Business
Oil Theft: Don Advocates For Modular Refinery
Worried about the high levels of oil theft in the Niger Delta region, a Professor of Applied Metrology and Environmental Management, Akuro Bobo, has supported the view of establishing modular refineries which he said that would serve as a solution to the menace.
Prof, Bobo made this call during an interview with newsmen in Port Harcourt recently.
He enjoined the government to harness the potentials of the young men who are engaged in illegal oil refining and bunkering for the purposes of modifying their technology to the benefit of all.
Bobo lamented that the incidences of oil theft have become huge and worrisome, adding that it is capable of stagnating the nation’s economy.
He observed that though their methods were crude, they are knowledgeable and their techiques could be modified to meet international standards.
According to him, “these people are technologically inclined and so we should use their technology, provide opportunities for them and then get them involved in modular refinery so that their crude technology could be modified to meet international standards and then with that we can check oil theft”.
He alleyed the fear that, this might seem like encouraging oil theft, stating that rather it would show government as taking responsibility for its citizenry.
He said, “we are not encouraging it, but we are saying that government should see it as a responsibility and ensure that they improve on the technology they are using and through those processes gainfully employ some of them”.
Tonye Nria-Dappa
“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.