Business
Minister Wants Collaboration On Oil Theft Crusade
The Minister of State for Defence, Mrs Olusola Obada, has solicited the support and cooperation of stakeholders in the fight against crude oil theft.
Obada made the call at a meeting of the Nigerian Navy and some stakeholders in the oil and gas sector.
She said that there was need for all to be on the same page, in order to stop the activities of illegal bunkerers.
The minister said that they must all work together to know how much exactly the country loses to oil theft.
“Pipeline vandalism, piracy and other criminal activities have become a menace to the economy of our nation; so I welcome all the stakeholders in this sector to this meeting, ‘’ she said.
According to the minister, there is need to deliberate on the security of the nation’s oil and gas assets and the maritime sector.
She said that with the launch of the “Operation FARAUTA” carried out in the Brass Area of the Niger-Delta, where ships steal the country’s crude, the Navy has sent a clear message that it was no longer business as usual.
Earlier, the Chief of Naval Staff, Vice Adm. Dele Ezeoba, said in the recent past, the growing spate of illegalities in the nation’s maritime environment had been a source of concern to all Nigerians.
Ezeoba said no organisation could single handedly eradicate crude oil theft and pipeline vandalism within the maritime domain.
“It is therefore, the collective resolve and synergy of the effort of all stakeholders that is required to eliminate the scourge.
“The Navy considers a holistic approach that is anchored on proactive and constructive security architecture which is driven by the tenets of robust surveillance, response initiatives and enforcement to fight against these acts of illegality, ‘’ he said.
Ezeoba said it was in this context that he called for a meeting of the industry stakeholders.
He expressed the hope that the outcome of these deliberations would provide the basis for the formulation of functional and effective strategies towards improved security of oil and gas asserts.
“It is therefore my hope that the results of our deliberations today will contribute immensely to our collective and national desires for a safe and secure domain, ‘’ he said.
Our correspondent reports that Mr Andrew Yakubu, Group Managing Director of NNPC, representatives of the Minister of Finance, Total, Oando, Mobil, and Shell Petroleum Development Company attended the meeting.
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Business
BVN Enrolments Rise 6% To 67.8m In 2025 — NIBSS
The Nigeria Inter-Bank Settlement System (NIBSS) has said that Bank Verification Number (BVN) enrolments rose by 6.8 per cent year-on-year to 67.8 million as at December 2025, up from 63.5 million recorded in the corresponding period of 2024.
In a statement published on its website, NIBSS attributed the growth to stronger policy enforcement by the Central Bank of Nigeria (CBN) and the expansion of diaspora enrolment initiatives.
NIBSS noted that the expansion reinforces the BVN system’s central role in Nigeria’s financial inclusion drive and digital identity framework.
Another major driver, the statement said, was the rollout of the Non-Resident Bank Verification Number (NRBVN) initiative, which allows Nigerians in the diaspora to obtain a BVN remotely without physical presence in the country.
A five-year analysis by NIBSS showed consistent growth in BVN enrolments, rising from 51.9 million in 2021 to 56.0 million in 2022, 60.1 million in 2023, 63.5 million in 2024 and 67.8 million by December 2025. The steady increase reflects stronger compliance with biometric identity requirements and improved coverage of the national banking identity system.
However, NIBSS noted that BVN enrolments still lag the total number of active bank accounts, which exceeded 320 million as of March 2025.
The gap, it explained, is largely due to multiple bank accounts linked to single BVNs, as well as customers yet to complete enrolment, despite the progress recorded.
