Business
Navy Nabs 12 Boats, Three Trucks With N200m Stolen Products
The Nigerian Navy, at the weekend, said “Operation Dakata Da Barawo” (OPDDB), has intercepted N613million worth of stolen crude and illegally refined Automotive Gas Oil (AGO), also known as, diesel from oil thieves and other criminals in Niger Delta.
In a statement, the National Public Relations Officer, Nigerian Navy, Commodore Kayode Ayo-Vaughan, said the operation was an indication of the Nigerian Navy’s resolve to ensure zero tolerance for Crude Oil Theft (COT), illegal bunkering and other related economic crimes in the nation’s maritime area and the South South geopolitical zone in particular.
Ayo-Vaughan, however, warned economic saboteurs and sponsors to desist from unpatriotic and criminal acts in the region, saying N200million and $700,000 (N413million) worth of products were intercepted in two weeks.
“These arrests and seizures from the ongoing OPDDB have denied oil thieves and criminals of about N200 million and $700,000 worth of products within a period of two weeks. It is indicative of the Nigerian Navy’s resolve to ensure zero tolerance for COT, illegal bunkering and related economic crimes in the nation’s maritime area and the South South geopolitical zone in particular,” he said.
Giving a breakdown of the seizures made in the weeks under review, Ayo-Vaughan, said, “On 5th April, 2022, Nigerian Navy Ship (CNNS), Pathfinder in Port-Harcourt intercepted nine huge (‘Cotonou’) wooden boats laden with unspecified quantty of legally refined AGO at Andoki, Bille and other areas within her area of responsibility.
“Additionally, Illegal Refining Sites (IRS) with cooking pots, tanks and reservous were discovered at in Ketoru Creek. The Base also arrested two STARZ marine boats, DOROH 1 and DOROH 2 for providing illegal escort services within the Bonny martime area without proper approvals. Also, on 7th Apri,l 2022, NNS ABA intercepted and arrested MV ROYAL DIADEM which was laden with suspected ilegally refined AGO of unspecified quantity at Bonny area.
“The vessel was unable to provide appropriate documentation at the point of loading, hence MV ROYAL DIADEM is presently undergoing investigation. Similarly, NNS DELTA at Warri located an IRS around Opumami and Asukpo Creek laden with about 20,000 litres of suspected stolen crude oil.
“Also, at Ewa creek in Warri area, an IRS observed to contain several metallic ovens and storage tanks was destroyed. In addition, on 11 April 2022, Forward Operation Base (FOB) FORMOSO acting on intelligence reports raided Fununu Fishing Camp Akassa, Bayelsa State, a known but suspected hideout for illegal refining operators and sea robbers. In the encounter, a dugout pit containing about 1.258bbls of stolen crude oil was deactivated.”
However, the Navy spokesman, also disclosed that the Forward Operation Base (FOB), Bonny also destroyed a wooden laden boat with unspecified quantities of suspected crude oil while NNS SOROH at Yenagoa discovered 2 stores and assembly points used by illegal bunkerers.
“In the same vein and on the same day, FOB BONNY destroyed a wooden laden boat with unspecified quantities of suspected crude oil at Nabil creek m Rivers State.
“Furthermore, on 15 April 2022, NNS SOROH at Yenagoa discovered 2 stores and assembly points used by illegal bunkerers at Onombu and Avams communities subsequently leading to the discovery of 6,000 litras of AGO. The Base also arrested 3 trucks each laden with 35,000 litres of suspected illegally refined AGO. Equally, NNS DELTA at Asugbo Creek in Warri deactivated an IRS with about 50.000 litres of suspected stolen crude oil and 140,000 litres of suspected sludge.
“On the same day, the base deactivated an IRS around Egwa creek in Warri laden with 250,000 litres of stolen crude and about 30,000 litres of illegally refined AGO.
“In AkwaIbom state, NNS JUBILEE intercepted and arrested a wooden boat laden with about 100 drums and sacks of product estimated at about 33,000 litres of suspected illegally refined AGO,” he stated
Business
FG Approves ?758bn Bonds To Clear Pension Backlogs, Says PenCom
Business
Banks Must Back Innovation, Not Just Big Corporates — Edun
Edun made the call while speaking at the 2025 Fellowship Investiture of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, where he reaffirmed the federal government’s commitment to sustaining ongoing reforms and expanding access to finance as key drivers of economic growth beyond four per cent.
“We all know that monetary policy under Cardoso has stabilised the financial system in a most commendable way. Of course, it is a team effort, and those eye-watering interest rates have to be paid by the fiscal side. But the fight against inflation is one we all have to participate in,” he said.
The minister stressed the need for banks to broaden credit access and finance innovation-driven enterprises that can create jobs for young Nigerians.
“The finance and banking industry has more work to do because we must finance their ideas, deepen the capital and credit markets down to SMEs. They should not have to go to Silicon Valley,” he said.
The minister who described the private sector as the engine of growth, said the government’s reform agenda aims to create an enabling environment where businesses can thrive, access funding, and contribute meaningfully to job creation.
Business
FG Seeks Fresh $1b World Bank loan To Boost Jobs, Investment
The facility, known as the Nigeria Actions for Investment and Jobs Acceleration (P512892), is a Development Policy Financing (DPF) operation scheduled for World Bank Board consideration on December 16, 2025.
According to the Bank’s concept note , the financing would comprise $500m in International Development Association (IDA) credit and $500m in International Bank for Reconstruction and Development (IBRD) loan.
If approved, it would be the second-largest single loan Nigeria has received from the World Bank under President Bola Tinubu’s administration, following the $1.5 billion facility granted in June 2024 under the Reforms for Economic Stabilisation to Enable Transformation (RESET) initiative.
The World Bank said the new programme aims to support Nigeria’s shift from short-term macroeconomic stabilisation to sustainable, private sector–led growth.
“The proposed Development Policy Financing (DPF) supports Nigeria’s pivot from stabilization to inclusive growth and job creation. Structured as a two-tranche standalone operation of US$1.0 billion (US$500 million IDA credit and US$500 million IBRD loan), it seeks to catalyse private sector–led investment by expanding access to credit, deepening capital markets and digital services, easing inflationary pressures, and promoting export diversification,” the document read.
The document further stated that Nigeria’s private sector credit-to-GDP ratio stood at only 21.3 per cent in 2024, significantly below that of emerging-market peers, while capital markets remain shallow, with sovereign securities dominating the bond market.
To address these weaknesses, the DPF will support the implementation of the Investment and Securities Act 2025, operationalisation of credit-enhancement facilities, and introduction of a comprehensive Central Bank of Nigeria rulebook to strengthen risk-based regulation and consumer protection.
The operation also includes measures to deepen digital inclusion through the passage of the National Digital Economy and E-Governance Bill 2025, which will establish a legal framework for electronic transactions, authentication services, and digital records.
Beyond the financial and digital sectors, the programme targets reforms to lower production and living costs by tackling Nigeria’s restrictive trade regime. High tariffs and import bans have long driven up consumer prices and constrained competitiveness, particularly for manufacturers and farmers.
Under the proposed reforms, Nigeria would adopt AfCFTA tariff concessions, rationalise import restrictions, and simplify agricultural seed certification to increase the supply of high-quality varieties for maize, rice, and soybeans. The World Bank projects that these measures will help reduce food inflation, attract private investment, and enhance export potential.
The operation is part of a broader World Bank FY26 package that includes three complementary projects—Fostering Inclusive Finance for MSMEs (FINCLUDE), Building Resilient Digital Infrastructure for Growth (BRIDGE), and Nigeria Sustainable Agricultural Value-Chains for Growth (AGROW)—all focused on expanding access to finance, strengthening institutions, and mobilising private capital.
-
News3 days agoFUBARA PLEDGES STRONG PARTNERSHIP WITH NDE TO TACKLE UNEMPLOYMENT …..Says Oyorokoto Beach Fronts’ Expansion’ll Create More Jobs, Business Opportunities For Rivers People
-
Niger Delta3 days agoBayelsa Partners Chinese Firm On Road, Agric, Other Projects
-
Sports3 days ago
ATLANTICBELL CEO ADVICE SPORTS WRITERS ON SPECIALIZATION
-
Maritime3 days agoDANTSOHO Calls For Synergy In Revamping Nation’s Ports
-
News3 days agoFUBARA HAILS PROGRESS OF WORK ON TRANS-KALABARI ROAD
-
Oil & Energy3 days agoSupermajors Bet Big on Long-Term Oil Demand
-
News3 days agoRivers Gov EULOGISES LATE FOOTBALL COACH, PA MONDAY SINCLAIR
-
Niger Delta3 days agoNOA Urges A’Ibom Residents On CVR Participation
