Business

Pipeline Vandalism Has Dropped By 81% -NNPC

Published

6 years ago

January 3, 2020

The Nigerian National Petroleum Corporation (NNPC) on Wednesday announced that vandalism of oil pipelines across the country reduced by 81 per cent in October 2019.
It stated that in October 2019, 35 vandalised-pipeline points, representing a decrease of 81 per cent from the 186 vandalised-points in September 2019, were recorded.
This came as the corporation again posted a trading surplus of N13.23bn in October 2019, representing an increase of 54 per cent when compared to the N8.59bn surplus posted in September last year.
In its October 2019 monthly financial and operations report, the NNPC stated that out of the 35 vandalised points recorded in the month under review, eight failed to be welded.
It stated that only one pipeline was ruptured. Ibadan-Ilorin axis accounted for 34 per cent of pipeline breaks, while ATC-Mosimi and other routes accounted for 23 per cent and 43 per cent respectively.
On the trading surplus recorded by the firm, the corporation stated that the N8.59bn recorded in September 2019 indicated an increase of 65 per cent compared to the N5.20bn posted in August 2019.
It said the N5.20bn surplus recorded in August beat the N4.26bn surplus posted in July 2019, reflecting an increase of 22 per cent.
The NNPC said the revenue increase of 54 per cent in its October 2019 accounts was largely due to improved trading surplus posted by its flagship upstream subsidiary, the Nigerian Petroleum Development Company.
The report stated that the corporation recorded crude oil and gas export sales of $483.25m in October 2019, which represented an increase of 35.77 percentage point, compared to the previous month.
This implies that in the month under review, crude oil export sales contributed $396.94m (82.14 per cent) of the dollar transactions, compared with $267.97m contribution in September 2019.
“The export gas sales for the month amounted to $86.32m,” the report stated.
Overall, the October 2018 to October 2019 crude oil and gas transactions indicated that crude oil and gas worth $5.49bn was exported.
In the downstream sector, the report stated that 1.16 billion litres of Premium Motor Spirit, popularly called petrol, was supplied in October 2019, translating to 37.3 million litres per day.
In the gas sector, out of the 235.82 billion cubic feet of gas supplied in October 2019, a total of 134.97BCF of gas was commercialised, consisting of 31.37BCF and 103.6BCF for the domestic and export market respectively.
This translates to a total supply of 1,011.85 million standard cubic feet of gas to the domestic market and 3,341.84mmscfd of gas supplied to the export market for the month.
This implies that during the month, 57.23 per cent of the average daily gas produced was commercialised, while the balance of 42.77 per cent was re-injected, used as upstream fuel gas or flared.

Business

PENGASSAN Tasks Multinationals On Workers’ Salary Increase

Published

3 weeks ago

December 8, 2025

The Tide

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has asked companies in the oil and gas sector to undertake urgent review of salaries of their workers in view of the prevailing harsh economic conditions in the country.

Also, the pensioners of Chevron Nigeria, under the aegis PenCoN, have lauded the President of PENGASSAN, Comrade Festus Osifo and his executive on their unrelenting efforts toward addressing pension abnormalities faced by retired workers in the oil and gas industry.

The association also appealed to the federal government to take necessary measures to check banditry and terrorist activities in parts of the country.

PENGASSAN President, Osifo who addressed journalists shortly after the National Executive Council meeting of the association in Abuja, at the weekend, said that though a lot of success has been recorded in negotiating salary reviews for its members, there are still organisations that have failed to lift their workers from the present harsh economic situation.

He said within this period, PENGASSAN has signed numerous Collective Bargaining Agreements (CBAs) which has brought smiles to the faces of its teeming members.

“This is because we recognise that our job, literally, is how to protect the job of our members, and how to enhance their pay,” he said.

Osifo said that operators in the oil and gas sectors always go for the best qualified professionals to carry out their operations.

“So, the same way they recruit the best, we also challenge them to provide the best condition of service and provide the best remuneration.

“Yes, today, a lot of companies will have achieved successes, but there are still few that we are still discussing at their CBAs, that we are not yet there.

“We still use this opportunity to call on these companies that are still foot dragging, that are still holding back, even with the massive devaluation that has occurred in our country, that still don’t want to fix the remuneration of our members.

“We are calling on them to do the needful, because for us in PENGASSAN we will push without holding back. We will push, using everything in our arsenal, to ensure that the needful is done,” he said.

Osifo spoke of the dispute with the Dangote Refinery group, saying there are still pending issues to be resolved.

“Gentlemen of the press, during the networking session, we also looked at the issues that are plaguing some of our branches, and you know that recently, we had some challenges in Dangote Refinery and PetroChemicals Ltd.

“And within this period, since our last National Industrial Action, we have been engaging them in a lot of conversations, but the issues are not fully resolved. There are still a lot of pending issues.

“Yes, the NEC decided that, yes, let us still consummate that process by pushing those issues, by engaging in dialogue to resolve the issues, and by also engaging all our social partners and stakeholders to get the issues resolved,” he said.

Business

SEC Unveils Digital Regulatory Hub To Boost Oversight Across Financial Markets

Published

3 weeks ago

December 8, 2025

The Tide

The Securities and Exchange Commission (SEC) has launched the Regulatory Hub, a new centralized digital platform designed to streamline collaboration, strengthen oversight, and improve transparency across Nigeria’s financial and capital market ecosystem.

The Commission disclosed this in a statement posted on its website.

According to the commission, the platform connects key regulatory and security institutions including the Office of the National Security Adviser (NSA), the Central Bank of Nigeria (CBN), Economic and Financial Crimes Commission (EFCC), Federal Inland Revenue Service (FIRS), and Corporate Affairs Commission (CAC), enabling them to exchange information securely and in real time.

The launch of this regulatory hub comes ahead of the implementation of new tax laws in January 2026, with agencies such as the FIRS spreading its tentacles across sector to monitor compliance.

According to the SEC Director-General, Emomotimi Agama, the launch marks a significant step toward modernizing Nigeria’s regulatory framework through technology.

“The Regulatory Hub is a major step in our commitment to leverage technology for stronger regulatory synergy. By connecting regulators on one platform, we are building resilience, enhancing market integrity, and promoting investor confidence,” he said.

The SEC said the platform would help reduce bottlenecks in regulatory processes and facilitate faster, more informed decision-making across agencies.

Reinforcing the DG’s comments, the Executive Commissioner, Operations, Bola Ajomale, highlighted the operational benefits of the new system.

“The platform will significantly improve the timeliness and quality of regulatory decision-making. It provides a single window for regulators to share data, respond to requests, and collaborate seamlessly in safeguarding our financial and capital markets,” he said.

The commission believes the Regulatory Hub would support its broader mandate to strengthen investor protection, enhance market stability, and harmonize regulatory activities across the financial sector.

It urged stakeholders to initiate interest by emailing the Commission, adding that once registered, participants would be able to access the Hub and take advantage of its features.

Business

NAFDAC Decries Circulation Of Prohibited Food Items In markets …….Orders Vendors’ Immediate Cessation Of Dealings With Products

Published

3 weeks ago

December 8, 2025

The Tide

The National Agency for Food and Drug Administration and Control (NAFDAC) has raised an alarm over the growing circulation of banned food products across markets in the country.

The agency, in a Press Release dated 6 December 2025, warned that these items including pasta, noodles, sugar and tomato paste are expressly listed on the Federal Government’s Customs Prohibition List and are illegal to import.

NAFDAC stated that the sale and distribution of such prohibited items violate national trade laws, compromise the integrity of Nigeria’s food control system, and pose significant public health risks, as they have not undergone the agency’s mandatory safety and quality evaluations.

Importers, market traders, and supermarket operators have therefore, been directed to immediately cease all dealings in these items and to notify their supply chain partners to halt transactions involving prohibited products.

The agency emphasized that failure to comply will attract strict enforcement measures, including seizure and destruction of goods, suspension or revocation of operational licences, and prosecution under relevant laws.

The statement said “The National Agency for Food and Drug Administration and Control (NAFDAC) has raised an alarm over the growing incidence of smuggling, sale, and distribution of regulated food products such as pasta, noodles, sugar, and tomato paste currently found in markets across the country.

“These products are expressly listed on the Federal Government’s Customs Prohibition List and are not permitted for importation”.

NAFDAC also called on other government bodies, including the Nigeria Customs Service, Nigeria Immigration Service(NIS) Standards Organisation of Nigeria (SON), Nigerian Ports Authority (NPA), Nigerian Maritime Administration and Safety Agency (NIMASA), Nigeria Shippers Council, and the Nigeria Agricultural Quarantine Service (NAQS), to collaborate in enforcing the ban on these unsafe products.

By: Lady Godknows Ogbulu