Business

150m Nigerians Risk Financial Fraud – NCC

Published

5 years ago

November 22, 2019

The Nigerian Communications Commission has warned that over 150 million Nigerians in the financial system risk being defrauded through telecommunications platforms.
NCC Executive Vice Chairman, Prof. Umar Danbatta, gave the warning on Wednesday in an address during the inauguration of a multi-sectoral committee on e-fraud in Abuja.
Recent data released by Enhancing Financial Innovation and Access had revealed that over 150 million Nigerians were included in the financial system.
Danbatta said the population was “vulnerable to financial fraud at any time” as a result of mobile app integration with online payment platforms and other financial resources.
To effectively combat e-fraud, Danbatta said customer service and fraud operations teams in banks and the mobile network operators needed tighter processes and guidelines on how to detect potentially fraudulent activities.
According to him, the NCC is collaborating with the Central Bank of Nigeria, the Nigeria Police Force, the Economic and Financial Crimes Commission, and other relevant agencies to fight e-fraud.
A committee on Electronic Banking Fraud is currently working towards implementing technical and operational solutions to fight the menace posed by e-fraud, he said.
Danbatta, who was represented by Adeleke Adewolu, said the malevolent use of technology in financial fraud had become a growing concern in the industry.
He said, “Mobile apps as a whole are now quite easy for hackers and cyber-criminals to hijack or corrupt, making them tools for fraudsters to steal personal credentials, impersonate genuine bank account holders, and gain illicit access to funds.
“Phishing tactics and social engineering ploys such as illegal SIM swap are part and parcel of the online fraud mechanism, regardless of whether the transactions are conducted via mobile phone, desktop browser, or point of presence.”

Business

WEF: We Have Over a Billion Barrels of Oil Reserves … Tinubu

Published

21 hours ago

January 28, 2025

The Tide

The Group Chief Executive, Oando Plc, Adewale Tinubu, has stated the prospects of indigenous energy companies taking over the divested assets by International Oil Companies (IOCs) in Nigeria, noting that Oando is set to adopt artificial intelligence, amongst other technologies, in its next drilling campaign to explore its over 1 billion barrels of oil reserves to strengthen decision-making and optimize costs in oil exploration.

He stated this at a meeting for the world leaders, top executives of the 1,000 foremost global companies, leaders of international organizations and relevant non-governmental organizations held in Davos, Switzerland last week, to deliberate on ways to move the planet forward at the prestigious World Economic Forum, WEF.

The strictly by-invitation event saw a Nigerian delegation, including government officials such as Kashim Shettima, Vice President of Nigeria; Wale Edun, Minister of Finance, Nigeria; and Jumoke Oduwole, Minister of Industry, Trade, and Investment, Nigeria; as well as CEOs such as Tinubu, Group Chief Executive, Oando PLC.

The annual meeting in Davos remains a global platform that is unmatched in engaging leaders from business, government, international organizations, academia, and civil society in peer-to-peer working sessions.

By coming together at the start of the year, world leaders can shape the future by joining the unparalleled global effort in co-design, co-creation and collaboration to make the world a better place.

Speaking on the Nigerian Energy sector, Tinubu emphasized that by combining robust working capital, advanced technologies, and the unique skills, capacity, and local acumen of these indigenous players, who now significantly control Nigeria’s onshore assets, the industry can unlock previously untapped potential.

As one of the first indigenous companies that successfully acquired an IOCs’ onshore assets, AGIP, Tinubu highlighted the importance of partnership and critical financing to not only extract value from these material reserves but also accelerate the rate of extraction.

“As a company, we have over a billion barrels of reserves, 300,000 barrels a day of oil processing capacity, and over 2 billion cubic feet a day of gas capacity. Effectively, the net present value of the oil we have in our facilities is well over $10 billion”, remarked Tinubu.

He stressed the critical role of Governments and regulators in maximizing value from the industry to address economic challenges, improve the balance of trade, and attract greater foreign investment to Nigeria.

“We need to increase our exports significantly to improve our balance of trade and strengthen the Naira. The oil and gas industry offers the fastest path to achieving this, given our substantial reserves and existing infrastructure”he explained.

In addressing the ongoing conversations about decarbonization, Tinubu reinforced the need for a just energy transition, stating that Africa contributes a minuscule amount to global emissions, constituting about 20% of the global population.

He, however, expanded on the immediate steps Oando has incorporated to reduce its carbon footprint

“We are actively working hard to ensure that every molecule of carbon we put into the environment is mitigated through the implementation of effective carbon capture techniques”, he said.

Business

NNPC Plans Mini NLNG Projects For Outside Pipeline Network Customers

Published

21 hours ago

January 28, 2025

The Tide

Nigerian National Petroleum Company Limited (NNPC) is about establishing some mini Liquified Natural Gas plants.

The company is embarking on the projects in collaboration with its partners which will see the development of five mini Liquefied Natural Gas (LNG) plants in Ajaokuta, Kogi State.

Mini LNG is a small-scale gas plant that facilitates the production, storage and distribution of liquefied natural gas in smaller quantities through trucks with the presence of refuelling stations at strategic points.

“The model ensures that natural gas is delivered to last-mile customers who are outside of the existing pipeline network.

The Mele Kyari-led NNPC listed the five mini-LNG plants as PRIME LNG, NGML/Gasnexus LNG, BUA LNG, Highland LNG, and LNG Arete). The NNPC said the groundbreaking ceremony was themed “From Gas to Prosperity: Catalysing Nigeria’s Economic Growth”, adding that the company was shaping a sustainable energy future for Nigeria.

“Join us for the groundbreaking ceremony of 5 Mini LNG Plants (PRIME LNG, NGML/Gasnexus LNG, BUA LNG, Highland LNG, and LNG Arete) as we take an important step towards Gas to Prosperity: Catalysing Nigeria’s Economic Growth Together, we are shaping a sustainable energy future for Nigeria”, it said.

Kyari had last November hinted on the company’s plan to commence the building of new mini LNG plants in Nigeria this year but did not disclose the location of the plants.

Business

NEITI Seeks Speedy Completion Of Refineries’ Rehabilitation

Published

21 hours ago

January 28, 2025

The Tide

The Nigeria Extractive Industries Transparency Initiative (NEITI) yesterday called for the quick completion of rehabilitation work on the crude oil refineries run by the Nigerian National Petroleum Company Limited (NNPC) nationwide.

It also congratulated the national oil company on the successful completion of the first phase of the Port Harcourt Refinery rehabilitation project and the gradual resumption of operations at the Warri Refinery.

Stressing that the accomplishments represent significant strides towards addressing Nigeria’s long-standing dependence on imported petroleum products, NEITI recalled that from its recently published reports, Nigeria spent a whopping N15.8 trillion on fuel subsidy between 2006 and 2023.

The operationalisation of the refineries, it said, is a monumental step towards achieving energy self-sufficiency and fostering economic sustainability, a statement by the acting Director, Communication & Stakeholders Management, Director, Communication & Stakeholders Management, Obiageli Onuorah, noted.

By reducing the staggering costs associated with fuel importation, the milestone, according to NEITI, will positively impact Nigeria’s foreign exchange reserves and create a ripple effect across key sectors of the economy.

“NEITI acknowledges that the revitalisation of the Port Harcourt and Warri Refineries has the potential to enhance energy security, create jobs, stimulate local industries, and free up critical funds that can be redirected towards national priorities like health, education, and infrastructure.

“Through its Industry Reports for the Oil and Gas 2023 released recently, between 2006-2023 (in 18 years), a total of N15.87 trillion was expended as under-recovery through price differentials (subsidy) with 2022 recording the highest sum of N4.714 trillion.

“2022 also recorded the highest importation of PMS put at 23.54 billion litres, while 2017 recorded the lowest import volumes of 16.88 billion litres. Furthermore, between 2022 and 2023, importation volumes declined by 3.25 billion litres (14 per cent) from 23.54 billion litres in 2022 to 20.28 billion litres in 2023. This is attributed to the announcement of the removal of fuel subsidy.

“With the current efforts to put the refineries back to work, NEITI is delighted that the huge payments expended on subsidy will henceforth be available to support national development, ongoing rebuilding of the national infrastructure and poverty reduction.

“We request the NNPC to expedite action on the second phase of the Port Harcourt Refinery and the ongoing rehabilitation of the Kaduna refinery.

“This should be followed closely with the restoration of the phase 1 of the Port Harcourt refinery to optimal capacity in the ongoing rehabilitation efforts”, NEITI stated.

It commended the leadership of the NNPC team for their resilience, dedication, and unwavering determination in executing what it described as the complex and challenging task.

As stakeholders in Nigeria’s energy sector, NEITI said it remains committed to supporting NNPC’s efforts to ensure the long-term success of the projects and to share the achievements with national and global partners, including the Extractive Industries Transparency Initiative (EITI) community.

“NEITI stands ready to collaborate with NNPC to sustain and expand these gains in the national interest and Nigeria’s energy security”, the statement noted.