Business
JTF Arrests Eight Suspected Oil Thieves

L-R: Minority Leader, House of Representatives, Rep. Femi Gbajabiamila, Commander, Nigerian Army Band Corps, Abalti Barracks, Brig.-Gen. Lawson Amaechi and others at the inauguration of one of the sixty solar powered bore-holes by Rep. Gbajabiamila in Lagos, recently.
The Joint Military Task Force (JTF) in the Niger Delta, Operation Pulo Shield, has said that it arrested eight suspected oil thieves and destroyed 17 illegal refineries in multiple raids.
A statement issued by Media Coordination of JTF in Yenagoa, Col. Onyema Nwachukwu, yesterday said the anti-oil theft raids were conducted from February 11 to February 18.
Nwachukwu said that several items were seized during the operations in Rivers, Bayelsa, Delta and Edo States.
He said that the JTF troops in Edo and Delta destroyed five illegal oil distillation sites and 40 boats and seized 300 metal tanks, 64 plastic storage tanks, 72 drums and 68 cooking ovens.
He added that four pumping machines and one Lister generator were seized at Warri South-West Local Government Area in Delta State.
The spokesman said the troops also intercepted a locally made tug boat conveying 30 drums of stolen petroleum at Ajide on Benin River in Edo.
He said that six suspects were arrested during the operation and moved to the Tactical Headquarters of the Battalions for preliminary investigation.
In another development, Nwachukwu said JTF personnel patrolling the waterways and creeks on Soku-Ofumakiri, Bolo, Oloma and Isaka in Rivers State, destroyed four illegal refineries.
He said 40 cooking ovens, 30 plastic storage tanks, 50 drums, one welding machine, two pumping machines and a 45 KVA generator were seized.
According to him, two suspects arrested in the operation were assisting investigators at the Sector 2 of the JTF in Port Harcourt.
“Our troops patrolling the waterways in Bayelsa have shutdown eight illegal crude oil distillation sites.
“The troops also destroyed six “cotonou” boats used by oil thieves in Tebidaba and Igbematoru communities of Southern Ijaw Local Government Area of Bayelsa.
“The operatives also destroyed 69 metal drums and two pumping machines used by the oil thieves to operate their illegal refineries,” Nwachukwu said.
He said that the eight suspects would be handed over to relevant prosecuting agencies after preliminary investigations.
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Blue Economy: Minister Seeks Lifeline In Blue Bond Amid Budget Squeeze

Ministry of Marine and Blue Economy is seeking new funding to implement its ambitious 10-year policy, with officials acknowledging that public funding is insufficient for the scale of transformation envisioned.
Adegboyega Oyetola, said finance is the “lever that will attract long-term and progressive capital critical” and determine whether the ministry’s goals take off.
“Resources we currently receive from the national budget are grossly inadequate compared to the enormous responsibility before the ministry and sector,” he warned.
He described public funding not as charity but as “seed capital” that would unlock private investment adding that without it, Nigeria risks falling behind its neighbours while billions of naira continue to leak abroad through freight payments on foreign vessels.
He said “We have N24.6 trillion in pension assets, with 5 percent set aside for sustainability, including blue and green bonds,” he told stakeholders. “Each time green bonds have been issued, they have been oversubscribed. The money is there. The question is, how do you then get this money?”
The NGX reckons that once incorporated into the national budget, the Debt Management Office could issue the bonds, attracting both domestic pension funds and international investors.
Yet even as officials push for creative financing, Oloruntola stressed that the first step remains legislative.
“Even the most innovative financial tools and private investments require a solid public funding base to thrive.
It would be noted that with government funding inadequate, the ministry and capital market operators see bonds as alternative financing.
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