RateCaptain
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
Subscribe
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
RateCaptain
No Result
View All Result
Home Economy

Oil Thief: Investigative panel submits report to NSA

Rate Captain by Rate Captain
March 28, 2023
in Economy
Reading Time: 2 mins read
A A
0
Oil Thief: Investigative panel submits report to NSA
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

The Special Investigative Panel on Oil Theft and Losses in Nigeria, has submitted its report to the National Security Adviser (NSA), retired Maj.-Gen. Babagana Monguno, in Abuja.

RateCaptain reports that the NSA had on Dec. 6, 2022, inaugurated the investigative panel with extensive terms of reference to investigate all aspects of crude oil theft and losses in all its ramifications.

AlsoRead

CBN To Reduce Number of BDC’s – FG

Banks Non-Performing Loans hits N1.5 Trillion, Central Bank Reports

NEC Affirms CBN $3 Billion Loan for Naira Stability

The Head, Strategic Communication, Office of the National Security Adviser (ONSA), Mr Zakari Usman, in a statement on Tuesday, said the report was submitted on Monday.

While submitting the report, the Chairman of the panel, retired Maj.-Gen. Barry Ndiomu, said the panel engaged key stakeholders from within and outside the oil and gas industry.

Ndiomu said stakeholders from state governments, ministries, departments and agencies, security agencies, regulatory agencies, international and indigenous oil companies, traditional institutions, host communities, artisanal refiners, among others were also engaged.

He said the panel received and reviewed several memoranda and reports on oil theft and losses during the various engagements.

According to him, the panel discovered several layers of involvement in the illegal theft of crude oil in spite of the best efforts of the Armed Forces and other security agencies to combat oil theft.

“The panel also observed that crude oil losses arose from lack of proper reporting of crude oil production, illegal refining, theft from wellheads and diversion from sophisticated pipelines network.

“The panel also attributed losses to the absence of a robust industry-wide metering system and an unworkable security arrangement.

“The confusing roles of regulatory agencies was also cited as being responsible for making the detection of theft/losses difficult,” he added.

Ndiomu called for quick implementation of the report and asserted that if the government implemented the recommendations in the report, oil theft/losses would be adequately addressed.

He said prompt implementation of the report would not only create an immediate impact on crude oil production levels to meet OPEC’s quota but would also attract foreign direct investment and serve Nigeria’s economic and national security concerns.

Receiving the report, the NSA thanked the panel for keeping to the timeframe and for addressing the issues of oil theft and losses comprehensively.

Monguno assured that government would study the report and see to its immediate implementation, especially the recommendations with short-term perspectives.

The panel was expected to investigate oil theft/losses in all its ramifications and propose wide ranging implementable recommendations to enable the administration take decisive action to end the criminal enterprise within the shortest possible time.

The panel was given 10 weeks to complete the assignment effective from the date of inauguration.

Previous Post

Value of tokunbo cars drops by 47% in 2022 – NBS

Next Post

UNIDO collaborates with stakeholders to implement waste to wealth project.

Related News

Naira Depreciates to N945/$ in the Parallel Market

CBN To Reduce Number of BDC’s – FG

by Stephen Akudike
September 29, 2023
0

The Federal Government has recently urged the Central Bank of Nigeria (CBN) to reduce the number of Bureau de Change...

Banks Non-Performing Loans hits N1.5 Trillion, Central Bank Reports

Banks Non-Performing Loans hits N1.5 Trillion, Central Bank Reports

by Stephen Akudike
September 29, 2023
0

Banks in Nigeria have been actively writing off debts and debiting accounts of non-cooperative debtors from other banks, in a...

NEC Affirms CBN $3 Billion Loan for Naira Stability

NEC Affirms CBN $3 Billion Loan for Naira Stability

by Stephen Akudike
September 29, 2023
0

The National Economic Council (NEC) has officially announced its commitment to utilize the $3 billion emergency loan secured by the...

FG Secures $1.95 Billion in World Bank Loans Amidst Debt Concerns

FG Secures $1.95 Billion in World Bank Loans Amidst Debt Concerns

by Stephen Akudike
September 28, 2023
0

Nigeria, facing concerns over its rising debt profile, has secured a total of $1.95 billion in loans from the World...

Next Post
UNIDO collaborates with stakeholders to implement waste to wealth project.

UNIDO collaborates with stakeholders to implement waste to wealth project.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Naira Depreciates to N945/$ in the Parallel Market

CBN To Reduce Number of BDC’s – FG

September 29, 2023
Binance Withdraws from Russian Market

Binance Withdraws from Russian Market

September 29, 2023

Popular Story

  • Naira Depreciates to N945/$ in the Parallel Market

    CBN To Reduce Number of BDC’s – FG

    0 shares
    Share 0 Tweet 0
  • Seplat Energy Nigeria Offers Internship Opportunity to Nigerian Undergraduate Students.

    0 shares
    Share 0 Tweet 0
  • Shocking: “Undress” An AI Tool That Unveils Digital Representations of Individuals Without Clothing

    0 shares
    Share 0 Tweet 0
  • Microsoft introduces AI-powered Bing to Android and iOS users. 

    0 shares
    Share 0 Tweet 0
  • States and Local Governments Witness a 27.62% Increase in Revenue Amid Economic Hardship.

    0 shares
    Share 0 Tweet 0
RateCaptain

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • Home
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Disclaimer
  • Cookie Policy
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

RateCaptain
Manage Cookie Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Manage options Manage services Manage {vendor_count} vendors Read more about these purposes
View preferences
{title} {title} {title}
?>