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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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Banks Burrowings From CBN Hit N12.46 Trn



By Favour & Akinola Ajibade 


Indications emerged that Commercial and Merchant have burrowed a total of N12.46 trilion from. Central Bank of Nigeria( CBN) in order to meet up with their fiscal and other needs.
Industry sources said that banks intensified efforts to burrowed more money from CBN in the past eight months,  as bad economy bites harder in the country. This period covers between January to August, 2023.
" Aside from August 2023 ending this week, commercial banks and merchant banks borrowed a total of N12.46tn from the CBN during the first eight months of this year".
 According to data from CBN, accessed by News Mirror, financial institutions had, in the first eight months of 2022, borrowed N6.96tn from the central bank, representing an increase of 79 percent. Commercial banks and merchant banks access lending from the apex bank using the Standing Lending Facility (SLF) window and cash  from the  cash with the Standing Deposit Facility window (SDF). 
Findings shows that  banks during the first eight months of 2023 accessed the SLF window against the backdrop of CBN’s tightening monetary policy stance. The apex banking regulating body has the SLF, a short-term lending window for commercial banks and merchant banks to access liquidity to run their day-to-day business operations.

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