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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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CBN Revokes 4,173 Licences of BDC Operators

CBN's headquarters in Abuja


By Favour Ifeoluwa & Akinola Ajibade


The Central Bank of Nigeria (CBN) says it has revoked 4,173 licences of Bureaux De Change Operators in the country.

The apex bank blamed the development on the refusal of the affected operators to observe the necessary regulatory provisions.

The bank, in a statement issued yesterday, (Friday) by its Acting Director, Corporate Communications,Sidi Ali Hakama, said the move is part of efforts to restore confidence in the nation’s foreign exchange market.

It noted that the list of affected BDC operators is available on the its website,adding that it is revising the regulatory and supervisory guidelines for Bureau de Change operations in Nigeria. 

The bank added that compliance with the new requirements will be mandatory for all stakeholders in the sector. 

It stated that the action is in exercise of the powers conferred on it under the Bank and Other Financial Institutions Act (BOFIA) 2020, Act No. 5, and the Revised Operational Guidelines for Bureaux De Change 2015 (the Guidelines).

According to the bank,these include payment of all necessary fees, including licence renewal, within the stipulated period in line with Guidelines, rendition of returns in line with the Guidelines, and compliance with guidelines, directives and circulars of the CBN, particularly Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT) and Counter-Proliferation Financing (CPF) regulations.

 

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