Business
Military are responsible for oil theft in Nigeria, says Asari Dokubo
Prominent Niger Delta leader and former agitator, Mujahid Asari Dokubo, on Friday, in Abuja, alleged that the bulk cases of oil theft recorded in the oil-rich region are traceable to the Nigerian Army and Navy.
“The military is at the centre of oil theft and we have to make this very clear to the Nigerian public that 99 per cent of oil theft can be traced to the Nigerian military, the Army and the Navy especially,” Dokubo told State House correspondents after he met President Bola Tinubu behind closed doors at the Aso Rock Villa, Abuja.
However, he pledged his support to the Federal Government to bring oil theft to “zero,” believing that the Tinubu-led administration would “fish out” the culpable elements in the military.
In April, the Nigerian Extractive Industries Transparency Initiative revealed that Nigeria lost 619.7 million barrels of crude oil valued at N16.25tn to crude oil theft between 2009 and 2020.
The data gathered from the agency’s latest policy brief titled, “The cost of fuel subsidy: A case for policy review,” also stated that the country spent over N13tn ($74 billion) on fuel subsidies between 2005 and 2021.
Speaking on Friday, Dokubo said oil theft and security framed his nearly two-hour discussion with the President.
Nevertheless, the former agitator said he had assured the new administration of his support to ensure “zero” oil theft in the Niger Delta.
He said “Myself and my brothers have assured the President that there will be zero oil theft and vandalization in the Niger Delta.
“We’re going to walk with an NPPCL and the IOCs to make sure that oil tapped is brought to zero.”
On security, he faulted the narrative that the military was underequipped to take on terrorism, banditry and militancy head-on, describing it as “blackmail.”
For Dokubo, “The blackmail of the Nigerian state by the Nigerian military is shameful. They said they do not have enough armament and people listen to these false narratives. So this blackmail must end. They have enough resources to fight.”
He argued that the release of the leader of the Indigenous People of Biafra, Nnamdi Kanu, would not ease the tensions in the South-East. Rather, it would fuel impunity.
“During EndSars, Nnamdi Kanu was walking free. What did he do? He poured petrol on the flames of EndSars. Now, he has been caught. What of the people who have died? This is a criminal. He should face the law.
“Releasing Nnamdi Kanu is rewarding criminality and rewarding gruesome murder of innocent people. He should face the law for the actions and instigations he has carried out.”
Friday’s meeting is part of the President’s ongoing consultations with opinion leaders from the Niger Delta region.
Last week, the President also met other key figures from the region, including former Managing Director of the Niger Delta Development Commission, Timi Alaibe and former Director-General of the Nigerian Maritime Administration and Safety Agency, Dr Dakuku Peterside.
During his first meeting with Security Chiefs on June 1, the President directed the military and other security agencies to crush oil theft.
Business
Nigeria’s GDP rate grew by 3.46% in Q3 2024, says NBS
The National Bureau of Statistics (NBS) says Nigeria’s annual gross domestic product (GDP) grew by 3.46 percent in the third quarter (Q3) of 2024.
The NBS, in its GDP report published on Monday, said the growth rate is higher than the 3.19 percent recorded in Q2 2024.
Business
Dangote refinery reduces ex-depot price of petrol to N970 for oil marketers
The Dangote Petroleum Refinery has announced a reduction in its ex-depot price of premium motor spirit (PMS), also known as petrol, to N970 per litre for oil marketers.
This is a cut from the refinery’s N990 ex-depot price announced earlier this month, according to a statement on Sunday.
The slash would help marketers save about N20 on each litre of petrol bought from the Lekki-based plant.
Anthony Chiejina, Dangote Group’s chief branding and communications officer, said the move is the refinery’s way of appreciating Nigerians “for their unwavering support in making the refinery a dream come true”.
“In addition, this is to thank the government for their support as this will complement the measures put in place to encourage domestic enterprise for our collective well-being,” the statement reads.
“While the refinery would not compromise on the quality of its petroleum products, we assure you of best quality products that are environmentally friendly and sustainable.
“We are determined to keep ramping up production to meet and surpass our domestic fuel consumption; thus, dispelling any fear of a shortfall in supply.”
Business
Allegation of missing fund untrue, says Access Bank
Access Bank Limited has dismissed as untrue allegations of missing fund and unethical behaviour.
The Bank in a statement said: “Our attention has been drawn to a video on social media wherein allegations of missing funds and unethical behaviour have been made against Access Bank PLC.
“First and foremost, we wish to emphasise that the safety and security of our customers’ funds are core priorities which we take seriously. Second, Access Bank Plc does not engage in or condone any unethical behaviour.
“In the instant case, the allegations of missing funds in the Bank are most untrue and baseless.
“There is no N500million or any other fund or amount missing from the subject customer’s account or from any other customer’s account with us.
“We and other independent stakeholders in the banking industry have thoroughly investigated these allegations and independently arrived at the same conclusions.
“Access Bank PLC operates with the highest ethical standards, and we protect our customers’ interests whilst also respecting privacy laws.
“Consequently, whilst we have engaged and will continue to engage with our customers, we must advise the public not to rely on or believe sensational and unverified claims that are designed to titillate and mislead the public.
“We remain committed to serving our customers.”
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