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 Directs Nigerian Banks To Withdraw Misleading Advertisement

The Central Bank of Nigeria (CBN) has directed Nigerian banks, payment service banks and other financial institutions to immediately withdraw all advertisements that violate consumer-protection rules.
The directive, issued in a circular dated Thursday and signed by Olubunmi Ayodele-Oni, director of the CBN’s compliance department, followed a review of marketing practices in the financial sector.
The apex bank said the assessment revealed inconsistencies in how institutions apply disclosure, transparency and fair-marketing requirements.
READ ALSO:CBN Retains Interest Rate At 27%
The CBN ordered the removal of all non-compliant adverts and warned that future promotional materials must be factual, balanced and transparent.
It banned misleading claims, exaggerated benefits, incomplete information, unaudited financial results and comparative language that could de-market competitors.
The regulator of Nigeria’s financial sector also prohibited chance-based promotional inducements such as lotteries, prize draws and lucky dips.
Accordingly, institutions submitting adverts for prior notification must now include campaign timelines, creative materials, target audience details and written confirmation of internal legal and compliance clearance, along with proof that the underlying product has CBN approval.
READ ALSO:JUST IN: EFCC Summons Ex-AGF Malami For Questioning
The bank clarified that such notifications are only for monitoring and do not amount to approval.
All affected institutions must file a compliance attestation within 30 days, signed by the chief executive and compliance leads.
The CBN added that beginning January 2026, it will conduct a follow-up review and apply sanctions for violations under BOFIA 2020 and the Consumer Protection Regulations.
Business
Fourteen Nigerian Banks Yet To Meet CBN’s Recapitalisation Ahead Of Deadline

No fewer than 14 Nigerian commercial banks are yet to meet the Central Bank of Nigeria’s recapitalisation requirement as the 31st March 2026 deadline inches closer.
This follows CBN Governor, Olayemi Cardoso’s announcement on Tuesday that sixteen Nigerian banks have met their recapitalisation requirement ahead of the apex bank’s March 2026 deadline.
DAILY POST reports that Cardoso disclosed this in a statement after the bank’s 303rd Monetary Policy Committee in Abuja.
According to Cardoso, the development indicates that there is financial soundness in the country’s financial banking system.
READ ALSO:CBN Retains Interest Rate At 27%
MPC had been urged by banks to ensure a successful implementation of the recapitalisation process.
“The committee noted with satisfaction the sustained resilience of the banking system, with most financial soundness indicators remaining within regulatory thresholds,” Cardoso said.
“Acknowledged the substantial progress in the ongoing recapitalisation programme, with 16 banks achieving full compliance with the revised capital requirements.
“The committee thus urged the Bank to ensure a successful implementation and conclusion of the programme, among other domestic developments,” Cardoso said.
READ ALSO:Account For N3tn Or Face Legal Action, SERAP Tells CBN
This means that two additional Nigerian banks have been added to the list of banks which have complied with the apex bank recapitalisation requirement in the last two months.
Recall that Cardoso, in the 302nd MPC meeting, announced that only fourteen banks have met the recapitalisation requirement.
CBN records as of 2024 showed that the country has thirteen commercial banks, five merchant banks and seven financial holdings companies.
Earlier, a report emerged that Access Bank, Zenith Bank, GTBank, Wema Bank, Jaiz Bank, Stanbic IBTC, and others have already met CBN’s recapitalisation requirement.
CBN in March directed commercial banks with international authorisation to increase their capital base to N500 billion, while those with national licences must raise to N200 billion.
Business
CBN Retains Interest Rate At 27%

The Monetary Policy Committee of the Central Bank of Nigeria has voted to retain the benchmark interest rate at 27 per cent.
CBN Governor, Olayemi Cardoso, announced the decision on Tuesday following the apex bank’s 303rd MPC meeting in Abuja.
Cardoso stated that the committee also resolved to keep all other monetary policy indicators unchanged.
READ ALSO:CBN Issues Directive Clarifying Holding Companies’ Minimum Capital
He noted that the Cash Reserve Ratio (CRR) remains at 45 per cent for commercial banks and 16 per cent for merchant banks, while the 75 per cent CRR on non-TSA public sector deposits was equally maintained.
Cardoso added that the Liquidity Ratio was retained at 30 per cent, and the Standing Facilities Corridor was adjusted to +50/-450 basis points around the Monetary Policy Rate.
The decision comes as Nigeria records its seventh consecutive month of declining inflation, which eased to 16.05 per cent in September 2025.
Metro4 days agoJUST IN: Again, Terrorists Storm Kwara Community, Kidnap Pregnant Woman, 10 Children, Others
News5 days agoBREAKING: South-West Governors Hold Security Meeting In Ibadan
News5 days agoArmy Releases List Of Shortlisted Candidates For SSC Course
News5 days agoJimmy Cliff, Jamaican Reggae Legend, Cultural Icon, Is Dead
News3 days agoHow To Access Your Pension Before Retirement
Politics5 days agoJUST IN: Atiku Officially Joins ADC, Registers With Party In Adamawa
News3 days agoBREAKING: Tinubu Declares Nationwide Security Emergency, Orders Armed Forces To Recruit More Personnel
Headline3 days agoCoup In Guinea-Bissau? Soldiers Deployed Near Presidential Palace After Gunfire
Metro5 days agoBandits Claim Kebbi, Niger Abductions, Vow More Attacks On Soldiers, Politicians [VIDEO]
News3 days agoTinubu Appoints Non-Career Ambassadors For US, UK, France















