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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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'No documents backing N6 7b fuel subsidy', says CBN

By Akinola Ajibade

There is no documents backing the N6.7 billion fuel subsidy payment of the Federal Government, the Governor, Central Bank of Nigeria ( CBN), Mr Godwin Emefiele has said.

He disclosed this recently during the hearing of the House of Representatives Special Ad Hoc committee on petroleum products subsidy regime in Nigeria from 2017 to 2021.

According to him, he can only answer questions relating to technical matters concerning subsidy payments

“I will be able to provide answers here. But if they are outside the technical aspects of the subsidy transactions, then I will not be able to respond,” he said.

Represented by the apex bank’s Deputy Director, Banking Services, Hussein Kagara, Emefiele told the lawmakers that the documents on subsidy payments were too voluminous and as such, the regulator could not be able to print them out.

His explanation, however, did not go down well with the committee, as a lawmaker, Mark Gbilah (NNPP Benue), said N6.7 trillion in less than a year is being expended on subsidy, stating the CBN helmsman should personally appear to address the issue in company of the Executive Chairman of the Federal Inland Revenue Service (FIRS) .

The committee, therefore, subpoenaed to appear on August 18 for further hearing.

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