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 Ifeoluwa & Akinola Ajibade
The Central Bank of Nigeria (CBN) has accused dealers of providing misleading information on transactions concluded in the financial market..
According to CBN, unauthorized dealers are the bane of the problems in the market, as shown by findings carried out recently.
It said that ongoing investigations have revealed instances of underreporting transaction rates and the practice of “second checks” on foreign exchange and fixed-income transactions.
In a circular to all market dealers,the apex banking body said it had allowed financial market transactions to be conducted on a “willing buyer willing seller” basis, where prices are expected to be quoted and displayed transparently. However, many players in the market are reportedly flouting this order, causing distortions in the market.
“The attention of the CBN has been drawn to the practice of Authorised Dealers (and their customers) in reporting inaccurate and misleading information on transactions concluded in the financial market,” said Aliyu Ashiru, acting director of the financial markets department at the CBN, in a circular issued to all market dealers on Monday.
“This behaviour is not compliant with the ethical standards associated with a sound financial market. Deliberate attempts to create price distortions by reporting false transaction details amount to market manipulation, which will not be tolerated and will henceforth face sanctions,” Ashiru added.
The monetary authorities are employing various means to ensure the unification of the exchange rate.
On Monday, the CBN announced it had released $500 million to various sectors. This came barely a week after the bank paid approximately $2.0 billion to settle outstanding commitments across the manufacturing, aviation, and petroleum sectors.
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