Business
Reps Want Experts To Destroy Illegal Refineries
The House of Representatives on Tuesday mandated its joint committees to interface with relevant security agencies in the destruction of illegal refineries.
The committees are Petroleum Resources (Upstream and Downstream), Environment, Habitat, Army, Navy, Interior, Niger Delta and Legislative Compliance.
The committees and security agencies would ensure that officials of relevant Ministries, Departments and Agencies (MDAs) were involved in the process of destroying illegal refineries and boats laden with petroleum products in the country.
This followed a motion by Rep. Owoidighe Ekpoattai (Akwa/Ibom-PDP) on the “need for security agencies to involve experts in the destruction of illegal refineries and boats laden with petroleum products to prevent environmental degradation.”
Moving the motion, Ekpoattai said the process would guarantee retrieval of stolen crude oil, avoid spillage, either on land or water as well as minimise economic losses and avoid pollution and degradation of the environment.
She explained that the increase in illegal oil refineries in the creeks of the Niger Delta had become alarming.
The lawmaker said that the development had also added a new twist to the economic and security challenges confronting the nation.
Ekpoattai explained that the quest to acquire crude oil illegally by non-professionals was devastating the environment, destroying wild and aquatic lives as well as stunting the economic development of the nation.
According to her, this has resulted in an estimated loss of 10.9 billion dollars between 2009 and 2011.
“Section 20 of the 1999 Constitution of the Federal Republic of Nigeria provides that the State shall protect and improve the environment and safeguard the water, air, land, forest and wildlife of Nigeria.
”While Section 2 of the Environmental Impact Assessment Act, Cap E12, Laws of the Federation of Nigeria, 2004 also provides for restriction on public or private projects without prior consideration of their impact or effects on the environment,’’ she said.
She emphasised that in a bid to curb the menace of illegal refineries, the Nigerian Security and Civil Defence Corps, the Nigerian Army and the Nigerian Navy had collectively destroyed at least 280 illegal refineries.
The lawmaker added that they had collectively destroyed barges loaded with petroleum products and secured the conviction of 40 perpetrators out of the 118 arrests made in the last one year in the Niger Delta region.
Ekpoattai expressed concern that in spite of the commendable efforts of the various security agencies to curb the menace of illegal refineries, the methods adopted in the destruction of those refineries endangered the environment of the region.
She said it also had negative effect on the general health and well-being of the people because of wastes emanating from the destroyed refineries and barges washed into the creeks and the ocean.
According to her, failure by security agents to involve experts in carrying out the destruction of the refineries poses environmental hazards just as the existence and operation of those illegal refineries themselves.
Supporting the motion, Rep. Henry Ofongo (Bayelsa-PDP) said that soldiers, who were not experts in engineering, environmental or petroleum issues destroying the illegal refineries were causing more harm and damage to the affected areas.
He said that such operations should be strictly carried out by professionals and not any other individual or groups.
Also in her contribution, Rep. Joan Mrakpor (Delta-PDP) noted that the motion was timely since the military carried out its operations every other day, it was good to take precautionary measures now to avoid causing other hazards to the people in the oil region.
The Deputy speaker, Mr Yussuff Lasun in his contribution called for the engagement of those running legal refineries in the Niger Delta in the process.
He said that this would enable them come out with better ways of making use of the refineries instead of destroying them.
The motion was unanimously adopted when it was put to a voice vote by the Speaker, Mr Yakubu Dogara.
The Tide source recalls that Vice President Yemi Osinbajo had recently said that the Federal Government would establish modular refineries in the region to check illegal oil refineries.
In spite of the pronouncement, the refineries are yet to take off.
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Banking/ Finance
Ripple Survey Reveals Appetite for Digital Assets
Cornerstone of Financial Services
A survey of more than 1 000 global finance leaders undertaken by digital payment network Ripple shows that 72% of respondents believe they need to offer a digital asset solution to remain competitive.
According to Ripple, leaders from the banking, fintech, corporate and asset management sector have made it clear that the “digital asset revolution is happening now”.
“Digital assets are quickly becoming a cornerstone of financial services, underpinned by progressive regulation, growing interest from Tier-1 banks, a steady consumer shift from banks to fintech providers, and booming stablecoin adoption,” Ripple says.
The survey was conducted in early 2026 and the findings released in March.
Stablecoin Boon or Bane?
Ripple has experienced significant success in the stablecoin sector since launching its Ripple USD (RLUSD) stablecoin in 2024.
With a market cap of $1.56 billion, it is considered a major regulated player in the market.
No doubt the platform was pleased to learn through its own survey that financial leaders were most bullish about stablecoins.
Roughly three-quarters of respondents believed they could boost cash-flow efficiency and unlock trapped working capital.
Ripple noted that finance leaders were thinking about stablecoins as more than “just a new way to execute payments”; instead, they viewed them as effective tools for treasury management.
In March 2026, Ripple began testing a new trade finance model built around RLUSD in a bid to increase the speed of cross-border payments.
The pilot initiative, developed alongside supply chain finance company Unloq [https://unloq.com], is running on the XRP Ledger inside a testing framework developed by the Monetary Authority of Singapore.
The Asian city-state is one of the platform’s biggest growth markets.
The idea behind the project is to see whether stablecoin-based settlement can streamline trade finance, too often hampered by reliance on intermediaries and slow reconciliation.
The only potential drawback is that if the initiative takes off, the Ripple to USD price could be negatively affected.
Ripple has always championed its native XRP token as a bridge asset, the “middleman” in the process of a financial institution turning dollars in the US into pounds in the UK, for example.
Ripple converts dollars into XRP and then back into pounds.
If RLUSD can do exactly the same thing, questions will be asked about XRP’s relevance.
That is a bridge Ripple will have to cross if it gets to that point.
Tokenisation Partners
Another interesting finding from Ripple’s survey is that most banks and asset managers are seeking tokenisation partners to help execute their strategies.
Some 89% of respondents said digital asset storage and custody were top priority. “Token servicing/lifecycle management also ranks highly for banks at 82%, while asset managers place greater emphasis on primary distribution at 80%,” Ripple found.
The survey also revealed that just more than half of fintechs and financial institutions want an infrastructure provider that can offer a “one-stop-shop solution”. This rose to 71% among corporate financial leaders.
Ripple attributes this to institutions and firms wanting uncomplicated, cohesive systems.
Infrastructure Rules
In its final analysis, Ripple says companies across the board are looking for partners and solutions that are “secure, compliant, battle-tested and that enable growth and execution”.
“The message is clear: infrastructure decisions made today will shape competitive positioning tomorrow.”
No surprise that this is precisely where Ripple is placing much of its focus.
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