Connect with us

Business

Navy Decries Reports On Complicity In Oil Theft

Published

on

The Nigerian Navy (NN) has condemned reports by some media platforms against its efforts in the fight against crude oil theft and other illegalities in Nigeria’s maritime sector.
In a statement signed by the Director of Information, NN, Rear Admiral A.O Ayo-Vaughan, the Navy said “the attention of the Naval Headquarters has been drawn to the untoward activities of some desperate individuals/organisations, who are engaged in sponsoring unsubstantiated publications in some mainstream and online news platforms against the ongoing effort of the NN towards eradicating the menace of crude oil theft and other forms of illegalities in the Nation’s maritime sector.
“It has been observed that their modus operandi include sourcing the services of third-party agents/sectional egoists to discredit the reinvigorated stance of the NN in the fight against crude oil theft.
“Ordinarily, the NN would not have responded to such baseless assertions, but it has become necessary to prevent gullible members of the public from being misinformed by the erroneous publications.
“Suffice it to state that the NN, in the discharge of its statutory responsibilities as enshrined in the Constitution of the Federal Republic of Nigeria, will continue to work tirelessly for the betterment of the nation’s maritime security.
“It is on record that the NN has always worked harmoniously with all maritime stakeholders nationally, regionally and internationally.
“The coming onboard of private maritime stakeholders for the protection of critical onshore economic assets in the interest of the nation’s economy is a known development, provided professionalism and standard operating procedures are upheld strictly.
“Hence, it is complete fallacy to allege to the contrary via sponsored ill-conceived and uncorroborated publications”.
The navy Chief noted that the NN, as the lead agency for the security of Nigeria’s maritime environment, has been in the forefront of galvanising legitimate maritime stakeholders for the collective fight against crude oil theft, and to secure national economic assets.
He alluded to the various past and ongoing operations and exercises designed to curb maritime criminality, particularly, oil theft.
Some of the operations, according to him, are: Operation Dakar Ta Dabarwo, Operation Calm Waters, Operation Nchekwe Oshimili and Exercise Sea Guardian.
“NN operations against crude oil theft in 2023 resulted in the arrest of 23 ships, over 233 suspects, 690 wooden boats with stolen crude oil and products, while over 703 illegal refining sites were destroyed.
“Also, tens of barges, 82 vehicles and tanker trucks were arrested and crude oil, as well as petroleum products amounting to over N105 billion were confiscated”, he added.

Continue Reading

Business

‘Agriculture, Vital Part Of Rivers Economy’ 

Published

on

The Eze Oha Evo III of Evo Kingdom, King Leslie Eke,  has said agriculture is a vital part of Rivers State’s economy that provides employment opportunities, generate income, and contribute to food security.
Eke, who is the Eze Gbakagbaka of Evo Kingdom, said this recently when he spoke with  newsmen at his palace in Woji Community, Obio Akpor Local Government Area.
He noted that the State is known for producing crops such as yam, cassava, cocoyam, maize, rice, and beans, with approximately 39 percent of its land area suitable for cultivation.
He listed some of the challenges in the system to include, high cost of farm  implements such as fertilizers, seeds and other agricultural  equipment which, according to him, has made things difficult for farmers.
Other challenges, he noted, are high cost of production and access to long term loans/grants that have so far hindered farmers’ ability to expand their farms.
Eke, who also is the Chairman of the Supreme Forum of Ikwerre Government Recognised Traditional Rulers, urged the government to take steps and remove some of its regulatory policies, if they want the farmers to do well.
“These challenges have significant implications on food security, poverty reduction, and economic growth in Rivers State. The state’s agricultural sector is not operating at its full potential, resulting in reduced food production, increased poverty, and limited economic opportunities”, he said.
He reiterated the need for government and private sector to invest more in agriculture to improve infrastructure, access to inputs and credit facilities.
According to him, such moves must be intentional while the government should also consider improved policy implementation.
“Policies must be implemented effectively, with minimal political interference. Farmers should have access to training and education to adopt modern farming practices. The Federal Government’s agriculture subsidy programmes should be inclusive, covering all regions and farmers.
“To revitalise the agricultural sector in Rivers State, a comprehensive approach is needed. This includes addressing the challenges mentioned above, investing in infrastructure, and promoting modern farming practices.
“By working together, stakeholders can improve food security, reduce poverty, and promote economic growth in the state”, he said.
He, however, noted that agricultural challenges in Rivers State are significant, but not insurmountable, adding, “if  effective policies, increased investment, and stakeholder engagement can be considered by all relevant authorities in the field, the problems would be solved.”
The Tide learnt that the Rivers State Government recently received about 21,650 bags of grains from the Federal Government to tackle economic hardship.

King Onunwor – Eze Gbakagbaka

Continue Reading

Business

Group Pledge Stronger Partnerships For Food Security

Published

on

The River Basin Development Authorities (RBDAs) in Nigeria have pledged to boost the Federal Government’s food security efforts by forming stronger partnerships and adopting modern agricultural technologies.
The representative of RBDAs, Alhaji Abubakar Malam, who spoke on behalf of the  boards and management teams at the close of a two-day retreat in Abuja, recently, acknowledged the numerous challenges facing the authorities.
He noted the persistent issues of ageing infrastructure, extreme weather conditions, and insecurity that continue to hinder optimal productivity across their zones.
Malam, who is also the Managing Director of the Sokoto Rima River Basin Development Authority, noted the dilapidated state of facilities and outdated equipment that limit the full potential of the river basin authorities.
“Our facilities are obsolete, and climate change is exacerbating the situation with flooding, erosion, and erratic weather patterns.
“Yet, we remain undeterred. We are committed to innovating, adopting modern irrigation technologies, and shifting the narrative of the River Basins to a more sustainable and productive future”, he said.
Malam emphasised that these objectives cannot be achieved in isolation and stressed the importance of collaboration.
He noted, “We are committed to building strong partnerships, particularly with state governments, to ensure that local actions are aligned with national priorities.
“Collaboration is key to enhancing extension services, addressing community needs, and improving project outcomes”.
The Managing Director also assured stakeholders that the river basin authorities will continue to maintain open-door policies under the federal government’s partial commercialisation framework, which aims to encourage private sector investment.
“This framework is seen as an essential step in reviving Nigeria’s agricultural sector by providing opportunities for agribusiness development, rural economy revitalisation, and sustainable irrigation practices.
“In alignment with President Bola Tinubu’s Renewed Hope Agenda and the UN Sustainable Development Goals (SDGs), particularly Goals 2 (Zero Hunger), 6 (Clean Water and Sanitation), and 13 (Climate Action), the RBDAs are focusing on expanding irrigated farmlands, equipping farmers with modern agricultural techniques.
“Others are enhancing value chains to reduce food waste, boost production, and improve market access.
“These efforts are designed to increase food availability and contribute to the goal of achieving food security for the nation by 2027”, he stated.
The Joint Appointees Forum further called on development partners, private sector players, and other stakeholders to seize the emerging opportunities in Nigeria’s agriculture sector.
The forum highlighted the potential for collaboration in revitalising rural economies through sustainable irrigation and agribusiness development, which will ultimately support the government’s food security agenda.

Continue Reading

Business

CBN Identifies Money Supply Increase From N114trn To N119trn In April 

Published

on

The Central Bank of Nigeria (CBN) has said money supply (M2) increased by 4.2 percent, month-on-month (MoM), from N114.2 trillion in March, to N119.1 trillion in April 2025.
According to the apex bank’s Money and Credit Statistics data for April 2025, the increase in money supply followed positive changes in its components, with Quasi-money, including savings deposits, time deposits, and other near-money assets, rising significantly.
The data showed that Quasi Money grew by 3.17 percent MoM to N78.1 trillion in April from N75.7 trillion in March.
Similarly, Demand Deposits increased by 7.4 percent MoM to N36.4 trillion in April from N33.9 trillion it was in March.
The CBN data report also showed that Narrow money (M1) also grew by 6.2 percent MoM to N41 trillion in April from N38.6 trillion it was in March.
Nevertheless, currency outside banks increased slightly by 0.4 percent MoM to N4.57 trillion in April  from N4.59 trillion in March.
Also, the data showed that credit to the government fell by 8.8 percent MoM to N23.6 trillion in April from N25.9 trillion in March, representing the second consecutive month’s decline since March.
On the other hand, credit to the private sector grew by 2.1 percent MoM to N77.9 trillion in April from N76.3 trillion in March.
According to the data report, this resulted in a 0.61 percent MoM decline in net domestic credit to  N101.5 trillion in April from the N102.13 trillion it was in the month of March.

Corlins Walter

Continue Reading

Trending