News

Reps Begin Probe Into Illegal Lifting Of Crude Oil In Nigeria

Published

5 months ago

July 25, 2024

Gloria Ikibah

…Nig lost 437,000bpd, $10bn from January-July 2024 – Deputy Speaker

…over $1.5bn used in securing oil infrastructure

By Gloria Ikibah

The House of Representatives Special Committee on Oil Theft and Losses has commenced a 2day investigative hearing on illegal lifting of crude oil in Nigeria, on Thursday in Abuja.

The Special Committee has been mandated to investigate all dimensions of oil theft and loses in the oil and gas sector in Nigeria, focusing on the actions of all activities including criminal gangs militia groups, the local populace, companies, employees and security agencies with a view to bringing those complicit to justice.

The committee was also mandated to investigate all expenses incurred by government, agencies for the purpose of combating crude oil theft and related matters.

In his opening remarks Speaker Tajudeen Abbas, who was represented by the Deputy Speaker, Benjamin Kalu decried the negative impact oil theft has on the nation’s economy, especially the daily losses of crude due to the activities of criminals.

He said between January to July 2024, Nigeria has lost 437,000 barrels of crude oil to the sum of $10 billion.

He said, “The statistics on crude oil theft are very alarming, and its negative impact on the economy is quite monumental. For instance, it is estimated that between January and July 2024, Nigeria lost an average of 437,000 barrels of crude oil per day due to theft, vandalism and other criminal activities. At the current price of oil, this translates to over $10bn over the same period.

“Apart from reduced government revenue to address the multi-faceted challenges of national development, other problems associated with crude oil theft include environmental degradation, heightened insecurity in the form of piracy, kidnapping, militancy and vandalism and the shut-down of production by many companies, among others.

“The reduction in government revenue has invariably been responsible for government borrowing to address budget deficits over the years”.

Kalu who pledged the readiness of the parliament to assist anti-graft agencies to eliminate various economic crimes from the sector, noted that corruption is one of the factors militating against sustainable development in the oil sector.

“We are determined to strengthen the Economic and Financial Crimes Commission, the Nigeria Extractive Industries Transparency Initiative and other anti-corruption agencies to frontally combat corruption in the oil and gas sector,” he assured.

In his goodwill message, the Secretary to the Government of the Federation, George Akume, who was represented by Director General Services, Office of the SGF, Maurice Nnamdi restate the commitment of the Federal Government to secure the nation’s oil and gas infrastructure, even as he noted that in the past four years, over $1.5bn has been spent in this regard.

He said, “The government has invested considerable resources in combating this menace.

“Since 2020, expenditure aimed at addressing crude oil theft and securing our oil infrastructure has exceeded $1.5bn. These funds have been allocated towards enhancing surveillance capabilities, securing pipelines, and increasing the presence of law enforcement agencies in critical oil-producing areas.”

Chairman of the Special Committee Rep. Alhassan Ado-Doguwa on behalf of the committee vowed to do a good job in the interest of Nigerians.

He said, “Our ultimate aim is to employ every legislative tool to unearth the root causes and immediate factors contributing to this crime, bring those complicit to justice and develop sustainable solutions that will safeguard the integrity of our oil sector and promote national development.

“To ensure a thorough investigation, our methodology includes inviting memoranda and presentations from key stakeholders within the oil industry and security sector and engaging in further discussions with international and local oil companies, host community leaders, and relevant agencies.”

He acknowledged that some challenges needs to be addressed and said: “Our committee has noted several critical issues, including vessels transporting stolen crude oil undetected, collaboration among government and security agencies in illicit activities and the inefficiencies of current measures to combat oil theft.

“We have identified that firepower and other weapons of engagement are inadequate compared to the number of security operatives drafted to combat armed crude oil thieves. The NNPC Ltd. has reported 900 infractions on its pipelines, and delayed judicial processes have resulted in the abandonment of cases, allowing culprits to return to their criminal activities.

“In light of these findings, our committee has resolved to enact adequate legislation, including budget allocations to support security agencies, improve existing laws to combat crude oil theft and collaborate with security agencies to prioritise the protection of national assets and critical infrastructure.

“We also emphasise the importance of involving Indigenous youths in ownership initiatives and converting seized refineries for legitimate use rather than destroying them.”

Meanwhile, the immediate past Deputy Speaker of the House, Rep. Idris Wase urged the Committee Chairman to brace up for what will come his way, noting that the oil thieves will come after him.

Giving his goodwill remarks at the event, Wase reminded the Rep. Doguwa that his job was a dangerous one.

“Mr Chairman, “You are involved in doing a very dangerous business. It is more than dangerous. Don’t take it lightly. It is not going to be easy for you and the committee members because you are going to face people who are sabotaging Nigeria’s economy.

“In other climes, these people are supposed to be on the gallows and face the death penalty. They will go after you; they will come after your life but God will shield you. He will protect you,” he prayed.

News

Renovation: Tinubu, Shettima’s official quarters to gulp N6.36bn

Published

17 minutes ago

December 23, 2024

Naijablitznews

The Federal Government has allocated a total of N6,364,181,224 billion for the renovation and rehabilitation of the residential quarters of President Bola Tinubu, Vice President Kashim Shettima, and some of their aides in the 2025 budget proposal.

Sunday PUNCH’s analysis of the proposed allocation, contained in the 2025 Appropriation Bill presented to the National Assembly, showed that the annual maintenance of the Presidential Villa would gulp N5.49bn.

According to the proposed budget, N765m will be used for the renovation of the Vice President’s quarters and guest house.

The renovation of the president’s quarters at the State House will cost N6.39m, while the renovation of security quarters, auditorium, gymnasium and presidential aides’ quarters will cost N49m.

In addition, the renovation of Prescott barracks at Maple State House officers’ mess building and signal office in Asokoro, Abuja will cost N51m.

Further analysis of the budget revealed that Tinubu and his vice are also expected to have N87m as honorarium and sitting allowances, while N127m was allocated for the procurement of SUVs.

Also, N3.66bn was budgeted for the purchase of State House operational vehicles and N1,09bn will be spent on replacement of SUV vehicles at the State House.

Under the budget of the State House Lagos Liaison Office, there is an allocation of N14.72m for the routine maintenance of State House Lagos facilities (Dodan Barracks, Vice President guest houses at Ikoyi, among others).

Another N140.10m was allocated for the completion of renovation and furnishing of the State House annex (Dodan Barracks), Lagos.

Meanwhile, the Federal Government is planning to spend N1.83bn on converting forfeited properties from the Economic and Financial Crimes Commission into State House quarters.

The plan to convert forfeited houses from the EFCC comes in the same month that the commission disclosed the recovery of an estate in the Lokogoma District of Abuja, measuring 150,500 square metres and containing 753 units of duplexes and other apartments.

The commission described this as its “single largest asset recovery” since its inception in 2003.

The estate rests on Plot 109 Cadastral Zone C09 of the district, and was forfeited in a ruling on Monday, December 2, 2024, by Justice Jude Onwuegbuzie.

(Punch)

News

SEE NAIRA Rates Against The USD, GBP, EURO Today December 23, 2024

Published

20 minutes ago

December 23, 2024

Naijablitznews

WHEN we look at this month, USD was traded at ₦ at the beginning of this December on Monday, December 2, 2024. As at today with USD being traded at ₦1,655 we see a % for United States Dollar to Naira exchange rate for this month.

On this page, we are primarily focusing on the Black Market Dollar To Naira Exchange Rate Today, the USD to Naira currency pair are the most traded currency in the FX market.

Black Market Exchange Rates
Buying Rate
Selling Rate
Dollar to Naira 1655 1640
Pounds to Naira 2150 2000
Euro to Naira 1730 1700
Canadian Dollar to Naira 1146 1135
Rand to Naira 52 43
Dirham to Naira ‎0 0
Yuan to Naira 62 62
G.Cedi to Nair 70 50
CFA F. (XOF) To Naira 0.83 0.81
CFA F. (XAF) To Naira 0.74 0.74
READ ALSO: INSIDE LIFE: 26-Year-Old Lady Died In Bangladesh With No One To Claim Her Body, She Is A Nigerian From Enugu (SEE PHOTO)

Having full knowledge how much USD to NGN black market exchange rate today will give you a better opportunity to plan and make informed decisions.

Nairatoday.com

News

Passengers Stranded As Warri-Itakpe Train Derails In Delta Community

Published

25 minutes ago

December 23, 2024

Naijablitznews

Passengers of a train plying the Warri-Itakpe route escaped death on Sunday as the train derailed at Okpara in the Ethiope East Local Government Area of Delta State.

It was gathered that the passengers were stranded following the incident that happened at about 10pm.

According to eyewitness accounts, some of the passengers got to their destinations on Monday morning.

“The incident happened at Okpara Station last night. They stole many people’s phones and other valuables when they slept at night,” a source said.

“It’s this morning that everybody began to find their way to their various destinations.”

The Nigerian Railway Corporation confirmed the incident in a statement by its spokesman, Yakub Mahmood on Monday.

Mahmood said the service will resume shortly, adding that a team of engineers is at the site of the incident to ensure the track is restored soon.

According to him, the train service will resume as scheduled on Monday afternoon.

The statement reads in part, “The management of the Nigerian Railway Corporation (NRC) hereby informs the general public, especially our valued passengers that ply the Warri-Itakpe route, that following the minor derailment yesterday at the Okpara station, the service will resume shortly as our team of engineers are at the site of the accident to ensure the track is restored anytime soon.

“However, Itakpe-Warri (Ujewu) train will resume as scheduled in the afternoon today.

“All inconveniences caused as a result of the minor derailment is highly regretted.”