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
Favour Ajibade
The Governor, Central Bank of Nigeria (CBN), Godwin Emefiele, yesterday, advised his counterparts in other African countries to put in place measures that would prevent any run on financial institutions in their jurisdictions..
He said sound regulatory and supervisory mechanisms and day to day monitoring of the financial institutions are crucial, if the banks would remain healthy.
He gave the advice at the opening of the 2023 African Central Bank Conference held at the Global Leadership Center, Johannesburg, South Africa.
Speaking on the current global dynamics and specific policy developments in Nigeria to address emerging shocks, he advised central banks on the continent to draw lessons from the recent failure of Silicon Valley Bank (SVB) and Signature Bank in the United States of America, by putting in place regulations that will prevent any run on banks in their countries.
Emefiele, while sharing Nigeria’s experience in regulating banks, noted that the threats posed to the financial system necessitated the release of new guidelines and regulations to tackle potential infringements and, in the process, protect depositors’ funds as well as promote greater transparency in the sector.
According to him, regulators must be alive to their responsibilities by ensuring that banks under their regulatory watch are financially healthy and do not suffer a similar fate as the Silicon Valley Bank, which, until its collapse recently, catered to many of the world’s most powerful tech investors.
Topics discussed at the conference, declared open by the Prime Minister of Namibia, the Rt Hon. Saara Kuugongelwa, centred around “African Solution for African Problems” and “Africa’s Seat at the Table,” among others. Other deliberations at the two-day confab, also addressed by Lesetja Kganyago, Governor, Reserve Bank of South Africa, bordered on “Calibrating for a New World Order” and “Unlocking Development Finance and Mobilising Institutional Investors for Development in Africa”.
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