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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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Naira Scarcity: CBN Blames Hoarders, Releases More Cash To DMBs


CBN's headquarters, Abuja 

Few Naira Notes


By Favour Ifeoluwa & Akinola Ajibade 


The Central Bank of Nigeria (CBN) says the current cash scarcity in Lagos, Abuja, Kaduna and other major cities  across the country was caused by hoarders. 

Its  Acting Director in charge of Corporate Communications, Mrs Hakama Didi, told reporters that some persons are hoarding the Naira due to  challenges experienced during the Naira redesign project.

According to her, the apex bank was not only monitoring the situation, but had released sufficient cash to its branches across the country for onward distribution to Deposit Money Banks (DMBs. 

She noted  that the currency in circulation had  increased from N1trilion in February 2023 to over N3.4 Trillion as of December 11, 2023. 

This, according to her, indicated that there was sufficient cash in circulation, except that the cash was in the hands of individuals who were apprehensive due to their previous experiences.

She empathized with Nigerians, over their previous and current experiences, but insisted that the CBN had adequate cash to meet the day-to-day transaction needs of Nigerians. She, therefore, appealed to Nigerians to be patient while the CBN does the needful to ensure the availability of cash, particularly during the yuletide and beyond.

While also urging Nigerians to continue to accept all Naira banknotes for their daily transactions, Sidi Ali reiterated the Bank’s earlier call to the public to embrace alternative modes of payment, e-channels, to reduce pressure on the use of

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