has shut down.

The national oil company denied the claim in a press release issued by its Chief Corporate Communications Officer, Olufemi Soneye, on Saturday.

Soneye said the claim was false and urged Nigerians to disregard it. He stressed that the Port-Harcourt Refinery is fully operational.

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The statement read, “The attention of the Nigerian National Petroleum Company Limited (NNPC Ltd.) has been drawn to reports in a section of the media alleging that the Old Port Harcourt Refinery which was re-streamed two months ago has been shut down. 

“We wish to clarify that such reports are totally false as the refinery is fully operational as verified a few days ago by former Group Managing Directors of NNPC.”

He noted that preparation for the day’s loading operation is currently ongoing, and added that claims of the shutdown are “figments of the imagination of those who want to create artificial scarcity and rip-off Nigerians.”

NNPC denies claim of Port Harcourt refinery shutdown

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CBN permits BDCs to buy up to $25,000 FX weekly from NFEM

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2 days ago

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December 20, 2024

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CBN Governor, Olayemi Cardoso

CBN permits BDCs to buy up to $25,000 FX weekly from NFEM

The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM). 

The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM). 

This move, detailed in a circular dated December 19, 2024, is designed to meet seasonal retail demand for FX during the holiday period. 

The circular was signed by T.G. Allu, on behalf of the Acting Director of the Trade and Exchange Department. 

The arrangement will be in effect from December 19, 2024, to January 30, 2025. 

Under the directive, BDCs may purchase FX from a single Authorized Dealer of their choice, provided they fully fund their accounts before accessing the market.  

Transactions to occur at the prevailing NFEM rate 

The transactions will occur at the prevailing NFEM rate, and BDCs are required to adhere to a maximum 1% spread when pricing FX for retail end-users.

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All transactions conducted under this scheme must be reported to the CBN’s Trade and Exchange Department. 

The circular read in part:

“In order to meet expected seasonal demand for foreign exchange, the CBN is allowing a temporary access for all existing BDCs to the NFEM for the purchase of FX from Authorised Dealers, subject to a weekly cap of USD 25,000.00 (Twenty-five thousand dollars only).

This window will be open between December 19, 2024 to January 30, 2025. 

“BDC operators can purchase FX under this arrangement from only one Authorized Dealer of their choice and will be required to fully fund their account before accessing the market at the prevailing NFEM rate. All transactions with BDCs should be reported to the Trade and Exchange department, and a maximum spread of 1% is allowed on the pricing offered by BDCs to retail end-users.” 

The CBN assured the general public that PTA (Personal Travel Allowance) and BTA (Business Travel Allowance) remain available through banks for legitimate travel and business needs.”

These transactions are to be conducted at “market-determined exchange rates” within the NFEM framework.

This initiative reflects the CBN’s strategy to stabilize the FX market and manage seasonal surges in demand.

CBN permits BDCs to buy up to $25,000 FX weekly from NFEM

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