Business
PENGASSAN Fingers Military In 600,000-barrel Daily Stolen
The Petroleum and Natural Gas Senior Staff Association of Nigeria has said that the military should be held responsible for the high rate of crude oil theft in the country.
This was made known at the Senate’s investigation into oil lifting and theft on Wednesday, which was chaired by Senator Akpan Bassey.
The National President of PENGASSAN, Festus Osifo, said oil theft was a collaborative crime between military personnel assigned to protect oil installations and the locals running illegal refineries.
He alleged that the military and other security agencies were aiding and abetting criminals to steal the crude with the active connivance of the regulatory agencies in charge of the nation’s petroleum industry.
Osifo, therefore, challenged the regulatory agencies and various security outfits to be alive to their responsibilities in order to solve the problems.
READ ALSO: PENGASSAN Blames Fuel Scarcity On Lack Of Forex
He specifically alleged that men of the Amphibious Brigade in Port Harcourt and their counterparts in the Navy, in connivance with superior officers at different times, joined the locals in the theft.
Osifo alleged, “One of the greatest problems we have, which nobody has highlighted, is that there is strong connivance of our security forces in the crime. There is no doubt about this. From our Army to our Navy officers, we have information that they pay their superiors to post them to some areas in the Niger Delta.
“I can authoritatively inform this committee that men of the Nigerian Army and the Navy pay their superiors to be posted to Niger Delta. Even when the former Commander of the Amphibious Brigade in Port Harcourt was removed, many of the men in the command resisted being posted out due to the ‘lucrativeness’ of their operational areas.
“I think the people who have a solution to this problem are not even the ones sitting here. They are the ones you will invite behind the camera”.
Also, the Executive Commissioner, Corporate Services and Administration in Nigerian Upstream Petroleum Regulatory Commission, Mr Jide Adeola, said about 600,000 barrels of crude oil were stolen per day.
He said, “As of today, Nigeria produces 1.23million barrels of crude oil per day as against 1.8million barrels targeted, leading to total revenue loss, as of today, of $2.1billion or N877billion.”
Worried by the submissions, the Chairman of the Committee, Akpan Bassey, said he had never seen “economic sabotage of this magnitude and it must be stopped.”
“The required political will through the instrumentality of legislative intervention shall surely be done after meeting other critical stakeholders like the Nigerian National Petroleum Corporation Limited, the Military, etc,” he noted.
The Senate also lamented that the country was losing over 900,000 barrels per day to oil thieves, stressing that the massive oil theft would crumble the economy.
Bassey said if the ongoing theft was not immediately stopped, it would also frustrate the implementation of the Petroleum Industry Act passed into law last year by the National Assembly.
Speaking at the investigative hearing on the experience of the committee during its oversight visit to major platforms in the Niger Delta, the senator expressed shock over the humongous loss of national oil revenues due to oil theft and sabotage.
Bassey stated that the committee discovered that pipelines carrying crude oil could not be identified because they were covered with no right of way, making it difficult to monitor these pipelines.
He told the stakeholders that the shortfall in the country’s oil revenues was not caused by oil theft alone but also by the inability to have evacuation access, effective metering and monitoring by operators as well as the unwillingness of security agencies to checkmate the incidents.
He lamented that the Bonny Terminal, which hitherto produces 60,000 barrels per day, had not produced a single barrel for the past seven months.
Also speaking at the occasion, the Senate President, Senator Ahmad Lawan, who had declared the investigative hearing open, said it was the view of the Senate that oil theft impacted negatively on the country’s oil production and revenues, hence its decision to set up the committee to come up with a workable template to arrest the situation.
READ ALSO: Fresh Fuel Scarcity Looms As PENGASSAN Threatens To Shut Down Installations Over Oil Theft
Lawan, who was represented at the occasion, also charged stakeholders to come up with a plan to end this national challenge.
He said, “It is regrettable that the criminals are perpetrating the unfortunate crime with the active connivance of stakeholders, including security personnel.
“The Senate will stop at nothing to unveil the criminals behind the crime and that is why we set an ad hoc committee to unravel the thieves and come up with workable solutions to end the menace, before December this year.”
A member of the committee, the senator representing Kano South senatorial district, Senator Kabir Kaya, noted that while Nigeria’s OPEC quota was 1.8 million BPD, the country currently produces 1,2 million BPD, showing a shortfall of 600,000 BPD. He challenged the stakeholders and the operators to find a solution to this problem.
PUNCH
Business
CBN Revokes Licences Of Aso Savings, Union Homes As NDIC Begins Deposit Payments
The Central Bank of Nigeria (CBN) has revoked the operating licences of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc, citing persistent regulatory infractions and deepening financial distress in the two primary mortgage banks.
The revocation, which took effect on December 15, 2025, was carried out under Section 12 of the Banks and Other Financial Institutions Act (BOFIA) 2020 and Section 7.3 of the Revised Guidelines for Mortgage Banks in Nigeria, the CBN said in a statement issued on Tuesday.
According to the apex bank, the affected institutions failed to meet minimum paid-up share capital requirements, had insufficient assets to cover their liabilities, recorded capital adequacy ratios below prudential thresholds, and consistently breached regulatory directives.
“The CBN remains committed to its core mandate of ensuring financial system stability,” a statement, signed by the apex bank’s Acting Director, Corporate Communications, Mrs Hakama Sidi Ali said.
READ ALSO:CBN Directs Nigerian Banks To Withdraw Misleading Advertisement
Following the licence revocation, the Nigeria Deposit Insurance Corporation (NDIC) was appointed liquidator of the defunct banks in line with the law.
The Corporation said it has commenced the liquidation process and begun verification and payment of insured deposits to customers.
Under the deposit insurance framework, depositors are entitled to receive up to two million naira per depositor, with payments made through BVN-linked alternate bank accounts.
Depositors with balances above the insured limit will receive the initial two million naira while the remaining sums will be paid as liquidation dividends after the realisation of the banks’ assets and recovery of outstanding loans.
READ ALSO:CBN Issues Directive Clarifying Holding Companies’ Minimum Capital
The NDIC said depositors may submit claims either online or physically at designated branches of the closed banks, while creditors will be paid after all depositors have been fully settled, in accordance with statutory provisions.
The two mortgage banks have faced prolonged operational challenges, including depositor complaints, governance concerns, and delisting from the Nigerian Exchange (NGX) in 2024 for failure to submit audited financial statements for more than six years.
The CBN assured the public that the action was taken to strengthen the mortgage banking sub-sector and protect depositors, adding that banks whose licences have not been revoked remain safe and sound.
This means the two financial institutions can no longer operate as licensed financial institutions.
Business
9th FirstBank Digital Xperience Centre Launched In UNIBEN
First Bank Nigeria Plc on Tuesday launched its Digital Xperience Centre (DXC) at the University of Benin Branch, Benin City.
In his remarks at the launching, Chief Executive Officer, First Bank Plc, Olusegun Alebiosu, described the digital xperience centre as “an exceptional feat in our shared commitment toward innovation,” adding that
“this is our 9th Centre, and it operates round-the-clock.”
Alebiosu, while stating that the “FirstBank’s DXC is more than a banking facility,” added that “it is a step toward redefining how banking connects with education, technology, and the whole community.”
He said: “In partnership with the University, we’ve created a hub where students, faculty and community members can access FirstBank’s digital world.
READ ALSO:Full List: FG Releases Names Of 68 ambassadorial Nominees Sent To Senate For Confirmation
“Our DXCs are more than just banking hubs – they are gateways to a smarter, faster, and more personalised financial journey. Equipped with cutting-edge technology, customers have access to state-of-the-art self-service terminals designed to simplify transactions while ensuring top-tier security and efficiency.
“Whether you need to deposit cash, request for debit card, or update your account details, the DXC’s provides an elevated banking experience with speed and ease, designed to put you in control.
“Our DXCs operate round-the-clock, including weekends, providing the convenience you need to bank anytime in just a few minutes.
READ ALSO: First Bank Releases Statement On Foiled Abuja Robbery Attack
“The DXC embodies our commitment to Environmental Social and Governance (ESG) principles as it promotes financial inclusion, fosters digital literacy, and uses sustainable technology to empower underserved communities.”
The CEO, while thanking the leadership of UNIBEN for “partnering with us to bring this vision to life, aligning academic excellence with cutting-edge technology,” urged the public to “embrace this DXC as a catalyst for learning, innovation, and development.”
In his remarks at the launching, the Vice-Chancellor, UNIBEN, Prof. Edoba Omoregie said: “We are very happy that First Bank is doing this in our institution,” describing UNIBEN as a “first generation university.”
Earlier, while playing host to the First Bank CEO and his team in his office, Prof. Edoba had sought support from the company in the revamp of the university Information Technology Centre (ICT).
Business
Full List: 82 Newly Approved, Fully Licensed BDC Operators
The Central Bank of Nigeria (CBN) has granted final operating licences to 82 Bureaux De Change (BDC) operators under its revised regulatory framework, reinforcing warnings against transactions with unlicensed foreign exchange dealers.
In a statement on Monday, the Acting Director of Corporate Communications, Hakama Sidi-Ali, confirmed that the licences took effect on November 27, 2025, in accordance with the 2024 Regulatory and Supervisory Guidelines for BDC Operations. The guidelines require all operators to meet specified capital thresholds and regulatory conditions to qualify for licensing.
“The Central Bank of Nigeria, in exercise of its powers under the Banks and Other Financial Institutions Act (BOFIA) 2020 and the 2024 Guidelines, has granted final licences to 82 Bureaux De Change to operate with effect from November 27, 2025,” the statement read.
The apex bank emphasised that only BDCs listed on its official website are considered fully licensed, urging the public to verify the status of any operator before engaging in foreign exchange transactions.
“While the CBN will continue to update the list of Bureaux De Change with valid operating licences for public verification on our website, the Bank advises the general public to avoid dealing with unlicensed Foreign Exchange Operators,” the statement warned.
READ ALSO:CBN Issues 82 New BDC Licences, Moves To Curb Unregistered FX Operators
The CBN noted that operating a BDC without a valid licence constitutes an offence under Section 57(1) of the BOFIA 2020, and confirmed that legal action would be taken against non-compliant operators.
TIER 1
1 DULA GLOBAL BDC LTD
2 TRURATE GLOBAL BDC LTD
TIER 2
1 ABBUFX BDC LTD
2 ACHA GLOBAL BDC LTD
3 ARCTANGENT SWIFT BDC LTD
4 ASCENDANT BDC LTD
5 BARACAI BDC LTD
6 BERGPOINT BDC LTD
7 BRAVO MODEL BDC LTD
8 BRIMESTONE BDC LTD
9 BROWNSTON BDC LTD
10 BUZZWALLET BDC LTD
11 CASHCODE BDC LTD
12 CHATTERED BDC LTD
13 CHRONICLES BDC LTD
14 COOL FOREX BDC LTD
15 CORPORATE EXCHANGE BDC LTD
16 COURTESY CURRENCY BDC LTD
17 DANYARO BDC LTD
18 DASHAD BDC LTD
READ ALSO:JUST IN: CBN Removes Cash Deposit Limits, Raises Weekly Withdrawal To N500,000
19 DEVAL BDC LTD
20 DFS BDC LTD
21 EASY CASH BDC LTD
22 ELELEM BDC LTD
23 E-LIOYDS BDC LTD
24 ELOGOZ BDC LTD
25 ENOUF BDC LTD
26 EVER JOJ GOLD BDC LTD
27 EXCEL RIJIYA FOREX BDC LTD
28 FABFOREX BDC LTD
29 FELLOM BDC LTD
30 FINE BDC LTD
31 FOMAT BDC LTD
32 GENELO BDC LTD
33 GENTLE BREEZE BDC LTD
34 GRACEFUL GLORY AND HUMILITY BDC LTD
35 GREENGATE BDC LTD
36 GREENVAULT BDC LTD
37 HAZON CAPITAL BDC LTD
38 HIGH-POINT BDC LTD
39 I & I EXCHANGE BDC LTD
40 IBN MARYAM BDC LTD
41 JOURNEY WELL BDC LTD
42 KEEPERS BDC LTD
43 KHADHOUSE SOLUTIONS BDC LTD
READ ALSO:CBN Directs Nigerian Banks To Withdraw Misleading Advertisement
44 KIMMELFX BDC LTD
45 KINGSOFT ATLANTIC BDC LTD
46 M.S. ALHERI BDC LTD
47 MASTERS BDC LTD
48 MCMENA BDC LTD
49 MKOO BDC LTD
50 MKS BDC LTD
51 MR J GOLF BDC LTD
52 MUSDIQ BDC LTD
53 MZ FOREX BDC LTD
54 NEJJ BDC LTD LTD
55 NETVALUE BDC LTD
56 NEW WAVE BDC LTD
57 NOTABLE AND KINGSTON BDC LTD
58 PILCROW BDC LTD
59 RAPID BDC LTD
60 RIGHTWAY BDC LTD
61 RWANDA BDC LTD
62 SABLES BDC LTD
63 SAFETRANZ BDC LTD
64 SAMFIK BDC LTD
65 SEVENLOCKS BDC LTD
66 SHAPEARL BDC LTD
67 SIMTEX BDC LTD
68 SOLID WHITE BDC LTD
69 ST. NICHOLAS GLOBAL BDC LTD
70 TOPFIRST UNIQUE MULTICHOICE BDC LTD
71 TOPGATE BDC LTD
72 TRAVELLER’S CHOICE BDC LTD
73 TUCA GLOBAL BDC LTD
74 TURBOVA BDC LTD
75 TURN-UP BDC LTD
76 UNIGO BDC LTD
77 VICTORY AHEAD BDC LTD
78 WHITEWAY WWW BDC LTD
79 YUND GLOBAL LINK BDC LTD
80 ZAMAD FOREX BDC LTD
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