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 Favour & Akinola Ajibade
Any commercial banks, which involved in round tripping and other illicit monetary crimes, would henceforth be exposed and condemned, the Acting Governor, Central Bank of Nigeria (CBN), Mr Folashodun Shonobi has said.
This follows series of accusations levelled against the monetary financial institutions in the country, by stakeholders, especially operators and the negative consequences, which the development is having on the country.
While delivering a lecture entitled: " Diaspora Remmittences and Nigerian Economic Development" in Abuja recently, Shonubi said round tripping and other monetary offences are becoming a challenge, which must be outightly tackled, in order to restore sanity in the local and international financial practices.
According to him, commercial banks are culpable, adding that CBN will soon go after any one of them caught in the practices.
He said the recent plummet of the Naira exchange rate to over N950/$ in the parallel market, coupl6 with an exacerberating scarcity of foreign exchange, made the apex bank to issue a stern warning to banks, which involved in the unlawful trading of Forex.
He said the need to ensure that funds are directed through proper avenues to bolster economic growth, is key to the development of the economy.
“We will not hesitate to expose and condemn the commercial banks engaged in such illicit practices,” Shonubi declared unequivocally. Moreover, Shonubi highlighted the shortcomings of the existing remittance system" he said.
Shonubi pointed out that the cost of transferring money from the diaspora to Sub-Saharan Africa stands at approximately 9 per cent of every $100, a figure he deemed excessively high and unparalleled globally.
Despite the challenges posed by informal channels, Nigeria has still managed to attract a substantial amount of remittances, with a staggering $16.7 billion influx.
However, a significant portion of these funds bypasses the official foreign exchange market. “We are vigorously striving to incentivise individuals to route their funds through formal channels, steering clear of the convoluted informal avenues,” Shonubi said.
The CBN measures will impact currency markets in a few days time, Shonubi further said after meeting President Bola Tinubu to discuss ways to improve dollar liquidity on the official market. CBN governor Shonubi’s meeting with Tinubu comes after the bank on Friday revealed a $19 billion commitment in derivatives in 2022, nearly the size of the country’s reserves.
Nigeria is looking for ways to shore up its reserves and stem the fall of its currency, which has hit record lows on the black markets two months after trading restrictions were loosened on the official market. Shonubi did not disclose the measures to be introduced.
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