Business
Checking Pipeline Vandalism In Nigeria
Iheanyi Udah is a 35-year-old farmer living in Onicha-Amiyi, Isuikwuato Local Government Area of Abia State.
The man is always eager to tell any willing listener how his two hands became severely burnt.
“One day in 2004, I just returned from the farm and saw several people in my village scooping fuel from a vandalised pipeline. I joined them but at a stage, an explosion occurred.
“Several people were burned to death while some lucky ones like me survived with severe burns; it is by God’s grace that I survived the fire incident,’’ he said.
“Even if you offer me N1 million to go near a vandalised pipeline again, I will bluntly reject it because it is evil and deadly. Such escapades bring death within a split second. People should avoid getting involved in pipeline vandalism,’’ he added.
Udah‘s experience reflects the experiences of many others who have encountered fire disasters at some vandalised sections of petroleum pipelines which traverse the country.
Prior to the Onicha-Amiyi incident, concerned citizens recall the pipeline inferno in Jesse, Delta State, in 1998 that left scores dead and wounded.
To avoid the recurrence of such incidents, the management of the Port Harcourt Refining Company (PHRC) recently launched an anti-pipeline vandalism campaign to sensitise neighbouring communities to the risks and dangers of pipeline vandalism.
Mr Tony Ogbuigwe, the company’s Managing Director, urged the communities to assist in efforts to check pipeline vandalism.
“Pipeline vandalism can lead to oil spills, which can also lead to degradation of the environment. It can also pose health hazards and if there is fire, it can also cause deaths,’’ he said at the inauguration of the campaign in Okrika, Okrika Local Government Area of Rivers State.
Ogbuigwe, who was represented by Mr Ralph Ugwu, the company’s Public Affairs Manager, pledged the company’s readiness to stage sustained public awareness campaigns on the dangers of pipeline vandalism.
However, Ajomiwe Ezuma, a historian, identified poverty as one of the root causes of pipeline vandalism in the country.
‘Poverty in the land has driven people to rupture pipelines in search of petroleum products. I must confess, it is a very risky venture but people, out of sheer desperation and frustration, still embark on it.
“More public enlightenment campaigns should be carried out to educate the people, especially those living in communities around the pipelines, on the dangers of pipeline vandalism.
“Some pipelines may be carrying gas, crude or refined petroleum products like petrol, kerosene or aviation fuel but the volatility of the pipelines’ content does not matter to the desperate people who jettison the risks involved in pipeline vandalism,’’ Ezuma said.
Concerned citizens note that many people have died in the jungles, creeks or seas while vandalising oil pipelines.
They say that attempts to rupture a high-pressure oil pipeline usually provoke instant fire, adding that the development often leads to the burning or death the perpetrators, who could even be swept away by sea tides.
Ezuma urged the communities to organise in-house campaigns for the residents, particularly youths, who were often tempted to partake in pipeline vandalism because of their “get-rich-quick’’ worldview.
“ It is the duty of the communities to prevent their people from falling victim to the effects of pipeline vandalism,’’ he adds.
He stressed that apart from the loss of lives due to infernos at vandalised pipelines, the environment became damaged, while the national economy was sabotaged whenever an oil pipeline was vandalised.
Ogbuigwe, nonetheless, stressed that the PHRC campaign would expose all the dangers inherent in pipeline vandalism to the people of Okrika and other communities more lucidly.
“ The campaign, which is primarily targeted at exposing the evils of pipeline vandalism; is also targeted at enlightening the people about the evils of the aberration,’’ he said.
“We also want to thank the people for being hospitable hosts over the years we have been operating here. There is peace and harmony and we received their total support.
“We urge the people to continue to support us, so that, in concert with them, we will operate the refinery for the benefits of our people here and the nation at large,’’ Ogbuigwe said.
Mr Alfred Orupabo, the Secretary of Okrika Local Government Council, also urged the people to be mindful of the dangers of pipeline vandalism.
“Pipeline vandalism is evil; it is dangerous to the environment, the people’s health and the nation.
“We will cooperate with the PHRC to ensure that pipeline vandalism does not occur here. People must refrain from it because of its very deadly effects,’’ he said.
Mr Robert Obizie, an official of the PHRC’s Community Relations Unit, said that the public awareness campaign would be a continuous activity until the communities and their residents were adequately sensitised on the issue.
“It is a very big task but we believe that through our constant engagement with the people via public enlightenment activities, the people will be able to absorb our message that pipeline vandalism destroys lives, the environment and the country’s economy,’’ he said.
Mbonye writes for NAN.
Mike Mbonye,
Business
Electricity: Bands BCDE Suffer No Power
As DisCos struggle to meet the required 20 hours power supply to “Band A” customers following shortage of gas which has hindered power generation since January, customers on Bands B, C, D, and E are left with no light, according to The Tide’s source.
The source learnt that the distribution companies were concentrating more on the Band A customers to keep their Band A feeders from being downgraded.
Band A customers enjoy a minimum of 20 hours of electricity daily.
On April 3, the Nigerian Electricity Regulatory Commission announced that subsidies would no longer be paid for the electricity consumed by Band A customers.
The electricity tariff for Band A customers was revised upward from N68 per kilowatt-hour to N255/KWh.
1 kWh is the amount of energy that could be used if a 1,000-watt appliance is kept running for an hour. For example, a 100-watt light bulb operating for 10 hours would use 1 kWh.
After the power subsidy was removed, the NERC directed the 11 DisCos to release their lists of Band A customers, who must get at least a 20-hour supply daily.
The regulator and the Minister of Power, Adebayo Adelabu, emphasised that there would be sanctions should the distribution companies fail to supply Band A customers with 20 hours of electricity.
The DisCos were also mandated to inform customers whenever they failed to meet the required minimum service level.
NERC said where a DisCo failed to deliver on the committed level of service on a Band A feeder for two consecutive days, the DisCo should, by 10 am the next day, publish on its website an explanation of the reasons for the failure and update the affected customers on the timeline for restoration of service to the committed level.
It stated that if a customer’s service level improves to at least 20 hours, they should be upgraded from lower service bands to Band A, adding that if the DisCo fails to meet the committed service level to a Band A feeder for seven consecutive days, the feeder will be downgraded to the recorded level of supply by the applicable framework.
In their efforts to meet up with the service level, the source gathered that some of the DisCos were gradually resorting to diverting the little allocation they get to the Band A customers.
This is in spite of the fact that the gas constraints that have hindered power generation since the beginning of the year have yet to be addressed.
Many communities said they could not boast 30 hours of power supply since January, a development the government blamed on the refusal of gas companies to supply gas to power-generating companies due to heavy debt.
Recall that recently, the IBEDC spokesperson, Busolami Tunwase, explained that, “One of the primary factors is the low supply of gas to generating companies, which has led to a gradual decrease in available generation on the grid.
Business
‘Inappropriate Insider Dealing’ Earns Julius Berger NGX Sanction
Authorities at the Nigerian Exchange (NGX) have sanctioned Julius Berger Nigeria (JBN) Plc for engaging in inappropriate insider dealing in shares.
According to a document obtained by The Tide’s source, JBN, Nigeria’s leading construction company, was sanctioned for “insider dealing during closed period”.
Incorporated in 1970, Julius Berger, Nigeria, which was incorporated in 1970, became a publicly quoted company in 1991 and has more than 10,000 shareholders.
NGX Regulatory Company (NGX RegCo), the self regulatory organisation (SRO) that regulates activities at the NGX, stated that JBN breached certain provisions of the listing rules and was thus sanctioned accordingly.
According to NGX RegCo, JBN violated provisions on “closed period”, in breach of the construction company’s commitment to adhere to listing rules and standards.
The NGX had tightened its rules and regulations to checkmate boardroom intrigues and block information arbitrage that tend to confer advantages on companies’ directors.
The amendments expanded the scope and authority of corporate financial reporting while eliminating gaps that allowed companies to sidetrack relevant rules in stage-managing corporate compliance.
The enhanced framework provided clarity and greater disclosures on directors’ trading in shares, corporate liability for accuracy and compliance of financial statement, dissuade bogus dividend payment and other sundry boardroom’s maneuverings that tend to favour insiders.
The amendments came on the heels of noticeable increase in violations of rules on ‘closed period’, a period when directors are banned from trading in the shares of their companies.
Rule 17.17 of the NGX disallows insiders and their connected persons from trading in the shares or bonds of their companies during the ‘closed period’ or any period during which trading is restricted.
This period is mostly at a period of sensitive material information, like prior knowledge of financials, dividends or major corporate changes, which places directors and other insiders at advantage above other general and retail investors.
A review of the disclosure violations at the stock market had shown that all violations in 2021 were related to violation of Rule 17.17 on ‘closed period’.
Under the amendments, in addition to the provisions of relevant accounting standards, laws, rules and requirements regarding preparation of financial statements, companies are now required to include several specific declarations on securities transactions by directors, changes in shareholding structure, self-assessment on compliance with corporate governance standards and internal code for directors on securities transactions among others.
Business
Nigerian Breweries To Suspend Operations In Two Plants
Nigerian Breweries Plc says it is planning for a company-wide reorganisation which include the temporary suspension of operations in two of its nine breweries.
It said this is part of a company-wide reorganisation as part of a strategic recovery plan aimed at securing a resilient and sustainable future for its stakeholders.
The Business Recovery Plan includes a rights issue and a company-wide reorganisation exercise which includes temporary suspension of two of its nine breweries and an optimisation of production capacity in the other seven breweries, some of which have received significant capital investment in recent years.
These measures include relocating and redistributing employees to the remaining seven breweries and offering support and severance packages to those that become unavoidably affected.
The company said this move is essential to improve its operational efficiency, financial stability and enhance a return of the business to profitability, in the face of the persistently challenging business environment.
In letters signed by the company’s Human Resource Director, Grace Omo-Lamai, and addressed to the leadership of the National Union of Food, Beverage & Tobacco Employees (NUFBTE) and the Food Beverage and Tobacco Senior Staff Association (FOBTOB), the company informed both unions that its proposed plan would include operational efficiency measures and a company-wide reorganisation that includes the temporary suspension of operations in two of its nine breweries.
As a result, and in accordance with labour requirements, the company invited the unions to discussions on the implications of the proposed measures.
Recall that the company recently notified the Nigerian Exchange Group (NGX) of its plan to raise capital of up to N600 billion by way of a rights issue, as a means of restoring the company’s balance sheet to a healthy position following the net finance expenses of N189 billion recorded in 2023 driven mainly by a foreign exchange loss of N153 billion resulting from the devaluation of the naira.
Speaking on these developments, the Managing Director/CEO, Nigerian Breweries, Hans Essaadi, described the business recovery plan as strategic and vital for business continuity.
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