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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 bows to pressure, limits withdrawals to N.5m and N5m weekly

CBN head office, Abuja


By Favour Ajibade


The Central Bank of Nigeria ( CBN) has increased the maximum  weekly withdrawal for individuals and companies to N500,000 and N5million  respectively.

Before now, the weekly maximum withdrawal for individuals was  N100,000, a development, which was frowned at many Nigerians, especially the business oriented ones. 

The apex banking body, in a letter dated Thursday, November 12,2022 and signed by its Director, Banking Supervision, Haruna Mustapha said it has become necessary to upwardly review the issue in order not to cause disquiet in the country.

The letter reads: "Following our circular BSD/DIR/PUB/LAB/015/06dated December 6, 2022, on the above subject and based on feedback received from stakeholders, the Central Bank of Nigeria (CBN) hereby makes the following reviews:

" In compelling circumstances where cash withdrawal above the limits in (1) above is required for legitimate purposes, such requests shall be subject to a processing fee of 3% and 5% for individuals and corporate organizations, respectively.”





 on Thursday, and addressed to banks in Nigeria, said that it has increased the maximum weekly limit for cash withdrawals across all channels by individuals and corporate organisations to N500, 000 and N5m, respectively.

The bank said it made the decision based on feedback received from stakeholders.



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