News

Navy Reveals Lab Test Result, Confirms Product Is HPFO, Not Crude Oil

Published

3 years ago

August 6, 2023

Editor

The Nigerian Navy on Sunday said, the results of the laboratory analysis of the product onboard MT PRAISE conducted by all agencies including NMDPRA confirms that the product displayed properties consistent with Nigerian industrial standard specification for HPFO. and not crude oil.

Recall that the Navy had earlier directed the vessel to Forward Operating Base ESCRAVOS anchorage for further investigation of the product onboard after Tanttita Private Security expressed suspicion that the vessel was carrying products different from it HPFO.

The samples of the product onboard MT PRAISEL were collected on Thursday 3 August 2023 by 5 agencies including NNPCL, NMDPRA and also TSSL in line with laid procedures for laboratory test and verification of the claim.

The Navy in a statement by the Director of Information, Commodore Adedotun Ayo Vaughan therefore disclosed that “This result therefore proves that the allegation and suspicion was totally wrong, unfounded, and perhaps mischievous.”

Naval Headquarters had on August 4 2023 issued a statement to clarify an allegation in respect of Motor Tanker (MT) PRAISEL which was reported to be conveying stolen crude oil with naval escorts onboard.

The vessel was said to have been arrested by a private security outfit, Tantita Security Service Limited (TSSL) and an element of Operation Delta Safe (OPDS).

But the Navy affirmed that MT PRAISEL was duly approved by Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to load 1,114,721 Litres of High Pour Fuel Oil (HPFO) from Greenmac Energy Storage/Tarus Jetty Koko from 26 July – 8 August 2023.

The statement added that the “intelligence which was said to have been received in respect of the vessel and its product was equally wrong”.

“This singular incident brings to the fore the high-handedness and unprofessional conduct displayed, with its attendant negative consequences for the supplier and buyer of the product, the vessel hired to convey it and other parties involved in the legitimate business”, it added.

“Accordingly, the Nigerian Navy reiterates her strong stance to support every single effort to halt economic saboteurs and to fight against crude oil theft in Nigeria’s maritime environment (NME) provided such effort is done within the ambit of the law and with the best professional conduct.

“Proper precaution therefore must be adhered to by all stakeholders to avoid unnecessary impediment to legitimate commercial activities and businesses in the maritime environment.

“Maritime security issues entails more than spontaneous actions from insufficient and unverified information because the resultant wrong responses have direct impact on the nation’s economy hence it must be handled dispassionately and professionally.

“In line with Mr President’s directive, the Navy under the able leadership of Vice Admiral Emmanuel Ogalla will ensure transparent and robust inter-Service and inter-agency cooperation and synergy in all her operations. All stakeholders and players within the NME are thus advised to adopt the same posture in the overall interest of the nation.”

Sources informed Vanguard that HFPO is a less flammable dirivative of crude oil and that Bonny is the nation’s major transit point hence it is not out of place for any vessel to use Bonny as transit point

News

Transfer: Premier League Clubs Scramble For Dele-Bashiru

Published

5 hours ago

May 6, 2026

Editor

Lazio midfielder, Fisayo Dele-Bashiru is a subject of interest from three Premier League clubs, according to Sky Sports.

Lazio reportedly rejected offers from Nottingham Forest and Bournemouth for the Nigeria international in January.

La Biancolesti are bracing for more interest in Dele-Bashiru ahead of the summer transfer window, according to Sky Sports.

The 24-year-old has two years left on his contract with the Serie A club.

The attacking midfielder joined the Rome-based club from Turkish Super Lig outfit Hatayspor in 2024.

He has been a regular feature for Lazio this season.

News

Xenophobic Attacks: Nigerian Students To Picket MTN, MultiChoice, Other Businesses

Published

6 hours ago

May 6, 2026

Editor

The leadership of the National Association of Nigerian Students, NANS South-West Zone D, has announced plans to picket South African companies in Nigeria following the ongoing xenophobic attacks in the country.

DAILY POST reports that some Nigerians were recently killed in South Africa over the violent attacks.

A statement issued to newsmen by Comrade Adeyemo Josiah Kayode, Coordinator, NANS South-West, Zone D, said that the association is mobilizing to take decisive and lawful action by organizing peaceful picketing and mass advocacy against South African business interests operating in Nigeria.

“We categorically state that the continued targeting of Nigerians under any guise is unacceptable and must come to an immediate end.

“This will include major corporations such as MTN Group and MultiChoice Group. It is morally indefensible for businesses to thrive in an environment where the lives of Nigerians are protected, while Nigerians are subjected to fear and violence elsewhere.

“This contradiction will no longer be tolerated,” the statement said.

News

N5m, N10m Zero-interest Loans: SheVentures Opens Applications For Women Entrepreneurs

Published

8 hours ago

May 6, 2026

Editor

First City Monument Bank (FCMB) has opened a new round of applications for its SheVentures proposition, offering zero-interest loans of up to ₦10 million to women entrepreneurs to ease access to working capital and support business growth.

The facility provides loans ranging from ₦500,000 to ₦5 million under a general category, and ₦5 million to ₦10 million for sector-specific businesses, with funding capped at up to 50% of an applicant’s average monthly turnover.

At the centre of the offering is a 0% interest rate, with all charges embedded in a transparent structure.

Repayment is structured over four or six months, allowing businesses to match obligations with their cash flow cycles.

Yemisi Edun, Managing Director and Chief Executive of First City Monument Bank (FCMB), said the initiative reflects a deliberate approach to inclusive growth.

“Inclusive growth requires access to capital and the right conditions for businesses to deploy that capital effectively.

“Women-led enterprises are critical to economic activity, yet they face structural barriers.

This intervention aims to help close that gap by providing financing that supports job creation, business expansion, and long-term sustainability for women entrepreneurs.”

“Access to affordable finance remains a major constraint for women entrepreneurs,” said Nnenna Jacob-Ogogo, Group Head, SheVentures and Impact Segments at First City Monument Bank (FCMB).

“By removing the cost barrier and offering quick, flexible funding, this zero-interest loan is designed to safeguard existing jobs, enable businesses to invest in growth initiatives, and foster resilience in challenging economic conditions.”

Women-owned businesses account for a significant share of Nigeria’s small and medium-sized enterprises but continue to face high borrowing costs and limited access to credit.

Through these efforts, SheVentures tackles persistent financing gaps facing women-led businesses, combining targeted funding with broader support to empower women entrepreneurs, encourage business innovation, and enhance their ability to compete on a national scale.

Applications for the zero-interest loan are now open.Apply now.