Business
Oil Theft: Navy Chief Accuses IOCs
International oil companies (IOCs) operating in Nigeria have been accused of complicity in the theft of the country’s crude oil.
Chief of Naval Staff, Vice Admiral Usman Jibrin, made the accusation while speaking at a meeting of the top leadership of the Navy and the managing directors/chief executive officers of the IOCs in Abuja on Wednesday.
He also said that the Navy would not pretend about the involvement of the oil firms in crude oil theft.
Jibrin said it took him seven and a half months since his appointment to call the first meeting between the Navy and the firms to discuss serious issues of concern in the oil sector, which included oil theft and illegal bunkering.
The Navy boss also explained that he made it clear that the CEOs should attend the meeting in person without representation because of the need to discuss the issues, which he described as disturbing, but regretted that the request was ignored.
Jibrin said some of the oil firms had deliberately left the manifolds of their oil wells open for years without conscious efforts to close them in spite of the fact that only experts had the capacity to reopen closed manifolds.
He warned that the Navy would ensure the arrest of executives of the IOCs who decided to leave the manifolds of their wells open for years without closing them.
He also threatened to deal with any naval officer found to have been involved in the criminal theft of the nation’s oil resources in accordance with the laws guiding the Armed Forces of Nigeria.
The CNS warned that the Navy would go beyond accusing the firms to mentioning names of those suspected to be involved in the theft of the nation’s resources.
Jibrin wondered why the oil chiefs had not given the expected cooperation in the bid to seek a concerted solution to the raging issue of oil theft.
He said the time had come for the oil firms and the security agencies to seek solutions to the issue of oil theft in the country.
Jibrin said, “This is the first meeting I am having with the oil firms to discuss the issue of oil theft and illegal bunkering. It took us seven and half months to call this meeting, and specifically, we said we don’t want representation.
“We have a serious challenge and we need the commitment of the CEOs to discuss oil theft. It has become worrisome that we have not been able to check the issue of oil wells. It has got to a point that instead of pointing accusing fingers, we will mention names, including those of the major stakeholders.
“We cannot pretend that the oil companies do not have a hand in some of these illegalities; pretending is to allow it to continue. We will not pretend. I can start by citing some examples; some companies have left their oil wells opened for years and have done nothing to close them up. Because of the technical nature of the manifolds, once they are closed, only the experts can open them. Why have they been left open for years?”
He added, “I have pictures here. Why is it that all of us cannot sit down at a round table and provide a solution? Why are we denting the image of this country? It has come to a point that we must meet, discuss and provide solutions to issues pertaining to oil theft.
“Government is worried and those of us who are agents of the government are also worried. On my part, if any of my personnel is involved, they will be dealt with adequately in accordance with the existing law of the Armed Forces.
“I have decided that I will take some steps that if the manifolds are left open for years and our attention is drawn to the need for it to be closed, we will look for and start arresting officials of the oil companies who own that and left them without taking appropriate action.”
He said that the government was taking the issue of oil theft seriously because of the loss of revenue and the inimical effects of oil theft on the environment.
Responding on behalf of the firms, the Chairman, Oil Producer Trading Services, Mr. Ayobami Olubiyi, said that the companies had also taken steps to curb the threat of oil theft.
He recalled that the Federal Government set up an ad-hoc committee on the subject, with some funds released to address the pressing issues some months ago.
He said that men of the Nigerian Navy were involved in securing the operations of the oil firm in the Niger Delta and Lagos.
Olubiyi said, “It is not just the Nigerian Navy but all who have been supporting our business. And I also want to assure you that concerning oil theft, we have taken a lot of steps. That is why in the last couple of months, an ad-hoc committee was set up by the Federal Government to look into this, and I am aware that some money had been released to help curtail this situation.
“We will continue to advocate a true platform; and as you are aware, we have a number of your officers and men who have been supporting our operations in the Delta, including Lagos. They have been very professional in the way and manner they carry out this operation; and together with the CNS, I am sure we will all be able to work to ensure that we mitigate this very unfortunate situation in our country today.”
Chairman, Rivers State Board of Internal Revenue, Onene Osila Obele Oshoko (standing), fielding questions from lawmakers when the board members appeared before the House in Port Harcourt recently. With her are State Commissioner for Finance, Dr. Chamberlain Peterside (left) and Special Adviser to the Governor on Revenue Generation, Chief Nwankwo Nwankwo.
Kolomoni Microfinance Bank has awarded grants to five female entrepreneurs to boost their businesses as part of its commitment to promoting women in business.
The initiative, organized to mark International Women’s Day, was themed “Accelerate Her Growth.”
According to the bank, the decision to support women was inspired by World Bank data, which shows that 41 percent of Nigeria’s micro-businesses are owned by women.
Delivering the keynote address, business strategist, Ebun Akinwale, emphasized that entrepreneurship requires resilience, creativity, and passion.
She illustrated this by recounting her own business challenges and highlighting the critical role passion plays in overcoming obstacles.
The event underscored Kolomoni’s mission to empower women and support small businesses in Nigeria.
Other speakers at the occasion were Odunayo Oyebolu, a seasoned entrepreneur; Victori Ajiboye, a marketing strategist with global experience; and Simi Ojumu, a finance expert.
The beneficiaries said the financial support was a validation of their hard work and a boost of confidence towards scaling through in their businesses.
The winners were selected after sharing their entrepreneurial journeys and presenting business proposals for financial assistance from the bank.
The 8th edition of the Nigeria Small and Medium Enterprises (SMEs) Summit and Awards (Nigeria SMEAwards) is set to take place in Lagos for the first time in its history, marking a significant milestone for this prestigious event.
Endorsed by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), the annual awards celebrate the entrepreneurial spirit driving Nigeria’s economy.
The visionary convener of NigeriaSMEAwards 2025, Adedayo Olalekan, said, “Governors from Zamfara, Sokoto, Ebonyi, Borno, Enugu, Ekiti, Benue, and Kaduna States have all implemented transformative initiatives that have greatly benefitted local enterprises.
“Their contributions will serve as a beacon of inspiration for the nation.”
Speaking at a recent press conference in Lagos, Olalekan emphasised that the event would introduce a fresh and unique approach, moving away from tradition.
“Despite economic challenges, Nigerians continue to show an unwavering commitment to progress”, he said.
He noted that the awards will not only honor outstanding individuals, but also recognise the critical role state governments play in nurturing vibrant SMEs.
“State governments have been instrumental in fostering a supportive environment for SMEs, which in turn benefits both the awardees and the larger economy.
“With major banks like Providus, Access, and First Banks competing for top honors, the 8th NigeriaSMEAwards promises to be a night of celebration, recognising exceptional contributions to Nigeria’s SME landscape”, Olalekan added.
Amid global challenges such as inflation, geopolitical instability, and the ongoing conflict in Ukraine, Nigerians continue to show remarkable resilience.
Their efforts, according to reports, have contributed to job creation, economic growth, and overall prosperity, with SMEs at the forefront of this success.
This year’s awards will recognise governors who have made significant strides in advancing the SME sector within their states.
Small and Medium Enterprises (SMEs) consultants in Rivers State have called on entrepreneurs to be focused and avoid distractions.
The experts, who were speaking on the recent developments about the change of leadership in the state, said entrepreneurs need to put more efforts in their businesses in order to break even in the present situation in Rivers State.
Speaking in a chat with The Tide, an international SMEs consultant, Amb. Larry Goodwill Ajiola, said the political moves is capable of distracting SMEs who are not grounded in their businesses, adding that “the serious minded business men and women would utilise the opportunity to increase their revenues”.
Amb Ajiola, who is the President and Chief Executive Officer (CEO) of Rumuomasi Co-operative and Credit Society Limited, Port Harcourt, said, “Rugged entrepreneurs look out for business opportunities in situations around them, whether good or bad”.
He reiterated that the loan facility given to 3,000 SMEs in the state revived and expanded businesses, adding that the empowered businesses should continue to push, no matter the situation.
“credit is a powerful tool for achieving financial security.
“We can only keep imagin the economic value that the over 3,000 MSMEs would add to the positive economic dynamics of Rivers State and the Local Government Areas in terms of Gross Domestic Prooduct (GDP), increased tax returns, employment creation, income distribution, and production of goods and services”, he said.
Another SMEs Expert, a business consultant and SMEs trainer, Mr. Chisom Sam-Orji, in his advice, noted that every SME in the state should realize that change is the only constant thing.
He said SMEs should also know that “tough times never last, but tough people do”, adding the need for every entrepreneur to stay focused on creating value and remain resilient.
“This is not the time to be distracted by every noise around your space, but to maximize every time you have to focus on the essentials and keep creating value.
“For some people, it may just be the time to diversify, create new products and services to serve a new or existing market. But this must be based on the facts available to you via research and market surveys”, he said.
The SMEs expert also said the present time in the life of an entrepreneur is a time to cut off unnecessary excesses that surround one’s business.
“Those extra costs that may hamper your growth in this season and beyond, and focus on just essentials.
“SMEs should find certain leverages that are available to aid their business growth. This could be in form of grants, knowledge, and other leverage tools.
“Collaboration is one big way to grow in this season. Finding ways to collaborate with like minds instead of competing could enable a product or service gain advantage in the market and beyond.
“They should also find ways to sustain and grow their customer relationship as this is key to sustaining business flow. They must seek new and efficient ways to serve their customers and gain their loyalty”, he stated.
He further called on every entrepreneur to keep building capacity and never take their eyes off their visions, adding the need to muster every courage it takes to keep building and moving forward.
Lilian Peters