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NNPC destroys 134 Illegal Refineries Recently

A destroyed refinery  By Favour Ifeoluwa & Akinola Ajibade  The Nigerian National Petroleum Company Limited( NNPCL) says it has destroyed 134 illegal refineries in the last few weeks.  Also, the company said  63 illegal pipeline connections were uncovered during the the weeks .  The corporation, In a visual report, stated that at about 2 am on Sunday, a joint team of security agents discovered a large wooden boat illicitly loading stolen crude oil from Barge AGS01 within the OML 18 operating area, noted intelligence report a large wooden wooden boat was caught receiving crude oil from the barge.  According to the state-owned oil firm, while the barge was towed away with a tugboat in custody, five speedboats used in towing the large wooden boat to the illegal loading site were also detained and the particulars of the tugboats and barge used for the operation were reportedly seized for further investigation.  It further said that two large boats, which involve
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CBN justifies intervention in power sector


By Akinola Ajibade 


The Central Bank of Nigeria(CBN) embarked on several performance improvement projects in order reduce the problems facing the industry, the apex bank's Directors of Developmental Finance, Strategy Management, Trade and Exchange, Messrs Yusuf Philips, Clement Buhari and Ozoemena Nnaji, have said.

They spoke during their visit to the Eko Electricity Distribution Company ( EKEDC) recently.

The visit was part of the monitoring and evaluation tour of the CBN- funded intervention facilities for electricity distribution  companies in Nigeria.  They all justified the intervention of CBN in the nation's power sector.

Speaking,Yila explained that the CBN  had intervened by funding the procurement, installation, rehabilitation, and replacement of some electricity distribution infrastructure to assist the Discos’ capacity in the delivery of adequate and reliable power supply to Nigerians.

He said the  CBN commenced phase zero of the National Mass Metering Programme  in 2020 to address the problem of metering. As a result, adding that the apex bank’s monitoring and evaluation team visited the Disco for progress reports on these projects.

He  commended Eko  Disco for its  effort towards the achievement of the Federal Government/CBN intervention schemes.

The National Mass Metering Scheme is very important to the CBN,he said,adding that the tour is also meant to carry out due diligence on the execution of phase zero of the scheme and how the apex bank and the Disco can collaborate better in proceeding to the next phase.

Speaking,the Managing Director, Eko Disco, Dr Tinuade Sanda, was quoted as expressing her appreciation to the CBN for its effort in improving the power sector.

According to her, the  CBN-funded Capex projects had helped her company  in improving its supply to meet the high demand for electricity in its network.

She added that the projects have brought about the rehabilitation and replacement of obsolete equipment.

She he said the NMMP came at the appropriate time to reduce our losses and cushion the effect of the Service Reflective Tariff.

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