NNPC Uncovers 72 Illegal Refineries in One Week

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NNPC Uncovers 72 Illegal Refineries in One Week - The Nigerian National Petroleum Company Limited (NNPC) has reported a significant crackdown on illegal crude oil refining activities in the Niger Delta region. In just one week, authorities uncovered and destroyed no fewer than 72 illegal refineries across Rivers, Delta, and Abia states. The NNPC's Operation Delta Safe apprehended a vessel carrying stolen Shell Petroleum Development Company flow lines in Bayelsa State, leading to the arrest of 12 suspects. Additionally, the operation intercepted 24 wooden boats transporting stolen crude oil in Rivers and Bayelsa States. On land, the NNPC intercepted several vehicles laden with stolen crude oil in Delta, Rivers, and Bayelsa States. The company also discovered 33 illegal connections to pipelines in these states. The surge in illegal refining activities has resulted in environmental damage, as evidenced by eight oil spills caused by vandalism during the week. Furthermore, authorities uncovered 12 sites used for storing stolen crude and illegally refined products. Overall, the NNPC recorded 204 incidents of oil theft during the week, with the majority occurring in the central region.

Belgium-Nigeria Partnership to Modernize Ports, Boost Trade - The Nigerian Ports Authority (NPA) and the Kingdom of Belgium have expressed their intention to strengthen bilateral ties and enhance the efficiency of Nigeria's seaports. This collaboration aims to increase trade volumes between the two countries and boost Nigeria's share in the West and Central African trade market. The NPA's Managing Director, Dr. Abubakar Dantsoho, highlighted the significant volume of trade between Nigeria and Belgium, particularly through the port of Antwerp. Nigeria accounts for over six million tonnes of West African freight annually in Antwerp, making it the largest market share. Dantsoho emphasized the NPA's desire to leverage the technical expertise of the Port of Antwerp to improve the efficiency of Nigeria's port operations. By implementing a Port Community System (PCS), the NPA seeks to streamline processes and prepare for the upcoming National Single Window Project. The Belgian ambassador, Pieter Leenknegt, expressed his country's willingness to support Nigeria's port development initiatives. Belgium offers expertise in deep sea ports, waterways, and hinterland connectivity. The ambassador reaffirmed Belgium's commitment to facilitating collaboration and projects between the two nations. The partnership between Nigeria and Belgium presents a promising opportunity to enhance port efficiency, increase trade volumes, and contribute to the economic growth of both countries.

Capital Market Town Hall Meeting Set for October 7th - ThinkBusiness Africa and the African Business Convention are hosting a special town hall meeting on 7^th of October, 2024 to discuss the future of Nigeria's capital market. The event will feature a keynote address by Dr. Emomotimi Agama, Director General of the Securities and Exchange Commission (SEC). The meeting will bring together a distinguished audience of capital market leaders, practitioners, policymakers, regulators, and blockchain players. Attendees will have the opportunity to network with industry influencers, potential clients, and high-level decision-makers. The event will feature panel discussions on topics such as policy, regulation, banking consolidation, FinTech, cryptocurrencies, and investor education. These discussions will explore the challenges and opportunities facing the Nigerian capital market and discuss potential solutions.

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