Business

FG Loses N335m To Oil Spill, Says Report

Published

2 years ago

September 7, 2023

Nigeria lost about N335m to oil spilled between January and August 2023, according to estimation from data released by the National Oil Spill Detection and Response Agency.

NOSDRA, in its oil spill data for the period under review, said a total of 168 incidents of oil spill incidents, which cost the country a loss of 5,520 barrels of crude oil in eight months, were recorded against oil companies operating in the country.

Going by an average price for crude oil within the period of $82 per barrel, and the Central Bank of Nigeria’s exchange rate of N740/$1, the estimated amount the country lost to oil spill within the period under review was N335m.

The agency noted that the spill occurred in the facilities of 23 oil firms, with Shell Petroleum Development Company recording the highest spill volume of 4,340 barrels of crude oil in 43 spill incidents, representing 78.62 per cent of total crude oil spilled in the period under review.

Heritage Energy Operational Service Limited followed with 24 323.20 barrels of crude oil spilled in 24 incidents, while Nigerian Agip Oil Company spilled 248.86 barrels of crude oil in 38 incidents.

In six spill incidents, Heirs Holding Oil and Gas Limited spilled 128.10 barrels of crude oil; Seplat Petroleum Development Company spilled 104.88 barrels of crude oil in seven incidents; National Petroleum Development Company spilled 92.33 barrels in 16 incidents, while Enageed Resources Limited polluted the environment with the spillage of 72 barrels of crude oil in three incidents.

NOSDRA disclosed that Rivers State was the worst hit with oil spillage, as 2,780 barrels of crude oil was spilled in the state in 67 incidents; followed by Delta with 2,623 barrels of crude oil spilled in 76 incidents; while Edo, Imo, Bayelsa and Akwa Ibom recorded spill volumes of 70.04 barrels, 22.30 barrels, 18.39 barrels and 1.06 barrels, respectively.

The environmental regulator further stated that the majority of the spill incidents were recorded from crude oil pipelines, with 3,113 barrels of crude oil spilled from the pipelines in 114 incidents.

It added that in eight incidents, 1,951 barrels of crude was spilled by oil companies from the wellhead; while spills from flow lines, flow stations and trunk lines stood at 117.7 barrels, 110.03 barrels and 106.13 barrels, respectively.

Furthermore, NOSDRA reported that 5,122 barrels of crude oil, representing 92.78 per cent of oil spilled in the eight-month period, was a result of theft and sabotage; while 228.22 barrels of crude oil spilled in 16 incidents were due to corrosion.

It added that 2,402 barrels of crude oil were spilled on land; 2,378 barrels of crude oil were spilled on swampy terrain, and 525.01 barrels of crude oil were spilled on seasonal swampy terrain.

Oil firms have continuously battled oil spill incidents in their hosts communities, most of which have lingered, and have led to the loss of billions of dollars in revenue for the country.

Business

JUST IN: CBN Removes Cash Deposit Limits, Raises Weekly Withdrawal To N500,000

Published

5 days ago

December 3, 2025

Editor

The Central Bank of Nigeria (CBN) has removed cash deposit limits and also increased the weekly cash withdrawal limit from N100,000 to N500,000.

The CBN made this known in a circular to all banks and other financial institutions, signed by Dr Rita Sike, Director, Financial Policy and Regulation Department.

Sike said that the revisions formed part of ongoing efforts to moderate the rising cost of cash management and address security concerns.

According to her, it will also curb money laundering risks associated with heavy reliance on cash.

She said that the cash-related policies previously issued in response to evolving circumstances were aimed at reducing cash usage and promoting the adoption of electronic payment channels.

“However, with time, the need to streamline and update these provisions to reflect present-day realities became necessary,” she said.

She said that with effect from Jan. 1, 2026, the cumulative deposit limit would be removed and the fee previously charged on excess deposits would no longer apply.

The director said that the cumulative weekly withdrawal limit across all channels has been reviewed to N500,000 for individuals and five million Naira for corporates.

“Withdrawals above these thresholds will attract excess withdrawal charges as specified,” she said. “The special monthly authorisation that allowed individuals to withdraw five million Naira and corporates N10 million once a month has been abolished.”

She said that for Automated Teller Machines (ATMs), daily withdrawal remains capped at N100,000 per customer, with a maximum of N500,000 weekly.

She said that this formed part of the overall weekly withdrawal limit applicable to all channels, including point-of-sale (POS) transactions.

Sike said that excess withdrawals above the stipulated limits would attract three per cent for individuals and five per cent for corporate customers.

According to her, this will be shared in the ratio of 40 per cent to the CBN and 60 per cent to the operating bank or financial institution.

She directed banks to load all currency denominations in ATMs, while the existing limit on over-the-counter encashment of third-party cheques remains pegged at N100,000.

Sike said that such withdrawals would be counted as part of the cumulative weekly limit.

The director said that banks were also required to render monthly returns to the relevant supervisory departments.

She listed the departments to include the Banking Supervision Department, Other Financial Institutions Supervision Department, and the Payments System Supervision Department.

Sike said that revenue-generating accounts of federal, state, and local governments were exempted from the new withdrawal rules.

She said that accounts of microfinance banks and primary mortgage banks held with commercial and non-interest banks are also exempted from the new rules.

She, however, said that the long-standing exemption previously enjoyed by embassies, diplomatic missions, and aid-donor agencies had been removed.

Business

Naira Records Depreciation Against US Dollar Across Official, Black Markets

Published

5 days ago

December 2, 2025

Editor

The naira depreciated against the dollar at the official and parallel foreign exchange markets on Monday to begin the new month on a bearish note.

Central Bank of Nigeria’s data showed that the Naira weakened to N1,448.44 on Monday, down from N1,446.74 traded on Friday last week.

This means that the naira dropped by N1.7 against the dollar on Monday when compared to Friday.

Similarly, at the black market, the Naira declined by N5 to N1,475 on Monday from N1,470 at the close of work last week.

The development comes as Nigeria’s foreign reserves stood at $44.61 billion as of November 27th, 2025.

Business

NNPCL Revenue, Profit Soar To N5.08tn, N447bn In October

Published

1 week ago

November 29, 2025

Editor

The Nigerian National Petroleum Company Limited has announced a significant revenue increase to N5.078 trillion for October 2025.

The state-owned firm disclosed this in its monthly financial report released on Saturday.

According to the financial report, from N5.078 revenue in October, the company posted a N447 profit after tax.

The figure represents a significant 19.2 percent increase in revenue from N4.26 trillion and a 106 percent rise in PAT from N216 billion in September 2025.

The report stated that from January to September, NNPCL paid N11.150 trillion in statutory payments to the federation.

Four days ago, NNPCL posted a total of N45.1 trillion as total revenue for the 2024 financial year.