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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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Pension investments in FGN securities rise to N9.64 tr



By Favour Ajibade


Pension investments in Federal Government of Nigeria ( FGN) securities have increased from N9.19 trillion in September 2021  to N9.64 trillion in December 2022.

According to the National Pension Commission  (NPC, the increase represents N451.82 billion or 4.92 per cent.

The body further attributed the  increase in the value of investments in FGN Securities to additional investments in assets class during the last quarter.

While referring to its fourth Quarter of 2022 Report, PenCom said that the total value of pension fund assets as at December 31, 2022 was N14.99 trillion.

The assets, PenCom said, was made up of N10.72 trillion RSA ‘Active’ Funds I, II III and V; N1.19 trillion RSA Retiree Fund IV; N1.57 trillion Closed Pension Fund Administrators (CPFAs); and N1.48 trillion Approved Existing Schemes. Fund VI Active and Retiree Fund amounted to N36.20 billion. 

A breakdown of the fund, the agency said, showed that pension fund assets were mainly invested in Federal Government Securities (FGN), which accounted for 64.33 percent of total assets. 

The report read: “The composition of investments in FGN Securities includes FGN Bonds at 95.60 percent; Treasury Bills at 2.06 percent; and Agency Bonds, Sukuk and Green Bonds accounting for 2.34 percent.


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