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
33 Banks Raise N4.65tn As Recapitalisation Ends
The Central Bank of Nigeria (CBN) yesterday said 33 banks have met new minimum capital requirements under its recapitalisation programme, raising a combined N4.65 trillion to strengthen the financial system.
The apex bank disclosed this in a statement marking the end of the exercise, which commenced in March 2024 and drew participation from domestic and foreign investors.
The statement was jointly signed by the Director of Banking Supervision, Olubukola Akinwunmi, and the Acting Director of Corporate Communications, Hakama Sidi-Ali.
The statement said “Over the 24-month period, Nigerian banks raised a total of N4.65tn in new capital, strengthening the resilience of the financial system and enhancing its capacity to support the economy.”
The regulator said local investors accounted for 72.55 per cent of the funds, while international investors contributed 27.45 per cent, reflecting continued confidence in the sector.
Commenting on the outcome, the CBN Governor, Olayemi Cardoso, said in the statement, “The recapitalisation programme has strengthened the capital base of Nigerian banks, reinforcing the resilience of the financial system and ensuring it is well-positioned to support economic growth and withstand domestic and external shocks.”
It added that while 33 banks have complied with the new thresholds, a few others are still undergoing regulatory and legal processes.
The statement noted, “The CBN confirms that 33 banks have met the revised minimum capital requirements established under the programme.
“A limited number of institutions remain subject to ongoing regulatory and judicial processes, which are being addressed through established supervisory and legal frameworks.
“All banks remain fully operational, ensuring continued access to banking services for customers.”
The apex bank stressed that the exercise was executed without disrupting banking operations, ensuring uninterrupted access to services nationwide.
It further stated that key prudential indicators have improved, particularly capital adequacy ratios, which remain above global Basel benchmarks.
The minimum ratios were set at 10 per cent for regional and national banks and 15 per cent for banks with international licences.
The bank also said the recapitalisation coincided with a gradual exit from regulatory forbearance, a move it said improved asset quality, strengthened balance sheet transparency, and enhanced overall stability.
To preserve these gains, the CBN said it has reinforced its risk-based supervision framework, mandating periodic stress tests and adequate capital buffers for banks.
It added that supervisory and prudential guidelines would be reviewed regularly to strengthen governance, risk management, and resilience across the sector.
“The successful completion of the programme establishes a stronger and more resilient banking system, better positioned to support lending, mobilise savings, and withstand domestic and global shocks,” the statement said.
The Tide learnt that foreign capital inflows into Nigeria’s banking sector rose by 93.25 per cent year-on-year to $13.53bn in 2025, up from $7.00bn recorded in 2024, amid the ongoing recapitalisation drive by the Central Bank of Nigeria.
Data from the National Bureau of Statistics capital importation report showed that the banking sector remained the dominant destination for foreign capital, accounting for $13.53bn of the total $23.22bn recorded in 2025, representing 58.26 per cent of total inflows, up from 56.81 per cent in 2024.
The surge reflects heightened investor interest in Nigerian banks as they raised fresh capital to meet new regulatory thresholds introduced by the apex bank, with industry-wide recapitalisation activities driving large-scale inflows across all quarters of the year.
However, the Centre for the Promotion of Private Enterprise (CPPE) recently raised concerns over weak credit flows to small businesses despite recent banking sector reforms.
The CPPE, led by a renowned economist, Dr Muda Yusuf, acknowledged that the ongoing bank recapitalisation exercise by the CBN has strengthened the financial system, but warned that the benefits have yet to translate into meaningful support for the real economy.
Business
SMEs Dev: Firms Launch N100m Loan Scheme
The facility will be disbursed through participating Microfinance Institutions (MFIs), which will in turn extend the loans to their customers, particularly SMEs, as they directly interface with businesses at the grassroots level.
The Executive Director of COMCIN, Mr. Micheal Ogbaa who represented the Chairman, Dr. Iredele Oyedele (FCA, FCCA), said the initiative is designed to strengthen micro-lending institutions and expand access to finance for grassroots entrepreneurs, particularly women and youths in the informal sector.
Ogbaa explained that COMCIN does not lend directly to individuals but works through its network of microfinance and cooperative institutions, which in turn provide loans to end users.
“We came together to advocate for the microfinance ecosystem. Commercial banks often exclude people at the grassroots, but our members are positioned to reach them. This facility will empower them to do more,” he said.
He noted that the loan scheme offers low interest rates and flexible repayment plans, making it more accessible to small business owners.
According to him, about 90 percent of beneficiaries are expected to be women, who play a key role in sustaining families and driving economic activities at the local level.
“Our focus is on traders, service providers, and players in the informal sector. These are the real movers of the economy. By supporting them, we are strengthening families and contributing to national development,” he added.
Ogbaa disclosed that eligible SMEs with proven integrity and business track records could access up to N5 million each through participating micro-lending institutions. The rollout has commenced in Lagos and will extend to Abuja, Enugu, and other regions, including the South-West, South-East, and North-East.
He said 12 micro-lending institutions have already benefited from the scheme, while 85 applications are currently being processed under the pilot phase.
“Our target is to reach at least 100,000 SMEs nationwide. We are building a platform that connects funding partners with credible micro-lending institutions, creating a reliable channel for financial inclusion,” Ogbaa said.
He added that COMCIN is also working to attract larger funding pools from development finance institutions and private investors, noting that successful implementation of the pilot phase would boost confidence and unlock more capital for SMEs.
“We have seen encouraging testimonies from early beneficiaries. As we demonstrate transparency and efficiency, more institutions will be willing to channel funds through us,” he said.
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