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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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SEC Will Tackle Unclaimed Dividends In The Market

Agama 


By Favour Ifeoluwa & Akinola Ajibade


Nigeria’s apex capital market regulator, Securities and Exchange Commission (SEC), will deal decisively with the recurring issue of unclaimed dividends in the Nigerian capital market. Its Acting Director-General, Dr. Emomotimi Agama, has said.

He spoke last weekend in Abuja, during a meeting with the executives of Institute of Capital Market Registrars (ICMR), where he described unclaimed dividend  in the capital market as a monster.

According to him, SEC will soon issue  a framework that will guide the capital market in the proposed recapitalisation exercise by banks. 

He said registrars must embrace technology as one of the ways of ensuring that the issue of unclaimed dividends in the capital market becomes a thing of the past. 

“Unclaimed dividends is a monster that we must deal with now. Whatever it will take to deal with it, we must do it. We must embrace technology as one of the ways to deal with it. “Let us put our thoughts together and provide a workable solution, let us ensure that this becomes a thing of the past. We need to provide solution and the time is now. As custodians, we implore you to provide practicable steps to address this issue,” Agama said.

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