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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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Nine banks record NPLs of N814. 08bn

By Akinola Ajibade

Nine financial institutions have increased their  
Non-Performing Loans(NPL) from N789.14billion to N814. 08billion. 
The rise in the  non-performing loans of the banks was recorded between 2020 to 2021, according to findings by the PUNCH. 
The banks are Access Holdings Plc, Zenith Bank Plc, Wema Bank Plc, FCMB Group, Union Bank of Nigeria Plc and Stanbic IBTC Holdings Plc. 
Others are Guaranty Trust Holding Plc, United Bank for Africa Plc, and Ecobank Nigeria.
 However, with the banking sector’s NPL ratio closing 2021 at 4.85 per cent, some of the nine banks remained within the five per cent NPL ratio stipulated by the Central Bank of Nigeria. Further findings also show that while some of the banks recorded an increase in their NPLs during the period under review, a number of them recorded a significant decline in their NPLs. From the banks’ audited 2021 financial statements, findings showed that Access Holdings, Zenith Bank and GTCO reported the top three highest NPL by value among the nine banks, while Stanbic IBTC Holdings reported the lowest. Access Bank in 2021 reported N181.5bn NPL by value, representing an increase of 4.3 per cent from the N161.2bn it recorded in 2020
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