Business
Smuggling: NSCDC Intercepts 15,300 Litres Of Petrol
The Nigeria Security and
Civil Defence Corps (NSCDC) Command in Lagos State says it has intercepted 15,300 litres of petrol being smuggled out of the country.
Mr Clement Adesuyi, the state NSCDC Commandant, told newsmen in Lagos that men of the command carried out the operation in Badagry.
“We recovered 45 drums with 300 litres each and 72 other containers with 25 litres each and one Yamaha boat.
“Five suspects who were in the boat jumped into the sea to escape arrest. They were coming from Escravos in Apapa,” he said.
According to him, his men are still on trail of the suspects.
“Our men are still on the watch out for the suspects. We have spread across the border line to ensure that our petroleum products are not smuggled out illegally through the sea.
“One major challenge we have in arresting suspects on the sea is lack of speed boats.
“We currently have about 30 good swimmers in Badagry alone, but we need bigger engine boats.
“Nigeria is losing a lot of money daily through the activities of vandals. We will make Badagry a prohibited area for criminals destroying our economy,’’ Adesuyi said.
Our correspondent reports that the intercepted products were taken to the command headquarters, Alausa, with a view to transferring them to the Nigerian National Petroleum Corporation for further action.
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.