The Nigerian Navy on Thursday said its personnel arrested a 77-metre-long Motor Tanker Vinnalaris 1 Lagos. It also accused the personnel of Tantita Security Services – a private security company, owned by an ex-Niger Delta warlord, Government Ekpemupolo (popularly known as Tompolo) of involvement in the illegal activities. The Nigerian Navy said the vessel had 17 crew members onboard at …

A private security firm engaged by the Federal Government to secure crude oil theft from Nigeria has said that the nation is currently saved of a daily loss of a whopping $43.2 million hitherto fretted away. The Niger Delta based company, Tantita Security Services Nigeria Limited whose multi-billion Naira contract generated public uproar, said it has justified its engagement as …

The implementation of the 2023 budget, which totals N21.8 trillion, may be threatened following a shortfall 470,000 barrels per day (bpd) in Nigeria’s crude oil output last month. At the current global market price of $92 per barrel, the 470,000 bpd shortfall, which represents 29 per cent drop from the budget benchmark of 1.69 bpd, amounts to a loss of …

The Independent Corrupt Practices Commission (ICPC) has secured the conviction of 2 fraudsters, Aso Morrison and Frank Biobarakuma. The suspects were first arraigned sometime in March 2013, before Justice B. Georgewill of Rivers State High Court on a 17-count charge of conspiracy, forgery, and obtaining by false pretence. They were convicted and sentenced to seven years imprisonment each this month. …

Nigeria has lost an opportunity to produce and sell about 65.7 million barrels of oil in the last one year due to issues bothering on pipeline vandalism and the resultant oil theft. This translates to about N2.3 trillion loss in oil revenue if the prevailing exchange rate and average oil price are used. At the just concluded Nigerian International Energy …

An ad hoc committee investigating “illegal sales” of crude oil by officials of the defunct Nigerian National Petroleum Corporation (NNPC) has commenced hearing into the missing oil. The committee, headed by Hon. Mark Gbillah, commenced the investigation on Tuesday with an appearance by the Code of Conduct Bureau. It would be recalled that the green chamber had resolved to embark …

The National Security Adviser, Major General Babagana Monguno (rtd.) has revealed that 83 oil tankers involved in crude oil theft have been arrested, while over three million barrels of theft of crude oil has been prevented, and 11 million litres of petrol and diesel recovered. At a stakeholders’ conference on oil theft and losses held in the Federal Capital Territory, …