All Posts in "Day: August 24, 2024"

Nigerian Navy Destroys 17 Illegal Refineries In 30 Days

Mohammed Shosanya

The Nigerian Navy has announced the destruction of seventeen illegal refining sites in 30days,as part of its efforts to sustain war against crude oil theft in the Niger Delta.

A statement signed by A Adams-Aliu,Director of Information,Nigerian Navy,gave details of the destruction of the illegal sites since the beginning of this month

According to the statement,August 9,2024 witnessed the destruction of one Illegal refinery site, 5 metal drums and several pipes at Dumbe camp and Atuo general area of Bayelsa State.

On 12 August 2024,the Navy destroyed one Illegal Refinery Site at Ataba Community, Andoni Local Government Area of Rivers state.

They also destroyed three Illegal Refinery Sites, 5 refiningovens, 3 wooden Boats and recovery of large quantities of illegally refined Automotive Gas Oil in Brass, Bassambari and Nembe axis of the Creeks in Bayelsa State,on August 14.

They statement also quoted that,on 17 August, 2024,naval officers destroyed 4 wooden boats and one speed boat being used to smuggle stolen products along Odioma/ Botokiri Creek, Bayelsa State.

On the same day,they also destroyed one Illegal Refinery Site, 2 cooking pots, several storage tanks, dug out pits and seizure of large quantities of refined products along Ekwoke, Sobiekiri and Ataba area of Bonny channel, Rivers State.

Besides,the day also witnessed destruction of a massive illegal refinery Site with a 2 million litres per day capacity along Ogoloma – Bakana water-ways in Rivers State.

It added that,on 19 August 2024,the officers destroyed one Illegal Refinery Site with storage tanks, a pumping machine and a wooden boat laden with stolen crude oil in Awoye Riverine community, Illaje Local Government Area, Ondo State.

The statement also quoted that, 21 August 2024,witnessed the destruction of one Illegal Refinery Site, 2 woodenboats, 5 dug-out pits and numerous drums containing stolen crude oil in Otumara Creek, Warri, Delta State.

It added:Relatedly, the Trans Niger and Trans ESCRAVOS Pipelines have continued to sustain the recorded 100 per cent terminal factor. Consequently, according to Nigerian Upstream Petroleum Regulatory Commission (NUPRC), as at 14 August 2024, national crude oil production recorded was 1.658 million barrels per day.

“This underscores the effectiveness of Operation DELTA SANITY. Nevertheless, the Nigerian Navy will continue to sustain current efforts to rid Nigeria’s maritime environment of the menace and enhance crude oil in line with the President and Commander–in–Chief’s directive to eradicate crude oil theft”.

admin by — August 24, 2024 in News 0
Afreximbank Facilitates US$650m Financing For Oando’s Acquisition Of NAOC’s 20% Interest In Nigerian JV

Mohammed Shosanya

African Export-Import Bank (Afreximbank) has arranged a senior US$500-million and a junior US$150-million reserve-based lending facility for Oando Petroleum and Natural Gas Company Limited.

The facility was used to finance Oando’s acquisition of the 20 per cent participating interest held by Nigerian Agip Oil Company Limited (NAOC) in the NEPL/NAOC/Oando Joint Venture in Nigeria,a statement said on Friday.

The joint venture, with significant oil and gas assets, including oil mining licenses 60, 61, 62 and 63, has produced 4.4 billion barrels of oil and 12 trillion cubic feet of natural gas to date, with 1.2 billion barrels of oil and 10.7 trillion cubic feet of natural gas remaining.

Afreximbank, retained as mandated lead arranger for the transaction, also served as bookrunner, coordinator, underwriter, escrow agent, facility agent and security trustee, and also participated and underwrote US$350 million of the facility,the statement said.

Also participating in the transaction were Indorama Eleme Petrochemicals Limited, with US$150 million, and Mercuria Energy Group, with US$150 million.

Oando expects the acquisition to significantly enhance its production capacity from the current 20,000 barrels of oil equivalent per day (kboe/day) to 60,000 kboe/day, effectively boosting Nigeria’s oil output and reinforcing the country’s position in the global energy market. It also expects the transaction to drive local economic growth by creating jobs, improving infrastructure and fostering technological advancements in the oil and gas sector.

Leading the Oando participation at the closing ceremony held in London, United Kingdom on August 22, 2024, was Mr. Wale Tinubu, the Group Chief Executive.

He was accompanied by representatives of ENI S.P.A. led by Guido Brusco, Group Chief Operating Officer and representatives from Mercuria Energy Group. Afreximbank was represented by Mr Peter Adeshola Olowononi, Head, Client Relations, Anglophone West Africa and Mrs Ketiwe Lwando, Manager Structured Trade & Commodity Finance.

Commenting on the transaction, Mr. Haytham Elmaayergi, Executive Vice President, Global Trade Bank, Afreximbank, said that the facility marked a critical step in advancing the Bank’s strategy for promoting local content in Africa’s oil and gas sector.

“By supporting the acquisition of key energy assets by an indigenous company like Oando, the Bank is fostering economic empowerment, enhancing regional trade, and contributing to the sustainable development of Africa’s natural resources,” he said.

He described the transaction as a significant milestone in Nigeria’s upstream oil and gas sector, saying that it underscored the increasing role of local companies in the ownership and operation of critical energy assets, in line with Nigeria’s local content policy, energy security and economic sovereignty strategy.

Mr. Wale Tinubu CON, Group Chief Executive OANDO, noted: “Today’s announcement is the culmination of ten years of toil, resilience, and an unwavering belief in the realisation of our ambition since the 2014 entry into the Joint Venture via the acquisition of Conoco-Philips Nigerian Portfolio. It is a win for Oando, and every indigenous energy player, as we take our destiny in our hands, and play a pivotal role in this next phase of the nation’s upstream evolution. With our assumption of the role of operator, our immediate focus is on optimizing the assets’ immense potential, advancing production and contributing to our strategic objectives.

“This we will do while prioritizing responsible practices and sustainable development in ensuring a balanced approach to our host communities, and environmental stewardship as we complement the nation’s plan to boost production output.We thank Afreximbank for its unwavering leadership in bridging the trade finance gap in Africa and ensuring that Oando can consolidate its stake in the Joint Venture via the acquisition of NAOC 20% stake.”

admin by — August 24, 2024 in Banking&Finance 0
FG Alerts On Rising Water Level Of River Niger

Mohammed Shosanya

The Nigeria Hydrological Services Agency(NIHSA), has raised the alarm over the rising water level of the River Niger as of August 22, 2024.

The alert comes in response to a report from the Niger Basin Authority in Niamey, Niger Republic, indicating that upstream activities in Niger and Mali have contributed to the situation.

A statement on Friday signed by the Director General of NIHSA, Umar Mohammed, explained that, “Flood waters from these two countries are expected to move gradually into Nigeria through Kebbi State.”

He noted that dam operators at Kainji and Jebba on the River Niger have been informed and are fully prepared to manage the situation.

“It is important to note that as at August 22, 2024, the dams are not spilling water from their reservoirs,” Mohammed said.

NIHSA has advised States and communities along the River Niger system to be on high alert as the flood waters are anticipated to peak towards the end of August and into September.

The agency assured all that it “will continue to monitor the flood situation in the country and provide periodic updates to the general public accordingly.”

admin by — August 24, 2024 in News 0
Nigeria Loses $5bn To Cybercrime Annually-Don

Prof. Stella Chiemeke, Vice Chancellor, University of Delta (UNIDEL), Agbor, Delta State,says Nigeria loses $5billion annually to cybercrime.

She disclosed this while delivering a paper titled, “Cybercrime
Security and Business Survival In Nigeria: Building Customers’ Trust”, at this Year’s 7th Southern Zonal Accountants’ Conference in Warri.

She said that the cyber attacks could take many forms including phishing, ransomware, business email compromise and a lot more.

Agbor said that it has posed a significant threat to individuals, businesses, organisations resulting in huge financial losses .

While saying that only thirty percent of organizations in Nigeria have Cyber security awareness, Prof. Chiemeke called on organizations across the country to put in place robust cyber security measures to check the ugly trend.

She said that cyber security measures would help to build customers’ trust and keep such organizations free from continuous financial losses.

admin by — August 24, 2024 in News 0