Connect with us

Business

Oil Theft: Navy Chief Accuses IOCs

Published

on

International oil companies (IOCs) operating in Nigeria have been accused of complicity in the theft of the country’s crude oil.
Chief of Naval Staff, Vice Admiral Usman Jibrin, made the accusation while speaking at a meeting of the top leadership of the Navy and the managing directors/chief executive officers of the IOCs in Abuja on Wednesday.
He also said that the Navy would not pretend about the involvement of the oil firms in crude oil theft.
Jibrin said it took him seven and a half months since his appointment to call the first meeting between the Navy and the firms to discuss serious issues of concern in the oil sector, which included oil theft and illegal bunkering.
The Navy boss also explained that he made it clear that the CEOs should attend the meeting in person without representation because of the need to discuss the issues, which he described as disturbing, but regretted that the request was ignored.
Jibrin said some of the oil firms had deliberately left the manifolds of their oil wells open for years without conscious efforts to close them in spite of the fact that only experts had the capacity to reopen closed manifolds.
He warned that the Navy would ensure the arrest of executives of the IOCs who decided to leave the manifolds of their wells open for years without closing them.
He also threatened to deal with any naval officer found to have been involved in the criminal theft of the nation’s oil resources in accordance with the laws guiding the Armed Forces of Nigeria.
The CNS warned that the Navy would go beyond accusing the firms to mentioning names of those suspected to be involved in the theft of the nation’s resources.
Jibrin wondered why the oil chiefs had not given the expected cooperation in the bid to seek a concerted solution to the raging issue of oil theft.
He said the time had come for the oil firms and the security agencies to seek solutions to the issue of oil theft in the country.
Jibrin said, “This is the first meeting I am having with the oil firms to discuss the issue of oil theft and illegal bunkering. It took us seven and half months to call this meeting, and specifically, we said we don’t want representation.
“We have a serious challenge and we need the commitment of the CEOs to discuss oil theft. It has become worrisome that we have not been able to check the issue of oil wells. It has got to a point that instead of pointing accusing fingers, we will mention names, including those of the major stakeholders.
“We cannot pretend that the oil companies do not have a hand in some of these illegalities; pretending is to allow it to continue. We will not pretend. I can start by citing some examples; some companies have left their oil wells opened for years and have done nothing to close them up. Because of the technical nature of the manifolds, once they are closed, only the experts can open them. Why have they been left open for years?”
He added, “I have pictures here. Why is it that all of us cannot sit down at a round table and provide a solution? Why are we denting the image of this country? It has come to a point that we must meet, discuss and provide solutions to issues pertaining to oil theft.
“Government is worried and those of us who are agents of the government are also worried. On my part, if any of my personnel is involved, they will be dealt with adequately in accordance with the existing law of the Armed Forces.
“I have decided that I will take some steps that if the manifolds are left open for years and our attention is drawn to the need for it to be closed, we will look for and start arresting officials of the oil companies who own that and left them without taking appropriate action.”
He said that the government was taking the issue of oil theft seriously because of the loss of revenue and the inimical effects of oil theft on the environment.
Responding on behalf of the firms, the Chairman, Oil Producer Trading Services, Mr. Ayobami Olubiyi, said that the companies had also taken steps to curb the threat of oil theft.
He recalled that the Federal Government set up an ad-hoc committee on the subject, with some funds released to address the pressing issues some months ago.
He said that men of the Nigerian Navy were involved in securing the operations of the oil firm in the Niger Delta and Lagos.
Olubiyi said, “It is not just the Nigerian Navy but all who have been supporting our business. And I also want to assure you that concerning oil theft, we have taken a lot of steps. That is why in the last couple of months, an ad-hoc committee was set up by the Federal Government to look into this, and I am aware that some money had been released to help curtail this situation.
“We will continue to advocate a true platform; and as you are aware, we have a number of your officers and men who have been supporting our operations in the Delta, including Lagos. They have been very professional in the way and manner they carry out this operation; and together with the CNS, I am sure we will all be able to work to ensure that we mitigate this very unfortunate situation in our country today.”

Chairman, Rivers State Board of Internal Revenue, Onene Osila Obele Oshoko (standing), fielding questions from lawmakers when the board members appeared before the House in Port Harcourt recently. With her are State Commissioner for Finance, Dr. Chamberlain Peterside (left) and Special Adviser to the Governor on Revenue Generation, Chief Nwankwo Nwankwo.

Chairman, Rivers State Board of Internal Revenue, Onene Osila Obele Oshoko (standing), fielding questions from lawmakers when the board members appeared before the House in Port Harcourt recently. With her are State Commissioner for Finance, Dr. Chamberlain Peterside (left) and Special Adviser to the Governor on Revenue Generation, Chief Nwankwo Nwankwo.

Continue Reading

Business

IPMAN Raises Concern Over Delay In Chinese Refinery Deal …Predicts Lower Fuel Prices Through Competition

Published

on

The Eastern Zone of the Independent Petroleum Marketers Association of Nigeria (IPMAN) has called on the Nigerian National Petroleum Company Limited (NNPCL) to fast-track the conclusion of the proposed Technical Equity Partnership with two Chinese firms.
IPMAN made the appeal amid growing concerns over the delay in finalising the agreement initiated through the signing of a Memorandum of Understanding (MoU) on April 30, 2026, between NNPCL and Sanjiang Chemical Company Limited as well as Xinganchen (Fuzhou) Industrial Park Operation and Management Company Limited.
It said the proposed arrangement was designed to revive and expand operations at the Warri and Port Harcourt refineries, noting that successful implementation would strengthen the downstream petroleum sector and restore confidence in Nigeria’s oil and gas industry.
The former Unit Chairman and current Zonal Secretary of IPMAN, Eastern Zone (System 2E), Comrade Inimgba Emmanuel Okubowei, made the call in a statement issued by the union after the Good Governance Summit organised by the Working People United (WOPU) in Abuja, and obtained by TheTide in Port Harcourt, at the weekend.
Okubowei expressed concern over the continued hardship faced by Nigerians due to the high cost of Premium Motor Spirit (PMS), stressing that households and businesses were increasingly burdened by rising energy costs.
Okubowei stated that fuel prices would naturally decline once the Chinese partners commence full operations at the refineries, explaining that increased refining capacity and a more competitive market environment would positively influence pump prices.
The unionist further noted that the partnership would attract fresh investment, improve domestic refining output, increase petroleum product availability and create a more stable operational environment for industry stakeholders.
He maintained that healthy competition remains one of the most effective mechanisms for achieving fair pricing in the downstream petroleum industry and protecting consumers from avoidable price pressures.
The IPMAN official further argued that the entry of additional technically competent operators into the refining space would discourage monopolistic tendencies, improve operational efficiency and guarantee a more stable supply of petroleum products across the country.
He, therefore, appealed to the Group Chief Executive Officer of NNPCL, Engr. Bashir Bayo Ojulari, and the management of the company to accelerate all outstanding processes required for the successful execution of the Technical Equity Partnership.
Okubowei also called on the NNPCL leadership to publicly explain the reasons behind the prolonged delay and provide Nigerians with a definite timeline for the commencement of the project.
He emphasised that transparency, accountability and timely communication would strengthen public confidence in the initiative, adding that prompt execution of the agreement would enhance Nigeria’s energy security, create employment opportunities, stimulate economic growth and provide lasting relief to millions of Nigerians through more affordable petroleum products.
King Onunwor
Continue Reading

Business

Gas Economy: Decade of Gas, Pi-CNG/ EV Deepen Media Engagement

Published

on

Poised to achieving an in-depth understanding of the Nigeria’s gas economy by it’s populace, the Decade of Gas Secretariat, in collaboration with the Presidential Initiative on Compressed Natural Gas and Electric Vehicles (Pi-CNG & EV), has deepened media capacity engagement across the country.
The media session, third in its series, and held at the Hotel President, Port Harcourt, recently, brought together 30 journalists from the television, radio, print, and digital media platforms to deepen their understanding of Nigeria’s gas development agenda and further enhance their reportage on the role of gas in driving economic growth, energy security, industrialization, job creation, and improved living standards.
Speaking during the session, the representative,  Decade of Gas Secretariat,Taofeek Balogun , noted that the port Harcourt engagement followed two earlier sessions held in Lagos and Abuja, a move that began in 2025.
According to him, Nigeria’s gas sector continues to record significant progress, with year-to-date gas production reaching 7.85 billion standard cubic feet per day (bcfd).
Domestic gas utilization has surpassed the 2 bcfd mark, while gas exports have risen to their highest level in five years, reflecting growing demand across power generation, industries, transportation, exports, and household consumption.
Balogun emphasised the successful completion of the Obiafu-Obrikom-Oben (OB3) River Niger Crossing by NGIC/NNPCL, describing it as a critical infrastructure milestone that would improve gas transportation across the country, support industrial growth, attract investment, strengthen energy security, and contribute to economic development.
As part of efforts to expand domestic gas utilization, he reiterated the Federal Government’s commitment to increasing access to clean cooking solutions. The government’s target is to distribute cooking gas cylinders to five million households by 2030.
Following the successful rollout of the programme across the six geopolitical zones by the Minister of State for Petroleum Resources (Gas), Hon. Ekperikpe Ekpo, implementation would now move to the state level, beginning with Bayelsa State in July 2026.
Under the initiative, Balogun said, 27,000 households in Bayelsa are expected to receive cooking gas cylinders within the year as part of the 1(one) million homes per year target.
Also speaking, the Chief Operating Officer of Pi-CNG & EV, Tosin Coker, highlighted ongoing efforts to expand the adoption of Compressed Natural Gas (CNG) and electric mobility solutions as cleaner and more affordable transportation alternatives for Nigerians.
He disclosed that the Federal Government is promoting the adoption of CNG across Ministries, Departments and Agencies (MDAs) through the conversion of existing vehicle fleets and the procurement of CNG-powered vehicles as part of broader efforts to reduce transportation costs and improve energy efficiency.
Coker said “more than 100,000 vehicles have now been converted to CNG nationwide under the initiative, reflecting growing acceptance of alternative fuel solutions and supporting the country’s transition towards cleaner and more sustainable transportation”.
Participants commended the initiative for strengthening media capacity and improving public understanding of developments within Nigeria’s energy sector.
The Decade of Gas Secretariat and Pi-CNG & EV further reaffirmed their commitment to sustained stakeholder engagement and public awareness as Nigeria continues its journey towards a gas-powered economy.
Continue Reading

Business

Group Seeks Media Partnership To Enhance Business Growth

Published

on

The Chief Executive Officer of Kefa Communication, Mr. Obihele Victor Amos, has called for stronger collaboration between business organisations and media institutions to enhance business growth, economic expansion and wider public engagement across communities.
Amos made the call during a press briefing in Port Harcourt at the weekend.
He emphasised that strategic media partnership remains critical to improving visibility for businesses and attracting investment opportunities.
According to him, the media occupies a central position in shaping public perception and creating awareness that can support enterprise development and economic sustainability.
He also noted that, many emerging businesses continue to face growth limitations due to insufficient publicity and inadequate access to effective communication channels.
“Stronger engagement with the media would help bridge information gaps and create better connections between businesses and potential customers”, he said.
The CEO further stated that responsible and developmental journalism could play a significant role in promoting innovation and encouraging healthy competition within the business environment.
He stressed that beyond informing the public, the media serves as a platform for influencing policies and encouraging stakeholder participation in economic development.
Amos further disclosed the group is committed to building relationships with media organisations through continuous engagement and collaborative initiatives.
He said such partnerships would create opportunities for entrepreneurs and support efforts aimed at expanding market access.
The business leader also urged media practitioners to sustain professionalism and continue highlighting stories that promote enterprise and national development.
He expressed confidence that improved synergy between the media and the business community would contribute to employment generation and economic resilience.
Some participants at the briefing described the initiative as a welcome development capable of strengthening public understanding of business opportunities.
There were also calls for sustained cooperation among stakeholders to drive inclusive business growth and long-term development.
King Onunwor
Continue Reading

Trending