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
By Akinola Ajibade
Re-desination of naira will curb terrorism, kidnapping and other insecurity problems plaguing the country, the Central Bank of Nigeria CBN's Senior Manager, Currency Operations Department, Shamsudeen Imam, has said.
He spoke yesterday ( Tuesday) during a programme at the Gombe International Market in Gombe state.
He said that cases whereby criminals collect ranson from the families of their victims are going to be reduced, once the newly redesigned naira notes are in circulation.
According to Imam, there is so much money in circulation, which has a way of encouraging criminal activities, revealing that the apex bank’s latest effort will control the money in circulation.
He said, “It will address the issue of terrorism, kidnapping, because there is a lot of money in circulation before, and the kidnappers are using that opportunity to collect ransom from people.”
He disclosed that the currency change was a good step, adding that it would add a lot of positive benefits to the economy.
According to him, other countries change their currencies every five years. “Globally, currencies are redesigned every five to eight years, but for Nigeria, it’s long overdue. Some of our currencies have stayed for 14 to 20 years, so it’s the right time to redesign our currency,” Imam said.
While enumerating the importance of the currency change, Imam said it would improve the country’s monetary policy.
“The CIC is a component of monetary policy, so definitely, our monetary policy mechanism will be very effective. It will improve our financial inclusion drive, as it will push a lot of people to open accounts because we can’t carry cash. You need to open an account and as a result, more people will come into the financial system,” he said.
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