Business
How Theft Crashed Nigeria’s Oil Production In August

Nigeria’s crude oil production slumped below one million barrels per day in August 2022, the lowest in at least 30 months, Okechukwu Nnodim reports
Crude oil production in Nigeria dropped again in August 2022, crashing below one million barrels per day to 972,394 bpd, the lowest recorded in years.
The latest figures obtained in Abuja on Thursday from the Nigerian Upstream Petroleum Regulatory Commission indicated that the country’s oil production dropped from 1,083,899 bpd in July to 972,394 bpd in August.
Hence, Nigeria lost about 111,505 barrels of crude oil daily in August, as it was also gathered that the Nigerian National Petroleum Company Limited went to the Federal High Court to canvass special tribunal for the speedy trial of crude oil thieves and pipeline vandals.
Documents obtained by our correspondent showed that while the total crude oil production in July 2022 was 33,600,878 barrels, this slumped to 30,144,212 barrels in August, indicating a loss of 3,456,666 barrels in one month.
Data compiled by countryeconomy.com, an international analytical firm, showed that the average price of Brent, the global benchmark for crude, was $100.5/barrel.
READ ALSO: Stolen Crude Oil Found In Churches, Mosques – NNPC
Therefore, by losing 3,456,666 barrels in August, Nigeria lost $364.68m or N155.87bn (at Thursday’s official exchange rate of N427.43/$) in the month under review.
An analysis of the 2020, 2021 and 2022 crude oil and condensate production reports for Nigeria showed that the 972,394 bpd produced in August 2022 was the lowest ever in these years.
All the figures for oil production in 2020 and 2021 through January to July 2022 were above one million barrels per day, but this dropped below the 1mbpd mark in August 2022.
From January, February, March and April 2022, for instance, the country’s crude oil production (without condensates) were 1.39mbpd, 1.26mbpd, 1.24mbpd and 1.22mbpd respectively.
In May, June and July 2022, the figures were 1.02mbpd, 1.16mbpd and 1.08mbpd respectively. But this dropped below 1mbpd in August to 0.97mbpd.
The reason being given daily for the slump in Nigeria’s oil production is oil theft but the stealing of crude has refused to abate.
This made the Petroleum and Natural Gas Senior Staff Association of Nigeria to threaten that it would stop producing oil across the country if the Federal Government failed to nip the menace in the bud.
PENGASSAN commenced rallies in various states on Thursday to protest the continued stealing of crude, as it blamed soldiers and other security agents for conniving with thieves to perpetuate the crime.
The association’s President, Festus Osifo, said the majority of Nigeria’s oil exploration activities on land were currently shut due to massive oil theft in the Niger Delta.
“We’ve had meetings with the security agencies and captains of industry on what could be done to end oil theft, but these meetings seem to be yielding no result,” he stated.
Osifo added, “We now think that engaging behind the four walls of the office is not enough, because our engagements with those in government have not yielded any meaningful result.”
He observed that crude oil price had tended higher than $100/barrel, adding that many oil-producing countries were taking advantage of this, but the reverse was the case with Nigeria as the country had remained broke.
The PENGASSAN president said the Federal Government borrowed over N6tn to finance the country’s 2022 budget, whereas “if we (Nigeria) are able to produce up to 1.9mbpd, we don’t have any need to go borrowing that much.”
Osifo stated that the massive oil theft had affected other sectors of the economy, stressing that manufacturers could hardly borrow money from deposit money banks because the government was currently crowding them out.
READ ALSO: Again, OPEC Increases Nigeria’s Crude Oil Production Quota To 1.8mbpd
“Banks now lend money to the government at the expense of private businesses and manufacturers, because the government is the one that can pay. It can print money to settle the debts at the expense of manufacturers,” he stated.
He urged the Federal Government to wake up and address the menace of oil theft in order to avert a total grounding of crude oil production by oil workers nationwide.
In a bid to tackle the concerns, the NNPC tweeted on Thursday that its Group Chief Executive Officer, Mele Kyari, met with the Chief Judge of the Federal High Court of Nigeria, Justice John Tosho.
It said the meeting was to seek the support of the judiciary for a special court on oil theft and pipeline vandalism.
The company said, “Earlier today, the GCEO @nnpclimited, Mele Kyari, paid a courtesy call on the Chief Judge of the Federal High Court of Nigeria, Justice John Tosho.
“During the visit, the GCEO sought the High Court’s support towards the creation of a special court/tribunal to ensure speedy trial of crude oil thieves and pipeline vandals.
“The GCEO, who described these actions as a serious threat to Nigeria’s oil production, revenue generation and by extension energy security, observed that a special court to execute such cases will deter would-be criminals and assure investors of value for their investments.”
A document released recently by the NUPRC revealed that crude oil theft had severely limited the country’s earnings from oil sales.
In the document, the commission’s Chief Executive, Gbenga Komolafe, however, stated that efforts were being intensified to curb the menace.
READ ALSO: Nigeria Now Produces 1.3million Barrels Of Crude Oil Per Day – Sylva
He said, “In line with Mr President’s directive, the commission has evolved additional initiatives further to collaborate with oil and gas operating companies (including NNPC) and the top echelon of Nigerian security forces to put an end to the menace of crude oil theft in the interest of the nation.”
Komolafe said the NUPRC had commenced the validation of crude oil volumes and assessment of upstream assets integrity audit.
“The commission has commenced a full-scale audit of crude oil theft and assessment of upstream assets integrity audit to establish actual crude oil theft figures in the upstream petroleum industry,” he stated.
Komolafe added, “This is in view of recent controversial figures on theft volumes thrown up by some industry operators, which impact negatively on federation revenue. This is very important as the nation derives its royalty from net crude oil receipts.”
The NUPRC boss also stated that the commission would be implementing an advanced cargo declaration regime.
He said, “The commission obtained necessary approvals to implement advance cargo declaration regime in upstream petroleum operations to curtail the export of stolen crude oil.
“This is by ensuring that crude oil and gas cargoes exported from Nigeria will have a unique identifier that confirms all documentation as regards the exported consignment.
“This implies that any cargo that does not have the unique identifier was not legitimately exported from the country.”
On his part, a former President of the Association of National Accountants of Nigeria, Dr Sam Nzekwe, stated that the government must end oil theft to save Nigeria from such humongous financial losses.
“Nigeria needs all the revenue it can get now, so nipping oil theft in the bud is paramount and must be addressed by the Federal Government as fast as possible,” he stated.
According to The PUNCH, in March this year, the total value of Nigeria’s crude oil stolen between January 2021 and February 2022 was about $3.27bn (representing N1.361tn at the official exchange rate of N416.25 to the dollar).
International oil companies and their counterparts in Nigeria said the massive oil theft across the country currently posed a threat to not just their existence but to the Nigerian economy.
The Federal Government, through its NUPRC, had disclosed the oil theft value during a meeting with the Oil Producers Trade Section, as well as the Independent Petroleum Producers Group in Abuja.
OPTS is a body comprising IOCs operating in Nigeria, while IPPG is an association of indigenous exploration and production companies.
A presentation by the NUPRC at the event indicated that oil theft rose sharply between 2021 and 2022, as an official of the IPPG stated that about 91 per cent of total crude produced at the Bonny Terminal was stolen in January 2022.
In its report on the trend in oil theft, the NUPRC had said, “Total value loss for the period January 2021 to February 2022 is about $3.27bn.
“Average monthly value loss for the period is about $233.99m. Average daily value loss for the period is about $7.72m.”
It added, “Losses are mainly from Bonny Terminal Network, Forcados Terminal Network (and) Brass Terminal Network.”
The commission had outlined factors that aided crude oil theft to include: inadequate security, poor community engagement, economic challenges, poor surveillance, stakeholder compromises and exposed facilities.
The OPTS Chairman, Rick Kennedy, who doubles as Managing Director, Chevron Nigeria Limited, and represented IOCs at the meeting, had described the massive oil theft across the country as an organised criminal activity.
READ ALSO: How Govt Officials Facilitated $1.2bn Crude Oil, Gas Theft – Source
Kennedy, who was represented by the Managing Director, ExxonMobil Nigeria, Richard Laing, had said, “When I say it is organised criminality, the sophistication of the engineering involved points towards a high degree of sophistication and technology, as well as the distribution.
“I think we’ve just got to be honest and accept that this is not theft but more than that.”
The IOCs called for a quick solution to the menace, stressing that the development posed a serious threat to their existence.
“It is important that the Federal Government, industry, and a whole bunch of other stakeholders find a solution and find it quickly. That will be my strong advice,” Laing had stated.
PUNCH.
Business
NNPCL Raises Fuel Price

The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of petrol from ₦865 to ₦992 per litre, marking a fresh hike that has sparked widespread concern among motorists and consumers .
As of the time of filing this report, the company has not released any official statement explaining the reason for the sudden adjustment.
During visits to several NNPC retail outlets, The Nation observed fuel attendants recalibrating their pumps to reflect the new price.
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At NNPC filling station on Ogunusi road, Ojodu Berger, petrol attendants at the station said they were instructed to change the price to reflect the new rate N992 per litre.
However, checks at Ibafo along the Lagos /Ibadan expressway showed that NNPC outlets still displayed the old price of N875 per litre, although they were not selling to commuters.
Most of the NNPC stations were not dispensing fuel.
Business
CBN Directs Banks To Refund Failed ATM Transactions Within 48hrs

The Central Bank of Nigeria has directed Deposit Money Banks and other financial institutions to refund customers for failed Automated Teller Machine transactions within 48 hours, in a sweeping reform aimed at protecting consumers and restoring confidence in the banking system.
The directive is contained in a draft guideline released by the apex bank on Saturday, titled “Exposure of the Draft Guidelines on the Operations of Automated Teller Machines in Nigeria.”
The document, signed by Musa I. Jimoh, Director of Payments System Policy Department, was circulated to banks, payment service providers, card schemes, and independent ATM deployers, with a call for stakeholder feedback by October 31, 2025.
Under the draft, failed “on-us” transactions, where customers use their own bank’s ATM, must be reversed instantly. If technical glitches prevent immediate reversal, the bank is required to manually refund the customer within 24 hours.
READ ALSO:CBN Sets POS Maximum Transactions In Fresh Guidelines
For “not-on-us” transactions, involving other banks’ ATMs, refunds must be processed within 48 hours.
“Customers must not be made to suffer for failed transactions caused by system errors or network failures,” the circular stressed.
In a significant shift, the CBN mandated banks and ATM acquirers to deploy technology that automatically reverses failed or partial transactions, removing the need for customers to lodge complaints.
Institutions holding customer funds due to failed disbursements must reconcile and return balances immediately.
READ ALSO:FG Records N7.34tn Fiscal Deficit In 11 Months – Report
According to the apex bank, these measures respond to widespread frustration over delayed refunds and poor customer service and form part of a broader effort to enhance consumer protection, improve reliability, and modernise Nigeria’s payment infrastructure in line with global standards.
The guidelines will also overhaul ATM operations nationwide. Banks and card issuers are now required to deploy at least one ATM for every 5,000 active cards, with phased targets of 30% compliance in 2026, 60% in 2027, and full compliance by 2028. Any future deployment, relocation, or decommissioning of ATMs must receive prior approval from the CBN.
To ensure safety, ATMs must be fitted with anti-skimming devices, CCTV cameras, and placed in enclosed or well-lit areas.
Machines are expected to comply with Payment Card Industry Data Security Standards, maintain audit logs, and display functional helpdesk contacts. At least 2% of all ATMs must feature tactile symbols for visually impaired customers.
READ ALSO:CBN, UBA, Others In Benin Given Ultimatum To Remove Their Buildings Or Be Demolished
ATMs are also required to dispense cash before returning cards, allow free PIN changes, issue receipts for all transactions except balance inquiries, display clear transaction fees, dispense only clean banknotes, and provide backup power to reduce downtime.
Downtime must not exceed 72 consecutive hours, after which operators must inform the public of the cause and expected restoration time.
The CBN will enforce compliance through regular audits, on-site inspections, and monthly reports from ATM operators detailing deployments and locations. Defaulting institutions risk sanctions, though fines were not specified.
READ ALSO:Nigeria’s External Reserves Increase As CBN Releases 2024 Financial Results
The apex bank explained that the overhaul was necessary due to rising complaints about failed transactions, cyber fraud, and declining service quality, noting that “the goal is to build a payments system that works seamlessly for everyone, urban and rural users alike.”
Nigeria’s electronic payments landscape has grown rapidly in recent years, with 200 million cardholders and rising reliance on digital banking, but network failures, poor infrastructure, and delayed reversals have continued to undermine confidence.
The fresh guidelines, coming eight months after a revision of ATM fees, are expected to streamline service delivery, enhance transaction security, and hold banks accountable. Stakeholders are invited to submit feedback ahead of the final policy adoption, which could take effect before the end of the year.
Business
Nigerian Stock Market Hits 10th Consecutive Uptrend As investors Gain N308bn

The Nigerian Stock Market recorded its 10th consecutive uptrend as investors raked in N308 billion gain on Thursday.
This comes as the Nigerian Exchange Limited, NGX, market capitalisation, which opened at N92.490 trillion, appreciated by 0.33 per cent to close at N92.798 trillion on Thursday.
Also, the All-Share Index added 0.33 per cent, or 485.25 points, to close at 146,204.34, compared with 145,719.09 recorded on Wednesday.
READ ALSO:Asian Stocks Rise As Trump Postpones Mexico, Canada Tariffs
Increased trading in Eunisell Interlinked, Caverton Offshore Support Group, Sunu Assurances, Industrial and Medical Gases, Mecure, and 27 other advancing stocks boosted market performance on Thursday.
To this end, the market breadth also closed positive with 32 gainers and 21 losers.
Further analysis showed that Eunisell Interlinked and Caverton Offshore Support Group led the gainers’ chart by 10 per cent each, closing at N44 and N6.93 per share, respectively, while FTN Cocoa Processors led the losers’ table by 6.67 per cent, closing at N5.60 per share.
READ ALSO:UK Stock Markets Plunge In Biggest Daily Fall Amid Trump Tariff
Market activity showed a decline in the number of deals and volume traded but an improvement in trade value.
Accordingly, a total of 346.99 million shares worth N27.43 billion were traded in 24,691 deals, compared with 525.72 million shares worth N13.61 billion exchanged in 25,597 deals on Wednesday.
Fidelity Bank topped the activity chart with 42.01 million shares valued at N861.54 million.
According to DAILY POST, NGX has continued its bullish run from last month’s end to date.
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